Crypto exchanges - Bittrex

In this post, you can read some information about a popular cryptocurrency exchange - Bittrex. There will also be other posts about other exchanges, and a comparison between them.

Bittrex is build and operated in the United States. On the exchange, you can trade lots of different cryptocurrencies. 

They have pairs with BTC, ETH and USDT. They do not use USD on their exchange. The USDT is basically a cryptocurrency, that should serve the purpose of being equal to USD. So theoretically if you have 1 USDT, you have 1 USD. 

There are many nice features you can use when trading on Bittrex. The chart has different tools you can use in order to gain some knowledge on current trends, and perform technical analysis. You can also change the frequency of candlesticks and many other things.

What about the verification?

There are some limits regarding withdrawals and verification. Basic verification is when you submit your name, address and date of birth, which is verified through public records. Enhanced verification is when you also submit scan of your ID and a selfie with your ID.

Withdrawal limit for basic verification is 3 BTC worth per day (if you have 2FA enabled, 1 BTC worth otherwise).

Withdrawal limit for enhanced verification is 100 BTC worth per day (2FA enabled).

Older accounts could withdraw some amount without verification, but unverified accounts created after 8.1.2017 have a withdrawal limit of 0 BTC worth.

Hold on...what about the fees?

Bittrex has a 0.25% commission on all trades. Whether you are selling or buying, you are paying a fee of 0.25% per trade. There are no fees involved with deposits. Withdrawals do have some 'fees', but they are transaction fees, that are paid based on the cryptocurrency itself, regardless of the exchange.

Are my funds secure with Bittrex?

As you might have already heard, it would be best if you had your cryptocurrencies in the wallets you own, safely stored, preferably in an offline storage. But some people find it too much of a hassle, especially if they would like to day trade, and not miss a good opportunity.

Bittrex  uses a multi stage wallet, which ensures that 80 to 90% of all funds are stored offline and are thus extremely safe. They also use the most reliable security technologies that are available. 

It is highly recommended to use a two factor authentication (2FA), so your account is even safer. Make sure you backup your secred key, when you enable your 2FA.

Who would i recommend Bittrex to: You need to have some basic knowledge on cryptocurrencies, because you have to already have some form of it, in order to start trading here. So you will have to use some other gateway (Fiat-> crypto) and then transfer it to Bittrex. Things i love about this exchange are the amount of coins it offers, and the features on the chart. Many other exchanges do not offer such features, and you are limited to only observing the plain chart.