The growing popularity of digital currencies, as well as cryptocurrency trading, has been the reason for the emergence of large numbers number of exchanges. There is great competition on this market segment now. New projects are trying to attract as many users as possible. But there are also proven sites that can guarantee a high level of security. In this article we will talk about the most secure cryptocurrency exchange, which has been working successfully for over 4 years and has a fairly large user base.
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- Briefly on Bittrex Exchange
- Trade and types of order
- Deposit and withdrawal of funds
- Bittrex exchange fees
- Advantages and disadvantages of the Bittrex exchange
The Bittrex cryptocurrency exchange was registered in the United States in 2014. The activity of this site is more designed for the American market. But this does not mean that the user base of the project is limited only by US traders, Bittrex is also very popular in Europe and the CIS.
The functionality of the exchange can satisfy not only a novice, but also an experienced trader. The platform integrates tools, with the help of which it is possible to conduct an in-depth technical analysis. More than 250 currency pairs are traded on this exchange, which offers ample opportunities for trading. It is also worth noting that there is no possibility of negotiating with leverage and the Bittrex exchange loan.
At the site, traders have the opportunity to exchange both limit orders and market orders. The market order is intended to buy and sell assets at the current price. Suppose the BTC rate is $ 4,200, if this price suits the merchant, open a market order and make an agreement at the current rate almost immediately.
The limit order is designed to buy or sell an asset at a desired, rather than actual, rate. For example, the BTC rate is still $ 4,200, but the trader wants to make a purchase only when the price of BTC falls to $ 4,000. In order to avoid sitting at the trading terminal by following the BTC rate, the trader can open a limit order. When the effective price of the asset matches the value indicated by the merchant, the limit order will close automatically.
It is important to know that this platform only works with cryptocurrencies and it is impossible to reconstitute your account with fiat. But today it is not a particular problem because it is possible today buy Bitcoin on a huge number of exchangers now. You can reconstitute the deposit on the Bittrex exchange without any particular problems, but to be able to use the full functionality, it is necessary to pass the verification procedure. And this is of two types:
- Elementary. The user is required to provide his full name, date of birth and address of residence. The reliability of information is verified using social media accounts or other open sources.
- Advanced. To withdraw more than 4 BTCs per day (or the equivalent in dollars in any other currency), it is necessary to provide copies of the official document and selfies with the passport. For residents of CIS countries, this can be a problem, because only an international passport suitable for verification, and not all of them possess it.
This site can not boast very low commissions, but it is also impossible to call them aloud. Bittrex charges 0.25% of the total amount for each transaction. The exchange can set special terms for regular traders, but these figures are individual and depend on the turnover and the trading time of a single user.
Bittrex has its strengths and weaknesses, as well as any service. To objectively evaluate this site, we talk more about its advantages and disadvantages.
- The Bittrex business is officially regulated in the United States. This means that traders are completely protected from the possible misconduct of the owners of the exchange. But for residents of other countries (except the United States), the official regulation, in essence, does not give anything.
- The ability to go through the verification procedure using a minimum set of documents (compared to other exchanges).
- Simple and clear commission system (0.25% of the transaction amount, which is the average on the market).
- Support for a large number of altcoins (including very rare ones), which opens up a vast opportunity for users.
- Greater security. The creators of the exchange as a loke define themselves as paranoiacs, since they keep about 90% of the clients' funds exclusively in cold portfolios.
- The absence of restrictions and limits on the reinstatement of the account.
- Inability to trade with leverage, as well as the loan.
- Lack of reference programs, as well as motivation systems for new users.
- Very slow customer service. Some questions may remain unanswered for several weeks.
Bittrex is the safest exchange of cryptocurrencies in the industry. For all the years of his work this site has not been subjected to a single attack. Almost 90% of user funds are kept in cold portfolios. This level of security is the main advantage of this site. Another undoubted advantage of Bittrex is its official status in the United States.
The fact is that the business of the exchange is regulated by the authorities, which legally protects users from possible illegal actions of site owners. But it must be said that residents of other countries will have to travel to the United States to resolve any problems in a court, which requires substantial financial expenses.
Bittrex charges a fixed fee, which equals 0.25% of the transaction amount, this is the market average. This exchange is a good tool for conducting balanced trading, as it does not support margin trading. Bittrex can not boast quality customer service.
Based on the above, we can say that this project certainly deserves attention. All minor defects of Bittrex are coexpended by its merits, in particular by the level of security.
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