The Bittrex Cryptocurrency Exchange: Features, Registration, Trading

By Coinmatics on The Capital

Published in

The Capital

5 min readJan 9, 2020

Bittrex, a cryptocurrency exchange operating in 180 countries, has been operating since 2015 and led by Bill Shihara, a former security specialist at Microsoft.

Features

Bittrex offers 327 cryptocurrency pairs and has around 200 cryptocurrencies in circulation. There are both long-known such as Bitcoin, Ethereum, Litecoin, Ripple, etc and those newly entered the market. The company thus attracts users trading rare coins.

Margin trading and lending are unavailable on the exchange. It enables customers to make regular deals only. Bittrex has no native cryptocurrency or affiliate program.

A wide range of analytical and statistical instruments provide comfort and efficiency of trading. However, along with this, traders note that the exchange suits experienced traders more than beginners who are experiencing difficulties there.

The exchange’s interface is understandable and convenient even though there is only the English language available.

Thanks to the leader’s professional background, the security concerns are paid special attention, which makes the exchange one of the safest. The cold storage of the assets on the special resources protects it from a system failure and other issues.

It was possible to obtain access to the exchange via the official website only. The mobile application has appeared at the end of last year.

The exchange cooperates with the Coinmatics analytical platform, whose main area is copy trading (copying the actions of successful traders by beginning ones, which enables the latter to get into trading).

Moreover, a registered user can:

set up Telegram notifications (the Ticker Alerts service conducts monitoring based on certain parameters of cryptocurrency pairs and send notifications);
obtain data for profiting from arbitrage trading (it is possible thanks to the swiftness of the analytical system).

Commission fees

Bittrex has a fixed commission amounting to 0.25% of a deal regardless of the user’s status and other conditions. This feature distinguishes it from other exchanges.

Registration

To register on the exchange, a user should:

Visit the official site of the exchange and click on the Sign up button;
Choose an account type (Personal or Corporate);
Insert an email address and a password;
Open the email sent to you and click on the “Verify” button to confirm the registration.

To trade and withdraw gained assets, one has to undergo a basic verification, which requires full name, date of birth, place of residence, and government-issued ID.

To receive more opportunities, detailed verification is needed. Depending on where the user resides, one of the two options will be required:

A scan of an ID or other proof of a user’s identity;
A photo of a user holding an ID.

WARNING! An ID or other proof of identity has to contain information written in Latin script since the specialists of the customer’s support speak the English language only.

Trading process

To start trading on the exchange, one needs to open one of the tabs of the Market section.

The first of them is used for exchanging one cryptocurrency for another; the second one is for buying cryptocurrencies for USDT. Having chosen one of them, a user sees a chart showing how the price of a particular coin is changing. It can be customized according to one’s needs.

The trading section containing Buy and Sell buttons are below the chart. To create an order, the following fields are to be filled:

Units (a quantity of coins to buy or sell);
Ask (a price at which a cryptocurrency should be bought or sold);
Type (an offer type);
Time in force (a time during which the order is enforced).

A customer’s account includes:

Order book (a current level of quotes);
Market history (latest closed deals);
My order history (an archive of user’s operations).

Deposit and withdrawal

To deposit to your account, you need to go to the Wallet section and choose the type of digital currencies from the list. Then you should click the ‘+’ button to generate an address, which should be sent assets from your wallet to.

To withdraw cryptocurrency, you need to click the ‘-’ button and insert the address of your wallet. The sum you can deposit is unlimited, while the withdrawal is limited to 3 BTC per 24 hours for a user with basic verification and 100 BTC for those with detailed one.

So the main advantages of the Bittrex exchange are a big amount of available cryptocurrencies, a handy interface, and a high level of security.

Along with this, the exchange is quite conservative and doesn’t chase new trends, which results in leaving the exchange of some traders.

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