Every day, you hear testimonies of people who have made money from investing in cryptocurrency trading. The market is flooded with traders and investors whose primary aim is to increase their revenue. Crypto trading is very lucrative but very unstable. You may need to have a broad understanding of how the industry works to be able to have heads way in the industry.
Besides that, it is also important to have a broker capable of guiding you on the right path to take when trading. As a crypto trader, you should understand that there are fluctuations in the value of most cryptocurrencies. Their value is determined by several forces, including general acceptance by government agencies, predicted sharp fall resulting in panic buying, etc.
To avoid being in the dark while trading in one of the most viable financial assets, you may have to find that broker that can offer you a trading platform to optimize your trade and increase your investment returns. In the blockchain industry, you may find several traders, with all of them promising to be the best you can ever do business with. However, you may have to be careful as not all of them might be legit.
We shall be reviewing a broker that has afforded many in the crypto market a lifeline to become financially free. That broker is Bittrex.com. But to many who might just be starting their trade in the crypto market or for those who may be interested in trading cryptocurrency, there is a need to know much about this broker.
Can you trust Bittrex.com to help you actualize your dream of becoming a successful crypto trader? Is the broker a scam? What features does the exchange platform provider that can be of help to you as a trader? We shall find out in the cause of this review.
An overview of Bittrex.com
Bittrex.com is an exchange platform that has gained prominence in recent years. The exchange platform, located in the Seattle United States, is said to lean towards the part of experienced brokers, but it has also put measures in place to assist those who may be new to trading cryptocurrency. With Bittrex.com, traders might be able to directly purchase their preferred cryptocurrency by using the United States Dollars. You can trade over 200 different types of cryptocurrencies through the use of Bittrex.com effective trading engine. The broker is said to be highly efficient in providing a diverse range of digital currencies for your trading benefits, from the most common cryptocurrencies to the less known coins.
The broker has integrated its custom made APIs to its trading platform so that traders can make use of its automated trading feature to carry out more precise tradings in the crypto market. A trading bot is also a useful tool for inexperienced traders who may need total assistance with their trades.
The company was launched by individuals who have had years of experience working with tech and online trading giants like Microsoft and Amazon. These technocrats came together to build a trading platform that is said to be highly secured. The broker boasts of a trading platform that has never been infiltrated successfully by hackers, hence it is said to guarantee the safety of your funds and personal information. The exchange prides itself on offering a platform with a global reach, low trading fees, high liquidity, and availability of several effective mobile apps.
What are the features of Bittrex.com?
Bittrex.com is said to offer traders a plethora of trading features geared towards optimizing trades and enhancing your revenue generation potential. Unlike some other brokers, Bittrex.com is known to have put in several unique measures to make it one of the most outstanding trading platforms in the blockchain industry. The following are features of the Bittrex.com exchange platform.
High trade volumes
In terms of trade volume, Bittrex.com is said to be among the largest cryptocurrency trading platforms in the blockchain industry. With Bittrex.com, traders may be able to trade in over 220 different types of cryptocurrency. It is the center of crypto trading where you might find high performing cryptos to invest. The global reach provided by the broker ensures that traders from different parts of the world might be able to carry out trading activities at their convenience actively. Diversity is ensured because you may select whichever digital coin you want to trade on.
Automated trading bots
As earlier mentioned, Bittrex.com has its custom made APIs run its automated trading bots. With this feature, thousands of data relating to crypto trading are obtained from different sources from the web to predict the likely outcome of trades in the crypto market. It also affords you the opportunity of trading without being directly involved in the process of making decisions. The Bittrex.com trading bot might be able to make accurate predictions at top speed hence its reliance as a reliable trading channel.
Mobile smart trading feature
Bittrex.com has brought about creativity and innovation in the world of crypto trading. Among its innovative creations is the use of smart trading apps for mobile phones. Bittrex.com has provided a means for Android phones and iOS users to enjoy trading with its smart app features. Trading may be carried out on the go and at any time through Bittrex.com highly efficient mobile trading apps. You may be able to access this feature from your mobile device’s store.
In a bid to provide security for readers and weed out scammers from the platform, Bittrex.com has introduced a user verification feature. The user verification approach ensures that only authorized and verified users can have access to their accounts. It is also carried out under the customer secrecy act by banks. It also plays a part in ensuring that exchange companies follow the KYC policy to bridge the gap between the Bittrex.com broker and traders on the platform.
To create the user verification process, you must provide authentic documentation and accurate information, including proof of your address or residents in a particular country. Other information or documents to be provided include your passport or identity card, and a picture of you that clearly shows your face.
Once you have provided this information, you can then deposit into your Bittrex.com account and initiate withdrawals if needed. However, this can only be done after the verification of your account is complete. For those traders who may be operating a corporate Bittrex.com account, the verification process may be more stringent to ensure that only serious-minded individuals would be allowed to join the trading platform.
Bittrex.com Usability feature
Bittrex.com has a high intuitive feature that enhances its usability irrespective of the device being used to access the platform. However, the exchange’s usability for its global audience and those in the United States may have some little distinction. The difference is in the number of assets that can be traded on the platform.
Cryptocurrency traders from other international countries may have access to trade on a larger variety of digital coins. Crypto traders using both Bittrex.com versions can trade on a variety of altcoins that offer high liquidity in the financial markets. Those seeking to liquidate their positions in a short duration can key into this as a viable opportunity.
One of the most outstanding usability features in the Bittrex.com exchange platform is the interactive user interface that the exchange provides. The platform offers an easy to navigate the environment, which makes it also suitable for inexperienced crypto traders. When you view your Bittrex.com dashboard, you may find various trading markets showing overviews of price percentages and volumes within the last trading day.
Bittrex.com Customer Support
Bittrex.com claims to provide customer support that is outstanding. On the support platform, traders can review feature requests, support tickets, or learn about different things relating to the exchange. You may also find questions frequently asked by most traders (FAQ) on the customer support page. Other info you might find on the support page includes announcements, news, site information, guides for mobile app user guides, site information, etc. Traders might also be able to access the platform’s customer support page through Slack, Twitter, Facebook, email, and phone contact.
Apart from providing a highly efficient and fast trading platform, Bittrex.com also offers a secure trading environment. The broker makes use of a multiple-stage wallet approach, which is both flexible and effective in protecting users’ investment. This unique security a[[raocg helps guide and secure the movement of coins across different wallets, whether hot or cold. Bittrex.com also uses an advanced type of SSL encryption in its domain to promote a secure exchange of data on the platform. Like what is common among most standard exchanges, Bittrex.com makes use of two-factor authentication to provide a secure account login for its users through Google Authentication.
As part of the Bittrex.com stringent security approach, the broker incorporates two different types of whitelisting. The first whitelisting type used by Bittrex.com to enhance its platform’s security is the IP whitelisting: whitelisting with the use of specific internet protocol addresses instructs the exchange only to authorize those accounts that are originated from a specific address. The other form of whitelisting is the wallet type of whitelisting. Wallet whitelisting is an advanced security feature that allows traders to only withdraw their earnings to a specific type of crypto wallet.
Bittrex.com understands the high level of fraudulent activities prevalent in the blockchain industry, especially the aspect of funds deposits and withdrawals. To curb the excesses of fraudsters, Bittrex.com utilizes a service referred to as cross-chain recovery. This does is that Bittrex.com would help traders recover their funds if, during the act of making deposits, they had mistakenly transferred their funds to a wrong cold wallet type.
However, this feature is only applicable to funds above USD 5,000. Let us illustrate this with a scenario where a trader in carrying out deposits, mistakenly deposits one bitcoin into a bitcoin cash wallet. The broker might help the trader recover the funds if a fund recovery request is sent within seven days. However, the broker may charge you about 0.1 BTC for any recovery it carries out on your behalf.
The above-advanced security features all work in unison to make the broker one of the most secure cryptocurrency trading platforms in the blockchain industry. The broker also reiterates its claim that its crypto trading platform has never for once been hacked, and it hopes to maintain such clean status in the future.
Bittrex.com claims to offer traders a reduced fee on their trades. The broker charges users a commission fee of 0.2% on all forms of trading activities carried out on the platform. This means you will have to pay USD 20 as commission for a trade involving USD 10,000. Compared with other cryptocurrency exchange platforms, Bittrex.com is said to have one of the lowest commission rates. Some industry experts would place the broker in the middle ground, citing that its fees are neither too expensive nor cheap compared to other brokers.
In terms of fees on deposits, you might not be charged when depositing fiat currencies. However, you might be charged for making withdrawals. The withdrawal fees vary with the type of digital coin you are withdrawing from the platform. To minimize the withdrawal and deposit fees, using a SEPA transfer may be a viable option since it is faster and cheaper than making use of wire transfers. You may be charged a 3% fee for withdrawals using a Visa Card. Fees charged when you make use of wire transfers is dependent on your financial institution.
When you compare Bittrex.com’s withdrawal rates with other exchanges, the broker’s fees might be fairly reasonable. Bittrex.com may not be the cheapest, but they may offer you better options than you might find elsewhere. However, the withdrawal rate for Litecoin matches the lowest rate of other crypto trading platforms. Traders who trade on a large volume of crypto assets may have higher withdrawal rate discounts when trading on Bittrex.com.
How to carry out deposits and withdrawals on Bittrex.com
Bittrex.com has provided users’ with a straightforward deposit and withdrawal process. You might be able to make deposits to a Bittrex.com account that is already existing. You can also transfer your funds from a cryptocurrency wallet you have already created. One other way of making a deposit is through the use of fiat deposits. When making deposits on Bittrex.com, you can make use of two deposits methods.
The first method of making deposits is by making use of a bank wire transfer or SEPA. The other withdrawal method is by using a VISA card. But before you can use any of the deposit methods, you are required to have a Bittrex.com account that is already verified using a valid ID, a selfie that was taken recently, a recent utility bill bearing your address, etc.
When making deposits with EUR or USD, it is paramount that your bank account is verified and whitelisted by sending a whitelisting request to Bittrex.com through the exchange’s customer desk. It may take just a few working days for your whitelisting request to be approved. Your Bittrex.com account may also take a few business days to be credited when you deposit via a bank wire transfer. The least you can deposit on Bittrex.com is USD 50.
You can pay in any amount of funds you wish as there is no limitation to the amount of deposit you are allowed to place in your Bittrex.com account. If you are a crypto trader in the United States, you have to be resident in one of the states approved by the broker to carry out deposits using fiat currency before you can do so. It takes a much shorter duration to make deposits using your debit cards than through wire transfers, but you may be charged a 3% fee for such transactions.
The broker only supports a VISA Card as a debit card medium. To withdraw your fiat currencies into your account may take at least ten working days. The minimum amount of fiat currency you can withdraw when using a Bittrex account is around USD 50. The broker does not impose charges for fiat currency withdrawals, but your financial institution may apply the normal bank charges. Therefore, it is essential to find out from your bank the charges accrued to such transactions before making any withdrawal using fiat currencies.
Bittrex.com is a cryptocurrency exchange platform that might offer you several unique benefits. The broker is legit, and it offers traders a chance to trade on a wide range of cryptocurrencies. Its global reach, low commission rates, intuitive platform, and outstanding support services make Bittrex.com a favorite choice for cryptocurrency traders. Brittex.com enjoys a history of acceptance by cryptocurrency traders as well as those who may like to invest their resources in digital coin. The Brittex.com broker might also offer you security for your cryptos and your personal data. It might also provide a viable channel for revenue generation.