Bittrex Review 2019 – Is it Safe? What We Found Out

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ā–ŗ Read our long form review here: https://www.coinbureau.com/review/bittrex/

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ā–ŗ Overview šŸ“

Bittrex was started in 2014 and is based in Seattle, Washington. They are well known in the cryptocurrency community for their range of extensive assets.

For example, they have over 250 coins that you can buy on their exchange. For some of these coins, they are the only exchange where you can actually buy them.

Bittrex was founded by a group of ex cyber-security experts who used to work at Amazon. Given this expertise in the exchange, there have been no hacks and breaches at the exchange as of yet. They operate an extensive cold storage and multi-sig key management protocol.

In terms of fees on the exchange, they have a flat rated fee. This is 0.25% which is applied to all coins with all volume levels. This is about the standard that is applied at other cryptocurrency exchanges such a Bitstamp et al.

In terms of funding / withdrawals, Bittrex has recently made the news in that they introduced Fiat funding. They are able to accept inward USD wires which means that it is one of the few places that you can get your altcoins with fiat currency. For personal accounts, the minimum deposit amount is $1,000 and the minimum withdrawal amount is set to $50.

Unfortunately, Bittrex has recently introduced full KYC for all of their accounts. This means that you are not allowed anonymous accounts on the exchange and you will have to become fully verified should you wish to trade on their exchange.

Verification times used to be incredibly long during the 2017 bull run but have dropped substantially as markets have calmed down. You should expect verification in under 3 business days.

In terms of the trading platform, it is quite advanced and Bittrex makes use of trading view charts. This means that technical traders can use a platform that they are quite familiar with from other exchanges and brokers.

The exchange has also developed quite an effective trading and matching engine. This means that they are able to quickly and effectively execute the orders that you place on their order books. In terms of these orders, they have a range of more bespoke order options that you can make use of.

Bittrex also has a pretty robust API that can be used by developers to code their own bots and trading algorithms. Unfortunately, there are no PC clients or mobile apps for Bittrex. While there may be third party applications, we suggest that you avoid these.

In summary, Bittrex seems to be a pretty reasonable exchange. They have large range of coins that you can now trade and they also have a pretty secure coin management protocol. While the verification requirement may be annoying for some traders, it is now seen as a particular requirement for operating as a fiat gateway.

Disclaimer:
This is for informational purposes only. Coin Bureau does not provide investment advice, nor is it an offer or solicitation of any kind to buy or sell any investment products. Rates and terms set on third-party websites are subject to change without notice.

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