Bittrex User’s Review: Best Cryptocurrency Exchange For Bitcoin Trading?
As multitude number of people worldwide continue to understand the need to invest in digital currencies, so also is the need for competent and secured exchanges capable of providing users with quality services in their digital currency transactions. There exist a lot of exchanges at the moment, and it is necessary for users to be aware of the pros and cons of every exchange before getting started with trading on the platform.
Table Of Contents
In this review, we’ll discuss the features, and provide a short guide on setting up and verifying an account on Bittrex, as well as a brief introduction to trading on Bittrex.
What is Bittrex?
Bittrex is a cryptocurrency exchange based in Seattle, USA. It has been in business since its inception in 2014 and is currently ranked among the top 3 best exchanges in the world, and currently experiences the daily trading volume of about $155,296,834.
Bittrex Exchange is well known for its ease-of-use and the security it offers users. The platform was built by industry experts with wealth of experiences from major tech companies of the world.
The Co-founder and CEO, Bill Shihara had worked as a security manager at Amazon and Blackberry Limited, and as a lead program developer at Microsoft. Other technical members of the team including Rami Kawach built his expertise in system security at Qualys, as the director of engineering. The unrelenting efforts of these talented fellows governing the operations of the exchange have made Bittrex stand out from other exchanges in the market.
One of the outstanding features of Bittrex is its support for a wide variety of altcoins, and as a security measure, new coins on Bittrex are subjected to an intensive assessment process that places a strong emphasis on the security of users. To cap it all, unlike other exchange platforms, Bittrex is available in many countries, making it one of the most popular digital currency trading platform.
Bittrex Exchange Features
Till date, there has never been any security breaches or hacks recorded. This is due to the high level of security offered by its development team, who leverage experiences with companies such as Microsoft, BlackBerry et al.
Like some other platforms, Bittrex ensures Two-factor authentication (2FA) is mandatory for all users, using the Google Authenticator. Also, to ensure user’s funds are not at risk in any way, Bittrex uses an elastic multi-stage wallet strategy that ensures more than 90% of all user funds remain offline in cold-wallet.
It should be noted that Bittrex freezes some wallets in case of automatic wallet-maintenance or blockchain hard-forks. However, any fund sent to these wallets during maintenance will be automatically displayed after maintenance, and this should not cause any panic nor alarm.
Bittrex’s order matching algorithm of Bittrexis extremely agile. The platform was said to have been from the ground up to deliver massive scalability by incorporating elastic computing methodologies. As a result, matching orders almost as soon as they are placed.
The scalability of the platform is also extended to withdrawals and deposits. The relatively higher fees in withdrawals and deposits are inclined to the speed of transactions experienced by traders, as higher fees result in quick processing of transactions.
Bittrex is widely known for its extreme position on regulatory compliance. It ensures that every customer completes the KYC process before any withdrawal can be made. This effort towards making sure the regulatory compliance is met can be attributed to its measure against Money Laundering.
However, the negative effect of this position is that low-level verification accounts are only able to access low withdrawal and deposit limits. Therefore, to avoid horrible experiences, it is important for customers to complete the whole verification process in order to access unlimited withdrawal limits.
At the moment, Bittrex does not offer any phone support. The only method of lodging complaints to the customer service is via tickets which sometimes cause delays in responding to users. However, and Bittrex provides a comprehensive FAQ (Frequently Asked Questions) section that covers common questions and issues.
Friendly user interface
Bittrex’s market view is intuitive, allowing users to quickly select a trading pair and then rapidly switch between viewing the order book or market timeline. A variety of charting options is available as well a highly complex range of advanced studies that can be applied to market timelines.
Automated Monitoring Platform
A major feature offered by Bittrex is the option to perform bot (or algorithmic) trading. Using the Bittrex API, experienced traders can program trading bots to automatically make trading decisions on the current market conditions based on the algorithm employed by the trader.
Web Socket Integration
The addition of WebSocket support allows for instantaneous order book updating. Users are able to browse a customizable, intuitive interface that makes locating their desired trading pair easy, and benefit from notifications when orders are either partially or fully filled.
Bittrex markets pairs do not support any fiat trading. However, the platform supports 11 different USDT, trading pairs. However, The Bittrex platform can be said to be the most diverse altcoin trading platform. It supports more than 450 cryptocurrency trading pairs, all of which can be viewed via Bittrex Markets.
The simplicity of the Bittrex fee structure attracts many beginners to intermediate traders but can become expensive when placing large orders. Understanding Bittrex trading fee is quite simple to understand. All Bittrex trading fees are set at a flat rate of 0.25%. Bittrex does not charge fees on deposits or withdrawals. However, transactions in some blockchain networks incur a transaction fee for sending digital assets. This is the reason why Bittrex does charge the above-mentioned fee, to cover incoming and outgoing transactions (as the case may be), which can be viewed in Bittrex wallet management.
Getting Started With Bittrex
Make sure you are in the right domain
It’s essential to ensure that you’re on the right Bittrex website before you get started. To ensure this, make sure you look for the green “Secure” icon, and that you can see protocol label to be secured (HTTPS not HTTP) in the address bar of your browser as shown below, Making sure you are on the right Bittrex website will save you from entering your details to a cloned Bittrex website common with Phishing attacks.
Another solution to the phishing problem often used in the industry is Cryptonite by MetaCert. Using Cryptonite, you must ensure the shield turns green when you’re on the website.
As shown below:
Once you’re sure you’re on the right page, you’ll need to click the “Get Started Now” button on the Bittrex landing page, and you’ll be redirected to New Account Set-ups page.
Create an Account
Note that Bittrex is currently accepting new account requests from corporate and selected invitees.
Once Bittrex registration is open, the signup process is relatively simple. A page will appear telling you to enter your e-mail and password. You will need to provide a valid email address and a strong password then agree to the terms of service in order to get started.
Random password generator machines like strongpasswordgenerator.com can help greatly in setting a strong password. Setting a very strong password helps reduce hacking attempts into your account. Do not use a password from the accounts on any other platform to ensure maximum security to your account.
After submitting your details, you’ll need to verify your email address and solve a reCAPTCHA to prove you’re not a robot.
Verify your identity
The Bittrex sign up process is relatively simple, involving basic email verification, but identity verification is split over two different account types:
- Basic and
- Enhanced accounts.
Both account types require two-factor authentication in order to withdraw capital. To complete the verification process, navigate to “Settings” and fill out the Basic Verification form. Here, you’ll need to submit your full name, date of birth, and residential address.
Note that Basic accounts are restricted to a maximum of 0.4 BTC worth of cryptocurrency per day. In order to achieve basic account verification, users are required to submit details that include name, date of birth and residential address. Bittrex’s verification engine will check this information against public records and, if it matches, allows users to access basic account functionality.
After submitting your details, Bittrex will check them against public records. You’ll receive a processing notification that looks like this:
If Bittrex is unable to verify your basic identity information against public records, you’ll need to verify your phone number to gain access to a basic account. To do this, a new window will appear requesting your active phone number for SMS verification. If you don’t receive a verification SMS from this process, you may need to log out of Bittrex, log in again, navigate to the verification center under settings, and fill out the phone verification panel:
After you’ve completed phone verification, you’ll be able to see the status of your account under “Summary” in the settings section. If you’ve achieved basic verification your Summary page will look like this:
Bittrex Trading, Deposits & Withdrawal
Unlike some other exchanges, Bittrex does not support fiat currencies. This indeed has made Bittrex help users avoid unnecessary KYC and AML complications. However, it is possible to purchase USDT (Tether) via wire transfer when purchasing a minimum of $100,000 USD, which is apparently impossible to casual or intermediate traders.
Making A Deposit To Bittrex
The process of making a deposit into your Bittrex account is simple and easy. The following are the required steps to making deposits into Bittrex accounts. As a rule of thumb, you must be sure the 2-factor authentication has been enabled before making any deposit. Sometimes, one might notice a delay in time for the deposit to be confirmed. It is important to understand that the pending deposit time frames are largely dependent on the network state of the cryptocurrencies used to fund Bittrex wallets.
Generate Your depot address
- From the top tab click on Wallets, and a list of assets will be displayed.
- Click on the + Symbol
- An alert box will be displayed on the screen displaying the address generated for you.
- Copy the address generated and paste it into the depositing wallet.
Trading On Bittrex
Trading on Bittrex is simple. Depending on the asset you deposited, you can make an exchange of that asset with another asset. The process of changing one asset with another is simply called TRADING.
To start trading, navigate to the markets page and select your preferred trading pair.
In this example, we’ll consider exchanging BTC for BTG (i.e. BTC/BTG)
Select Your Preferred Trading Pair
Choose your desired number of “Units” and your desired Price.
Note that: There’s no guarantee your order will be filled if it’s below “Ask” prices. By placing a limit buy order, you’re committing to buying the amount of cryptocurrency you entered, at or below the price you entered.
Confirm the order:
Note: You can also place the sell (i.e. Changing your BTG back to BTC) order by following the same steps as explained above, in the sell section.
Making A Withdrawal From Bittrex
As all exchanges’ wallets are defined to be HOT wallets, it’s advised to store your cryptocurrency in a cold wallet, so that, if the exchange is hacked, you’ll be safe from losing your funds. Check out our reviews on Trezor, KeepKey & Ledger Wallets.
The process for withdrawing cryptocurrency from Bittrex is similar to funding. To withdraw your asset:
- Click on the – symbol
- An alert will be displayed on the screen displaying the address generated for you.
- Paste your wallet address into the available box, and click on the SEND button
Bitcoin Volumes Finally Grow Again and Bitfinex/Tether Issues Spark Systemic Risks, New Diar Report Affirms
Diar has recently published its report of the crypto market for April. According to the company, Bitcoin volumes are finally growing again and the whole situation with Tether and Bitfinex showed the industry some of its systemic risks. DAI fee hikes and stablecoin projects were also highlighted in the report.
Bitcoin Goes Back To Growing Again
The main highlight of the month is, obviously, that Bitcoin is back on the action. After facing lows which started in 2018, the token has finally been able to effectively reverse the trends and have an actual price surge this month, going from less than $4,200 USD to over $5,200 USD during this short timeframe.
With this, the number of on-chain transactions has spiked for three months in a row, since prices started to get some of their value back in March and April. Now, transaction volumes are around their levels in June 2018 when the price of the asset was around $7,000 USD.
However, charts indicate that Bitcoin is yet to find more footing outside of speculative trading, so the bull market may not be as near as some think.
When looking at the volume of the whole quarters, Q1 2019 had lower volumes than Q4 2018, but Q2 2019 started considerably well.
Bitfinex and Tether Start Concerns of Systemic Risks
As you may have heard, Bitfinex was accused of using Tether funds to cover up its losses. According to Diar, there is a 26% shortfall of in-cash reserves to back Tether tokens (USDT). Tether loaned $850 million USD to Bitfinex to cover up losses and its general counsel Stuart Hoegner has affirmed that the company is operating with fewer reserves than the total market cap of the token.
This happened because Bitfinex had the $850 million USD “seized” by Crypto Capital, one of its payment processors. Unless Hoegner is lying, though, the company had the assets to back the stablecoin until recently.
While it is clear now that Tether simply does not have the money to back the funds, people simply keep buying the tokens. Now, instead of all cash, some shares of Bitfinex are being used to represent the rest of the value, which makes the stablecoin enter securities territory for the first time.
Curiously, the markets are all very tolerant now since the prices are still stable but the systemic risks are clear, especially if other companies are to follow Tether’s path.
DAI Hikes Fees Once More
Another situation highlighted by the reports is that DAI has decided to upgrade its stability fees once again as the community is desperately trying to make the prices of the so-called stablecoin go up again. DAI tokens are being sold for less than $1 USD, their official price, on secondary markets.
At the moment, the fees are 16.5%, after increasing three times in only one month. Before April, the fees were only 7.5%. This has resulted in a decrease of 4.9% in the circulation of DAI tokens.
Stablecoins Eye Wider Use Cases
Gemini and Harbor, a A16Z tokenized securities platform, have started a partnership in order to get more clients for the Harbor stablecoin. However, this was deemed “too soon” by Diar, as Harbor does not have any known token right now. The only one the company had was canceled.
TrustToken is also trying to get more stablecoins on its list, especially the ones that are not focused on USD, but on several other fiat currencies like HKD, CAD or GBP instead.
#DropGold Campaign to Hit Your TV, Here’s A Breakdown of the Underlying Bitcoin Message(s)
Grayscale, a leader in digital currency investing, launched an ad on Wednesday, May 1, telling investors that money should be contributed to Bitcoin holdings as opposed to gold. In a number of interviews, CEO of Grayscale’s parent company (Digital Currency Group), Barry Silbert and Managing Director of Grayscale, Michael Sonnenshein, have since expressed the underlying message of the ad.
The #DropGold Ad
According to news outlet, U Today, the ad starts off with a man holding gold bars in his arm, which he decides to drop. While doing so, a woman also does the same. Throughout the ad, people supposedly have their gold bars stacked in shopping carts, while “losing their gold coins.” Watching what’s about to unfold, the two individuals try to find their way out.
Advertising Bitcoin or Grayscale’s Services?
Despite being the one to have introduced this campaign, Silbert argues that it isn’t entirely about Grayscale services, but rather said services being a result of consumers’ decision. Yahoo Finance has since quoted the following comment made by Silbert himself:
“We do not see this as a Grayscale commercial. For us #DropGold is our ‘Got Milk’. This campaign is first and foremost focused on starting a conversation about bitcoin vs gold. If the ad makes people want to get into Bitcoin, we’re completely indifferent about how they go about doing it.”
Having said this, the commercial is evidently portraying Grayscale as an option, as towards the end, one is told, “Go Digital. Go Grayscale.”
Silbert’s and Sonnenshein’s Arguments Regarding Gold’s Limitations
Silbert believes that this campaign works towards addressing the fact that Bitcoin can serve as an equal asset class as gold, if not better. In particular, he was quoted saying, “But now you have Bitcoin, which, in our opinion, provides all the same attributes as gold – it’s fungible and scarce and you can’t counterfeit it – but the big difference is that Bitcoin has utility. Gold doesn’t have much utility beyond jewelry.”
He further argued that the goal here isn’t to replace fiat currency for shopping purposes, but rather to show the world that Bitcoin does a better job at doing gold’s job and this will be evident in the long run. Although he has acknowledged Bitcoin’s volatility as being concerning, he is hopeful that it will one day serve as both an ideal utility token and store of value.
As for Sonnenshein’s viewpoint, he sees this ad as revealing the “absurdity” associated with gold. More specifically, he said:
“We’re going after a narrative around gold being where investors should go when markets turn south or as a hedge against inflation […] we’re highlighting the absurdity of gold.”
As per The Block Crypto, Grayscale also tries to convince investors that the return earned from redistributing 5% of gold to Bitcoin will be greater than 5% yearly.
What are your overall thoughts on this ad? Did it leave you asking yourself, “Why did you invest in gold? Are you living in the past?” Share your thoughts below!
Huobi Pro Bitcoin Exchange: Cryptocurrency Asset Trading Platform?
Huobi Pro Cryptocurrency Exchange
Founded in 2013, Huobi Pro allows for a myriad digital currencies to be exchanged, at a 0.2 percent trading commission. Loyal users point to the low fees and stellar service that make the exchange stand out above others.
Although pitched at dedicated cryptocurrency enthusiasts since the site doesn’t accept fiat currencies many who enter the realm on the back of fiat end up at Huobi Pro, largely due to its diverse offering and favorable fee structure.
Huobi Pro in A Nutshell
A victim of China’s clampdown on digital currencies, the company might be registered in the Seychelles, but was originally founded in Beijing. As testament to the broad appeal of the platform, after the Chinese regime effectively banned all things crypto at the beginning of 2018, trading volumes have only grown.
While at first very much a Chinese company looking at the home market, Huobi Pro has been forced to find a wider marketplace on the international scene. Indeed, even prior to the official cessation of altcoins and their trading, the company heard the rumblings in 2017 and took its cryptocurrency interests abroad.
Huobi now provides exchange services to users in over 130 countries. Company offices are located in the USA, Korea, Japan, Singapore and Hong Kong. Although the Huobi Group also owns and manages the Huobi Autonomous Digital Asset Exchange (HADAX), Huobi Pro is more of a pure “login and trade” exchange.
Users can employ network tokens to cast votes on adding new altcoins on HADAX. On the Huobi Pro exchange, a simplified offer encompassing all of the mainstream altcoins greets visitors. Some more popular coins offered are Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Litecoin (LTC), NEM (XEM), NEO (NEO), Qtum (QTUM) and Ripple (XRP).
That said, when one actually tallies the number of altcoins available for exchange, it becomes apparent why loyal followers value the site. A marriage of both simple ease of use and diversity in trading, the platform is largely welcomed by newcomers and experienced enthusiasts alike. In the current melee of regulation being contemplated, implemented and tweaked all the while, some users may be precluded from trading on the exchange based on their country of residence.
Huobi Pro accepts the funding of accounts only in digital currencies, and accepts deposits in any of its listed altcoins. Unlike other exchanges that have opted for a midway between crypto and fiat, Huobi Pro traders deal strictly in digital coins at every point of a transaction. Funds need to be withdrawn to a wallet, and fiat users looking to buy in will have to establish a wallet first in order to fund their Huobi Pro trading account.
Traders pay a maker or taker fee of just 0.02 percent using the exchange. There are more detailed offers, worth looking at for daily traders with volume.
Huobi Pro Membership Levels
VIP users get preferential platform trading fees if they buy the privilege with Huobi tokens. The Huobi Token (HT) was never an ICO token, but rather a system token that users only obtain by buying “Point Cards” on the Huobi Pro platform. Point Card is essentially a pre-paid Huobi card that keeps users liquid on service fees. One HT = 1 USD, therefore one “point” = 1 USD. The more points purchased, the more free points are added, although savings on 1000 points, for example, means only 10 HT for free.
Huobi Global minted a fixed total of 500 million tokens, with 300 million employed to facilitate the in-house VIP structure. A mark of the business group behind the platform is seen in their practice of buying back-sold tokens from the open market each quarter. Not only that, but those funds go towards the Huobi Investor Protection Fund (HIPF).
This is a planned fund that will compensate investors who suffer platform disruption and subsequent losses. It’s a tool that minimizes risk, smooths out the market overall and also goes towards protecting investor interests. This transparent and pleasing aspect of the platform is one reason traders have confidence in the exchange, and its popularity is rising worldwide.
By way of example, in order to glean a VIP status, a trader will pay 120 HT a month for First Level membership. This enables a 20 percent discount on trading fees. Running through toward the top end, a pricier option of 6,000 HT a month secures a 50 percent discount on fees. Overall, a diligent trader can optimize the system and come out with a substantial discount on the already low 0.02 percent base offer.
The company charges no fees to deposit funds, but there are withdrawal fees. Although there are reviews online listing withdrawal fees, it appears that, especially within the membership structure, users are advised to ascertain exact fees when establishing their account. Likewise, transfer limits need to established upfront to avoid disappointment later. There exist order size limits on the platform too, again becoming more malleable as one moves up the ranks of the VIPs.
Security And UX On Huobi Pro
All of the standard protocols including two-step Google Authenticator verification are at play on the platform. Unlike many other exchanges that offer a simple crypto-exclusive platform, Huobi Pro will need your personal details in the form of a passport copy and chat room comments are not devoid of complaints, although almost all of them take issue with the structure of the platform and its potential pitfalls. There are few allegations of lost funds or other negligence on behalf of the company. On the whole, Huobi Pro seems to be rubbing off its decidedly corporate ethos onto the exchange – good news for traders overall.
Another serious boon for the cryptosphere as a whole is that over 98 percent of holdings are stored in an offline cold wallet or vault. Imbued with a strict customer service ethic, the platform probably sports the best customer service to date for crypto exchanges. Available 24/7 365, there is a live chat option onsite.
The platform intel is sufficient although newbies might have to scratch to paint a clear picture of how exactly everything works. The FAQs are thoughtful and, again, testament to a polished offering. Huobi used to be one of the biggest Chinese crypto exchanges, based in Beijing. Started by entrepreneur Leon Li in 2013, since the move there has been mutual appreciation of its value. Worldwide users have taken to the exchange, as it too realized that it had global appeal.
Huobi Pro Conclusion
Huobi claims to have exceeded BTC 500,000 in daily trading approaching 2014. Although only in its fifth year, that’s a long time in cryptocurrency. Although frequently accused of embellishing trading volumes, these allegations have never been proven. In comparison to other digital exchanges that have suffered persistent user complaints and even been shut down due to criminal activity, Huobi Pro shines.
As an offering, it has low fees, great diversity and an unbeatable crypto-energy. No trader on the platform feels like they’re missing out on something else somewhere else, by most accounts. Possibly due to their prior involvement in the fintech world, the platform got it right first time around and user numbers prove it. The company Huobi also owns another trading platform, BitYes, more focused on USD/BTC and USD/LTC pairs trading. Great customer service and minimal technical glitches have made it appear positively top-tier, again in comparison to less polished outfits.
With a detailed offering, great client liaison – very unusual for most digital exchanges so far – and no legitimate proof of anything even vaguely dark hanging about them, the Huobi Pro project is recommended. Users are advised to always ascertain costs prior to trading – not hard with the customer support in this case – and sample a platform with small trades before trading greater amounts. To learn more, you can head to their official website: huobi.pro