In this review, we will talk about another exchange – Bittrex – which provides users with great opportunities for cryptocurrency trading. First, it was a small exchanger but for a little time, Bittrex became one of the most powerful exchanges of the crypto-industry. In the article, we will tell you what is going on with bittrex.com today.
What do we know about the Bittrex exchange?
According to the information provided by the official bittrex.com website, the exchange was founded in February 2014 by engineers working in the field of cybersecurity. This is an American platform for crypto-trading, which at the time was one of the top best platforms in the market. Now, when there are lots of new competitors, the exchange’s turnover has decreased to $16.4 million although a while ago it was billions of dollars. However, even considering this, Bittrex still takes its niche among the hundred largest trading platforms in the world.
Advantages and disadvantages of bittrex-com exchanger
- Registration on Bittrex provides great opportunities for traders since they are offered to trade as many as 355 pairs!
- The platform not only makes trading more convenient but also has the necessary functionality for analysis.
- There is an API to automate transactions
- There are several levels of verification on the exchange, which will allow each participant to choose the necessary degree of personal data disclosure. You may only specify information about yourself but if you need to expand the limits, you will need to provide the website with identity documents.
- The commission fee for transactions is no different from the fees on other exchanges and is 0.25%.
- Even though in 2019 some of the accounts on the exchange were hacked, it still has a high level of security. In particular, all funds are stored in cold wallets.
The exchange is available only in the English version, which is a kind of drawback since it may not be so popular on a fairly extensive Asian market, for example. Another disadvantage of the platform is that it works only with cryptocurrencies and does not support fiat money. This limits the options left for users, but many traders have learned to do without dollars and euros in their work. However, the lack of margin trading and lending functions discourage many potential participants.
Conclusion on Bittrex
There are lots of feedbacks on Bittrex on the Internet since the exchange is very popular among Europeans. In the past, the platform even held a leading position in the industry, but its new verification policy made the platform unacceptable for many. For example, the administration can ask any user for his/her documents for no reason, and not every trader is ready to de-anonymize his/her identity. This is the reason for the decrease in the popularity of crypto-exchanges, but it is possible that the administration will become more loyal to customers in the future and will be able to lead the company to success again.