Bittrex (Bitrix) – cryptocurrency exchange
Bittrex is so popular that due to the influx of customers it was forced to suspend user registration several times. We tell how this platform won the love of the crypto community and how it ensures the safety of customers’ funds. The headquarters of Bittrex, one of the largest cryptocurrency exchanges, is located in Seattle, Washington. The co-founder and CEO of the company is Bill Shihara, who previously worked as a security specialist at Amazon, Blackberry and Microsoft. Bittrex supports a huge number of cryptocurrencies, including Darkcoin, Nextcoin and lightcoin, and offers many trading pairs with bitcoin. The exchange considers itself a ‘global leader in the blockchain revolution.’ According to her website, the trading platform is designed for customers who require lightning fast execution of orders, reliable digital wallets and advanced security methods. The mission of the exchange is to help promote the blockchain industry, encourage innovation, develop and introduce new technologies, and stimulate transformational changes. Bittrex is famous for its high security and fast transactions, including updating information on balances, transactions and wallets. The company claims that its platform is the most operational of the currently available.
Finding the right tokens is easy
Almost 200 digital currencies are traded on Bittrex, including bitcoin (Bitcoin), ether (ETH / USD), lightcoin (LTC / USD), Ripple (XRP / USD) and many alternative currencies that appeared relatively recently. In addition, the company is prioritizing token management. Bittrex writes: “Each token traded on the exchange has been thoroughly tested.” The platform carefully monitors tokens and removes those from the platform whose developers do not respond to user complaints or technical problems. Bittrex writes: “We take customer responsibility seriously, which is why it takes so long to find tokens suitable for listing. We pay equal attention to the determination of candidates for removal. We try to protect the interests of consumers, our platform and the industry, evaluating tokens solely according to their merits. There’s nothing complicated about it, you just need a careful and scrupulous attitude to details. ”
To register with Bittrex, you must enter a username, email address and make sure that two-factor authentication is activated. Next, you need to enter passport data and verify your account. This procedure raises the withdrawal limit from 0.4 to 100 BTC. The exchange does not accept deposits in classic currencies. First you need to purchase one of the digital currencies, and then transfer it to your Bittrex wallet. After that, you can buy any of the hundreds of crypto assets available on the exchange.
Bittrex commission is 0.25%, an unverified account allows you to buy up to 1 BTC per day, for a basic account with two-factor authentication (2-FA), the limit increases to 2 BTC. No deposits are charged. The size of the commission for withdrawing funds depends on the cryptocurrency. For an additional fee, Bittrex provides paper copies of electronic documents. Its size is $ 10 plus $ 1 for processing and delivery of each page to an address within the United States. Shipping outside the United States may incur additional charges.
Since Bittrex is registered and operates in the United States, its withdrawal limits are lower than other cryptocurrency sites. You can transfer any amount to your Bittrex account, however, to withdraw funds, you must pass verification. Here are the daily withdrawal limits for each verification level:
- Without verification – 0 BTC;
- Basic verification – 0.4 BTC;
- Full verification (without connecting 2-FA) – 1 BTC;
- Full verification (with 2-FA connection) – 100 BTC.
Safety is a priority
The extensive experience of the founders in the field of cybersecurity means that Bittrex is very serious about protecting its customers. The platform uses an elastic multi-stage wallet strategy, in which the bulk of user funds is stored offline. Bittrex uses two-factor authentication and IP address analysis to protect against theft. The company writes: “Security will always be our top priority. We provide multi-layer protection of customer funds using the most reliable and efficient technologies. ” Balance, a software-as-a-service service developed by HashChain, provides quick and safe informing users of their account balances. They directly upload their digital wallets or accounts, after which Balance takes on the calculation of the exact volume of each transaction, registration of the average value of the cryptocurrency and the duration of the transaction. Based on these data, users receive ready-made reports in dollars or other currencies and use them to provide information to the tax service in accordance with the law.
Along with Binance and Bitfinex, in December 2017, Bittrex stopped registering new users due to high demand. On April 10, the company resumed registration, but only a few hours later it was forced to stop it due to the huge influx of comers.