Based in Seattle, USA, Bittrex is one of the Internet’s largest cryptocurrency exchanges and often makes its way into the world’s top 3 exchanges based on trading volume. Bittrex has been in operation since 2014 and currently experiences 24 hour trading volumes of just under $300M.
The site has a good reputation and up until this point, has been free of any reported hacks. Bittrex sees itself as a next generation cryptocurrency trading platform and aims to deliver the fastest and most secure trading service available.
What can you trade on Bittrex ?
One of the site’s major strengths is the depth of the variety of its listings. Bittrex currently lists hundreds of coins and also offers users hundreds of cryptocurrency trading pairs, with the site showing over 450 BTC pairs.
Bittrex offers good options for trading via Bitcoin and Ethereum, however, it does not currently offer fiat trading pairs (trading via USD, EUR, GBP). Users can though purchase Bitcoin, Ethereum, or USDT via bank wire transfer. For this to take place an “enhanced verified” account is necessary along with a purchase amount worth a minimum of $10.
Additionally the site does provide 11 USDT trading pairs.
USDT is a cryptocurrency asset issued on the Bitcoin blockchain and each USDT unit is backed by a U.S Dollar held in the reserves of the Tether Limited. USDT is linked or “tethered” to the price of the US Dollar and acts as a stable digital currency that gives traders additional options. USDT as a “tether” and can be transferred, spent, and stored in the same way as other cryptocurrencies. In order to trade USDT for fiat currency users can purchase and redeem tethers directly on the Tether Platform.
Withdrawal Limits and Account Verification
The Bittrex team have stated their commitment to following all laws and regulations required by U.S. governmental bodies, and accounts must be verified in order to make withdrawals. Bittrex upholds this requirement as part of its Anti-Money Laundering (AML) and Know Your Customer (KYC) program. Basic account verification allows customers to withdraw up to the equivalent of 3 BTC per day.
Currently, there are two types of accounts:
Basic accounts which require users to submit their name, address, and date of birth. These details are verified through public records, however if this process fails customers will need to proceed to an enhanced verification. With two-factor authentification enabled, basic accounts can withdraw up to 3 BTC worth of digital currency equivalents per day.
Enhanced accounts require users to submit scans of their identification along with “selfies”. These are verified by the Jumio service provider, which utilizes a number of heuristics to determine that the id is legitimate and that the faces match. Enhanced accounts can withdraw up to 100 BTC per day if they have two-factor authentification enabled.
How to get started on Bittrex
Visit BITTREX and click “LOGIN” and then Sign Up with your email address and password.
Verify your email address, by clicking the link in the email sent by Bittrex; this will enable you to log in.
Deposit some cryptocurrency. At the top of the page when you first log in, you will see a list of all of Bittrex’s markets. Click on the “Wallets” page to deposit the cryptocurrency you prefer.
Use the search bar to find the cryptocurrency you wish to deposit, you can then click on the plus icon. A deposit box will pop up, which will allow you to generate a deposit address. When you can see the address you are ready to make a deposit, it’s best to start with a small amount and if everything is in working order move on to larger quantities. You can make your deposit by sending over funds from a cryptocurrency wallet you already have.
you will receive your deposit and be ready to trade.
Find Pair You Want to Trade When your deposit is ready for trading, find your desired trading pair on the markets page.
Here you can view all buy /bid and sell/ask orders that have already been placed by other users.
Choose the price and number of units you prefer. Any order that is significantly below ask prices may not be fulfilled. Placing a limit buy order, commits you to purchasing the cryptocurrency you entered, for the quantity you entered, at or below the price you entered.
Before placing your order you will be asked to confirm it. At this point there is still the option to cancel orders.