Finding a reliable and trustworthy cryptocurrency exchange can be a difficult and time consuming process. There are now many different exchanges, and getting started with the right one can involve a great deal of trial and error.
One of the most reputable exchanges in the current ecosystem is Bittrex, which has remained a strong and reliable exchange for several years. The major draw of Bittrex when compared to other exchanges is their extensive support for altcoins, which is unrivalled in the cryptocurrency ecosystem.
In this article, we’ll present a breakdown of the history of the Bittrex platform, provide some information on the ease of use, security, wallet features, and fees it offers, as well as providing a step by step process on how to create a Bittrex account and get started with purchasing crypto on the platform.
Bittrex Quick Overview
Following is a short overview of the various sections of this guide:
Bittrex stands out from the cryptocurrency exchange crowd by providing extremely secure and comprehensive vetting of new cryptocurrency tokens, and places a strong emphasis on user security.
Bittrex offers an extremely secure online wallet solution that provides extremely fast transactions, with equally fast updates on wallet status and inbound/outbound transfers.
Ease of Use:
Bittrex is relatively easy to use, but focuses on a wide variety of different altcoins that can be overwhelming for new investors. Despite the complexity of the platform, information is presented in a simple and concise manner.
Bittrex is one of the most secure exchanges in the world. By using the most reliable and proven security practices available, Bittrex has developed a reputation for being extremely secure and robust.
Limits and Fees:
Bittrex is somewhat limited by their fee structure and low volume limits- the extreme security offered by the platform makes a trade for higher fee structure.
The History Of Bittrex
Bittrex was founded by Bill Shihara and Richie Lai, who both worked in the Amazon security team. Shihara has operated as the Security Engineering Manager at Amazon and Manager of Security Threat Analysis and Security Engineering at BlackBerry, while Lai has worked as the Amazon Information Security Team Leader.
As a result, the Bittrex platform is extremely security-focused. In 2011, both Lai and Shihara began actively involved in the Bitcoin market, and began mining Bitcoin together. In 2011, the pair launched a platform called GiftcardBTC, which aimed to sell giftcards for BTC and take a percentage of the sale cost.
Following the success of this initial foray, Lai and Shihara set out to create a security-focused exchange, and launched the Bittrex platform in December 2013. Bittrex has now been operating for more than three years without a single security incident, and is focused on operating as the next generation cryptocurrency exchange with the best security, features and availability online.
Bittrex Online Wallet
Bittrex functions as an online wallet as well as an exchange, and provides all of the features expected from a standardized online wallet host. One feature that makes Bittrex stand out from other wallet solutions, however, is the diverse range of tokens and cryptocurrencies the platform supports is astonishing- at the time of this report, the Bittrex exchange supports 264 cryptocurrencies.
Bittrex Ease Of Use
Bittrex is relatively simple and easy to use, and makes the process of purchasing new cryptocurrencies simple. The complexity of managing multiple cryptocurrencies should not be understated, however, so it’s important to keep in mind that Bittrex is best for experienced cryptocurrency investors.
Bittrex offers the very best security of any online exchange, and was created by a team of self-professed “security freaks”. Bittrex delivers two factor security, and offers Google authenticator integration. If you’re looking for the most secure exchange online, Bittrex is a strong contender.
Bittrex Fees And Limits
Bittrex has surprisingly high fees compared to other exchanges, but this is balanced out by the high level of security the platform offers. All trades on the Bittrex platform have an 0.25% commission. There are, however, no fees for deposits or withdrawals, which is a major feature.
Bittrex Account Privacy
Like most exchanges, Bittrex offer users the ability to verify their accounts with details such as name, social security number or other government ID number, date of birth, email address, postal address, phone number to access higher limits and other services.
Bittrex Customer Support
Bittrex currently has sub-par customer service when compared to other exchanges. Customer service is handled through an email ticketing system which, according to user reports, is slow to respond.