Bittrex is the third largest cryptocurrency exchange in the world, with an invulnerable security that has not yet suffered from any of the hacking attempts that seem to effect most crypto exchanges. Found in 2014 by Bill Shihara, Rami Kawach, Ryan Hentz and Richie Lei, its headquarters are based in Seattle, USA.
As a pioneer of the blockchain revolution, the founders of Bittrex used this revolutionary technology to effect not only cryptocurrency trading but also introduced blockchain projects that make trading operations securer, accessible and manageable on a global scale. Although, it is known for its secured trading environment, it is not far behind in ability and speed.
How Does It Work?
All trading operations are required to pay a flat 0.25% commission fee, which is slightly high as compared to the other platforms. There are no rebates for higher volume trading or any incentive models available for takers and makers. However, when you consider that Bittrex has never been hacked in its entirety of existence, it is not a small price to pay.
It is important to note that Bittrex is not regulated by US Securities Law nor it is FDIC insured. Bittrex adds all the up and coming altcoins after verifying their source codes. It also carefully and methodically delists any inactive coins. Although there have been instances where some pump and dump coins have managed to slip past their vetting defenses, Bittrex objectives remain the same, to keep higher quality coins listings on its platform.
Moreover, Bittrex keeps a close watch on the coins that result from impending airdrops or hard forks, flowing which they debit to customer accounts and provide a comprehensive support. As soon as the networks achieves stability, several coins from hard forks become available for trading once more.
Services and Compatibility
The main service that is provided by Bittrex is the crypto trading. The platform lists a number of currencies for standard or customized spot trading options. The trading engine fuses automated trading components, such as Good ‘til Cancelled (GTC), Instant Buy or Sell and Stop Loss and other technical charting features and tools usually required by a crypto trader. The exchange is notorious for its fast loading interface and shorter loading time without any lags and incidence of hanging.
Although there is no margin trading option on Bittrex, it offers more than 400 altcoins to be traded against Ethereum, Bitcoin, USD and USDT (Tether). The USD deposits or withdrawals can be carried out through wire only. Identity verified customers, whether corporate or personal, situated outside the United States or certain US states are eligible for deposits, trading and withdrawals. Those accounts that are not verified or eligible for USD trading can make use of stablecoins such as USDT.
Bittrex is a secured and profitable platform that offers its users the opportunity to access several digital asset trading options. In the aftermath of several prominent security breaches that shook notable cryptoexchanges around the world, the security background of Bittrex’s team enabled it to be impervious to any hacking attempts, thus maintaining its security integrity.
With a combined experience of 40 years in computer security at Microsoft, the founding team has designed a platform that prioritizes security among all its developmental decisions. Bittrex has a multistage wallet strategy, which is quite flexible and keeps 80-90% of the entirety of funds offline, thus securing them from online security breaches. Moreover, two-factor authentication is a necessity for API calls and withdrawals.
The Bittrex exchange operates within a safe framework of transaction system that is designed around the Trustworthy Technologies Act or the Blockchain Act that is a global security regulatory system, currently on its way to become a standard in the crypto world. Its institutional grade trading environment is suitable for professional and inexperienced traders alike. Anyone who is looking to enter the world of digital trading, Bittrex is a dependable and accessible option.
Bittrex is an excellent option for crypto traders who are looking for a secure, agile, compatible and robust trading platform which can trade a variety of crypto currencies. Its Security First view of the crypto trading and multi-layer protection and customized trading engine with real-time order execution and scalable support has made it one of the top choices for keeping funds secure and carrying out third-party trading through extensive algorithmic crypto trading.