What is Bittrex?

What is Bittrex?

| CryptoPress

Bittrex is one of the major cryptocurrency exchanges, competing with others like Binance and Poloniex. With a diverse range of trading pairs and altcoins accessible, as well as a user interface that is reasonably simple to use, Bittrex is a perfect platform for both novice users looking to purchase altcoins and those with expertise trading cryptocurrencies.

Bittrex is a cryptocurrency exchange headquartered in Seattle, WA. The company was founded in 2013 by three security specialists who formerly worked at Microsoft. They are not subject to US security laws because they are based in the United States. However, their application for a New York BitLicense just got denied.

Bittrex Overview Bill Shihara and two other business partners launched the firm in 2013. The founders had worked for Microsoft as security specialists before choosing to launch a bitcoin exchange. Although Bittrex is situated in the United States, it is not subject to US securities legislation. The exchange’s application for a New York BitLicense was just denied.

Bittrex Overview

Listing on Bittrex is not easy, but the exchange is dedicated to high-quality projects. Currently, Bittrex lists more than 250 tokens, of which around 100 are active.

Bittrex supports two types of accounts:

  • Basic Account – for individuals wishing to make deposits and withdrawals in supported cryptocurrencies only.
  • Advanced Account – intended for corporate users, allowing deposits and withdrawals in all cryptocurrency and fiat.

Basic accounts can be upgraded to Advanced ones by submitting some identification documents.

Deposits and Withdrawals

Deposits and withdrawals have a fee of 0.25%, with a minimum fee of $5.

Bittrex Fees

The fees on Bittrex are 0.25% on all transactions.

Bittrex Limits

Bittrex has a limit of three BTC or 2,000 Bittrex tokens worth of BTC per day. This can be raised upon request.

Upcoming tokens have a harder time with the exchange, as it does not allow ICOs or pre-ICOs.

Bittrex does not list any pre-ICOs or ICOs, restricting the token listings to active projects.

However, Bittrex is definitely one of the most popular ICO listing platforms, as the exchange has the largest trading volumes of all crypto exchanges. The exchange also provides high-quality customer support, transparent trading fees, and low withdrawal fees.

Cryptocurrencies, initial coin offerings, and a stablecoin

One of the biggest exchanges in the world, Bittrex is an industry leader with over 200 coins and a desire to improve its services. Additionally, it’s launching an OTC desk for institutional investors and exploring Initial Exchange Offerings — with VodiX scheduled for May 21 and the Raid IEO recently canceled.

However, the performance of these IEOs has not lived up to their hype — failing to maintain their original pricing and resulting in many investors’ losses.

As with a number of other exchanges, including Poloniex and Gemini, Bittrex has its own stablecoin, TrueUSD. According to a recent audit conducted by Cohen & Co, TrueUSD is completely backed by USD, allaying the anxieties of many stablecoin users. Despite this audit and the audit of the Gemini Dollar, Tether continues to be the market’s top stablecoin.

Competition

In the cryptocurrency world, it’s rare to find a newcomer who isn’t aware of Bitcoin or Ethereum. In order to trade on Bittrex, you must first buy Bitcoin using fiat money at another exchange like Coinbase or Kraken. 

But for those who are starting to experiment with crypto and want a more diverse portfolio, trading on Bittrex is a very attractive option. It’s also noteworthy that trading fees are lower than those charged by Coinbase or Kraken.

Bittrex is one of the only exchanges that has never been hacked. Still, there’s always a risk with storing your bitcoins on an exchange. Past performance is not an indicator of future protection.

Bittrex competes in the same market as Poloniex and Binance, but all three exchanges provide a diverse range of cryptocurrencies with comparable trading costs. Binance has been able to create a sizable client base with the help of some amazing PR.

Bittrex is also one of the best cryptocurrency exchanges if you are looking for alt coins, as it has a great selection. Some of the most popular coins are listed here, including Ethereum Classic, Ripple, Dash, DogeCoin, Verge, LiteCoin, Monero, ZCash, and many more.

Conclusion

Bittrex remains one of the industry’s largest cryptocurrency exchanges. It is uncertain if US regulatory concerns will bite back, and it is also questionable whether the IEO platform will succeed.

Bittrex remains a possible first stop for those entering the crypto space. However, it is not always a wise investment for newcomers.

As such, the popularity of the platform will continue to thrive even as the company attempts to keep up with regulatory developments.


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