Bittrex is a Forex and cryptocurrency exchange which was founded several years ago. Its co-founder and the effective CEO of the company behind it is called Bill Shihara. His prior professional experience includes the position of a security engineer at Amazon and Blackberry.
User feedback and trading reviews about have a rather ambivalent and contradictory tone. Some find it useful, while others don’t. The conclusion we can draw is that it is more suitable for experienced investors and not for beginners.
It operates with an increased number of assets, mainly focusing on the different currency pairs. Safety and security measures are reinforced with a two-factor authentication process. The thing which stops us from recommending it as a legit and viable Forex solution is the fact that there are not many people who are satisfied with their daily results.
Users who are considering getting started with the Forex exchange should wait. More feedback needs to come out in order for us to recommend it as a trustworthy option or deem it as a scam.
Founders & Creators Background
We were capable of verifying that this Forex investment tool really was co-founded by a former security engineer at Amazon and Blackberry – Bill Shihara. The identity of the other creator, however, remains dubious.
The official website of the Forex trading instrument states that they have a combined professional experience of over 50 years. Some of the employees have worked for Microsoft, Qualys, and Amazon but we can not confirm the information.
Did You Know?
This Forex trading tool allows users to trade with a wide range of currency pairs. Some of them even include the most popular cryptocurrency exchanges – Bitcoin, LiteCoin, Ripple, Ethereum. One can also engage in operations involving regular currencies, not just altcoins.
Provided Account Types & Their Details
Bittrex offers users only two account types. The variety is not very big but some of the special features they provide access to are solid and reliable. The Forex platform requires identity verification for every transaction made, including deposits and withdrawals.
This proof of identity can also be a copy of a utility bill. It should be attached to the withdrawal request as a digital file. The Forex exchange has a strict Anti-Laundering and Know Your Customer Policy.
Let us take a more detailed look at the account types:
- Basic Account Type: The negative side to this account type is that it requires users to submit their full names, official address, and date of birth. Employees of the company then verify this information in existing public records and if something is not in tune, then the investor will have to go through an enhanced verification process.
- Enhanced Account Type: The identification procedure here is even more tenuous than with the Basic Account. Traders are required to submit a scan of their personal ID along with a selfie. The data is verified via Jumio which utilizes heuristics in order to determine whether it is true or not.
CONS & Disadvantages of Bittrex
There are several aspects in which the Bittrex exchange is lacking and is surpassed by the competition. You should consider them before deciding to sign up if you want to join a cryptocurrency trading exchange. Here are some key elements:
- Slow Verification – many investors have complained about the fact that verifying their account with Bittrex has taken them weeks (up to a month and sometimes even more). This has forced them to look elsewhere, due to loss of interest, for a platform that would allow for a faster verification and activation of the account. Many people have preferred joining an online trading robot due to the fact that processes and operations are carried out much faster.
- Not User-Friendly – the website itself is not well-developed and can cause confusion if you are a novice and you are not sure what exactly you are looking for. The same goes for the trading platform that is offered by the exchange. If you have no previous experience, you will find that Bittrex is not suitable for your needs.
- Constant Fees – Bittrex is one of the few exchanges that actually maintains high commission fees per trade. You can learn more about them in the lines below.
All in all, it is easy to see and understand that there are some significant disadvantages when it comes to trading on this exchange. Many online investors have chosen to opt for auto-trading robots instead because they offer more features, better and user-friendly environments, and do not commission fees on your trades.
Trading Platform & Required Fees
The official website of the Forex exchange states that its trading platform was custom-built for the users. The applied technology is supposed to be elastic computing. We tried as hard as we can to confirm this information as it sounds very promising but are unable to do this for the time being.
If this is true, then this would imply that orders are executed at the moment of placing. The Forex trading tool imposes a 0,25% fee on all transactions that are carried out via the use of its services. This percentage is not small but we give the founders credit for the transparency of information.
Available Data is Insufficient to Draw a Conclusion
We did our best to determine the status of this digital investment instrument but the lack of reliable feedback stops us from doing this. There is a fair chance that it might turn out to be a scam but there are also some indications that it might be legit.
Our best advice to users is to abstain from trading with the Forex platform for the time being. It is best to proceed to utilize the services of a truly legit and authentic crypto robot. A suitable suggestion would be the Ethereum Code by Marc Weston which has a stable and consistent daily accuracy rate.
Final Thoughts on Bittrex
Bittrex Forex exchange issues high promises but the ambivalence of the existing trading reviews stops us from recommending it as being legit. There are better investment options available on the Internet. Most of them provide free access to their services. It is best to proceed to one of them. This way they can avoid any risks to their investments.