Based in Seattle, USA, Bittrex is considered to be one of the biggest cryptocurrency exchanges available on the market and frequently takes place in the top 3 of exchanges in terms of trading volume. Since starting in 2014, Bittrex has seen exponential user base growth year over year with monthly trading volumes reaching $300 million recently. We have not tracked any negative comments on Bittrex in the internet so far, the company seems to have gained good reputation and has no reported hacks as of now. Bittrex strives to provide top services to its customers and has done a great deal of work to deliver the fastest and most secure trading service available.
Bittrex offers a nice selection of tradable coins, including coins available for exchange plus a decent selection of cryptocurrency pairs including 450 pairs with Bitcoin. Users have a decent list of options with Bitcoin and Ethereum, but no fiat currency trading pairs have so far been introduced on the platform. Users can though purchase Bitcoin, Ethereum, or USDT via bank wire transfer.
Bittrex Account Verification
Regarding account verification, Bittrex is U.S based exchange and is therefore obligated by law to collect specific information about its customers which may, in turn, be shared with the United States government. Also, the company may from time to time share this data with vendors or other third parties reserved to perform services on behalf of the exchange.
Bittrex offers its clients the ability to verify their identity through documental proof like social security number or other recognized government-issued identification document. By verifying your identity on this platform, you will be able to enjoy better benefits such as higher withdrawal limits. Besides enhanced verified accounts, it is possible to make withdrawals and deposits with bank wire transfer in USD Tokens that is worth a minimum of $100,000.
Requirements for you to verify your Bittrex account are:
- Complete Name
- Passport Number (Optional)
- Date of birth
- Complete Address with Postal/Zip Code
- Mobile phone number (the phone number provided should be handy and able to receive SMS messages)
- To advance to the third level of verification, you need to complete your Basic Verification first.
For the enhanced verification, you will be required to submit scans of your identification as well as selfies taken with these documents. Bittrex works together with Jumio to verify the ID’s provided and does the face verification process.
Bittrex Trading platform
Bittrex is powered with good trading technology. Once you click on the cryptocurrency you wish to trade, a chart along with information page will open. Charts boasts of decent trading functionality including a vast array of technical indicators to use. For placing an order, you need to choose BID/ASK price to the right and then proceed with selecting the amount you wish to buy or sell. Generally the trading process is easy and hassle-free, but we believe some work could be done here for novice cryptocurrency traders who might find the overall experience confusing at first.
How to buy bitcoin with Bittrex
To buy bitcoin on Bittrex, click on “Markets” on the main page and then search for Bitcoin. Click on it after it appears.
After you’ve chosen the coin, you will see a graph and some pricing information on the right-hand side. Where you will buy or sell the coin is shown in the middle of the page. You can go ahead and buy by entering the total unit of BTC, after selecting the price.
In case your order does not execute instantly, scroll down and check the ‘Open Orders’ tab. In some cases, you might need to cancel and start over again.
After you have bought your coin, you can check your balance within the ‘Wallets’ tab. On the ‘wallet’ tab, you will be given an overall estimated value, and you will also see the total balance of all of the digital currencies you own.
Deposits and Withdrawals
The process of withdrawing or depositing funds here is not much different from the rest of the exchanges in the industry. You need a wallet to complete the withdrawal of funds from your Bittrex account. Some exchanges however support conversion of cryptocurrencies into fiat, so the only disadvantage here is that your options are limited and the only way is to proceed with sending funds to your bitcoin wallet.
Bittrex Customer Support
Customer support service for Bittrex might be the issue majority of users are not very happy with. Users have taken to many forums to complain about this problem. For instance, a forum thread was posted when the company began operation in 2014, and as time goes on the thread became filled with customer service problems regarding support tickets not being resolved in time.
This exchange runs its support through email which can be contacted via email@example.com. Bittrex’s registered address is also given below:
- Bittrex LLC
- 6077 S. Ft. Apache Rd
- Suite 100
- Las Vegas, NV 89148
Being one of the biggest exchanges on the market, Bittrex offers good selection of cryptocurrencies to trade and good trading platform technology. However, withdrawals and deposits are only possible from wallets, which may reduce the liquidity of transactions. Bittrex trading platform is oriented towards professional traders and might be confusing for those taking first steps in the field.
Bittrex vs Binance
Both platforms offer powerful trading platform and a variety of cryptocurrencies to choose from.
Binance however can take pride in having one of the lowest fees in the industry and its trading platform is capable of processing 1.4 million orders per second.
Bittrex has similar functionality but has much smaller selection of coins to trade and the verification process can take a long time.