The Bittrex cryptocurrency exchange was originally started in 2013 by three ex-Microsoft employees. Today we'll run through our Bittrex exchange review for 2018 and discuss their security, the trading platform and their range of cryptos available to buy and sell.
Let's start right from the beginning.
Bittrex is based in Seattle Washington, USA. As mentioned in the intro, it was started in 2013 by 3 ex-Microsoft employees.
The exchange became extremely popular in the late part of 2017 as it offered so many of the new ICO coins.
It was so popular they temporarily stopped new users due to the high demand.
In March of 2018, Bittrex de-listed a larger number of Cryptos because they violated their listing requirements. This was a case of many ICOs overpromising and underdelivering.
Bittrex is fully regulated in the US, complying with all customer identification requirements.
Bittrex has never been hacked, however, some Bittrex customers lost funds through Phishing (where hackers use malware attacks to steal passwords).
Bittrex takes the view they are not liable for these losses and it is the customers' responsibility to ensure the security of their login details.
Bittrex makes it clear that customers should take care to verify the Bittrex login page.
Like most secure exchanges Bittrex provides two-factor authentication.
They also have a feature that makes the user authenticate via email if their IP address changes.
Bittrex only keeps 1/3 of their funds in hot (online) wallets, the majority of their funds are kept in cold storage (offline).
There are essentially 2 levels of basic verification at Bittrex.
You may like to know that corporate accounts are available.
At the time of this Bittrex Exchange review, Bittrex listed 261 available cryptocurrencies.
As mentioned earlier this year they shed 81 that did not reach their approved standard.
Bittrex is constantly adding new Crypto-currencies to their exchange.
Of course, you can buy Bitcoins, buy Ethereum ETH, Bitcoin Cash BTH, Ripple XRP and so many more. As mentioned at the start, the early success of offering so many cryptocurrencies was what helped Bittrex become one of the largest cryptocurrency exchanges.
Bittrex is essentially a crypto only exchange to their non-US customers, however, Fiat currency deposits are available in some states in the US through relationship banks.
Bittrex also offers USDT Tether and also TUSD True USD if you wish to park your funds in a USD equivalent.
The Bittrex platform has recently been revamped. The catalyst I believe was the large number of coins offered on the exchange and because of this, the original platform was hard to navigate.
The new secure platform is simple and clean.
The crypto wallets page gives a clear picture of the user's current positions, their Bitcoin equivalents and the portfolios current fiat value.
The order page is a summary of completed and current in market orders.
The big feature change is the means of navigating the 261 cryptocurrencies.
On each page, there is a menu on the left-hand side.
You can select the major market and the coin you want it priced against it. This is a pretty simple way to follow a particular coin you may be looking to trade.
The dedicated markets page allows you to select from the many hundreds of crypto currency combinations.
This page is organized into the 4 major currencies
Under each of these are the coins they can be traded against on the Bittrex exchange.
The cryptocurrency trading set up was changed to make trading a little quicker, the old set up made it too easy for users to make input errors.
The new system allows you to select a price from the buy or sell order list either side of the order input fields.
You can clearly see the market changing while you are entering your order, which is a significant improvement.
Click play on the video below to watch a live trade go through and a review of what we think of the Bittrex trading platform.
Orders need to be checked and Okayed before they are sent to the market.
When a partial or completed order is filled a message box appears in the top right corner, a fabulous feature.
At the bottom of the page is a summary of completed order history and open orders.
The platform supports the usual order types including:
The charting on the platform is OK.
Bittrex’s charting is best described as not as good as some but better than others.
If you’re really serious about technical analysis you are probably going to use a dedicated charting service like Tradingview.com, but if you just need a chart in front of you while you execute trades, then Bittrex charts are fine. You can use the charts to determine whether you should invest in Bitcoin or other altcoins.
There are lots of tools and studies and the usual selection of time periods. The one annoying quality is their charts not updating with the market.
You sometimes need to refresh the screen.
Click play on the video below for a more indepth look at placing a limit and conditional orders via the Bittrex trading platform.
The fee structure is pretty simple. The great thing we find is there are no hidden fees.
There are no deposit fees and withdrawal fees are .001 BTC.
Bittrex offers a huge number of coins. This is their major drawcard. The platform is secure, regulated and easy to use.
The problem is essentially volume, it seems better in the US and European time zones but Asia is pretty slow.
It is not an exchange for whales, but if you are trading up to 3-5 Bitcoins it has everything you need.
If you are looking to buy cryptocurrencies and build your cryptocurrency portfolio, then trading on Bittrex will tick a lot of boxes.
Click here to view our top 5 cryptocurrency exchanges reviewed for 2018.
What is a Bitcoin Gift Card?
A Bitcoin Gift Card is the perfect way for the newcomer to get their first Bitcoin. It comes with a paper wallet and simple instructions to set up a software wallet so that you can transact with Bitcoin over the internet. Bitcoin Gift Cards are available in AU$25, $50, $100 and $500 denominations.
Who should buy a Bitcoin Gift Card?
Anyone new to Bitcoin will find no easier way to get their first Bitcoin.
They can be gifted by an existing cryptocurrency enthusiast, or bought by anyone wanting to get involved for the first time themselves.
How can I pay for my Bitcoin Gift Card?
You can pay with either cryptocurrency through our coinpayments.net payment gateway, or you can use Australian Dollars through our POLI Pay facility.
Can I use a Bitcoin Gift Card to top up an existing software wallet?
Yes. When you receive your additional Bitcoin Gift Card, you can simply import the "Secret" wallet identifier from your Bitcoin Gift Card into your existing software wallet. This will move your Bitcoin from your Bitcoin Gift Card into your existing software wallet.
What does my Bitcoin Gift Card include?
Your Bitcoin Deposit, wallet and key generation and network transfer.
How long does it take to receive my Bitcoin Gift Card?
Going through to checkout takes about 2 minutes. You won't find an easier process anywhere. Once you've placed your order, it can take between 10 and 60 minutes to receive your Bitcoin Gift Card depending on the speed of the Bitcoin network at time of purchase.
We have partnered with GiftPay, an aggregator of online deliverable eGift Cards in Australia.
Through our agreement with GiftPay, you are able to purchase a Flexi eGift Card from us, redeemable at a broad range of retailers in Australia.
Watch the Video to see how it works
What is a Flexi eGift Card?
A Flexi eGift Card is an electronic gift card that lets you choose where you'd like to shop! In the past if you were given a gift card for a particular shop but didn't want to buy anything from that shop, you were stuck. But now with a Flexi eGift Card, you get to choose at which shop you spend your gift.
What's more, you may be able to split your Flexi eGift Card and spend it at different shops! For example, if you have a $30 Flexi eGift Card, you could choose to split it up into a $20 Myer eGift Card and a $10 iTunes eGift Card.
Where can I spend it?
You can spend your eGift Card at a broad range of Australian retailers. For a full list of our retailers, click here. (page showing full list of retailer logos)
How do I redeem it?
Your Flexi eGift Card will be emailed to you. Click the link in the email to open your Flexi eGift Card.
Then convert your Flexi eGift Card into any combination of gift cards or vouchers up to the total available balance. How you redeem your chosen gift card depends on the card or voucher chosen.
What Bills can I pay?
You can pay any bill that has the BPAY logo and Biller Code including credit cards.
Are there any payment limits?
Yes. You can pay a maximum of $1000 per transaction based on regulatory limits. You can however break up a bill into multiple $1000 tranches and enter the same biller and customer reference code.
How does the transaction work?
When you enter the amount you wish to pay, the BPAY biller code and your bill’s customer reference number, you will click through to our checkout.
At checkout, you will be asked to leave your details, which enables us to satisfy our legal requirements under the Anti-Money Laundering and Counter-Terrorism Financing Amendment Act 2017. This sounds ominous, but takes about 2 minutes.
When you proceed to payment, you will be shown the digital currency amount payable and the wallet address to send your digital currency to.
Once you have sent your digital currency to our payment gateway wallet, you will receive an email notifying you that your payment has been received. We then convert your digital currency to AUD and pay your BPAY bill on your behalf.
Are there any fees?
Yes. At checkout you will notice our 3% fee added to your bill amount. This is to help us manage the currency risk of a volatile digital currency market when converting to AUD for us to pay your bill. We use a third party payment gateway to enable the digital currency transaction. Our considerations when choosing a gateway was security, pricing (spread) and speed. You’ll note when at checkout (before proceeding to payment) that the price you receive on your digital currency is very competitive. Other digital currency BPAY facilitators charge up to 6% per transaction on the currency alone, which in our view is akin to highway robbery.
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