Whether you are a new crypto investor or trader, this Bittrex review can help you determine how suitable this exchange is for you.
The more you learn about crypto trading or investing and about different exchanges, the easier it can be for you to make an informed decision. Bittrex is one of the topmost platforms in the market and is accessible to a large number of countries.
However, if you are a beginner you need to know more details of the platform, such as Bittrex fees, security features and more so you can determine its suitability and security of the platform.
This is where this brief review comes in. Here are some of the major details you need to know about the platform before you opt for it to purchase crypto.
Bittrex Review – What to Know About the Exchange
The Bittrex exchange is one of the topmost platforms in the world and is based in Seattle, USA. It was established in 2014 and enables the users to buy, sell and even trade digital assets. Bittrex has more than 500,000 active users at the moment and is likely to get the attention of a larger audience with time.
It is a versatile and capable crypto platform that offers several outstanding features and services to users.
Therefore, if you are interested in using Bittrex then you should know the detailed features first and then decide how secure and suitable it is.
Support to Different Markets
This Bittrex review addresses one of the major aspects of the platform, which is the support it offers to different markets. Initially, the platform was started as a crypto-to-crypto exchange. However, it also introduced 2 fiat markets. This made the platform more versatile and accessible to a wider audience.
Two of the fiat currencies supported by the exchange are the U.S. dollar and Euro. As a user of the exchange, you can deposit both these digital assets on the exchange.
Payment Methods Supported
One of the most important aspects you need to know about an exchange before you choose is the support it offers to various payment methods.
There are some platforms that rely on several payment methods but the numerous options are not supported by every exchange. Therefore, whether you are a crypto investor or trader you should choose a platform that offers you options and makes it convenient to deposit or withdraw crypto.
Since the platform offers support to crypto as well as fiat currencies you should know the various payment methods supported by the exchange.
Here are the payment methods that enable the users to deposit the fiat currencies.
- SEPA (Single Euro Payments Area)
- Credit card
- Wire transfer
- Debit card
No Support for Margin Trading
This Bittrex review specifies one of the major details about the platform, which is likely to have a high significance among crypto traders.
The Bittrex exchange does not offer support to margin trading, which is a popular crypto trading type. This enables traders to borrow funds from brokers so they can open bigger trading positions. The higher the borrowed amount, the higher the risk.
However, if you are a crypto trader, interested in opting for margin trading then you should opt for a different exchange because Bittrex does not support it.
Fee Charged by Bittrex
The details of the Bittrex fees is yet another major and crucial aspect you need to know before you choose the exchange. Every crypto exchange requires you to pay a fee, whether you trade digital currencies or make deposits and withdrawals.
However, the fee structure of different exchanges also varies in terms of the amount charged and the transparency of that amount. As a beginner, it is important to choose a platform that has a fair and transparent fee structure so you can steer away from unnecessary risks and obstacles.
Therefore, if you are interested in using this exchange then you need to know the details of the fee as mentioned in this Bittrex review.
- 0.00% to 0.75% trading fee for market makers
- 0.05% to 0.75% trading fee for market takers
- Possible bank charges (depending on the bank)
- Network fee (varying from one blockchain to another)
Security Protocols Used
Another crucial aspect you need to know about before you opt for this platform is the level of security offered by the exchange. This is an important aspect to know about because a secure exchange can help novice parties avoid many risks and unnecessary challenges.
Therefore, if you are interested in using Bittrex then you should know that it is one of the safest exchanges in the world.
It offers utmost security to the users by using leading-edge security systems such as the ones mentioned here.
- Two-Factor Authentication (2FA) for withdrawal
- Elastic multi-stage wallet strategy
- Complete SSL encryption
