When you come across new websites that trade cryptocurrencies, you are probably wondering if they are legit. This is natural, since we are talking about money. In addition, almost without exception, people tend to look for something better than they currently have.
Bittrex.com has been operating in the US since 2014. Service administrators claim that the site is the next generation in cryptocurrency trading. With a security policy and experience with companies like Microsoft and Amazon, they can inspire confidence.
How to get started?
Mere registration is not enough to work on this resource. The user is required to enter personal data, and their verification takes three steps. As the reviews on Bittrex.com suggest, this can take quite a while. Bittrex requirements for users are as follows.
For basic check:
- full name;
- date of birth;
- country;
- full address with zip code;
- passport number (optional).
For the second stage of verification, a mobile phone number is required, which must be able to receive SMS-messages.
What do you need for advanced verification?
First, you need to perform a basic check in order to proceed to the third level of data verification.
According to user feedback on the Bittrex exchange, registering an account can be done without any problems. Difficulties arise precisely at the verification stage. Sometimes an error message comes up and the service offers to verify the phone number or apply for an extended account.
For advanced verification, you will need to send your identification data along with scanned copies of documents. The exchange administration works together with the Jumio service, so it has the opportunity to study the submitted IDs in detail and perform a face check. You can read the list of countries they support on the website, along with the accepted IDs.
Account Limits for Bittrex.com
Thanks to the experience of the Bittrex team, every possible measure has been taken to ensure the security and protection of customers. With this in mind, all operations are carried out according to the rules. What do the reviews about the Bittrex cryptocurrency exchange say about this?
Changing your password on your account means you cannot make any withdrawals for the next 24 hours. If you do not have a 2FA account, you will only have a daily limit of 1 BTC or equivalent.
Limit Update
Accounts created after October 30, 2016 will have the following withdrawal limits:
- unverified account - 1 BTC per day or equivalent;
- basic account - 3 BTC per day or equivalent with 2FA enabled;
- advanced account - 100 BTC per day or equivalent with 2FA enabled.
All trades made within Bittrex.com will be paid at 0.25% of the amount.
Web interface
A brief overview of the Bittrex.com cryptocurrency exchange is as follows. The site has a Seatle Space Needle icon in the foreground, which immediately draws attention to itself. The Home tab is useless as it just redirects you to the bottom of the page, which can be done without it. You need to register an account and log into your site to get a detailed overview of how the service works.
After logging in, you will be greeted by the available bitcoin markets that you can trade with. In the trading window, you can see two sides. These will be the "Buy" and "Sell" windows. You can manually enter the amounts you wish to purchase or sell in the space provided.
You can also use the order book at the bottom of the page. If you click on both sides, this will automatically populate your trading windows with the values that are present in the trade. This is useful if you want to know the current price for any denomination. According to the reviews on Bittrex.com, this is a very useful feature.
Additional settings
Servicealso has automatic features such as GTC (Good to Cancel) and IOC (Immediate or Cancel) which you can set up by clicking the button located in your trading window.
GTC - Good Till Canceled is the default setting. This means that the system will keep looking for your buy/sell post until it is done.
IOC – an offer to buy/sell cryptocurrency at your price. If any part of the transaction cannot be completed, it will be canceled immediately. Reviews on Bittrex.com also note this as a positive detail.
Customer support
Customer service for Bittrex can be a problem as users are not very happy with it. There are difficulties in servicing customers on tickets - often the answer comes too late. According to reviews on Bittrex.com, this is the biggest drawback of this service.
The site has now launched support via email, which you can get through [email protected]. The registered legal address is also listed on the website: Bittrex LLC6077 S. Ft. Apache RdSuite 100Las Vegas, NV 89148.
Bittrex.com Security Service
As mentioned at the beginning of the Bittrex cryptocurrency exchange review, the company is run by a group of “security freaks” who are committed to keeping their customers safe at all times. Even seasoned security experts know that there is no such thing as a "perfect system" or software.security that can keep you safe, but they try to do it.
The authors of the project published on their website a "Privacy Policy" regarding the use of the data received. Not only are they focused on your safety, but they also report what they do with the information you provide them.
Bittrex offers two-factor authentication, which is always good when it comes to trading sites. According to Bittrex.com reviews, users recommend using Google Authenticator for 2FA not only for this website, but for all your online transactions. According to the survey data, half of the users of trading sites who do not use this security tool have somehow become victims of account hacks.
Closing word
Bittrex.com offers trading services with very good security. The site offers many useful tools that you can use to your advantage. The site acts as a wallet and at the same time is a trading platform for your cryptocurrencies. However, the verification and identification process is still too complicated for many users.
Customer service is the weak point of this service and deserves a low rating. It is in this part that users receive the most complaints and negative reviews. Getting an answer to your question can be difficult, and sometimes not at all.
In general, the site needs somenumber of improvements and additions that will come in handy. The only thing that can be said with confidence that is carried out at the highest level is security.
