Bittrex: How it Works, Features and Commissions

Bittrex is one of the largest exchange platforms on the web and, since its inception, has placed extreme value on user security. In fact, it works with an operating license issued by Consob and CYSEC. Much appreciated for stability, speed and offer. Founded in 2013 by Richie Lai and Rami Kawach, former employees of Microsoft and Amazon, it has made technology its mainstay with IT experts boasting over 40 years of experience in the sector. An online trading system intended for even the most experienced traders, it has never suffered any breaches on clients’ funds and has implemented a number of automated features that are very interesting for those getting started.

What is Bittrex

Bittrex Global is a state-of-the-art online exchange platform that is based on technology uniquely developed to meet the needs of both industry professionals and beginners looking to get started. It offers a number of distinctive features compared to other products in the industry. It is a secure platform, funds are in fact stored with advanced tracking systems; authentication for access is two-factor for all, so as to have greater level of protection. The trading system it uses has been custom developed, so it’s different from others because it’s scalable and designed to ensure real-time orders.

Deposits and withdrawals are very fast, so users don’t have to wait too long before they can complete a purchase. The strong point is innovation, especially in the blockchan area. It provides users with a large selection of digital technologies such as tokens and much more. The company is certified and fully compliant with EU regulations, thus preventing and solving any kind of illicit behavior, both from customers and developers. The head office boasts clients all over the world.

What Cryptocurrencies are Available on the Platform

Bittrex does not have a large amount of cryptocurrencies that you can access, this is definitely one of the major limitations. There are about 250 different cryptocurrencies, so definitely a lot of them and the most known ones, other exchanges probably offer a greater choice but lower security levels and certainly different timeframes. The most famous cryptocurrencies are however present on the site and available for users.

How Bittrex works

Everyone can create an account for free and then access the Market, which is the area of the site where there are all the cryptocurrencies to choose from. Each of these can be bought and resold, or sent to other digital wallets. The primary goal was to trade cryptocurrencies at low fees.

The site is simple, it is divided into Markets, Discover, Orders, Holdings and Accounts. In Markets you can exchange, send and receive currencies, in Discover you can read the news and keep informed to learn and improve, in the Orders section there are all the open orders but also the history, in Holdings there are digital wallets to see the cryptocurrencies and the value, in Account instead you can access your personal profile. It has an online platform that can be used easily from smartphones with advanced features such as Stop Loss orders but also limits such as the impossibility of short selling. It has practically instant execution times, among the fastest in the industry, allows you to sell even at the bottom and has a number of implementations that you cannot find elsewhere. 

How to Buy Cryptocurrencies on Bittrex

To buy cryptocurrencies you need to have an account, then register through the form on the official website, choose the type of account if personal or corporate and enter the required data. For new registrations a welcome bonus is issued. After creating and confirming the profile you must accept the terms of service, upload your document and then once activated pay the funds to proceed. To buy just go to Maker, choose the currency and the amount and proceed. Very simple and intuitive. The order is placed immediately. 

How to Sell and Transfer Cryptocurrencies

By clicking on Holdings in the menu you can enter BTC and Deposit. Once the Wallet is transferred you can get started. Simply click on Buy to buy and Sell to sell. In Price you write the price and in Quantity the number or decimal of the cryptocurrency.

To transfer the cryptocurrency you have to click on Wallets, a dialog box appears showing an address and a Qr Code, only for the first time you have to click on the address field to indicate where to send them. Once uploaded they appear in the Pending Deposits column, when it is confirmed it closes and becomes Available Balance and you can use it on Bittrex. 

Costs and Commissions

Bittrex commissions are very convenient and among the lowest in the market, these are applied on transactions and trading. The more you trade, the more you can actually save. Up to 50 thousand dollars, the commission for makers is 0.20%, the same for takers. Then from 50 thousand onwards it diversifies. The volume is determined based on the mobility of the last 30 days. When an order is placed it is a Maker, when an order matches it is a Taker. So Makers create liquidity on the market while Takers take it away. For withdrawals, the platform charges a fee for tokens and cryptocurrencies. This applies to Italy, a separate system is instead for the United States. 

Conclusions: Advantages and Limitations

Looking at the operation and the peculiarities of Bittrex it is possible to say that among its advantages stand out: ease of use, security, affordable prices in terms of commissions. On the other hand, even if many cryptocurrencies are available, there are not all of them, the system to recharge the fund by card or other common payment method is very articulated and therefore complex, in particularly full periods sometimes it is impossible to open a new account.

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