Bittrex exchange review

What are the Benefits and Drawbacks of the Bittrex Platform?

6 mins read

The Bittrex platform is one of the top options you may come across if you are in the United States of America. This is a technologically advanced crypto exchange that was launched in 2014. It is one of the most well-known exchanges based in the USA.

It offers several features to the users and allows them to purchase, sell and even trade digital currencies with maximum inconveniences.

Even though it is based in the USA, it offers its services to a vast audience all around the globe. Facilitating more than 500,000 active users, it offers support to crypto as well as fiat markets.

If you are new to the crypto space and want to use this exchange then you need to take a look at the benefits and drawbacks mentioned in this Bittrex exchange review. Knowing these details can help you determine if the platform is suitable for you or not.

Benefits Offered by the Bittrex Platform

There is no shortage of cryptocurrency exchanges in the market and they all offer some benefits that highlight their presence in the users’ radar. Knowing the major selling points of the exchange can help you see if they also match your criteria and requirements.

This brief yet informative Bittrex exchange review highlights some of the major benefits of the platform as seen below.

High-end Safety Protocols Used

Every crypto enthusiast should opt for a platform that prioritizes their safety above all else. The level of security offered by an exchange can help users tackle numerous security risks and obstacles.

The Bittrex platform is one of the safest crypto exchanges in the industry and focuses a great deal on the security offered to the users. The founders of the company have a solid background and years of experience in computer securities and they also make use of cutting-edge security such as:

  • Full Secured Socket Layer (SSL) encryption
  • Elastic multi-stage wallet strategy
  • Two-factor Authentication (2FA)

Support for Crypto and Fiat Markets

It has been mentioned above in this brief Bittrex exchange review that one of the reasons why it stands out among other platforms is the support it offers to crypto as well as fiat markets.

Not many exchanges support fiat markets. This exchange was initially developed as a crypto-to-crypto exchange and then introduced 2 fiat markets as well. The two fiat currencies supported are Euro and U.S. dollar.

Read This: Where do the majority of forex trading deals occur?

Powerful Trading Platform

The trading platform offered by the Bittrex platform has a one-of-a-kind matching engine that sets it apart from other exchanges. The platform updated its interface in 2018, which made it user-friendlier for the new traders.

The trade matching engine is quite powerful and is custom-built. It is known to execute the trades in nanoseconds.

Fee Structure

The fee charged by an exchange is an important aspect to check, which is why this Bittrex exchange review addresses the fee structure offered by the platform.

The trading fee charged by Bittrex is quite fair and transparent. It is based on the market maker and taker model varies from trader to trader as it is based on the 30-day volume for each trader.

According to this, the market makers have to pay a fee ranging from 0.00% to 0.75%, while the market takers have to pay a fee ranging from 0.05% to 0.75%.

Variety of Assets Supported

The Bittrex platform is quite impressive when it comes to the cryptocurrencies it supports. It not only offers support to more than 200 different digital assets but it also supports stock-backed tokens.

Drawbacks of Bittrex

Even though there is a vast variety of crypto exchanges in the industry, none of the platforms are flawless. The drawbacks offered by a platform may not be as massive as one might think. They can be minor inconveniences as well.

However, to determine if you can overlook the drawbacks or not, you need to know what they are.

Account Suspension

This Bittrex exchange review sheds light on a major aspect of the exchange, which is the platform suspends the accounts suddenly and without any warnings. This is a suspicious activity that can cause a drop in the number of people interested in using the platform.

Margin Trading Unavailable

The Bittrex platform supports various features, however, it does not support margin trading. This is a popular type of trading that is supported by several exchanges. Traders who want to start margin trading should opt for another exchange that is suitable and offers margin trading.

Poor Customer Support

Many users of the exchange have complained that the customer support offered by Bittrex is not up to the mark as all its other features. This may be a potential drawback you may face if you start using it.

Final Takeaways!

The Bittrex platform is a popular U.S.-based crypto exchange that offers impressive features to the users. If you are interested in using the platform then you should first know the pros and cons mentioned above.

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