If you are looking for a good exchange to work with cryptocurrencies, one of the best that we currently find in the market is Bittrex. It is a very popular place of exchange because it allows us to carry out a large number of operations and, in addition, we will have good security measures to carry them out.
In this sense, we also have to say that Bittrex is an exchange that has a great experience in the market and has positioned itself as one of the best supports that allows us to make exchanges with cryptocurrencies in a fast, simple and efficient way.
More and more users are opting to work with Bittrex, and today we also want you to have these opportunities, for this reason, we have prepared this tutorial guide, so you know all the services and tools provided by this well-known exchange.
What is Bittrex?
To start our Bittrex review, we will comment in this section a little about the support itself and inform you of some specific information about it so that you know the perfection the type of exchange you have in front.
In this matter, we have to say that Bittrex is a support that has been operating in this sector for a long time, in fact, since 2014, the date on which it was founded, Bittrex has been offering the best financial services to users so that we can carry out our operations in the best possible way.
One of its great features is that it has a headquarters located in Seattle, although not only will we be able to operate in this region, since the support offers coverage in a large number of countries.
Also, we have to emphasize that it provides us with a great variety of cryptocurrencies with which we are going to operate, although we must always bear in mind that the main digital currency of the majority of operations that we are going to be able to carry out through this support is Bitcoin.
Other data of interest that we want you to know about Bittrex, is that its founder is Bill Shinara, an expert in security engineering, who has worked in a large number of well-known companies, such as Amazon or BlackBerry.
Precisely security is a very important aspect to which Bittrex makes a lot of reference, but on this topic we will talk about it in another section that we have elaborated for it.
How does Bittrex work?
Well, now that we have put a little in situation, let’s see how is the functioning of this system, since it is one of the things that we are most interested in knowing about this support. In this regard, we must bear in mind that Bittrex works mainly with the blockchain system.
As we all know, this system became famous because Bitcoin works with it, which was the first cryptocurrency that was launched on the market and since then, many media and other digital currencies have used it to offer us all financial services.
Based on Blockchain system
In this case, taking into account that Bittrex is based on the blockchain system, the operation of this support is very simple and the truth is that the support makes it very understandable to all users.
The first thing we have to say about this is that, in order to work with Bittrex, we will have to register in the support beforehand, although this is not something that comes as a surprise because it is a usual process in most media of this type.
Once we have made this step, we will go to the main panel and it will be there where we can carry out all our operations.
The menu we are referring to, we find it within a platform that is quite intuitive, so it will not be complicated to know how it works and we will understand it easily in a short period of time.
In addition to being able to make the purchase and sale of cryptocurrencies through this panel, we must also comment that here we will have the opportunity to see all the markets that Bittrex puts at our disposal, so we will be clear about which cryptocurrencies we are going to work, taking in account that for this, the support offers us very complete tools that will facilitate this work.
As you could have noticed, the operation of this exchange is quite simple and in just a few steps, we can work with the support in the best possible way. After knowing all these details, there is a very important aspect to which we want to refer, it is about security.
As we know, security is essential when choosing an exchange to carry out our operations. In the case of Bittrex, we will not have a problem, since both the CEO and the team of experts that he has are true specialists in the security of this type of media. We will tell you all this in more detail in the next section.
As we have said, Bittrex exchange security is very important, proof of this is that, at present, this support is considered one of the best in the world.
The certain thing is that the security is a fundamental factor that we must take into account at the time of choosing an exchange to carry out our exchanges, because thus we will know that we are not going to be victims of a fraud.
Great experience on the market: The first thing we have to say about this is that Bittrex offers us software that has been developed by a large number of security experts within this sector.
In fact, we have already told you that its founder has been part of large companies, but his team also comes from having a great experience in the market, among some companies in which these people have worked, it is important that we highlight the presence of Microsoft, so we are going to make an idea of the security measures that this support presents.
2-Factor Authentication: As for the security system offered by this exchange, we have to say that it is based on the famous two-factor authentication.
In this case, we are referring to the way the system has to verify our identity and all the data we enter in it, as well as the information generated through all the transactions we carry out in this support.
What we mean by this, is that, at the moment we have to create a Bittrex account and add our personal data, the system checks all of them in several ways, to make it difficult for cybercriminals to enter our account and also, not we have to expose ourselves to great risks.
Facial Recognition: Within all the security measures that Bittrex offers us, we also have to highlight the use of a facial recognition system, so that, whenever we are going to open an account in the support, the technology used allows us to identify ourselves, physical form, something that is very advantageous for us because we know that nobody will be able to usurp our identity.
Google Authenticator Program: The experts who are part of the team that puts this support into operation, also advise us that, to work with Bittrex, the best we can do is use the tools provided by the Google Authenticator program, mainly those that refer to the 2FA.
These will facilitate that we are 100% safe within the system at the time we decide to carry out some type of operation. Another thing that has caught our attention in a positive way, is that Bittrex works with SSL Secure Connection.
It is one of the best security systems that we can find in the market since it guarantees us that all the personal data that we enter inside the support will be kept safe and nobody will be able to access them to use them for other fraudulent purposes.
With this, we know that Bittrex is also committed to offering quality services with respect to the privacy and confidentiality of all the information we manage within the system itself.
Bitlicense: Finally, we can not forget to mention that Bittrex requested, a few years ago, the permission to acquire the license known as “BitLicense”. Said license what it does is grant the system all the necessary measures, so that it can offer its financial services and thus, we can carry out operations with Bitcoins.
The “BitLicense” document was created by the financial authorities of New York, through which, it is intended to carry out an exhaustive control of the trading carried out with cryptocurrencies.
In any case, at the moment all the licenses have not been given, although Bittrex is one of the few exchanges that has requested it, to increase its legality and security.
How to register in Bittrex?
As it happens with the majority of supports similar to Bittrex, in this case, in order to make use of all the services and tools that the exchange provides us, in advance, we will have to register in the system.
The truth is that it is a very simple process and in a few minutes, we can enjoy all the advantages that support provides, however, we must carry out all the steps in an appropriate manner, so that we complete the registration in an adequate
The first step: If you are interested in working with Bittrex, the first thing we have to do is go to the web page of the support, since it will be there where we have the opportunity to make this record.
The second step: For this, we have a section enabled where we will have to enter our personal data and an email address, remember that all this is very easy to carry out.
The third step: Then we must wait for the system to verify all the data that we have added, so we will have to wait for the confirmation, for the process of verification of 2 ways that we have commented to you in the section where we have talked about security.
The usual thing is that the system, first send us a message to the email address that we have provided and in it, we will find a link that we must click to complete the registration. On the other hand, Bittrex will also send us another message to our mobile phone, where we will be able to verify our identity completely.
The fourth step: Once we have carried out the verification process in both ways, we will have to send other documentation to the system, so we will know that the registration will be completely finalized.
The fifth step: In this matter, we must send a photocopy of our ID or any official identity document that accredits us. Even in some cases, the system will ask us to send a photograph, holding the identity document that we have provided.
The sixth step: In addition to all these things, the registration can be complemented with the facial recognition system that we have explained to you in security.
It is clear that Bittrex registration process is very simple, but we also have to comment that, once we have done it, we will have the opportunity to get two types of different accounts: basic and improved.
Although with both we will be able to carry out all the operations we need, it is true that the biggest difference we find is the amount of Bitcoins we can withdraw per day and also, the documentation that we have to provide to open an account type or another.
Well, now that we know how to register in Bittrex, it’s time to know, perfectly, what we have to do to be able to carry out operations of buying and selling cryptocurrencies in this support and all of this, we have in the following section in a more detailed way.
Commissions and fees in Bittrex
In this last section, we will comment on the commissions and rates offered by Bittrex. We have to say about it, that it is an exchange that does not have too high additional payments, for this reason, it has become very popular among users, in addition to all the tools it offers.
It is important to know that Bittrex, is one of the few supports that we have available in the market, that does not require us to make a minimum initial deposit to carry out our operations, however, at the moment we are going to proceed to make a withdrawal of funds, yes we will have to face some commissions, although as we have said, they are quite affordable.
Depending on the account that we do we will have the opportunity to withdraw a number or another of cryptocurrencies.
Basic amount: In the case of the basic account, the figure is 3 Bitcoins and in the case of the improved 100 Bitcoins per day.
High amount: Whatever account we have opened to work with Bittrex, even if the maximum withdrawal amount is between 1 and 100 Bitcoins, we must remember that we will always have to pay an additional commission, which in this case is set at 0.25%.
As you could have noticed, this percentage is not too high, since it is quite low compared to the commissions that we have found in other similar systems. Although we must know that whenever we want to carry out an operation with Bittrex, we will have to face this additional payment, regardless of the type of movement we are going to carry out.
Even so, being a very small percentage, users are very satisfied with the results obtained, since Bittrex always puts at our disposal all the facilities so that we can operate in an affordable way and with total guarantees.
How to buy and sell in Bittrex?
As we know, the moment we choose an exchange to be able to carry out our operations, we are clear that it is a support that will allow us to make movements of purchase and sale of cryptocurrencies.
In this case, we have to say that Bittrex once again makes it very easy for us, since it has a large number of tools and services that are very complete to carry out this type of operation.
The support allows us to operate with more than 450 pairs of Bitcoins, although we also have to say that this exchange has other cryptocurrencies on its list that have great market value, such as Ethereum or USDT.
Whenever we want to carry out an operation to buy cryptocurrencies through this support, we can do it through a bank transfer. The usual thing is that this type of movement is done with Bitcoins, although Bittrex offers us the possibility of doing the same with the other cryptocurrencies that we just told you about.
First of all, we must remind you that, in order to carry out these operations, we will first have to obtain our own wallet, since it will be there where we can store the cryptocurrencies with which we will be working. You do not have to worry, since, today, we have a large number of media that allow us to do all these things properly.
In the case that we have our Bittrex verified account we can operate with cryptocurrencies, provided that we have an amount of about 10,000 dollars, taking into account that this is usually the usual amount with which users work.
In any case, in addition to the different digital currencies that we have available in the exchange, Bittrex allows us to work with USDT which is the cryptocurrency asset of the Bitcoin blockchain and has the peculiarity that each of these assets has the economic support of a dollar.
The purchase process is not complicated as long as we carry out the steps we have discussed and if, on the contrary, we want to sell cryptocurrencies, we will have to make the same movements as to buy, although we must give the button that is enabled for it.
Although everything we have just told you is quite simple and quick, we have to re-emphasize the purse, since it is an essential element to be able to carry out this type of operations.
In addition, without these wallets, we will not be able to store our cryptocurrencies and, among other things, it is also necessary that we have it to obtain the appropriate address, which allows us to buy or sell digital currency and operate with other users.
It is evident that the purchase and sale of cryptocurrencies with Bittrex are not very complicated tasks to perform, although they are not the only ones that we have available in this support, since Bittrex also offers us good services so that we can carry out the trading through of the support that it provides us.
Precisely on this subject, we will speak in the following section that we find in our article.
Trading in Bittrex?
If there is something that we have to highlight from Bittrex, it is that it is one of the few exchanges that we have available in the market, which allows us to trade with its support. The truth is that this is very advantageous, since this way we have other options to be able to operate with cryptocurrencies.
The first step: in the case that you like to also trade, the first thing you have to do if you want to practice it through Bittrex, is to log in to the support, as long as you indicate the email you have provided to open your account and the password that you have elaborated.
The second step: once we have logged in, we must make a deposit of cryptocurrencies, and this we can carry out easily, because we will find a box enabled for it at the top of the main page of the support.
The third step: here we will have to click on the button that says wallet and we will be able to consult a very useful information, as is the case of all the markets that we have available to operate in Bittrex.
Also here we will have the opportunity to see everything in much more detail since the support provides us with a search bar, in case we are interested in a specific cryptocurrency.
The fourth step: after having carried out all these steps, we must enter the amount with which we want to start our operations.
In this matter, we have to recommend that you start with a small number and step by step, you should raise this amount, until you are completely familiar with the support and know that you will not have any problem when performing all these movements.
In any case, also on this occasion we must wait for the blockchain system to verify all our operations, we can not forget that security is a very important aspect in Bittrex.
The order book
To carry out a basic trade process in this support, it is important that we consult the order book, where we will have the possibility to see all the purchase orders that have been made, also here we find the sales offers or even with other requests.
Then, we must choose, appropriately, the price and the amount of cryptocurrencies with which we want to work and later, we will have to confirm the order or in the case that is necessary, we can also cancel it.
Finally, once we have all these data confirmed, the process will be completed successfully and in a matter of minutes, we will be able to see the final balance that we have available in our wallet.
Taking into account all the operations that Bittrex allows us to carry out through its support, we are quite clear that it is a good exchange with which we can carry out our operations.
But before finishing our article, we want to tell you in the last section what are the fees and commissions that we have found in this support.
After analyzing this exchange carefully, we dont have any doubt, Bittrex is one of the best exchange supports that we can use to carry out our operations with cryptocurrencies.
We could highlight a large number of elements in this support, although without a doubt, one of the biggest advantages we have is that it is one of the safest exchanges in the world, due to all the experts working in Bittrex.
In addition, we also have to say that it allows us to operate with a great variety of cryptocurrencies and that it puts at our disposal, some good tools to facilitate this work.
If you are interested in operating with digital currencies, it is time to choose Bittrex as your trust support, because it has some exclusive features and is presented as a very complete system with which we will be able to operate quickly, easily and efficiently. In other words, it is a first quality option that surprises from the first moment.