When you come across new websites that sell cryptocurrencies, you are probably asking yourself if they are legal. This is natural, since it is about cash. In addition, almost without exception, people tend to look for something better than they currently have.
Bittrex.com has been operating in the United States since 2014. Service administrators claim that the platform is the next generation in the cryptocurrency trading. Thanks to security policies and experience working with companies such as Microsoft and Amazon, they can inspire confidence.
How to get started?
Simple registration to work on this resource is not enough. The user is required to enter personal data, and their verification takes three steps. As follows from reviews of Bittrex.com, this can take quite a while. Bittrex user requirements are as follows.
For a basic check:
- full name;
- Date of Birth;
- the country;
- full address with postal code;
- passport number (optional).
For the second stage of verification, a mobile phone number is required, which should be able to receive SMS messages.
What is needed for advanced validation?
First you need to perform a basic check to go to the third level of data validation.
According to user reviews of the Bittrex exchange, you can register an account without any problems. Difficulties arise precisely at the verification stage. Sometimes an error message arrives, and the service offers to confirm the phone number or apply for an extended account.
For advanced verification, you will need to send your credentials along with scans 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 that they support on the site, along with the accepted identifiers.
Account Limitations for Bittrex.com
Thanks to the experience of the Bittrex team, all possible measures have been taken to ensure the safety and protection of customers. With that said, all operations are performed according to the rules. What do reviews about the Bittrex cryptocurrency exchange say about this?
Changing the password in your account means that you cannot make any withdrawals within 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;
- extended account - 100 BTC per day or equivalent with 2FA enabled.
All trading operations performed within the framework of Bittrex.com will be paid in the amount of 0.25% of the amount.
Web interface
A brief overview of the Bittrex.com cryptocurrency exchange is as follows. On the site in the foreground is the Seatle Space Needle icon, which immediately attracts attention. The Home tab is useless because it simply redirects you to the bottom of the page, which can be done without it. You need to register an account and log in to your site to get a detailed overview of how the service works.
After entering the system, you will be greeted by accessible bitcoin markets with which you can trade. In the trading window you can see two sides. These will be the Buy and Sell windows. You can manually enter the amounts that you want to purchase or sell in the provided place.
You can also use the order book located at the bottom of the page. If you click on both sides, it will automatically fill 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. As follows from reviews of Bittrex.com, this is a very useful feature.
Additional settings
The service also has such automatic functions as GTC (Good before cancellation) and IOC (Immediate or Cancel), which you can configure by clicking the button located in your trading window.
GTC - Good Till Canceled is the default setting. This means that the system will continue to search for your buy / sell post until it is completed.
IOC - an offer to buy / sell cryptocurrency at your price. If any part of the transaction cannot be completed, it will be immediately canceled. Bittrex.com reviews also note this as a positive detail.
Customer support
Bittrex customer support can be a problem because users are not very happy with it. There are difficulties in servicing customers on tickets - often the answer comes too late. According to reviews of Bittrex.com, this is the biggest drawback of this service.
Currently, the platform has launched support via e-mail, which you can get through support@bittrex.com. A registered office address is also provided on the website: Bittrex LLC6077 S. Ft. Apache RdSuite 100 Las Vegas, NV 89148.
Bittrex.com Security Service
As mentioned at the beginning of the Bittrex cryptocurrency exchange review, the company is managed by a group of “security fans” who are committed to supporting the protection of their customers at any time. Even experienced security experts know that there is no such thing as an “ideal system” or software that can keep you safe, but they try to do it.
The authors of the project published on their website "Privacy Policy" regarding the use of the data. They are not only focused on your safety, but also report on what they are doing with the information that you have provided to them.
Bittrex offers two-factor authentication, which is always good when it comes to trading sites. According to reviews of Bittrex.com, users recommend using Google Authenticator for 2FA not only for working on this website, but for all your online transactions. According to the survey data, half of the users of trading sites that do not use this protective tool, one way or another, became victims of account hacks.
Final word
Bittrex.com offers trading services with very good security. The site offers many useful tools that you can use to your advantage. The platform acts like 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 a weak point of this service that deserves a low rating. It is in this part that the most complaints and negative reviews come from users. It can be difficult to get an answer to your question, and sometimes it does not succeed at all.
In general, the site needs a certain number of improvements and additions, which will be very useful. The only thing we can talk about with confidence that it is performed at the highest level is security.