Bittrex Review – 5 Prominent Features of Exchange to Know
Here is a Bittrex review that will give a good glimpse into the kind of exchange this is. The details mentioned below are crucial, especially for new users, as it can help them establish whether the exchange is what they are looking for or not.
A thorough research is essential, whether the interested parties are looking to invest in crypto or trade it. The more you know about the crypto space, investing and more, the easier the overall experience can be for you.
Therefore, one of the main aspects to consider as a new investor is to opt for a suitable crypto exchange. Bittrex can be such an option for you if it suits your needs and criteria. To determine that properly, you need to know information such as Bittrex fees details, security and more as seen below.
Bittrex Review – A Brief Intro
Bittrex is a well-known crypto exchange that has a good reputation. It is one of the most popular U.S.-based cryptocurrency exchange that offers some of the most remarkable features to the users.
It was founded in 2014 in Seattle and has achieved immense growth, popularity and success since then. Even though it is based in the USA, it extends its services to people all over the world and has around 500,000 active users.
This is an advanced crypto exchange where you can buy, sell and even trade any of the available cryptocurrencies.
Other major and prominent aspects are mentioned below. These features will help you decide whether this platform suits your needs and matches your criteria or not.
Versatility of the Exchange
As a potential user of the exchange it is important to know what it offers because it can then help you make your investment plans.
One of the aspects mentioned in this Bittrex review is that it is a versatile exchange that does not only offers support to crypto but also supports 2 fiat markets. The platform originally started as a crypto-to-crypto exchange but it now also allows the users to deposit fiat currencies Euro and U.S. dollars on the platform.
This feature has made Bittrex more accessible for a vast audience around the globe.
Fee Structure of the Platform
Learning about Bittrex fees is one of the most crucial aspects for every new user. The fee structure of every exchange, in fact, is an important element to look at before the platform is finalized to be used.
There are several types of exchanges in the world and some vary greatly from others based on their available features and services.
One of the biggest difference is between the fee structure of the platforms. Some exchanges charge a fair and transparent fee, while others charge a high fee that also includes hidden and additional charges. This can cause you to pay more than you can afford and the security can also be jeopardized by using such an exchange.
This is why, Bitcoinsensus Bittrex review specifies the details of the fee charged by the platform to help novice parties in determining that it is a safe and suitable option.
The fee charged by Bittrex is transparent and is known to be one of the lowest fee exchanges in the market.
- A network fee is also to be paid that varies from one blockchain to another.
- Bank fee (depending on the bank policies)
- No fee for withdrawing fiat currencies
- The fee for withdrawing cryptocurrencies varies from one digital asset to another.
- Trading fee for market makers ranges from 0.00% to 0.75%
- Trading fee for market takers ranges from 0.05% to 0.75%
Safety of the Exchange
Apart from Bittrex fees, another highly important aspect you need to know about is the level of security offered by the exchange. Choosing a secure exchange is crucial because it can help you avoid and overcome safety threats and risks that are out there in the crypto space.
If the platform you choose offers every other high-end feature but does not prioritize your safety then there is no point in using it. The Bittrex review, on the other hand, specifies that it is one of the safest exchanges and makes use of cutting-edge security protocols such as:
- Two-Factor authentication (2FA) for withdrawal
- Elastic multi-stage wallet strategy
- Full Secured Socket Layer (SSL) encryption
Leverage Trading Not Supported
This is a more important feature for the crypto traders, especially those interested in leverage trading. Even though this is popular trading strategy, it is not supported by the Bittrex exchange.
Therefore, if you want to be a leverage trader, you need to find another platform.
This Bittrex review is an all-rounder as it also caters the needs of the traders. The trading platform is highly advanced and is second to none. The interface is simple and straightforward, making it user-friendly for experienced and inexperienced traders alike.
There is a trade matching engine that is powerful and takes nanoseconds to execute the trades. It also simultaneously matches market takers and makers.