Regulation: Bitlicence New York
Open account: institutional clients only
What is Bittrex?
This is one of the leading cryptocurrency exchange houses in the market that is based in the United States.
This house was created with the mind in giving the best possible trading service.
Currently, it is ranked number 8 among the largest volume exchange houses in the market, although this, as always, can change, and will change at any time.
Bittrex is one of the exchange houses that have placed the most emphasis on regulation, with the application of the New York Bitlicense, which allows it to negotiate under the protection of the law of that State with its citizens, a pioneering case in these markets. In the future, new laws and regulations will surely be included in this regard.
Another important aspect is security, with the requirement of two authentication factors to protect transactions, in addition to having a system protected by SSL, one of the most secure on the market.
One of the best features of this broker is that it allows the application of algorithmic solutions for trading.
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In an effort to become one of the market leaders, Bittrex tries to provide trading in as many cryptocurrencies as possible, having more than 190 at the moment, a number that is sure to increase soon.
The website is quite modern and has a fairly simple navigation, without a too large menu, with the essential tabs about the company, the markets, cryptocurrencies, contacts and login.
The tab that really interests us is the markets tab, which will take us to the pages with the most information, where we can find not only information related to the previous ones, but also about accounts, commissions, etc.
Open account with Bittrex
This is the “negative” point about this cryptocurrency exchange, since since December 2017 they only accept corporate accounts and “selected” guests, that is, from clients with resources.
Po this ceases to be one of the houses to be taken into account by the average trader or investor when opening an account at a cryptocurrency broker. Although this measure does not affect clients who were already with this broker.
These types of measures are announced on the blog .
Trading and buying cryptocurrencies on Bittrex
This exchange house does not provide leveraged trading at the moment.
Commissions have a flat 0.25% charge, which applies to all trading transactions.
To obtain paper copies of the operations, Bittrex charges $ 10 plus 1 per page in the United States, and extra abroad.
The most common method of contacting Bittrex is by email, at email@example.com .
The markets page offers us a huge range of them, with quotes of the main cryptocurrencies with respect to all the others, as well as with the dollar.
In this case they provide you with very good information, such as the percentage of spread per quoted pair, which should be worth as a reference to try to choose the most efficient pairs for your trading, in case you dedicate yourself to that.
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In Bitcoin / USD we can find a one point spread, which today would be 0.15% of the market, a very attractive figure to trade in this asset.
This is a broker that had some problems with limited accounts not long ago, which many people complained about on online forums and blogs. In response, Bittrex wrote an entry in his blog in which he stated that these were specific cases and for justified reasons, something that does not affect the vast majority of his clients.
As for complaints, perhaps the largest and most numerous is about how long it takes for cash withdrawals to reach customer accounts.
One of the things that happen is that Bittrex appears to require a large amount of personal information before processing withdrawals.
For example, at Critptocompare, we can see various opinions:
Money locked for 3 months
Bitcoins withdrawal in less than two hours in the eWallet.
Money that did not reach the client’s account until 5 weeks later.
Very bad customer support
However, the fact that Bittrex has decided to offer services only to institutional clients should eliminate these types of problems, since there will no longer be as many individual clients, which tend to be the ones with the most complaints in the end.
In general, from what can be seen on the network, the number of complaints about this type of brokers or cryptocurrency exchange is not less than those that have always been in other sectors of the trading industry, such as futures. , stocks, forex, options, etc. Especially in the initial periods of the industry.
Recall, for example, the initial times of Forex, where the complaints were overwhelming, even about brokers with great current prestige such as IG Markets , FXCM or Forex.com , among others.
Bittrex is not a broker unaware of these problems.
In principle, it doesn’t seem like a scam, especially with the decision to have closed access to retail traders and concentrating on corporate ones.
We will see if in the future he decides to re-enter the global retail market, being able to become one of the references for traders around the world.
For more information, visit the website .