Review on Bittrex by Inioluwa Okedeji
Bittrex Exchange: Old But Still Running Strong
Founded by Bill Shihara, Richie Lei, Rami Kawach, and Ryan Hentz, the bittrex exchange was established in 2014, it is arguably one of the oldest cryptocurrency exchange in the world. Since then its establishment, it has successfully risen to be among the top 3 cryptocurrency exchanges in the world. It is an exchange, based in the US particularly in the state of Seattle.
Bittrex aims to provide it's users with swift and very secured transactions and exchange all around the world, because its regards itself as a standard bearer in the world of cryptocurrencies.
The Bittrex exchange platform was designed around the concept of the utilization of computer resources, a concept known as elastic computing. This concept has been frequently used when it comes to cloud computing.
With Bittrex designed around the concept of elastic computing, it is able to provide an execution of a superior trade and orders placed from the market are completed and executed almost immediately.
Bittrex also provides an online cryptocurrency wallet with all the functions of a typical wallet for digital currencies an added advantage to fact that it is a cryptocurrency exchange platform in itself. Bittrex proudly supports about 264 cryptocurrencies, this shows that it supports a large number of digital currencies.
The Bittrex exchange, is a crypto/fiat exchange. This implies that users can trade fiat currencies as well as digital currencies.
In terms of security, Bittrex offers its users the opportunity to verify their identity through proofs of documents e.g International passport, drivers license and other means of identification. Its recent partnership with Jumio will help to accomplish this for its users.
Bittrex have constantly maintained its high security reputation because it hasn't encountered any attempt to hack compromise it's system of operations. This accomplishment is in connection with the high security experiences of its founders.
Like most popular crypto exchange, Bittrex supports an API of high quality.
Deposits and withdrawals on Bittrex exchange can only be made through cryptocurrencies supported on its trading platform.
Pros
- Bittrex is an efficient and highly secured trading platform.
- It supports crypto/fiat trading.
- Enhanced verification of its users, in a bid to provide secured transactions.
- Bittrex have provided the means for anonymous trading for its users.
- There are no fees for withdrawals and deposits on Bittrex
Cons
- Bittrex exchange doesn't support a bank wired transfer except for accounts that have been verified.
- Its trading fees are higher than the average fees in comparison to other exchanges.
- It's customer support is below the desired level.
