The general underlying question usually is, “Are crypto exchanges like the Bittrex scam?” Well, Bittrex, a veteran US-based cryptocurrency exchange, drew the attention of many due to its excellent ability to convert US dollars into bitcoin in 2018. The cryptocurrency exchange’s platform became popular due to its speed, stability, and security system immune to hackers bittrex.com review. However, how good is Bittrex? Although Bittrex is regarded as a perfect exchange recommended to traders and beginners in search of secure platforms on which to trade cryptocurrencies, its overwhelming lack of customer support and account freezing makes the site suspicious.
Nonetheless, Bittrex is prone to suspending user accounts without any early notice. Therefore, while this cryptocurrency exchange platform is compact, I would prefer using Bittrex with much caution and avoid depositing amounts that I cannot afford to have frozen for some period. This reason happens to be the most unfortunate truth for every crypto exchange that exists.
The Bittrex Review
Commonly, almost every other crypto exchange out there experiences challenges and ill reputations. However, Bittrex being among such platforms depicts consistency and has come back with retaliation. Below is the Bittrex general review and how the crypto exchange platform operates in terms of:
Usability
Bittrex has a fantastic sense of its look and feel, thus extending support to those who need various options. The clarity of the Bittrex website is currently impressive and efficiently user-friendly. Similarly, the crypto exchange is easy to sign up to, contrary to what the majority initially thought.
Customer Support
This section is probably the most significant facet of Bittrex. It is fair to comment that Bittrex’s vast help segment is good but relatively poor on a structural basis. It has a live chat team available between 6 am and 4 pm PST from Monday to Friday. The customer support team does not operate 24/7 but is very much better than its competitors.
Payments
There are two main ways to deposit payments to your Bittrex account: Using bitcoin or US dollars or a different altcoin type. There are no fees for wire transfers, and it only applies to the bank. Consequently, international wires take 5-10 days, whereas domestic wires take 1-2 days to resolve. Alternatively, many people prefer using US dollars since it acts as a huge selling point for them.
Security and License
Apart from speed, Bittrex has an elastic multi-stage wallet strategy, meaning; it can move cons from cold to hot wallets and extreme security. The platform uses SSL encryption. Therefore consider your entire data safe. Bittrex also utilizes IP whitelisting that approves account activities from explicit IP addresses. Besides, if one performs accidental transfers, the crypto exchange has a recovery service that can recover up to 5000 US dollars.
Trade Offers
Bittrex offers enormous amounts of approximately over 200 cryptocurrencies to trade. However, there is no comprehensive answer to this dispute due to the varying selection, although the good part is that it is massive. At times, some crypto exchanges get scrapped to keep Bittrex secure. These cryptocurrencies comprise Bitcoin Cash, Litecoin, and Ethereum, among others.
Trading Conditions
Bittrex does not offer their service if one is not part of a state under license by the United States. Conversely, it does not specify countries including Iran, Syria, The Crimean, Cuba, and North Korea. The other restrictions of the 31 countries in 2019 are inclusive of Pakistan, Uganda, Egypt, Venezuela and many more.
Trading Costs
The platform’s trading fee is appropriately standard, with a value of 0.2%. This value has simplified things because many crypto exchanges make this information difficult. The platform aims at advancing user bases. Thus, competitors endeavor to attain something similar as such. The only complexity here is that huge orders receive discounts, which is time restrictive. Therefore, the fees will vary, hence encouraging perfect competition.
Generally, Bittrex’s reputation regarding customer feedback, public opinion, and licensing is varied. Owing to the controversial issue with New York Licensing, Bittrex has done a lot to ascertain them concerning the matter. On the verifying schemes, which was not functioning appropriately, the crypto exchange platform has apologized, but still, the customers are not pleased.
Nevertheless, regardless of the negative reputation of Bittrex, the cryptocurrency exchange platform performs many things better than other platforms. We, therefore, conclude that some people may opt for different preferences, but Bittrex will remain unsurpassed to some, depending on one’s goal at hand.
