Bittrex is an overseas exchange based in the United States. With 263 currencies handled, which is one of the highest among cryptocurrency exchanges, it is unlikely that you will be dissatisfied. There are also a lot of newly listed coins. Many people may think of an ICO as a new coin, but since it is a coin after listing, it will not be deceived and escaped. If you can get a minor currency before the price goes up, it may go up. The transaction fee is uniformly 0.25%, which is higher than other companies in the same industry (commissions are free to about 0.1% for other companies), but it still seems worth trading on this exchange.
BITTREX is a cryptocurrency brand operated by Bittrex LLC. The cryptocurrency trading service was launched in 2014, and is one of the longest-established cryptocurrency exchanges.
|Company Name||Bittrex LLC|
|Headquarters location||Las Vegas, NV 89148,USA|
|Business start date||2014|
|number of employees||Unpublished|
A financial license is issued by the financial authorities of the country and is a permit for conducting a financial business. Without this, you cannot carry out business activities. The countries with strict examination standards in the world are said to be the United Kingdom and Cyprus. The UK Financial Conduct Authority (FCA) has very strict not only license acquisition but also maintenance standards, such as having to compensate up to £ 85,000 per person in the event of a Forex trader’s bankruptcy. The Cyprus Securities and Exchange Commission (CySec) is said to be the second highest screening country after the United Kingdom. So is BITTREX licensed? Previously, I failed to obtain a financial license issued by the Department of Financial Services in New York, USA.
If you have any trouble, you will usually be contacted by e-mail, but the response is very quick. Unfortunately bittrex does not support live chat or phone support. Instead, there are many guides and FAQs on the official page.
|They accept 24 hours a day, 365 days a year, so you can send without worrying about the time. In most cases, you will receive a reply within a day.|
The following languages are supported. Compared to other companies, it is very many and fulfilling.
- Norwegian Bokmål
- Simplified Chinese
- Traditional Chinese
It will be a remittance to the exchange. You can send money by entering the receiving address on the official page. After clicking the Markets button, select a coin. After that, click Withdraw to display the input screen, so enter the address and withdrawal amount to complete the remittance. One thing to note is that there is a separate fee depending on the currency. See below.
You can only deposit virtual currencies, not legal tender. Click Wallets on the official page and click the green icon on the ACCOUNT BALANCES page. Click Generate new wallet address to see the alphanumerical code. At the exchange from which the remittance is made, specify the brand of the virtual currency to be remitted. Click Add New Destination and specify Bittrex. Register the user name used by the sender and the wallet address copied and pasted from Bittrex. Please note that if the address is different, the virtual currency sent to the wrong place cannot be recovered.
Only the following two items are required to open a BITTREX account.
- email address
- Identity verification documents (driver’s license / passport / ID card approved by the government of each country)
Click “Sign Up” on the official BITTREX page. Select Personal, enter your email address and password of your choice, and click Create Account. An email will be sent from Bittrex to the address you entered, so click the URL provided to complete the registration of your email address.
Next, you will move on to entering personal information, so please enter it correctly. You will need your driver’s license / passport / ID card approved by the government of each country for your identity verification documents. Furthermore, face recognition is performed, and the process is complete. Confirmation will be completed in about 5 minutes.
Transaction fees are a little higher at BITTREX. There are many cryptocurrency exchanges other than BITTREX, and transaction fees vary from free to 0.3%. As a discount, the commission on the transaction amount is often discounted.
BITTREX allows you to trade over 200 currency pairs. The following is an example, but you can trade many other coins. Please check the official page as the coins handled may change each time.
Scalping trades are allowed in BITTREX. However, please be careful. Unlike foreign exchange, the price range of virtual currencies is very volatile. If you go the other way, be sure to decide the withdrawal point. If you go the other way, you may lose all your money.
Automatic trading is at your own risk
Recently, some people are selling automatic trading systems that support BITTREX. However, automated trading carries great risks. When a one-sided trend appears, the unrealized loss becomes large and all the principal is often skipped. Furthermore, in the case of virtual currencies, trends are more likely to occur than foreign exchange, and price range fluctuations are more likely to occur. You may lose all your money in one trade, so please understand before deciding whether or not to do it. Discretionary trading is recommended.
Low risk, low return for beginners
Beginners should not be familiar with cryptocurrency FX yet, so let’s start with low risk and low return.
Whether or not withdrawal is refused
It will be the most worrisome place for traders who actually trade. There is no Forex company that refuses to deposit, but I am wondering if I can really withdraw when I can make a profit. Some companies run away at worst, so what about BITTREX? The patterns of withdrawal refusals from past cases are summarized below.
|Withdrawal information error||You cannot withdraw if the withdrawal destination is incorrect.|
|Under maintenance||Withdrawals may be delayed during system maintenance.|
|Withdrawal restrictions||Bittrex has account-level withdrawal restrictions. Unverified cannot be withdrawn. ENHANCED can only withdraw up to 100 BTC.|
|hacking||In 2018, the operation was confused due to a cyber attack. As a result, Bitcoin Gold has been removed from the Bittrex list.|
|Account lock||If you violate Bittrex rules, you will not be able to withdraw. Also, if you are hacked, please contact the support team immediately.|
|If you change your password||If you change your password, you will not be able to withdraw 24 hours a day.|
The problem with Bittrex is that it doesn’t have phone or live chat support, but it has a lot of language support and should be satisfying. The feature is that email support is also very quick.