This bittrex.com exchange review 2020 guide will take you through all you need to know about the cryptocurrency exchange. However, before we start, we think you should know what a cryptocurrency exchange is.
Cryptocurrency exchanges are where cryptocurrencies are bought, sold, and exchanged securely. A few popular ones are Bittrex (as covered in this review), Binance, Coinbase, etc. They also offer you free wallets you can receive and send cryptocurrencies with. However, it would be best to keep in mind that you should not save more than you can ordinarily afford to lose on these wallets. This is because cryptocurrency exchanges are prone to hacks, and when this happens, users on these platforms lose their funds. And sometimes, they do not get access to these funds for a while because of the security bridge. You don’t want to have your life savings up there; you might get frustrated while this happens.
Without further ado, here are things you need to know about Bittrex cryptocurrency exchange (2020).
What is Bittrex Exchange?
According to coinmarketcap, Bittrex is presently among the top 10 cryptocurrency exchanges globally. The exchange was launched in 2014 by Bill Shihara, Richie Lai, Tami Kawach, and Ryan Hentz.
With the mindset of tackling security breaches of cryptocurrency exchanges, the founders with many years in the security and development field, working for tech giants like Microsoft, Amazon, Qualys, and Blackberry, launched Bittrex with security being its main focus.
On Bittrex, you can exchange some cryptocurrencies you own for another. You can also buy some cryptocurrencies on the exchange using fiat deposited into your account. You can also buy or trade cryptocurrencies against Tether, a cryptocurrency pegged to the dollar.
At the moment, there are over 190 digital currencies available to be traded on Bittrex.
How Do I Open A Bittrex Account?
Opening a Bittrex account is fast and easy. To do this, follow these instructions:
- Visit the Bittrex.com homepage and click on signup at the top right of your screen.
2. On the “Create an Account” page, choose an account type; personal or corporate. Enter a working email address, a strong password (something you can easily remember but hard for everyone else). Then click on the “Create Account” button.
3. You’d be asked to verify your registration. Proceed to the email address you specified to do that.
4. Click the link sent to your email to continue with registration.
5. After accepting terms on the site, you’ll be requested to fill your necessary profile information such as country, city, state, date of birth, etc.
6. Verify your account. You can use any government-issued ID; however, passports are most acceptable and will expedite the verification process.
7. Fund your account. We’ll talk about that in detail in the next section.
How Do I Deposit Fiat (USD) Into Bittrex?
To deposit fiat on Bittrex is quite easy. Follow these guidelines:
- Ensure you have verified your identity by uploading a selfie and government ID, and you are operating from a qualified location.
- Be approved for fiat trading, deposits, and withdrawals. Click here to do this.
- Whitelist your bank account. To do this, click on “Holdings” at the top of your screen. In the list, “Balances,” choose “US Dollar.” You can use the search box on the page to search faster. Click the “Withdraw” link under the “Action” column. Then enter your bank account details to whitelist it.
- Generate a USD deposit code. To do this, click on “Holdings,” locate “US Dollar,” then “Deposit” link under “Actions.” Your USD deposit code will appear under your wire transfer instructions. Copy this code to a safe place and take the entire wite transfer information to your bank for assistance.
Can I Buy Bitcoin on Bittrex?
Absolutely. After a successful deposit of funds, USD or altcoins, you can easily switch them for bitcoin on the Bittrex exchange. It’s the same process if you are looking to buy any other cryptocurrency as well.
Can I Withdraw USD from Bittrex?
Yes. If you deposited already using USD and have gotten your bank accounts whitelisted, you shouldn’t have any issues making withdrawals on your Bittrex account. Follow the same procedure as you did when making a USD deposit, but this time, click on the “Withdraw” link instead.
There you have it, Bittrex.com Exchange Review 2020. You should confidently get on the platform and maneuver your way around it quickly now. Still having issues, leave a comment, and we’ll do our best to help out.