Bittrex was founded in 2014 by four security professionals with a shared interest in cryptocurrencies and experience in online security.
Bill Shihara (CEO) worked as a security manager at Amazon and Blackberry Limited, and as a lead program developer at Microsoft. Richie Lai led security teams at Amazon, Qualys, and Microsoft. Rami Kawach built his expertise in system security at Qualys, as the director of engineering. And Ryan Hentz, who oversees security operations at Bittrex, previously worked as a senior security engineer at Mercury Payments Systems.
Bittrex supports two types of accounts:
Once your account is set up, you’ll need to transfer some money in so you can start trading. You’ll remember that Bittrex doesn’t allow you simply pay in with USD or Euros so you’ll need to buy BTC elsewhere (many people use CoinBase although they charge higher fees) and transfer the BTC to your new account on Bittrex.
This can be done by generating a Bittrex-specific address and transferring the BTC there. Ethereum can also be used. A complete guide is here, if needed.
With your Bittrex account loaded with funds, you can now start trading.
From the dashboard, search for whatever coin you want to buy, Litecoin for example. Click on the currency ticker when it comes up and you will be directed to the page seen below.
Here you have your basic price chart, which you can adjust to show data by the minute by the hour or by the day. You can play around with other settings under the chart tab to turn your candle depictions into a line or bar graph.
On the right-hand side of the screen, you’ve got your latest price, trading volume (number of transactions), bid and ask price – the difference between them being your spread.
At the bottom, you’ve got the 24-hour high and 24-hour low. All of these figures are shown with their USD equivalency (or another currency you choose).
At the top, you have the available amount of BTC (in this case 0) and as you can see there are options to buy and sell. Enter the amounts you wish to purchase, accept a rate from the order book below, and click buy.
The signup process on Bittrex takes moments: provide an email address, create a password and you're done. The site offers a 32-character alphanumeric password generator for added security.
Like most site signups, Bittrex sends a confirmation email to verify your address and enable your account, switching on crypto deposits and trading, but not withdrawals.
The site monitors IP addresses very closely. The first time you log in from a new IP address (including the first login of the day, every day), you'll receive a confirmation email. Just like at signup, you must click the link in the email to confirm that it's really you trying to sign in from a "new" address.
Once you're signed in, you can switch on two-factor authentication (2FA). Bittrex uses Google Authenticator to verify your logins, whether you use a smartphone app or a desktop version such as WinAuth.
Enabling 2FA adds a variety of security options on the site. You can whitelist IP addresses for orders and withdrawals, effectively blacklisting all addresses not on the list - a very useful way to limit trading to certain IPs, but allowing you to check in from anywhere.
You can also setup whitelisting for coin withdrawals. White-listing means the limiting of funds release to specific addresses only for each cryptocurrency.
On the coin offering side, Bittrex thoroughly vets any prospective addition before adding it to the exchange, reducing the possibility of scam coins or those hoping for a short pump-and-dump lifespan.
The security background of its founders adds to Bittrex’s image of being one of the most secure exchanges. The image is reinforced by the fact that the exchange has never had a major security breach of the magnitude of the Mt.Gox or Bitfinex hacks. "Never been hacked" is a rarity in the crypto-exchange industry.
While Bittrex is one of the most secure exchanges, users can still lose funds. On 7th December 2016, hackers compromised Bittrex user accounts without 2FA verification and stole an unknown amount of currency. Taking the line that users are responsible for their own accounts, Bittrex has never accepted responsibility, and has not compensated users for lost funds.
Bittrex is great in terms of things like security, transparency, UI, coins supported and access to inbuilt wallets. The Bittrex fee schedule is also competitive in comparison to other well-known exchanges.
Being based in the US, having a strong reputation and being relatively easy for beginners to pick up all make it a great option for trading cryptos. But what you actually do on Bittrex is solely up to you.
The explosion of cryptocurrencies is shaping up to be the biggest story in the history of finance. There are tons of reasons to get excited (and involved!) but do your homework, be measured, develop a system and stick with it.
Unfortunately Bittrex does not have a native mobile app. However, third-party applications exist that connect to the exchange through its API. Blockfolio and TradeBit both work and are well-received by users. TradeBit fares better than other compatible mobile applications.
However, given that Bittrex has no in-house app, you should perform separate security due diligence before using any third-party offering. The safest option is to access all Bittrex services through the browser interface, regardless of device.
|Rank||Site||Margin trading||Fiat||Safety||API||Referral||Location||Languages||Buy with||User Vote||Score|
|1||A||San Francisco, USA||EN||bank transfer, card|
|3||A||No||Hong Kong||EN||EUR, USD|
|4||No||A||Europe||EN, CZ, SK||USD, EUR|
|5||A||No||San Francisco, California, United States||EN||USD, EUR, JPY, CAD|