What is Bittrex
As mentioned on the website, Bittrex was created by professionals in security field and is described as the next level trading platform for cryptocurrencies. The founders became tired of never ending security breaks on other platforms and decided to create their own solution to the problem. The platform doesn’t allow to trade fiat currencies.
Where is Bittrex Located
Bittrex is located in Seattle, USA. This is why all their work is strictly regulated by the government of the United States.
First of all, Bittrex exchange is aimed at trading cryprocurrencies for other cryptocurrencies. If you wish to buy some Bitcoins for fiat currencies, you must have an enhaced account with a verified identity. Also, there is a minimum of $10000 purchase for fiat currencies.
Bittrex.com Identity Verification
It is reported that Bittrex has really easy account verification process. Every account must be verified according to Anti-Money Laundering and Know Your Customer programs. There are two types of account on Bittrex and they have some differences in the identity verification process. Basic users are required to submit their name, birth date and address. Enhanced users should upload their photos and scans of their identification. New and unverified users won’t be able to withdraw money from the platform.
Bittrex have a 0.25% commission fee for all trading pairs.
Is Bittrex Safe?
When it comes to trading, users always ask themselves is it safe to work with this platform. As stated on their website, Bittrex was created by professionals with more than 50 years of combined experience in security field. Recently, they implemented two-factor authentication for all users. Considering that, in August, 2017, a phishing clone of Bittrex was on the first search results in Google, it seems quite a reasonable decision.
Also, in October 2017, Bittrex has suddenly closed thousands of accounts. Users didn’t receive an email with explanations and their money stay unreachable. The platform only released a message telling everyone that more than 99.9% of accounts are still working. Though complaints are still coming and users believe they will get the access to their blocked money in the nearest future. Or, at least, get the personal explanation from the platform.
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