Bittrex review: What You Should be Aware of

No Bittrex exchange review would be complete without exploring the basics of user experience. One of the principal questions consumers have about Bittrex relates to how easy it is to register and use. You'll be pleased to know that user experience is one of the characteristics which sets Bittrex apart from the competition. 

The platform welcomes new users and makes the onboarding process a cinch. In this area, Bittrex stands head and shoulders above the competition.

Simply start by creating an account. Sign up with an email address and password. After verifying your email address, fill out some additional information, including:

• Your address
• Your country of residence
• Your birthdate
• Other basic information

After you've confirmed your identity, upload a photo holding a piece of paper with some text. Next, provide some additional photographic evidence, such as a driver's license or passport. (The company prefers passports.)

While this might sound like quite a few steps, the platform guides you through the process with ease. What's more, these safety precautions will let you rest assured your identity is protected when using the platform.

There's another reason that Bittrex is highly popular. It's available all over the planet. For this reason, the platform provides billions of crypto users around the world with access to a variety of cryptos and altcoins.

Of course, each nation has unique regulations in place when it comes to cryptos. These include disparate requirements when it comes to the user verification process. So, be sure to check regulations and restrictions that apply to your geographic location.

For those involved in the US cryptocurrency ecosystem, you'll use the core Bittrex exchange. This exchange operates with fewer asset listings than its international counterpart, Bittrex Global. 

That said, you'll enjoy many of the same benefits when using either platform. Users enjoy a consistent experience across the board. They even rely on a shared API that can be plugged into both platforms automatically for speedy integration.

What do you need to know about Bittrex Global? This exchange opened after the closing of Bittrex International. Bittrex Global is the worldwide exchange facilitating trading among Bittrex's international client base. 

Launched on September 27, 2019, Bittrex Global has roots in Liechtenstein, and this tiny nation remains the exchange's home. While Bittrex Exchange was transitioning, it saw several delistings.

What caused these delistings? Assets not properly moved over from the Bittrex International exchange. These delistings caused controversy within the community because they came with a lack of transparency and short notice for stakeholders. 

Fortunately, Bittrex has learned from this experience, making adjustments along the way. Today, it places a premium on customer communications and experience.

We've already discussed how you create an account in Bittrex. But what happens after that? You can begin viewing the marketplace, where you'll find a seemingly endless list of potential cryptos. 

You'll see trading pairs listed in a straightforward way that makes selection a breeze. Bittrex also has a search function which you can use to find trading pairs.

Like many other platforms in the crypto world, Bittrex relies on a tiered fee structure. This approach provides traders with discounts on trading fees above a particular volume. 

Rates start at a base percentage of 2.5 for makers and takers. From there, fees drop to zero percent for makers above a trading volume of $40 million. As for takers, fees decrease to 0.8 percent for trading volumes over $60 million.

Whether you're trading as an individual or a group, this scaled approach is attractive and easy to understand. While we're on the topic of saving money with cryptos, here are six tactics to help you lower your crypto tax in 2021.

Yes, you'll find transfer limits with the Bittrex platform. For users with an unverified account, you must comply with a withdrawal limit of 1 BTC per day. As for accounts with two-factor authentication, this gives users access to the basic level account. 

Basic level accounts come with withdrawal limits of 3 BTC per day. Finally, with an Enhanced account, you can withdraw up to 100 BTC daily.

Many crypto platforms have gotten a bad rap when it comes to customer experience and with good reason. After all, the level of customer support offered by many exchanges is minimal. But you won't find this the case with Bittrex.

Bittrex operates on Zendesk, permitting users to search through their FAQs and read news articles. Users can also review customer support tickets by logging into Bittrex support. The platform even integrates Facebook, Twitter, and Slack into the experience. 

These integrations make support more accessible to consumers. But many people have complained about slower response times, so you should be aware of potential delays.

Bittrex has integrated multi-layered security into its platform. This focus on security is reflected in many different ways on the site.

The exchange strongly encourages users to enable two-factor authentication. What's more, constant testing and upgrades mean Bittrex continues to push the envelope when it comes to security features.

In recent years, cybercriminals have upped their game. Millions have been stolen in digital currencies, raising concerns about who holds funds and where. It's little wonder consumers have concerns about how their digital currencies get stored.

How has Bittrex responded to these concerns? It has developed some of the tightest security features on the market today. Besides two-factor authentication, Bittrex relies on what they call their IP Verification Procedure. 

This feature dates to 2018, and it requires all users to prove each new IP address through email confirmation. This safety feature gets triggered every time you log in from a new IP address. 

Bittrex has also introduced IP Whitelisting. This additional layer of security means the platform only authorizes trades or withdrawals from specific IP addresses. The exchange also relies on Crypto Address Whitelisting. 

Crypto Address Whitelisting designates a withdrawal address on digital currency, which means you can only withdraw funds from that specific address. These features work in tandem to offer the most substantial security experience for users. 

When you use each of these security settings, you can rest assured your funds remain safe.