Whether you are new to the world of cryptocurrencies or have been dealing with them for years now, it does not take long to realize that you are on the fringes of the mainstream. As more and more people decide to (at least partially) ditch their fiat currencies for cryptocurrencies such as Bitcoin, the online marketplace of exchanges, wallets, and the like is becoming increasingly crowded. As such, finding a reputable and trusted exchange with which you can do business is something that has become increasingly difficult.
Luckily, Bittrex is here to save the day. Bittrex has not only been around for some time, the site is like no other out there currently. Despite the fact that any and every exchange out there touts their high level of security, the fact of the matter is that, when you dig down, many of those sites are susceptible to penetration by hackers the world over. With Bittrex however, you will hear the same focus on safety and security, only they actually mean it.
The founders of this exchange have decades of experience in the security industry, and they do everything in their power to keep your funds as well as your personal information safe at all times. It is this focus on security that has helped Bittrex rise to the top as one of the best cryptocurrency exchanges online right now.
Creating An Account
Creating an account at Bittrex, quite literally, could not be any simpler. All you need to do is supply a verifiable email address and create a password, and before you know it you are ready to begin trading. The reason account creation is so pain-free has a lot to do with the fact that Bittrex does not really deal with fiat currencies like the USD. Because there is no possibility of Bittrex needing to interact with your bank (or any other financial institution) there is a lot less personal information they are required to ask you to hand over.
In many ways, the minimal amount of personal information you are forced to give Bittrex plays into why the site is as safe as it is. With next to no personal information being stored on Bittrex servers, there is nothing for potential hackers to take.
How to Buy Bitcoin
The glory of Bittrex is that you do not need to only transact with Bitcoin. While Bitcoin makes up, by far, the largest market on the site, Bittrex deals with so many cryptocurrencies. In fact, there are so many different cryptocurrencies represented on Bittrex that not even the most experienced traders will have heard of them all.
In order to transact with Bitcoin, you must have a wallet elsewhere or have someone who is sending Bitcoin to you. Once again, Bittrex does not deal with any sort of fiat currencies, so if you were hoping to buy Bitcoin with your credit card, this is not the site to do that at. Once you have money in one of your cryptocurrency wallets, you will then be able to freely and instantly trade as much as you want, whenever you want.
Trading and Transaction Fees
While all the other bits of information provided here are all fine and good, one of the chief concerns amongst traders is the fees an exchange is going to charge. After all, any trader who is looking to see their investments appreciate will fancy the site that boasts the lowest fees.
Like most other things on the exchange, Bittrex keeps their fee structure as simple as possible. For every trade conducted, Bittrex will take a 0.25% fee, or commission. As far as how this compares to other sites, it is right around middle of the road.
The one thing that Bittrex really has going for it is the fact that the fee structure is so simple. There are plenty of other exchanges that make understanding how fees are collected, and in what amount, needlessly confusing. When it comes to sending Bitcoin transactions from your Bittrex wallet, they charge a flat 0.001 BTC tx fee.
If you are new to the cryptocurrency exchange world, then the user interface at Bittrex may throw you off a bit. This is especially true when you consider just how many different cryptocurrencies are listed. On the home page you will be greeted by 2 different listings. In one list, you will see the cryptocurrency exchange markets with the largest trading volume—Bitcoin-Litecoin, Litecoin–Ethereum, etc. The other list is the cryptocurrencies that are “promoted” by Bittrex. In other words, the second list is for the coins whose creators have paid to be promoted.
To learn more about the pricing trends and other trading information regarding a specific cryptocurrency exchange market, simply select it. At that point, you will be taken to a page that displays all of this information and more both numerically and graphically.
Below all of the analytical information within each market are trading options outlining both buy and sell, as well as the many options within each. For instance, they offer stop loss and buy for profit trading options that, in a way, help the beginning trader. While the software itself may seem a bit intimidating at first, it is really quite useful in many different ways. Once you have the hang of it you will begin to appreciate just how much information Bittrex is able to convey in one page.
As far as non-fiat cryptocurrency exchanges are concerned, they really don’t get much better than what Bittrex has to offer. First and foremost, the security that is offered by Bittrex is second to none. With many years of experience in the security industry, the founders and operators of this site exhibit that they clearly know what they are doing. With a 0.25% fee applied to any and every trade conducted, Bittrex keeps things simple and easy to understand.
On top of all of this, the sheer volume of cryptocurrencies able to be exchanged on Bittrex is breathtaking. As was mentioned above, just a few minutes into your first exploration of the Bittrex site will see you be introduced to cryptocurrencies you have probably never even heard of before.
While the absence of both Android and Apple applications is somewhat disappointing, there are rumors that such apps are in the works. If you are still wondering if Bittrex is the right exchange for you, head over to their site and create an account. It will not take much of your time seeing as account creation can realistically be executed in a minute or two.