Bittrex boasts of being the most secure platform for crypto trading. It uses proprietary cutting-edge tech to ensure newbies and professionals have a better trading environment. Based in Liechtenstein, Zurich, the company has a license issued by the Bermuda Monetary Authority. The About Us page provides info on the registration number, incorporation date, and location address. For customer support, an online contact form and the official Telegram Channel of the company are present.
Our analysis of the company’s offerings reveals the following features:
- A custom-built engine for trading that is scalable and ensures real-time execution of orders.
- The platform supports algorithmic trading and third-party platforms through its APIs
- Users have a seamless transaction experience with updates on holding, trades, and the balance.
- The company supports new as well as existing blockchains and provides users with a wide selection of technologies and tokens .
- All the existing regulations of Liechtenstein and EU are complied with by the company which helps to detect, prevent and remediate illegal behavior of users of the platform or the other services of the company.
- Customers from all parts of the globe are accepted. Some exceptions include the United States and the countries that are under legal prohibitions or sanctions.
- Provides access to expansive listings of markets.
- A mobile app supporting Apple and Android devices is present.
The idea behind Bittrex
The concept of Bittrex has been developed for users who wish to capitalize on blockchain technology and want to become part of the blockchain community. In this effort, the company claims it has ensured rapid trades, reliable digital wallets, and top security measures. As per the company info, it has teams working on new and innovative tokens that help in boosting the management of services, goods, and operations all over the world.
In the About Us section of the site, the global team members’ info is present. The members include Stephen Stonberg, Chris Sinkey, Kwon Y. Park, Rahwa Berhe, and Jason Park. Info on the experience and field of expertise of each of the team members is present.
The CEO, Stephen Stonberg has 25 years of experience in financial markets in New York and London and has been involved in Blockchain technology since 2018. Chris Sinkey, the senior vice-president, has 15 years of experience in consulting, digital media, and SaaS.
Safety of Bittrex and the network
As per the vendor, the company uses reliable and effective security methods. It uses an elastic and multiple-stage holding process that ensures all the funds are placed in cold storage for added safety. Other security measures the firm uses include two-factor authentication and other features that offer multi-layered protection. However, considering the fact that the firm deals in crypto and fiat transactions, the measures present seem to be minimal and insufficient.
The firm claims that it offers the lowest fees in the field. The fees collection is based on the 30-day volume of the account holder and is as shown below:
As seen from the above table, the higher the amount you have in your account the lower your fees are. Both the seller and the buyer are charged a fee depending on an order’s total price. Other factors that influence the charges include the total volume you trade and whether it is the maker or taker-filled order. Further, transaction fees for deposits and withdrawals are also present.
We found 392 reviews for this firm on the Trustpilot site with an overall rating of 1.4/5. Here are a few of the user feedback.
From the above user testimonials, we find that the company does not allow withdrawal and is a scam site. More than one user complains of the bad support and unreliability of the company.
Is Bittrex a legit investment service?
Our assessment of the features, pricing, security, and other properties of this platform reveals it is not a trustworthy site.
Our verdictOur verdict
- Registered and licensed company
- Experience team members
- No verified track record
- Not transparent about the transaction fees
- Security features present are insufficient