How are the experiences with Bittrex? Scam or reliable crypto broker?
Bittrex provides individuals and businesses a very good experience to buy and sell cutting-edge cryptocurrencies and digital tokens. Based and fully regulated in the USA this exchange supports more than 190 cryptocurrencies currently. Bittrex was one of the first companies to apply for New York’s Bitlicense, allowing it to proudly serves New York customers. Bittrex LLC is a limited liability corporation and the company’s services are subject to U.S. law. This exchange collaborates with experts in USA financial law to ensure that they remain in compliance with the evolving legal landscape. Bittrex has strong security with two-factor authentication, this exchange uses absolutely transparent and fair practices to protect all data and funds. The Bittrex platform is very simple to use and the platform processes and executes orders as soon as they are placed. With their 0.25% fee, this is one of the more expensive platforms but a strong focus on security makes this platform very attractive for the current and potential users.
Website hacking has been on the rise lately, especially concerning cryptocurrency exchanges. I found out that the fake site used the name “Blttrex” to confuse people trying to login to Bittrex. The exchange hasn’t yet suffered a major hack. However, there are a few alleged reports by individuals, who claim their accounts were hacked. It is hard to verify their claims or if they aren’t to blame for mistakes like having a weak password or not enabling two-factor authentication. Bittrex has a long-standing reputation with best security practices and stable wallets. Security systems are constantly upgraded and tested to ensure that Bittrex is exceeding industry-best standards. Traders have allegedly use Bittrex to pump and dump coins, the practice is allegedly widespread which has lead to Bittrex issuing a statement that they would notify the relevant authorities and close accounts of anyone who engaged in such a practice. The last year, Bittrex had the error in the system when user documents were merged together into a single support ticket, but Bittrex quickly removing such documents and correcting the error. The verification process takes some time and the new user verification has been put on hold. A trading account can only be managed in in BTC, ETH, USDT and there is no minimum deposit level. Before funding your Bittrex account you must first load Virtual Currency to your Hosted Wallet. Payments to and from Bittrex can only be made via cryptocurrencies and this exchange currently does not have a way to withdraw funds in USD or any other FIAT currencies. In order to withdraw your coins, you will need to generate an address using the wallet you intend to receive the coins. Bittrex has recently locked-out a lot of accounts in the days around the Bitcoin Cash hard fork. Some of the user issues with the exchange involve the company’s policy on recovering coins transferred to the wrong wallet and slow responses from the customer support. On the official website, you can not find a live chat but you can send a message anytime via email. This exchange conducts compliance audits on all new coin launches, ensuring that its users have the information they need to make informed trades. Bittrex is active on Zendesk, Facebook, Twitter and Slack.
Experiences with Bittrex
I did not find any incidents and complaints that make this exchange not reliable, the user reviews about Bittrex are fairly positive. I also found some negative reviews on the forums but this is connected with the situation that Bittrex has been unprepared for a surge of new users and surge in trading in last several months. The following quotes give you a sense of what other traders think about this cryptocurrency exchange:
- I have had a generally good experience with Bittrex
- I lost BTC on Bittrex too when I inadvertently clicked on a site that looked like Bittrex after I had googled ‘Bittrex’
- My account in Bittrex was hacked and I did not have 2fa activated, 2 BTC stolen
- I transfereed 0.0345 BTC from btcmarkets to bittrex like 36 hours ago. I am still waiting for BTC to get credited into my account
- Bittrex is my everyday exchange! They have continuous high volume, .25% fees or less, I have never had a wallet issue, they have good security measures and the customer service was super fast and responsive when I needed them to be. The trading platform is simple and practical
- Bittrex has been unprepared for a surge of new users and surge in trading