A kind of money called cryptocurrency came to the world in 2009 and has been seeing growing popularity in the global economy since then. Today, there must be no one who hasn’t heard a word about digital, virtual-only currencies. Day by day, users perform myriads of buy-and-sell and exchange transactions using money that nobody can touch.
Such transactions require a dedicated virtual platform, which is called a cryptocurrency exchange.
Year over year, the virtual world meets more and more exchanges that allow purchasing digital money and speculate on currency rates. To date, there are over 300 crypto exchanges.
One of the largest exchanges is Bittrex, which was founded in 2014 in Washington D.C., US, by former Microsoft employees, headed by Bill Shihara. The team assures that Bittrex is one of the most secure cryptocurrency exchanges on the planet. You can learn the complete Bittrex review here.
Nowadays, Bittrex serves users from all over the world except North Korea, Cuba, Syria, Iran, and Crimea. Though the platform is English-only, its ambitions to globalize suggests that localizations into various languages will be added soon.
The personal account interface is intuitive and friendly even to those who are not fluent in—or do not speak—English.
Let’s look into the methods the platform employs to ensure security:
1. Cold storage. Every bit of data is stored on offline servers.
2. KYC. When signing up, every user has to pass a verification—by taking a photo of themselves, holding an ID card. While identity verification may take up to a few days, a user cannot invest or withdraw money until it is completed.
3. Two-Factor Authentication. This measure helps prevent any unauthorized access to a user account.
4. Every user has to confirm their email every time they log in from a different IP.
The flagship service is the trading platform that allows instant buy and sell transactions. What is a great benefit to the users is a wide range of coins and tokens available for trade; this helps every trader to make money out of the crypto market and perform profitable exchanges.
Another advantage is a chart that reflects the rate dynamics of every currency pair monitored. Having studied the chart, a user having even the minimum trade skills can analyze the situation and make an informed decision on whether this or that exchange transaction is reasonable.
Bittrex charges a one-for-all 0.25% fee for every transaction, which is the general exchange market average.
• Security (no hack record for all the exchange’s entire lifetime)
• Intuitive sign-up process
• Wide range of supported cryptocurrencies (currently 250, including rare ones)
• Market-average transaction fee of 0.25%
• Available in almost all countries
• English-only website
• Mandatory identity verification makes the service unavailable to users who prefer to stay anonymous
• Poor technical support. Users have to wait for hours and days until they get a response.
• No margin trading.
This exchange is a starting point for most traders. High-grade security and reliability are determinative factors for those who do with digital currency trading.