Bittrex has managed to become one of the top-notch crypto exchange platforms all over the globe. Since its launch, it has won in fulfilling the desires of experienced and professional crypto traders. Not only an ideal option for professional traders, but also for beginners as it offers over 400 cryptocurrencies available. This exchange charges the most economical charges, not the lowest but this is not heavy on pocket. Moreover, Bittrex has amazed people with its strong security features that include a wallet and IP address that helps in protecting your coins by limiting the ways of withdrawal. For crypto trading use reputable platforms such as Bitcoin Prime and Bittrex.
Bittrex-Opportunities and Obstacles:
Bittrex has owned the world by launching amazing features and extraordinary options for its users. This platform offers a wide variety of crypto assets. Below given is a small list of major pros and cons of the Bittrex platform.
Opportunities:
Variety of Crypto Coins:
There are around 400 crypto assets available on the platform of Bittrex which is pretty more as compared to other cryptocurrency platforms.
Fewer Charges:
The Bittrex exchange platform brings its users comparatively fewer charges as compared to many other platforms. Though the charges are not the lowest but still much lesser than many.
Easily Accessible:
Bittrex is available in 46 U.S. states. It is not accessible in Connecticut, Hawaii, New York, and Vermont.
Obstacles:
Poor Customer Service:
The point where Bittrex loses its users is its poor customer service and satisfaction. This platform offers a chatbot and an option to submit a ticket whenever you require help. But what’s missing from this platform is that it does not offer phone or live chat support to its customers.
Negative Feedback:
Just like many other crypto exchanges, Bittrex has received various negative feedback from its users all around the States. The majority of them are about account lockouts and identity verification procedures.
Margin Trading Issue:
Bittrex does not support margin trading. If you are looking for a trading margin you need to go for any other exchange platform.
Bittrex For Everyone:
All the features offered on the platform of Bittrex fulfill all the requirements of investors as well as traders but what this platform lacks is high charges. In a variety of exchanges, volume discounts make the fees and charge more reasonable and economical for regular users and traders even though it requires people to exchange more than 100,000 dollars of crypto per month to finally have low charges leaders like Binance or KuCoin.
Those who are new to crypto trading, have an idea in their minds that Bittrex’s purchasing platform costs its users spread fees that makes it less competitive. On the other hand, advanced traders demand advanced and up-to-date features such as margin trading and accessibility in all states. Bittrex is accessible in most of the states in the U.S. but is still not available in 4 states. One major issue is this platform is not accessible in New York which is due to the Department of Financial Services that had declared that the Bittrex platform had insufficiencies in contending money laundering and other issues.
When one involves oneself in the crypto world be it crypto trading, exchanging, investing on any other thing, they must have detailed research about the assets and liabilities of the platform. Since the launch of these crypto-assets, we all have known that cryptocurrencies are highly volatile and their prices can fluctuate anytime, anywhere. This volatility makes it a huge risk but sometimes it can be a platform’s biggest strength. If you are going to invest in a cryptocurrency, keep in mind to invest only the amount you can afford to lose.
The Most Highlighted Features of Bittrex Exchange:
Bittrex has been winning the crypto industry due to its amazing features. Below are some prominent features of this platform.
Selling and Purchasing:
Beginners usually appreciate how simple and easy it is to buy and sell cryptocurrencies on Bittrex, all credit goes to its Instant Buy and Sell feature. Through this amazing feature, investors can easily buy a variety of leading cryptocurrencies by utilizing a connected bank account.
People who are operating this platform may not see fees at the initial stage of the process, they display before you place your order in the form of a spread. This costs you more than using Bittrex yourself, especially if you use a debit card to fund your purchases.
Advanced Security:
To eliminate all the risks of cybercrimes and hackings, Bittrex has held its cryptocurrency assets offline in cold storage. What’s more is, that the platform has issued a policy that covers up to $300 million in customers’ crypto assets.
Moreover, Bittrex has security features including two-factor authentication and wallet and IP address whitelisting. These all reduce the probabilities and chances of any sort of manipulation on the platform.
Conclusion:
Bittrex is the ideal platform if you are looking for all-in-one as it offers a huge variety of crypto assets as well as robust security features and is available in almost all the states of the U.S. Through Bittrex, you can now easily deal in 100s of crypto coins and offer you various functions.