Overview

24/09/18 06:51 UTC-4

Bittrex - description, nuances, interface. Main aspects of trading on BITTREX

The world-famous crypto-exchange BITTREX
The world-famous crypto-exchange BITTREX

The prevalence of cryptographic digital money, as well as the abundance of their varieties, have a pronounced progression of growth (especially over the past two years). This concept of constant growth opens unprecedented opportunities for earnings to traders and miners. Especially if you take into account the financial parabolic volatility of the course. Moreover, unlike usual exchanges, the cryptocurrency course can go up to 20% in one day. A high degree of volatility, along with the frenzied popularity, became the main reasons for the emergence of a large number of online exchanges for the implementation of digital financial assets.

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Among the thousands acting for today, cryptocurrency exchanges, we can identify several of the largest, most reliable, and with a record amount of working capital. One of the first places in the TOP list of world exchanges was occupied by BITTREX.

In this article, let's talk about: what features of the exchange, why so many traders prefer to work on this trading platform, what currency pairs it is better to implement on BITTREX.

 

Description of crypto-exchange

BITTREX is the world-famous American cryptocurrency exchange, which was created in early 2015. The project of the trading platform was prepared almost a year (from the beginning of 2014). Initially, BITTREX was planned as a regular online-exchanger for cryptocurrency coins, but eventually the creators and developers decided to make a full-fledged trading exchange. As thousands of users showed, they were not mistaken. BITTREX has one of the highest rates of daily financial turnover – an average of about 291 million dollars for 24 hours.

In the winter of 2015, BITTREX began to function fully, and immediately announced itself to the financial world by exhibiting a large number of pairs for exchange and equipping the platform with a large number of tools, graphs (Japanese Candles, Order book, BAR, etc.).

For today, BITTREX is considered one of the safest exchanges for the sale of cryptocurrency in the world. For traders a function of "cold" storage of funds is provided, which also positively affects the popularity of BITTREX among users. The introduction and withdrawal of funds have no strict limitations – therefore, even beginners with a small starting capital can start the "trader's way".

 

The main "pros" and "minuses"

Separately speaking of a high level of security – it has, and the "pros", and "cons." The disadvantages are: a long process of verification of the user (you will have to repeat each time you display the funds), and two-factor authentication on the site. Such manipulations, of course, minimize the possibility of hacking into a wallet by fraudsters, but can cause some inconvenience to users. Because "logging in" or registering your account profile is not a short process.

The withdrawal of money from BITTREX is also associated with a long process of re-verification and takes a lot of time. By the way, there are some restrictions on withdrawal of funds. Depending on what type of cryptographic currency you want to transfer from the exchange to your personal wallet, the minimum amount for withdrawal is determined. The minimum indicator for each financial electronic unit is different, you can learn more about this only on the website.

Actually, talk about the commission for the manipulations. Speaking about interest rates – on BITTREX they do not differ from the generally accepted ones. The average percentage for one transaction inside the platform will be about 0.2% of the total transfer amount (varies depending on the type of digital currency). The maximum percentage of commissions can reach – 2.5%.

Today, of course, there are exchanges and with a lower percentage of commissions (for example, Japanese Binance or small local enterprises), but not all of them can boast such a level of reliability.

 

Basic aspects of trading

BITTREX will pleasantly surprise traders who work simultaneously with different currencies – about 250 trading pairs are offered for exchange. In May 2018, when BITTREX changed its interface, the pairs were arranged in three sections:

  1. Altcoins paired with Bitcoin (BTC).
  2. Cryptocurrencies are paired with Ethereum (ETH).
  3. Purchase and sale of digital coins for fiat money or a Tether cryptocurrency (virtual analogy of the fiat dollar).

One can say a few words about the updated interface of BITTREX – it became original, not similar to other exchanges, with more harmonious work of internal navigation of the website, the placement of the pairs became specifically ordered. The BITTREX website does not hang and is distinguished by fast and correct operation (at any necessary moment the user can check his account in the wallet). During sharp jumps in volatility, wallets are not blocked or stalled (which is often found on other exchanges).

The BITTREX online-exchange at this stage of development does not support the Russian language. For those traders who do not know English, this can be a problem. Although the majority of participants from the CIS countries do not complain and do not leave negative comments about this, but use ordinary translators, because there is nothing to read, in the larger count. Knowledge of the language does not affect the ability to use financial instruments of analytics and statistics. Thanks to the convenient placement of all the points, you can trade on the stock exchange simply and at an "intuitive" level.

Like on any other cryptocurrency exchange, in order to become a user and have access to trading it is necessary to fulfill two obligatory conditions:

  1. Pass registration and verification, to create a personal account and personal wallet.
  2. Enter funds into the exchange wallet.

This can be done on the official website of the BITTREX https://bittrex.com/

The most important tools for effective trading on BITTREX are, so-called, buy-sell orders. These are statements of other users with whom you can contact and make transactions.

Statistics on BITTREX are set to work in automatic mode, it all depends on what kind of cryptocurrency the user entered into the exchange wallet.

By the way, it may happen that a person is interested in working on the stock exchange, but does not have digital coins. To implement the plans for trading, you need to change the fiat money for cryptocurrency in any money online exchanger and to enter money into the stock exchange for bidding. Deposit of funds has a minimum commission, which can not be said about the withdrawal. After successful trading, the user (depending on the purchased cryptocurrency) will have to pay commission fees in the amount of 0.15% to 3%.

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Input and output of assets from a technical point of view is quite simple in the section – Wallets. To enter coins, you need to click on the image "plus", and to display the "minus". Signal boxes with +, - are next to the name of the cryptocurrency in blue squares on the left side of the interface.

 


Of course, one must understand that even the most reliable and popular exchange can not give an absolute guarantee on saving funds. Therefore, experts do not recommend traders or "arbitragers" to store large amounts in exchange wallets. After all, with a sharp jump in the technological sphere – the number of powerful programs that hackers can use to crack cryptocurrency exchangers and exchanges increases. In cases when a person is actively working on stock exchanges, it is recommended to choose several trading floors, rather than store all coins on one.

Editor: Yulia Krasnaya

#bittrex #cryptocurrencyexchange #exchange

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