What is Bittrex? How to Register on Bittrex?
Bittrex is a name not to be missed for anyone who cares a lot about security. Because most of the exchange development team is a former member of large companies like Microsoft, Amazon and BlackBerry. Besides, Bittrex currently supports more than 190 types of cryptocurrencies. Therefore, Bittrex is still a name to be concerned about for those who wish to expand their portfolio.
What is Bittrex?
Bittrex is a cryptocurrency exchange based in Seattle, United States. The exchange was established quite early, in 2013.
Bittrex is also one of the first companies to obtain a license to operate cryptocurrency trading in New York. Because of these reasons, Bittrex is the name of the best security today, without any hacks or major incidents happening on the exchange. Therefore, you guys do not worry!
Advantages of Bittrex
- Bittrex has a two-layer security mode and this mode is always enabled when users withdraw money.
- Bittrex provides flexible trading tools, built-in support features, technical analysis.
- Extremely high deposit and withdrawal limits, up to 100 BTC / day.
- The volume on Bittrex is real statistics, not fake (as reported by Bitwise).
- Bittrex supports many cryptocurrencies, with more than 250 trading pairs, from popular coins to newly launched tokens.
Disadvantages of Bittrex
- Transaction fees on Bittrex are quite high compared to the average, all at 0.25%.
- Bittrex only supports English language.
- Bittrex trading without Margin Trading.
- Bittrex does not support technical via Telegram channel.
- Bittrex has not developed mobile applications yet.
Fees on Bittrex
Similar to other exchanges like Binance or Huobi, Bittrex is also free to charge coins. However, you need to pay a small fee to make withdrawals possible. When withdrawing money, Bittrex will immediately show the withdrawal fee in the payment.
As mentioned, the transaction fee on Bittrex is quite high compared to the common ground, about 0.25% / transaction. This number will be a big obstacle for you who need to trade more than once a day. Therefore, you can think of other exchanges if there is no high liquidity demand. For example, the exchange OKEx with a liquidity of 7 – 10 BTC / day.
How to Register on Bittrex?
Step 1: Visit the website of Bittrex here. The website will display as the picture below, enter your email address and create a new password for the account.
Enter your email address into the E-mail address field. This will also be used as your Bittrex username.
Enter a password into the Password field. Passwords must be at least 8 characters long. To enhance password security, it is highly recommended to create a password of 12 or more characters including letters and symbols.
Click Create Account. A verification email will be sent to you. Navigate to your email inbox and click the “Verify Email” link in the email to verify your email address.
Bittrex’s system will then send you a confirmation email. You only need to click on the link following the instructions of this email to confirm the registration.
After successfully verifying your email address, you will be asked to review the Terms of Service carefully. When you have read, understood, and agreed to ALL conditions and restrictions to own and use a Bittrex account, click Accept Terms.
Note: For additional assistance, you may access the ‘Show me how‘ link at the top of the page which will direct you to a video tutorial on how to set up your Bittrex Account.
Next, you will be directed to submit your Basic Profile Info. Complete ALL fields using a keyboard with LATIN (English) characters. Characters and symbols from other languages cannot be processed and will result in a failed verification.
Note: Names will be read directly from your ID and entered to your profile
Click Continue to move on to ID Verification. All Bittrex accounts must be verified with government-issued identification. To begin the process, click Start Verification. You will be required to take photos of your official government identification and a selfie (face photo) to verify your identity.
Note: It’s strongly recommended to use a passport for the ID. This is the most widely accepted identification document. Other forms of accepted identification vary by country.
Follow the ID Verification directions carefully. The required images may be captured by the camera on your device or uploaded from a file. You will need to take an image of the front of your ID and a selfie. If uploading a document other than a passport, you may also be asked to submit an image of the back of the ID. Uploads of self photos are not compatible. You must use a device that has a camera to take a selfie when prompted.If you are on a computer without a camera, please select the Issuing Country/Region and ID Type. The next page will prompt you to submit your ID, to which you can select ‘Switch to mobile?’ to continue on your mobile device. Choose the option that works best for you (email, QR code, copy link) to continue on your mobile device. By submitting a selfie, users may avoid the primary reason people encounter identity verification delays.
*Please make sure to keep your web page open while using your mobile device.
ID Verification can take up to 10 minutes to approve. You must keep the page open while the verification is processing. Once the ID verification has successfully gone through, you will be automatically taken to the next step in the process.
To comply with U.S. regulations and further verify your identity, you will be asked to provide your Social Security number. When prompted, select Yes, then enter your Social Security number and click Submit.
Any submissions that do not satisfy these requirements will fail automatically. If this happens, you will be directed to repeat the verification steps with some tips on how to submit a success verification. After three failed attempts, you will have to submit a support ticket here for an agent to assist you in the verification process.
Note: If you do not have a Social Security number, selecting No will ask you to submit an Alien Identification Number or Passport Number instead.
When your identity has been successfully verified, you will see receive a message stating you have successfully verified your identity. To begin using your new Bittrex account, click ‘Start Trading!’.
2FA 2-step security activation guide
Step 1: Click on the “Settings” box, in the “Site Settings” section, click on the second line “Two-Factor Authentication”.
Step 2: This step needs to use the Google Authentication application. Open the application and scan the QR code on the screen.
At this point, you will receive a code of 06 numbers. Enter this code in the blank box in the fourth dot as shown. An important note is that you should save the Google Secret Key in the third dot.
Step 3: Please check your email and click on the link attached in the mail. Then, you enter 06 Google Authenticator codes on the phone screen into the box and click “Enable Two-Factor Authentication”.
Complete this step and you have successfully enabled 2-layer security for the account. For accounts that have fully verified the above factors, you can withdraw up to 100 BTC / day.
In addition to the aforementioned advantages, Bittrex’s defects are still quite numerous. For example, transaction fees are slightly higher than other exchanges. In addition, Bittrex does not reduce fees for high-volume transactions, many times … Moreover, the exchange also has no native coins to help users have more other incentives, the most practical is the transaction fee.
In particular, Bittrex does not support margin trading. Meanwhile, this type of transaction is very popular with many traders. In another development, Bittrex has just got IEO OCEAN’s “phosphorus”. Specifically, the price of OCEAN copper suddenly decreased by 80% compared to the price of IEO, since the beginning of trading on Bittrex. This has caused some investors / traders to turn away from this once legendary trading platform.