Bittrex.com – Scam or Not?
Bittrex.com – Are they legit?
When stumbling across new websites that trade crypto currencies, you would always ask yourself, are they legit? Of course, it is natural as a human being to doubt any website’s integrity.
We as human beings would always look for something better, something that is a step above on what we currently have. With that being said, is Bittrex a legit website to trade BTC with other crypto currencies?
Bittrex.com has been operating in the U.S. since 2014. They claim to be the next generation in crypto currency trading. Backed up by security and development experience from companies like Microsoft and Amazon, they might just be the people you want to do business with. Bill Shihara is the Co-Founder and CEO of Bittrex. He has 11 years experience working with Microsoft Windows Operating system and security team. He has also experience working as a Security Engineer for Amazon and Blackberry.
Their team has an impressive combined experience when it comes to security. You can read more about the Bittrex team here.
How to get your account verified with Bittrex
Requirements for you to get verified with Bittrex:
- Complete Name
- Date of birth
- Complete Address with Postal/Zip Code
- Passport Number (Optional)
- Mobile phone number (mobile number provided should be able to receive SMS messages)
- You need to complete your Basic Verification first in order to proceed to the third level of verification.
I was able to register an account with them with no problems at all. The problem occurred when I started with the verification process. As shown in the screenshot above, I got an error when I submitted my Basic Verification details to them.
“We could not match your information to our public record providers. To complete the basic verification process, you can verify a phone number or apply for an enhanced account.” -This is what I got after I submitted the basic verification application. Which is weird because everything I submitted was legit.
I also tried to verify my account using my mobile phone number. Problem is, it just keeps loading and it has been loading for two hours now, still no luck. So what happens if these two verification steps fail? You would then need to request an Enhanced Verification from them.
Enhanced verification would require you to submit scans of your identification along with your selfies. They work together with Jumio to verify the ID’s submitted and does the face verification process. You can read about the list of countries they support along with the accepted ID’s here.
Account Limits for Bittrex.com
Due to Bittrex’s team experience when it comes to software security, they made sure that their customers would feel secure in using their services. With this being said, they take security seriously.
- A change of password in your account would mean that you cannot make any withdrawals within the next 24hrs.
- If you do not have a 2FA integrated into your account, you will only have a daily limit of 1 BTC withdrawal or equivalent per day.
Limit Update – Accounts that are created after October 30, 2016, would have the following withdrawal limits:
- Unverified Account – 1 BTC per day or equivalent
- Basic Account – 3 BTC per day or equivalent with 2FA enabled
- Enhanced Account – 100 BTC per day or equivalent with 2FA enabled
All trading done within Bittrex.com would be charged 0.25%.
The website of Bittrex.com features the Seatle Space Needle in the foreground, which is nice to look at. Homepage tabs are useless as they would just redirect you to the lower part of the page, something that you can do well without the tabs. You do need to register an account and log into their website to get an in-depth look at how they operate.
Once logged in, you will be greeted with the available Bitcoin markets that you can trade with. For example, I clicked on the BTC-ETH market located on the right-hand side of the screen. This redirected me to another page showing the BTC and ETH trade:
On the trading window, you are able to see two sides, this would be the “Buy” and “Sell” windows. You can manually enter the amounts you want to buy or sell in the space provided. Manual entry of amounts also means that you need to punch in your price manually as well.
You can also use the Order Book located on the lower part of the page. If you click on either side of the boxes, this will auto-populate your trading windows on the value that you have clicked. This would come in handy if you want to know the current asking price for the trade is.
They also have automated features like GTC (Good till canceled) and IOC (Immediate or Cancel) which you can setup by clicking the button located in your trade window.
- GTC – Good Till Cancelled is the default setting. This means that the system would continue to look for your buy/sell post until this is fulfilled.
- IOC – You would buy/sell your crypto currency for your price. If any portion of the currency being sold or bought cannot be fulfilled, this will be canceled immediately.
Customer service support for Bittrex might be the problem people are not very happy with. There is a forum post regarding this issue which can be found here. This forum thread was first posted when they launched in 2014, customer service problems regarding tickets not being resolved in time would start around page 30.
They run their support through email which you can reach through email@example.com. Their registered address is also provided below:
6077 S. Ft. Apache Rd
Las Vegas, NV 89148
Security by Bittrex.com
As mentioned at the start, the company is being handled by a group of “security freaks” that are focused on keeping their customers safe at all time. Even tenured security experts in the world know that there is no such thing as a “perfect system” or software that can keep you safe, but they try their best to do so.
Bittrex offers 2-Factor Authentication which is always great when it comes to trading websites. I strongly advise using the Google Authenticator for the 2FA’s that you would be doing. Not just for this website, but for all your online transactions.
Speaking of 2FA’s, a huge number of their registered users were hacked at around April 2016. You can read more about it in this forum post. A quick read over the forum thread and I found out that those users that weren’t using 2FA were the ones that got hacked. The members that had 2FA installed had no problems with their accounts being compromised.
- Security is top priority
- Fairly easy to navigate
- Automated features
- Verification process takes forever
- Customer Service issues not being resolved on time
Bittrex Review Conclusion
Bittrex.com offers a trade service with very good security options that you can use to your advantage. The website acts as a wallet and at the same time a trading platform for your crypto currencies. The verification process is still a question for me. Customer service is something that I do not want to count on due to negative reviews. Overall, they need a lot of improvement in a lot of things other than security.