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The basics of crypto trading

Bittrex

bittrex
Year 2014
Founders Bill Shihara
Origin USA

The Bittrex exchange is one of the 30 largest world trading platforms measured in turnover of funds and volume of conducted transactions. Multilevel protection system, nice interface, variety of currency pairs and possibility to work with fiat money – that’s what traders receive.

History of creation

Bittrex is rightly considered one of the 30 major world exchanges. Here traders are offered USD, Bitcoins and numerous Altcoins (both more and less popular ones). The exchange works under USA legislation, and its headquarters is located in Seattle, Washington.

How it was created

The Bittrex exchange was founded in 2014 by cybersecurity engineers who has previously worked for Microsoft and other well-known organizations. It has worked as a currency exchanger initially, but now it provides traders with a wholesome platform for trading of more than 350 currency pairs. The company was founded by Bill Shihara. Other co-founders are Richie Lai and Rami Kawach.

How it was developing

Bittrex was founded as a cryptocurrency exchanger in 2014. Due to a high grade of reliability and a convenient interface the exchange has quickly attracted loyal trades, and by 2017 had taken 13th place according to its trading volume. A number of offered cryptocurrencies had been also increasing gradually.

An overwhelming interest towards the platform led to a decision made in December 2017 to cease registration of new users. It was opened again only on April 10th, 2018.

Today more than 350 currency pairs are provided (before the delisting of 82 cryptocurrencies in March 2018 there had been about 450 of them). Daily volume of trading reaches up to $ 90 million while the prevailing sum (about 10 %) is formed on the basis of the BTC/USDT trading pair.

The exchange’s development forecast for 2019-2020

The cryptocurrency exchange has reached significant success since its establishment, especially in security issues. The creators themselves position the platform as a trading spot for experienced traders from all over the world. To engage a larger number of users they gradually extend a quantity of available cryptocurrencies.

The interest for the service remains high, but for many traders the constraining factors are:

The cryptocurrency sphere analysts announce good prospects for the platform in their reviews. But to engage more clients they advise to widen a variety of provided services and add an ability to trade and withdraw even small amounts for unverified users.

How the exchange may be applied?

Russians and citizens of other countries can work on the exchange through its official website. It’s open for traders from all over the world. But the interface and the client support are provided only in English.

Registration

Registration is an essential step to start trading. This procedure takes literally 2 minutes. Firstly, press the “Sign Up” button in the upper right corner or at the bottom of the page.

Bittrex

A registration form will appear where you have to specify your e-mail address and a password, study the terms of working on the platform and agree to follow them.

Bittrex

The only thing left is to confirm your account by following a link from the letter which is sent by the exchange to the provided e-mail.

Bittrex

The only thing left is to confirm your account by following a link from the letter which is sent by the exchange to the provided e-mail.

Verification

In order to deposit money and start trading, verification is required. At first personal data should be provided (date of birth, country of residence, address, zip code). Provision of a mobile phone number is optional.

Bittrex

When all fields are filled in, the system will propose to start the verification process. At this point an up-to-date photo of your face and a scanned copy of a document (passport, driving license or ID) should be uploaded.

Bittrex

A number of statuses which allow withdrawal of particular sums per day is provided in the system:

Such restrictions are applied by the Bittrex exchange in order to ensure safety of funds which are held on users’ wallets. For security reasons such measures as application of API keys, creation of a white list of approved IP-addresses and an activity history (with time, IP-address and performed action specified) are also provided.

Deposit and withdrawal of funds, fees

In the “Wallets” section information about funds available in the wallet is presented. A desired currency can be found in the provided list or through a search field. At the top the total amount of available funds both in cryptocurrency and fiat money converted into USD is shown.

Bittrex

Here the account can be replenished or funds can be withdrawn, if the account’s status allows it. Not all currencies are available for deposit. To refill your wallet just choose a suitable cryptocurrency and generate an address for transferring.

Bittrex

The withdrawal of funds is performed in a similar manner, but in this case the system charges a fee (its sum is calculated specifically for every currency). The total amount minus fee is shown automatically after the entering of the withdrawal sum. Then it’s only necessary to insert the wallet’s address.

Bittrex

Bittrex charges a single fee for trading operations – 0,25 %. It doesn’t depend either on the amount of conducted transactions or their type (buy, sell).

How to trade

New users probably don’t know how to trade on the platform. Even without proficiency in English it won’t be difficult to understand the mechanics of trading and the interface. All operations are performed in the “Markets” section. Price and dynamics of changing of 4 currencies (2 most demanded and 2 with the biggest gain) are shown at the top of the page.

Bittrex

Available currency pairs are provided below. They are divided into 4 groups where one of the currencies is USD, BTC, ETH or USDT. A search may be also conducted via the search bar if necessary. Just choose a suitable currency pair to start trading. The system will forward the user to a new page where current values, price change, graphs, history of buy and sell orders separately are presented.

Bittrex

It’s also possible to place buy and sell orders, move to deposit or withdrawal of funds, examine your history of orders and opened transactions.

Bittrex

Only two types of orders are available for the platform’s users: limit and conditional. Here a time of transaction can also be set – instantly or within some time period.

Pros and cons

The Bittrex exchange has its advantages and disadvantages. People who trade on the platform point out the following positive sides in their reviews.:

The main disadvantages are: lack of a Russian version (English only), unified fee for everyone (active traders don’t get any bonuses), no referral program, verification is obligatory for trading and withdrawal of funds.

Latest news of Bittrex

Bittrex has recently announced that it is signing a partnership agreement with Cryptofacil - an exchange platform targeted toward the coin market of Latin America and the Caribbean. The deal is expected to extend the borders of Cryptofacil’s business allowing it to accept deposits of the exchange’s listed digital tokens.

Cryptofacil is considered to be a perfect match for Bittrex since it is built on Bittrex’s own platform, which provides for seamless integration of the two. Thus, users will have a large variety of tokens to deposit and be absolutely sure of Bittrex.

Launched in September 2018, Cryptofacil has already established itself as one of the crypto exchanges based on the Bittrex Trading Platform. Since the launch date, the exchange has witnessed an exponential growth as most local countries have a high demand for crypto projects.

In June 2019 was reported that Bittrex International cryptocurrency trading platform begins its operations in Liechtenstein.

In the near future, the platform, which operates in the USD-markets, is preparing to add support for operations with the euro and other fiat currencies.

It is important to note that the start of operations in Liechtenstein is a fresh breath of air after the company was unable to continue its work in New York. At the same time, Bittrex continues to limit the ability of US users, which this time will be denied access to 42 digital assets. This was reported on the stock exchange on Twitter. The table below lists the tokens that will become unavailable on Bittrex from June 28:

Bittrex news

At the same time, as noted in the company, its team of compliance specialists will be working on keeping up with the high AML/KYC standards of the head office. It will provide qualified users with expanded access to the financial market of Liechtenstein in full compliance with the requirements of the law on a system of transactions based on proven technologies that are under consideration by the country's parliament (the Blockchain Law).

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LH-CRYPTO is an online service for crypto-traders

LH-CRYPTO is an online service for crypto-traders. The service is available to everyone, except for the citizens of particular countries and several categories of people listed in the License Agreement. LH-CRYPTO is a free software for making conversion operations with CFDs on various financial assets nominated in cryptocurrencies.

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All the settlements in this project are processed solely in cryptocurrencies. Conversion operations are processed on the terms of margin trading without a direct supply of underlying assets. According to the generally accepted term, these operations are called operations with OTC (over the counter) CFDs (contracts for difference).

Trading with OTC CFDs involves considerable risks. We recommend you pay the utmost attention to both theory and practice of margin trading before making any of such operations.

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