Finding a reputable exchange dealing with alternative cryptocurrencies is not an easy feat these days. Although most people know about Poloniex as being a reliable platform, there are others to keep an eye on as well. Bittrex has a long-standing reputation in the cryptocurrency world and their support for new cryptocurrencies is almost legendary. It is time to take a closer look at what the platform has to offer exactly.
A Brief Overview of the Bittrex Exchange Platform
One of the things that sets Bittrex apart from some other exchanges is how their main focus is security. Considering how every exchange is responsible for customer’s funds at all times, it is good to know some companies take this very seriously. Ensuring no hacker can get in and steal their funds will put most people’s minds at ease.
Moreover, the exchange team also thoroughly vets new altcoins’ source code before adding it. In the past, quite a few cryptocurrencies have tried to get listed on exchanges as parts of a mere pump-and-dump scheme. While it is true some of those scamcoins still get through the verification process now and then, Bittrex is doing what they can to improve the overall quality of their listings.
Bittrex is also known for having multiple trading market categories. All of their supported coins can be traded against bitcoin, which will always be the largest market for any altcoin. Additionally, there is also a market where currencies can be traded against Ethereum. For now, those markets are very limited, and neither of the trading pairs is seeing any volume. Fiat currencies are also supported in the form used USD-Tether and BitCNY. Not the most popular markets either by any means. There are also verified markets, and those suffering from liquidity. All things considered, a nice separation.
Although Bittrex seems to be checking a lot of the right boxes for altcoin trading, the platform is struggling for volume as we speak. Based on the 24-hour chart, Dash is the top market with just 474 BTC in trading volume. Even the third-most popular trading pair generated under 63 BTC, which is next to nothing these days. Rest assured there are quite a few cons where the trading volume is just above the 0 BTC mark. That remains one of the biggest problems with altcoins, as their use cases remain very limited.
One thing Bittrex has going for it is how most of its users are more than happy with the platform. Even though there are always discussions as to why certain coins get listed and others do not, the overall sentiment is rather positive. They are also one of the only exchanges to have never been hacked, which is quite a rare feat in the world of cryptocurrency. With their 0.25% fee, Bittrex is one of the more expensive platforms in the altcoin world, yet still worth checking out.
In the end, there is nothing wrong with Bittrex, Their choice of coins to add seems solid, even though most altcoins eventually see their trading volume dry up entirely. The fact the platform was never hacked and their strong focus on security make it a more than viable exchange to trade altcoins on. That being said, their low trading volumes and rather steep fees may make other platforms seem more appealing.
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