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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My account was hacked at bittrex and around $1500 worth of coins drained from my account into another bittrex users account.This has happened to many many others to.Bittrex said they cant do anything about it.
How do you know that they were drained into another bittrex users account?
Bittrex stole $2K worth of my bitcoin cash when I mistakenly sent to a BTC wallet in my account. Mind you they could do something to restore my coins, but by policy they won’t. These are criminals who should be put in leg irons and frog walked.
The worst exchange I have ever used. Stole my funds don’t respond to multiple support requests. Just a bunch of scammers
If you sent your coins to a wrong address it’s your fault. They are not recoverable. It’s not the exchange’s job to refund you out of pocket for your own mistake. Welcome to the world of cryptocurrency, where no one is here to hold your hand.
Listen up dwarf brain, when an exchange calls a coin “BCC” which is very close to “BTC” (one digit difference, that digit rhymes with the other, one coin forked from the other) rather than using “BCH” as everybody in the rest of the world uses, there is a case to be made (and I will make it if need be) the exchange has culpability. Welcome to the world of american tort law, doofus-dwarf-brain. If somebody pulls down a power line & leaves it in the street, they bear civil liability for creating the hazard when you wind up electrocuted.
The case is further strengthened by the fact they offered via their customer support on two prior occasions to recover the coins. First time was when contacted immediately after the incident. Then they emailed me 5 days later, refusing to honor that promise because the value of the coins was under $5K. After recontacting them a week later when the value of the coins rose over $5K for recovery per their own changed policy there was silence from them as in crickets chirping until I served them with a demand for arbitration. Funny how that one works. That very day, they offered to recover the coins for a fee of 0.1 BTC, which has now been paid (receipt acknowledged by them). I guess they figured it was smarter business to collect $400 to recover the coins than pay out $1K for mediation immediately on filing with more to come and no guaranty they wouldn’t be forced to cough up the coins at the end. Good move.
I am holding off the arbitration case against them right now for a month to give them a chance to honor their promises and because it will cost me $250 to file the case (will cost them $1,000 the day I file, with more to come). But since I have service on them, this is now a case ready for submission. Paper work is sitting in a drawer at home and the clock is ticking. Watch and learn junior. This is a very, very strong case.
I only think they’re paying you because it would cost them more in legal fees than it would to just refund your money out of their own pocket. Unless they actually own the BTC address to which you sent your BCH, the funds are unrecoverable. I don’t care what they said, if this was $100k we were talking about you wouldn’t see a dime.
Of course they own the BTC address to which I sent the coins! They provided that address on their site. If they provided me the private key associated with that address I could recover those coins myself. They have that address and that private key, so the coins are under their control. That’s part of the basis for a case. As for costs involved, sure it’s smarter to take a $400 fee to recover the coins than to pay out $1K right off the bat with more to come and no guaranty they wouldn’t be forced to cough up the coins eventually. Unless they stole those coins when they were at a lower value and spent them, that’s smart business.
They own the BTC address on the BTC chain. If that address was created after the fork BTC/BCH fork, they may not also own the same address on the BCH chain. But given the fact that they’re willing to refund your money, perhaps they do.
I had a similar experience as David. They also don’t respond to multiple support requests, it passed over one week. The worst exchange I have ever used. Stole my funds.
They can not verify my account, it’s not much money, maybe $350, but still.
they allow funds to be deposited, but then don’t allow withdraw. Stuck saying there is an error and no response from “support”
I got my account verified, but it took me over 3 weeks.
Now, I rather invest with Bitconnect, it is much safer. 40% a month on your investment
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