Bittrex is a cryptocurrency exchange headquartered in Seattle, Washington. Cryptocurrency exchanges allow consumers to exchange one type of asset for another type using a blockchain. These currencies are transferred using localized and cryptographic protocols. Using these types of protocols protects against fraud, which is prevalent with more traditional ways of transferring currencies. There are many popular cryptocurrency exchanges, and Bittrex is one of the many available.
After making its debut in 2014, Bittrex quickly worked it way to the top and is now considered the # 1 cryptocurrency agency in the world. In 2017, the popular cryptocurrency agency temporarily stopped accepting registrations for new users due to being overwhelmed with the amount of current and pending members. The cryptocurrency giant needed time to make improvements to their website to increase its ability to manage high amounts of traffic. After resuming the acceptance of new applications, the popular cryptocurrency agency received such an over-abundance of new applications in a short period of time that it was closed again for a temporary period, after only a few hours. That issue has since been rectified.
Pros and cons of using Bittrex
As with any business, there are pros and cons of using Bittrex. Here is a list of the pros:
. Available in most countries.
. Supports 250 plus cryptocurrencies.
. Fees are easy to calculate.
. Completely regulated and meets all laws in the United States.
. Only minimal personal information required for verification.
. Bittrex is very secure and has never been hacked, and it requires a 2-factor authentication system.
. Withdrawals up to $3,000 a day are allowed.
. Faster verification system when compared to other exchange systems.
. Customer service is poor and often does not respond immediately.
. Low liquidity leads to long wait times.
. Does not allow margin trading and lending.
. Does not allow withdrawals or deposit of fiat currencies.
. Unexplained and automatic closure of some accounts.
Reasons to Close a Bittrex Account
There are many benefits to using Bittrex, and users are likely to have mostly positive experiences. Despite this fact, there may come a time when a consumer may want to close their Bittrex account. Here are some common reasons:
. User no longer trades.
. User is not happy with the policies, customer service or some other aspect of Bittrex.
There could be any number of other reasons that a customer may want to close their Bittrex account, which will depend on each individual customer.
How to delete Bittrex Account
If you have decided to close your Bittrex account for whatever reason, you will need to send a request via email to support, complete with your name, address, phone number and any other pertinent information. Ensure that you have withdrawn all coins ahead of time. You will likely have to wait an extended period, so be patient. You will eventually hear from support, and your account will be closed.
How to Withdraw your Cryptocurrency from Bittrex
Withdrawing all of your tokens from your account is important to do in advance, if you decide to close your Bittrex account. In order to withdraw funds, you need to first add the address that you will connect to the wallet that you will receive the coins in.
1. After signing in, click on “Wallets” in the upper right hand corner of the page.
2. Next, search the wallet that you wish to withdraw from, located in the upper right section.
3. Click the red symbol with an upwards arrow. This will take you to the withdrawal screen.
4. Enter the address and amount that you wish to withdraw. It is important that the address you enter was created for the coin you are withdrawing from. You cannot withdraw coins that are connected to another coins address. Therefore, BTC must be withdrawn from BTC and LTC to LTC, etc. Attempting to withdraw coins to another address poses a risk of permanently losing your funds.
5. Some coins may require a payment, tag, memo or message. If one of these is required, you must provide the requested information before you can finalize your withdrawal. That way, your coins will be routed to the proper wallet. By failing to attach the requested information, you risk losing your funds unless you’re absolutely sure you’re sending them to a wallet that does not require a tag, memo, payment or message. Also, make sure you check for any additional instructions on the wallet that you choose.
6. Click withdraw.
7. If You have two-factor authentication activated, you will need to enter a 6-digit code and press “confirm”. If you don’t have the authentication on your account, simply click on the verification link via your email.
The minimum withdrawal for all coins must be greater than 3 times the fee.
Best Places to Store Cryptocurrency Outside of Bittrex
If you need to store Cryptocurrency outside Bittrex, you have many options. Again, Bitrex is centralized, which increases the risk of your funds being attacked by hackers. Whether you’re simply taking a break from trading or you need to store your cryptocurrency for another reason, Trezor is a good option because it’s decentralized. Ledger is another good, decentralized wallet. Both Trezor and Ledger are safe from hackers because they are what you call hardware wallets. Hardware wallets work differently, as the keys are private and are never exposed to your computer. Furthermore, the hardware is immune to computer viruses, which can certainly offer peace of mind. Another safety aspect of hardware wallets is the fact that most are encrypted with pin numbers similar to debit cards, which adds an additional layer of security. Hardware wallets aren’t free, but if you need a secure place to store your funds, then you are likely not opposed to paying the required fee.
Bittrex Support Review
Bittrex is dedicated to providing the absolute best customer service possible and ensuring that every customer receives the support that they need. However, due to the high volume of trouble tickets, Support doesn’t always respond in a timely manner. Many customers have become frustrated and even closed their accounts, but Bittrex will provide a solution to your problem, although you may have to wait a while.
For customers who prefer to, there is a “Live Chat” option available 365 days, 7 days a week. However, just like with trouble tickets, Live Chat representatives are often slammed with customers requesting assistance, so it may take a while before support can address your issue.
Not all customers have been dissatisfied with Bittrex support, as it depends on how busy customer service is when you attempt to contact them.
Some customers have specifically complained about not being contacted prior to Bittrex closing their account. Bittrex discloses that they have the right to close your account/accounts at any time if there is any suspicion that your account has been hacked, that there has been illegal transfers or other activity on your account, or for other reasons. However, many customers have lost money as a result of their accounts being closed without their knowledge, and since they weren’t contacted, they didn’t find out until attempting to log into the system.
Other reviewers complained of losing large amounts of money due to either being locked out of their accounts, attempting to make withdrawals, or in another manner.
One customer specifically complained that after submitting a ticket asking the question of how to delete a Bittrex account, one month later a response was received apologizing for an untimely response, but failing to answer the question.
Using a cryptocurrency exchange for the first time can be pretty confusing, and the terminology alone can be pretty daunting. Hopefully this overview of Bittrex has clarified things for you so you will have a pleasant, trouble-free experience should you decide to do business with them.
Arnold Webb received a Masters Degree in Computer Science from Harvard University. Arnold currently is a full-time researcher and trader in the cryptocurrency industry. Arnold contributes content to CryptoCelebrities.co, The Bitcoin Magazine and several other publications.