Bittrex Altcoin Exchange Review – The Merkle
Bittrex concentrates on security and vetting fresh altcoins, which is fairly positive. Unluckily, their trading high fees and low volume only make it a "backup" exchange in case something were to happen with other thicker players.
Finding a reputable exchange dealing with alternative cryptocurrencies is not an effortless feat these days. Albeit 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 fresh cryptocurrencies is almost legendary. It is time to take a closer look at what the platform has to suggest 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 concentrate 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 earnestly. Ensuring no hacker can get in and steal their funds will put most people’s minds at ease.
Moreover, the exchange team also scrupulously vets fresh altcoins’ source code before adding it. In the past, fairly a few cryptocurrencies have attempted 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 numerous 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 watching 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.
Albeit Bittrex seems to be checking a lot of the right boxes for altcoin trading, the platform is fighting 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 fairly a few cons where the trading volume is just above the 0 BTC mark. That remains one of the largest 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 glad with the platform. Even however 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 fairly a infrequent 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 however most altcoins eventually see their trading volume dry up entirely. The fact the platform was never hacked and their strong concentrate 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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About The Author
JP Buntinx is a FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world’s leading freelance Bitcoin writers, and he aims to achieve the same level of respect in the FinTech sector.