Pros and Cons of the Bittrex Platform

Bittrex platform

Launched in 2014, the Bittrex platform is based in the United States of America and is one of the top exchanges in the world. It offers numerous high-end features to the users. However, as a new crypto enthusiast you need to know the features offered by an exchange before you use it to make sure that you opt for a platform that ticks all the right boxes for you.

Bittrex is a well-known, well-reputed and advanced exchange where you can conveniently and easily purchase, sell and trade digital assets. Since it’s establishment, the exchange has acquired a lot of success and prominence. It now extends its services all around the world and cater the needs of more than 500,000 active users.

One of the most appealing features of the platform mentioned in this brief Bittrex exchange review is that it offers to 2 fiat markets as well, even though it initially began as a crypto-to-crypto platform.

If you are new to the crypto space and want to use Bittrex then here are some pros and cons of the exchange that can help you determine how suitable this exchange is for you.

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Pros of the Bittrex Platform

Just like some of the best platforms in the world, Bittrex is also known for the benefits and impressive features it offers to its users. As a user of the exchange, you should know these benefits.

Impressive Customer Support

The customer support is one of the first things you need to analyze before you opt for an exchange. The availability of good customer support services can make quite the difference for people who are new to the crypto space.

As a new user, you may come across several challenges and risks, that can be properly handled and avoided if you have access to the experienced customer support agents.

Bittrex’s customer support is impressive and the team of experts are easily reachable for all users through various mediums.

High-end Security

Another crucial aspect mentioned in this brief Bittrex exchange review is the level of security it offers to the users. This platform is one of the safest exchanges in the market, thanks to the availability of several leading-edge security protocols.

The team working behind the platform are experienced in computer securities. Therefore, offering utmost security to the users is a top priority on the exchange.

The Bittrex platform makes sure that the users are able to buy, sell and store their crypto on the exchange without worrying about any security risks. Some of the security systems used by the platform are as follows:

  • Full Secured Socket Layer (SSL) Encryption
  • Elastic multi-stage wallet strategy
  • Two-factor authentication (2FA)

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Multitude of Digital Assets

This Bittrex exchange review also sheds light on the fact that it offers support to a wide range of digital currencies. This offers a lot of options to a vast audience who may also be interested in digital coins with smaller market cap.

As a user of the exchange you should know that it offers more than 200 different crypto assets.

Support for Fiat Markets

The Bittrex platform became more accessible to an even larger audience when it also extended support for fiat markets. Even though it only supports two fiat markets, it still has grabbed the attention of a vast audience. The two available fiat markets on the exchange include:

  • Euro
  • S. Dollar

Cons of the Exchange

Even though there are numerous crypto exchanges in the market, none of them are perfect. Each exchange may have a flaw or two, however, it is not necessary that the cons they offer are massive. Therefore, it is important for every user to know what the drawbacks of an exchange can be to determine if it makes a difference at the time of making decision.

No Support for Margin Trading

People who are interested in trading, especially margin trading may not find the Bittrex platform to be the most suitable exchange. This is because this crypto platform does not support margin trading. Therefore, people looking to trade with leverage should look for a more suitable exchange.

Account Suspension

Another drawback of the exchange every user needs to know before they start using the platform is that it has been known to suspend accounts of the users, without any prior warnings or reasons. This gives the platform slightly vague reputation and may not intrigue a lot of investors and traders.

Final Takeaways!

Anyone looking to start buying, selling or trading digital assets should take their time and make sure they opt for an exchange that is according to their needs and requirements. Therefore, if you are interested in using the Bittrex platform then you need to take a look at the pros and cons mentioned above and determine how suitable this exchange.

By Hassan Javed

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