What is Bittrex?
Bittrex exchange was founded in 2014 under the leadership of Bittrex.incorporated. This is a trading platform, based in Seattle, Washington, USA, and developed by former employees of Microsoft and Amazon.
- Bittrex allows users to buy and sell cryptocurrencies directly on a highly secure platform. The Bittrex API suite makes trading quick and easy.
- In addition, the exchange has an automated monitoring system that reduces withdrawal times for Fiat and cryptocurrency pairs. Bittrex has a team of professional technical engineers to enhance information security.
- Bittrex is an exchange regulated and licensed under the laws of the United States. Bittrex’s daily trading volume is in the hundreds of millions of dollars. Currently, it is also a formidable competitor to other exchanges like Binance, Kraken, Huobi, etc.
Who is the founding team of the Bittrex exchange?
Bittrex cryptocurrency exchange was founded in 2014 by 3 co-founders. They are Bill Shihara, Richie Lai, and Rami Kawach.
Bill Shihara is the Co-Founder of Bittrex. Previously, he was the Director of Security Engineering at Amazon. Then he took over the position of the Director of Security Engineering and Threat Analysis at Blackberry.
At Blackberry, Bill leveraged an anti-malware and security automation strategy for the BlackBerry ecosystem to help protect customers from threats. Prior to his position at BlackBerry, he spent 11 years at Microsoft on the Windows Operating System and Trusted Security team.
Richie Lai is the Co-Founder & CEO of Bittrex.
Previously, he served as a leader on the Amazon Information Security Team. In this role, he manages the global 24/7 Security Operations Center responsible for Security Operations, Incident Response, External Threat Information, Advanced Monitoring and Analytics, Management Vulnerability Management, and Application Security as well as a development organization supporting all of these efforts.
Before joining Amazon, Richie spent 12 years at Microsoft building their Internet crime and security engineering division.
Rami Kawach is the Co-Founder of Bittrex. Prior to Bittrex, he served as Principal Security Engineer at Amazon, managing multiple security issues. Rami also previously served as Technical Director at Qualys, where he was the architect of their next-generation vulnerability management solution and malware detection system.
Prior to Qualys, he spent 10 years at Microsoft, where he led many projects, including Microsoft’s botnet monitoring and mitigation efforts.
What are the products of the Bittrex exchange’s ecosystem?
Following its core strategic direction, Bittrex Global focuses on the Spot trading market (base/spot trading) and provides coin/token trading pairs with BTC, ETH, USDT, and USD.
What is Spot Bittrex? Spot trading is the main trading market in Bittrex. Users can buy and sell coins like Bitcoin (BTC), Ethereum (ETH), Tether (USDT) and USD.
What is Bittrex Margin? Bittrex is currently working on a new trading engine that allows margin trading and other types of advanced orders. At this point, margin trading is inactive, but it is promised to be opened in near future.
What is Bittrex Futures? Trading futures contracts with high leverage help investors increase potential profits.
What is Bittrex Staking? If users do not want to take high risks in investing. Besides, Staking cryptocurrencies on the Bittrex exchange is able to create passive income by depositing money to receive deposit interest.
Advantages and disadvantages of the Bittrex exchange
The advantages of Bittrex
High security
The development team consists of experienced professionals in the field of technology. This is the reason why the trading team prides itself on its solid security foundation. This exchange uses crypto wallets to store customer assets offline for added security.
Stable cost
Each transaction on Bittrex fluctuates by 0.25%. Although these fees are higher than other exchanges, the method of completing the transaction is simple and suitable for new investors.
Easy-to-use interface
This is the biggest advantage of Bittrex. This trading platform is designed with a clean, easy-to-see, simple, and extremely user-friendly interface. The intuitive dashboard shows the full range of trading markets, prices, volume, and percentage changes each day.
The diverse amount of coins
With 480 coins listed, which includes both old and new coins such as Loopring (LRC) and Tron (TRX), Bittrex offers users more than 1000 trading pairs. Every day Bittrex adds ratings for each coin and lists them specifically on the platform.
Quick Verification
Bittrex verifies the user’s identity before initiating a transaction on the Jumio platform. With strong growth, the Jumbo platform is capable of verifying more than 100 million people across 200 countries. Users must provide the information for verification including full name, date of birth, and address.
Proprietary Platform
The term “Elastic computing” has been used by Bittrex to allow it to operate on the exchange. The term is quite common in cloud computing. This is a service that allows customers to initialize a variety of virtual server resources on demand, including CPU, RAM, Storage, and Networks without having to invest in data center hardware.
Providing a diversity of features
- Adjust brightness/darkness.
- Displays 12 cryptocurrency price charts and 10 timeframes.
- 113 technical indicators and 33 drawing tools for users to analyze charts.
- Introduce limit orders to better support trading.
- It has the function to place orders with the following conditions: Good Till Cancelled and Immediate or Cancel.
- Develop mobile applications with two popular operating systems: Android and iOS.
Fast deposit and withdrawal
Users can deposit money to the exchange quickly thanks to the use of an automated monitoring platform.
Professional customer service
Bittrex Exchange uses English (the most common language in the world) to serve the majority of users worldwide. Investor inquiries are answered and consulted on several major websites including Zendesk, Slack, Twitter, and Facebook.
The disadvantages of Bittrex
- It is not supported via the Telegram channel.
- Because of the tight security, some accounts of new users are banned for wrong manipulation too many times.
The history of Bittrex exchange development
- The company was founded in 2013 by Bill Shihara and two business partners formerly security experts at Microsoft Corporation. The exchange’s trading volume was among the top exchanges in the world at the time.
- In December 2017, with Binance and Bitfinex, Bittrex suspends new user registration due to high demand, at that time the entire cryptocurrency market exploded, media and television flooded, and the whole country always posted information on Bitcoin news when Bitcoin hits $20,000. After that point, all 3 exchanges reopened for registration when the Bitcoin craze subsided.
- On March 6, 2018, Bittrex listed TrueUSD (TUSD), a stablecoin that claims to be backed by USD, running in tandem with USDT.
- On March 20, 2018, Bittrex announced the decision to delist 82 cryptocurrencies for violating listing requirements, mainly due to their very low trading volume. So, Bittrex is delisting to better support the listing and storage of new cryptocurrencies.
- On April 10, 2018, the company opens registration for new users. Commenting on the matter, the CEO of Bittrex, said: “After working hard to improve our infrastructure and update our website, we are pleased to announce registration for users. new use.
- On October 30, 2018, Bittrex transferred the domain name to International.bittrex for international customers (Bittrex International), while US customers continue to use the Bittrex.com platform to ensure compliance with US laws and international.
- However, in September 2019, the exchange launched a new platform called Bittrex Global. Bittrex Global is an alternative to Bittrex International. By using this platform, all Bittrex accounts of old investors will be automatically upgraded to the new platform.
