Bittrex

Founders

Bill Shihara is Co-Founder and CEO of Bittrex. He was previously a Security Engineering Manager at Amazon and Manager of Security Threat Analysis and Security Engineering at BlackBerry. Previous to working at BlackBerry, Bill spent 11 years at Microsoft working on the Windows Operating System and the Trustworthy Security team.

Richie Lai was previously a leader in the Amazon Information Security Team. He ran a large organization consisting of a global 24/7 Security Operations Center that operated in multiple geographic regions. Prior to that, he spent 12 years at Microsoft building up their security engineering and internet crimes division.

Rami Kawach was previously the Director of Engineering at Qualys where he is the architect of their next generation vulnerability management solution and malware detection system.

Ryan Hentz is the contractor to help with operations. Hs is currently a Senior Security Engineer at Mercury Payment Systems, a company that was bought in June of 2014 by Vantiv, INC. Ryan formerly ran the Altcoin exchange CryptoALTeX which remained solvent until closing due to time constraints.

Key features

  • Popular Altcoin Market amongst traders. Supports more than 190 cryptocurrencies
  • Bittrex does not support fiat deposits or withdrawals. It does not offer fiat trading pairs such as the USD, EUR or YEN they do offer USDT.
  • Users cannot deposit funds directly from bank or via credit or debit cards.
  • Users can though purchase Bitcoin, Ethereum, or USDT via bank wire transfer. For this to take place an “enhanced verified” account is necessary along with a purchase amount worth a minimum of $10,000.
  • Multi-stage wallet strategy that ensures 80-90% of funds is stored offline and kept safe. In addition, two-factor authentication is required for all withdrawals and API usage.
  • Trading fee is 0.25% on each buy or sell order, which is slightly above average when compared to most of the popular Exchanges.
  • No margin trading or lending offered.
  • Liquidity is sometimes way below average. Execution may take a few minutes.

Account Opening

Sign up for an account and verify the email address. When you first log in, list of all of Bittrex’s markets appears. Navigate to the Wallets page to deposit the cryptocurrency of choice. Select the desired currency by clicking the plus icon; a deposit box will pop up, which allows you to generate a deposit address. Deposit can be made by sending over funds from a cryptocurrency wallet you already have.

Deposits require a number of blockchain confirmations before being available for trade. The number of required confirmations depends on which cryptocurrency you’re depositing. Once your deposit is available for trading, locate the trading pair you would like to trade on the markets page.

Order Book is used to view all buy (bids) and sell (asks) orders that have been placed by Bittrex users. Choose your desired number of units and your desired price. Confirm your order before placing it. You can, however, cancel orders that do not get filled. Once your order has been filled, the cryptocurrency you purchased will be available in your Bittrex wallet.

Withdrawals can be made by clicking on the minus icon. Enter the amount you want to withdraw and the address where you want your withdrawal sent. Verification is required for withdrawal to be successful.