What is Bittrex?
Bittrex is a platform for trading digital currency or to be precise, cryptocurrency. One of the biggest challenges for the trading community is security. A trustworthy and secure infrastructure is essential to operate online transaction. Thus, a group of security professionals founded Bittrex. The founders of Bittrex are Bill Shihara (Co-founder & CEO), Richie Lei, Rami Kawach and Ryan Hentz.
Bittrex, developed and operated in the United States, is responsible for the fast and easy trading of cryptocurrency. Being in the domain of development and security, Bittrex has been serving its clients for almost 50 years. Bittrex prevents any security breach by following strict authentications and high-end technology.
Working of Bittrex – How to use Bittrex Exchange
Cryptocurrency runs only on online networks and uses cryptography for its security. Even though the technology is advanced, cyber criminals still find their way to make the product vulnerable. Thus, Bittrex provides a safe platform for currency exchange. The major crypto exchanges are Litecoin, Darkcoin, Nextcoin, and Ethereum.
Bittrex has the custom trading engine that uses elastic computing technology. This trading engine supports instant transactions without any delay. For maintaining security, Bittrex uses multi-stage wallet plan so that 70-90% of the currency can be kept offline. The Client also has to go through a two-step verification process for any withdrawals or deposits.
Bittrex has automated monitoring platform. Thus, it updates the client in real-time. Any information related to deposits, withdrawals, wallet balance etc. is easily available and accessible. The Application Program Interface (API) of Bittrex allows a quick and secure exchange of currency.
Thus, Bittrex Exchange allows high-frequency trading network, which is both robust and reliable. The trading experience for individuals or business owners has become overwhelming. Bittrex is also tested for a secure network to assure quality as per industry standards. Bittrex has collaborations with a bunch of financial experts for legal structuring.
New account set up on Bittrex – Bittrex sign up
To set up a new account on Bittrex, a user can log on to www.bittrex.com. On the website, there is an option of signup. Therefore, the User has to sign up with an email ID and create a new password. Click on “I agree to the Bittrex.com Terms of Service” and submit the information.
For further confirmation, a link is sent to the linked email ID that has to be verified. After verification, the user can log in to its Bittrex account.
Enabling two-step authentication & verification
Once a new account has been setup, it has to be secured by enabling two- step authentication. The user can click on settings and go to two-factor authentication (2fa). 2fa works on Google authenticator, which links itself with Bittrex. A 6-digit code is provided to the user, which finally enables 2fa.
Other verifications include basic, phone and advanced verification. Basic verification requires name, address, Date of birth etc. Phone verification requires the contact of a person and advanced verification occurs only after 2fa enables.
How to add and withdraw Coins in Bittrex?
In order to add money in Bittrex, a user should have a account with any blockchain wallet. A user can go to wallet section on Bitterex.com. Click on the plus symbol available next to the currency, say Bitcoin. A window will appear with a QR code and an address.
Now user has to login in an account and clicks on sending funds. Copy the address and select the Bitcoin amount then click on send. In 20-25 minutes time, the wallet balance on Bittrex will appear. This money is then utilized for trading.
Thus, Bittrex has many trading pairs to exchange against Bitcoin and Ethereum. It’s a platform for new generation digital trading, which has no dependence on flat currency or traditional currency.