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Bittrex Review

When it comes to cryptocurrencies, the security factor is the first to consider. In fact, the most frequently asked question is whether Bittrex is safe.

Before answering,, we must carefully examine this website and understand what levels of security it adopts and, above all, if it is convenient compared to the market’s alternatives.

Among these alternatives, there are CFD brokers that offer a very high level of security. One of these is eToro which allows you to trade cryptocurrencies (and many other assets) without paying commissions and with the possibility of automatic trading.

What is Bittrex?

Bittrex is a cryptocurrency exchange, an exchange website that opened in 2014.

It was born as a secure site that quickly allows you to execute orders with a quick and very simple interface. Unfortunately, despite good intentions, the security problems remain, like all exchanges. Even Bittrex is subject to continuous cyberattacks, which fortunately have not yet done serious damage.

Unlike its main competitors, Bittrex’s primary focus is trading.

Obviously, it is not a classic trading platform. Still, it has all the limits of direct transactions in cryptocurrencies, which have different technical times (due to the blockchain) compared to the instant transactions offered by CFD brokers (which we will talk about later).

On the other hand, it has a very well-designed platform with a smartphone app and offers orders such as Stop Loss, but without the possibility of making short sales. In practice, you cannot aim for the downside, but you can only sell cryptocurrency if you own it.

Is Bittrex worth it?

Bittrex is worthwhile when compared to other exchanges but loses miserably when compared with the convenience and security offered by CFD brokers.

The convenience depends on the commissions that Bittrex charges for each transaction, while in CFD brokers, they are not paid.

Security is the real Achilles heel of exchanges. Bittrex adopts the best possible security measures but is still subject to frequent cyber-attacks because stealing cryptocurrencies allows you to “disappear with the loot” without a trace, and it is much easier than stealing fiat currency such as Euros or Dollars that leave indelible electronic traces.

A limitation of Bittrex seems to be the lack of assistance in the withdrawal phase, one of the defects that the platform’s customers complain of most often.

Bittrex: What alternatives are there?

Unlike other competing exchange sites such as Coinbase, Coinmama, Bitstamp, Kraken, BitMEX, The Rock Trading, CEX, Bitpanda, LocalBitcoins, and Gemini, Bittrex is completely oriented to trading but is very different from that offered by CFD brokers, which allow trading cryptocurrencies in a much safer, faster and cheaper way.

These brokers have such great advantages because instead of investing directly in cryptocurrencies, they trade on contracts for difference (CFDs), i.e., regulated contracts that replicate the corresponding trend cryptocurrency.

Both Bittrex and CFD Brokers provide cryptocurrency quotes. Still, Brokers also allow you to aim down, invest in the drop in a digital currency price, and do not charge commissions.

Since you don’t really buy cryptocurrencies with CFD brokers, you don’t even need a wallet to store them and greatly reduce the risk of theft.

Here is a list of the Pros and Cons of CFD Brokers compared to Bittrex.

Pros

  • Very fast execution times, practically immediate
  • You can also invest downwards
  • There are no commissions
  • Deposit security
  • An operational license issued by CONSOB or CySEC

Cons

  • You don’t really get hold of the cryptocurrency.
  • Reduced number of cryptocurrencies available.
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Written by Crypto Discounts

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