Bittrex is one of the largest exchanges in the cryptocurrency market, competing with the likes of Binance and Poloniex.
With a variety of trading pairs and altcoins available plus a relatively easy-to-use interface, Bittrex is an ideal place for both new users wanting to buy altcoins and those who have experience trading cryptocurrencies.
Overview of Bittrex
The company was founded in 2013 by Bill Shihara and two other business partners. The founders had previously worked as security experts for Microsoft before deciding to open up a cryptocurrency exchange. Bittrex is based in the US but is not regulated by US securities law.
The exchange recently had its application for a New York BitLicence rejected. The reasons cited were inadequacies with its anti-money laundering process – something that Bittrex disputes. The New York State Department of Financial Services (NYSDFS) also questioned the due diligence Bittrex conducts when listing new coins. This means that Bittrex is not able to provide a service for customers in New York.
Cryptocurrencies, IEOs, and a stablecoin
There are currently over 200 cryptocurrencies available on the Bittrex exchange. The firm also announced in January it was introducing an OTC desk for institutional investors, as reported by Coin Rivet.
The company has been keen to explore the idea of Initial Exchange Offerings as well. IEOs are seemingly in pole position to replace ICOs following the craze of 2017. However, a recent IEO for the Raid token has since been shelved by the exchange. VodiX is another IEO that is due to take place on May 21.
The success of IEOs have not matched the hype of the ICO market though, with many of them failing to keep up their initial launch price, meaning investors have been making losses on their purchases.
Like many other exchanges such as Poloniex and Gemini, Bittrex has its own stablecoin known as TrueUSD. According to a recent audit by Cohen & Co, TrueUSD is fully backed by USD, which will ease the fears of many…