Help Category: Exchanges (Coinbase & Bittrex)
What is the difference between Coinbase and Bittrex?
One of the most confusing parts about trading cryptocurrencies for the first time is that not all trades can be made in a single brokerage account like Charles Schwab or TD Ameritrade.
Instead, trading cryptos involves three main steps…
You purchase a popular cryptocurrency — like Bitcoin or Ethereum — through a checking account or credit card using a platform like Coinbase.
You then transfer that cryptocurrency to an exchange like Bittrex.
Then you use the exchange to purchase other, smaller cryptocurrencies.
You can learn more about using these exchanges by subscribing to The Crypto Alert.
How do I contact Coinbase or Bittrex?
The best way to contact Coinbase or Bittrex is through their online contact forms.
For Coinbase, you can reach their support page here, where there are answers to several frequently asked questions. Or there is chat bubble in the bottom right-hand corner. Click that and you can message an agent directly.
For Bittrex, you can access their support page here. Bittrex also shows many frequently asked questions. Or you can scroll all the way down to submit a request.
Am I allowed to trade cryptocurrencies outside the United States?
Of course! The spirit of cryptocurrencies is that they’re decentralized. Transactions and exchanges should be totally frictionless.
Currently, Coinbase supports digital wallets for users in 32 countries. If your country isn’t on the list, no worries! There are other reputable crypto wallet providers out there to check out, like Coinmama or BitPanda.
Why doesn’t Coinbase work in Hawaii?
This all comes down to regulatory restrictions in Hawaii. Officials want Coinbase to hold fiat currency equal to the amount of cryptocurrency in their users’ accounts. So as of this writing, Coinbase would be required to hold $4,231 for every 1 Bitcoin owned by Coinbase users. Rather than tackle that burden, Coinbase asked users to close their accounts, and has blocked new accounts from being made.
Here’s an excerpt from the Coinbase website explaining why they shut down accounts…
“Although Coinbase securely maintains 100% of all customer funds on behalf of our customers, it is impractical, costly, and inefficient for us to establish a redundant reserve of fiat currency over and above customer digital currency secured on our platform.”
One solution for Hawaii residents is another online wallet called Kraken. Their support team told us that Hawaii user accounts are supported.
Could you provide more videos or other information on trading cryptocurrency on Bittrex.
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