Bittrex Review 2021 - Crypto Exchange
Making Crypto Simple
Cryptocurrencies have been rising in popularity over the last few years. Various crypto exchange platforms have been developed to allow users to convert one type of cryptocurrency into other altcoins to accommodate the market’s growing numbers. Not all exchanges operate the same, so it can be daunting to navigate different platforms to find the ones that best suit one’s needs.
With cryptocurrency becoming a lucrative trading niche, exchanges are subject to hacks and breaches, except for one. Today, we take a closer look at Bittrex, a US-based veteran crypto exchange platform with some of the tightest security measures you could hope for within a company that deals with digital assets and personal information.
Continue reading our Bittrex exchange review below to learn why they are among the top exchanges and determine whether it’s right for you.
And if you’re interested to see where Bittrex is on the list when it comes to trading crypto in Australia, have a look at our comparison of the best crypto exchanges to use in Australia.
US Cryptocurrency Exchange: Bittrex
Bittrex is a US crypto-to-crypto trading exchange platform based in Seattle, Washington. In 2014, three expert cybersecurity engineers, Bill Shihara, Richie Lai, and Rami Kawach, founded the company. Together, the team has more than five decades of development and security experience from companies like Amazon and Microsoft.
Since its beginning, Bittrex has been steadily gaining traction as one of the leading exchanges on the market. It hosts a wide selection of currencies, and users can spot execute trading orders. The platform includes standard charting tools for trading and automated trading features such as instant buy or sells and good ‘til canceled (GTC).
Because of the founders’ appreciation for and expertise in cybersecurity, Bittrex’s operation emphasizes security. Unlike other crypto exchanges, hackers have yet to infiltrate this trading platform, and it has never had a breach. The veteran exchange company regularly receives praise for its security, quick loading speeds, and stability.
As a crypto-to-crypto trading platform, Bittrex specializes in cryptocurrency trades. The exchange features over 190 cryptocurrencies for customers to trade. The platform also offers more than 284 trading pairs, with Bitcoin and Tether having the most.
As of 2021, the exchange allows trading fiat currencies or monies with government support, such as USD. Before the policy change, users could trade using USDT (US Dollar Tether), where 1 USDT is equivalent to 1 USD.
Trading in the US through Bittrex is allowable in all states except Hawaii, Louisiana, Nevada, Nebraska, Tennessee, New York, Connecticut, and Vermont. Bittrex Global, based in Liechtenstein, allows for international trading from other countries except for North Korea, Syria, the Crimean region, Iran, and Cuba.
Bittrex accounts that cannot trade using USD can execute transactions using USDT or other stablecoins.
Adding money to your Bittrex account can happen in two ways: You can move money to the account from an existing crypto wallet or deposit fiat currency using a Visa or Mastercard bank card or wire transfer. The ability to add funds requires a verified account with scans of valid forms of identification, such as a driver’s license and a recent billing statement.
To make a USD or EUR deposit after verifying your Bittrex account, you must whitelist your bank account by submitting a request to the Bittrex customer support desk. Waiting for your whitelisted account approval can take a few days. It will also take several business days for wire transfers to credit to your account.
Deposits using a bank card are usually faster, but you will receive a 3% charge in addition to the deposit amount per transaction. Though the minimum deposit amount is 50 USD, there is no maximum to how much you can add to your Bittrex account.
You can withdraw both fiat funds and crypto-assets if you meet the 50 USD minimal withdrawal threshold. Exact withdrawal fees depend on the type of cryptocurrency you select, but they’re on par with other crypto exchanges.
To withdraw fiat funds, you must attach a verified bank account to your Bittrex account. The money will go directly into that bank account, usually within ten days. There are no fees for withdrawals.
Trading Fees and Limits
When you create a Bittrex account, you will see a seemingly endless stream of cryptocurrencies within the marketplace. The way the trading pairs appear makes it simple for anyone to find and select whichever one they want. The Bittrex market also has a search function to help users find the exact trading pair they wish to trade.
Bittrex falls in line with other crypto exchanges by utilizing a tiered structure for fees. People who trade at a significantly high volume can receive a discount on their trading fee. Users can save money if they trade more on the platform.
Trading on Bittrex begins with a flat rate of .25% for the maker and taker on every trade. This amount is slightly higher than the average trade fee. Still, it works well for newcomers to cryptocurrency exchanges because there is only one fee per transaction, making it easier to keep track of spending.
However, because of the tiered system, once a maker hits $40 million in trading volume, the maker fee is 0%. The taker receives 0.10%. At $60 million, the taker fee drops to 0.08%.
Unfortunately, Bittrex doesn’t allow unlimited withdrawals from its exchange. The withdrawal limit for unverified accounts is 1 BTC a day. Accounts that use two-factor authentication can access Bittrex’s entry-level account, raising the withdrawal limit to about 3 BTC a day.
The most a user can withdraw is 100 BTC per day. The ability to take out so much at once requires the user to have an enhanced account.
One of the drawbacks to Bittrex appears to be its customer service. Though it excels in crypto trading and security, many users give the platform’s customer service department a low rating. A critical factor in their subpar service pertains to their handling of suspended accounts.
The exchange platform would sometimes suspend or ban users seemingly without cause or reason. After a public outcry, Bittrex responded by saying they periodically conduct compliance reviews to protect users. They will suspend accounts until they complete their assessment.
Some users say they had to wait weeks to receive a response from Bittrex customer service regarding their accounts and identity verification. Their review process affected about 0.1% of all accounts on the platform, according to Bittrex, but their reputation for customer service took a hit nonetheless.
It is worth noting that Bittrex’s customer support structure is on par with other crypto exchange platforms. They use Zendesk, and users can search articles and FAQs about relevant topics. Users can also log into Bittrex support to review their customer support tickets.
As one of the most secure crypto exchanges on the market, security is a top priority for Bittrex. Cyber attackers have stolen millions from cryptocurrency exchanges, except for Bittrex. The platform uses several security measures to prevent theft and fraud.
Because its headquarters is in Seattle, the exchange closely follows American laws governing currency trading, including the Anti-Money Laundering and Know Your Customer federal programs. The purpose of these programs is to prevent financial crimes and fraud.
Aside from adherence to federal laws, the Bittrex team uses cold storage to reduce the risk of hacking and protect its customers’ money. With cold storage, up to 90% of the exchange’s currency is offline, where cyber attackers can’t access it.
Another layer of security within the exchange is its two-factor authentication. Taking this step is not mandatory for account holders, but users are strongly encouraged to lock down their accounts against unauthorized use. To complete a transaction with 2FA, customers must provide two types of information, like a password and a separate code.
Bittrex crypto exchange also requires users to approve every new IP address they use to log into the platform via an email confirmation. You can authorize the platform about your pre-approved IP addresses through their IP Whitelisting feature. IP Whitelisting allows you to execute trades or withdrawals solely from the IP addresses on that list.
Frequently Asked Questions
Who can use Bittrex?
Bittrex is for anyone who wants to get into cryptocurrency trading, whether as an individual or institution. Though new traders can use the exchange to execute trades and sales, the platform’s target audience is experienced traders. Residents within the restricted states and international regions cannot use the platform.
How do you trade cryptocurrency using Bittrex exchange?
Bittrex tries to make things as easy as possible for their customers, including the registration and trading process. First, you’d have to create an account with the exchange by following the signup page’s clear instructions. At this point, all you need is your email address and a unique password.
Afterward, you will receive a notice to confirm your email account. Once you do, you’ll have to answer a few more questions about your identity and provide photographic evidence that you are who you say you are within the registration form.
Trading is relatively straightforward too. Once you set up your account and purchase coins, you can select “Markets” on the dashboard and the cryptocurrency you want to trade. Then, choose how much you want and make a bid.
Does Bittrex have a mobile app?
If you cannot access the website or prefer to trade on the go, you can download the Bittrex exchange app. The app is available for both Android and iOS devices. With it, you can follow, deposit, withdraw, and trade all the platform’s supported markets.
The Bittrex mobile app makes crypto trading more accessible without losing the website’s superior loading speed or security. It allows you to have a digital wallet on your phone or tablet that you can use to manage your digital and token asset holdings.
Is Bittrex safe?
Bittrex is one of the safest cryptocurrency exchanges on the market. Exchanges store an incredible amount of personal information like government ID details, addresses, and tax ID information. Bittrex uses multiple verification steps and security measures to ensure that all personal user information and assets are secure at all times.
Some of their security features include two-factor authentication, cold storage of currency, and IP verification procedures.
Is Bittrex hard to use?
The exchange is relatively simple to navigate, but usability differences exist between the US and global customers’ platforms. The primary difference is that the US version of the exchange has fewer assets than the international version. However, both options feature a wide array of altcoins and high liquidity in their markets.
Bittrex’s user interface makes it user-friendly across the board. The main dashboard includes supported trading markets, price change percentages within the last 24 hours, and price overviews. You can navigate these markets on the dashboard: USD, BTC, USDT, EUR, and ETH.
Does Bittrex have a referral program like other exchanges?
Technically, yes. Users who take advantage of the Bittrex Referral Program can encourage new customers to create an account with the exchange. For their efforts, they can receive 10% of their invited user’s trading fees.
Unfortunately, the referral program does not include a dashboard for customers to track their referrals or trades. Bittrex also notes that the company can change the referrer percentage at their sole discretion.
Summing It Up
Based on this Bittrex exchange review, Bittrex is one of the most secure crypto exchanges available, both within the US and abroad.
Its platform design allows for quick, straightforward trading for beginners and experienced traders alike. While the exchange may not be the best choice for someone with no cryptocurrency trading experience, you don’t have to be an expert to learn how to navigate their dashboard.
Security is not a concern with Bittrex, thanks to their founders’ expertise in cybersecurity. The platform’s verification and authentication processes are well-layered, making it challenging for hackers to infiltrate the system and steal valuable digital assets and information.
Some users think the verification process is too much because it has caused some customers to lose access to their accounts temporarily. We do have some concerns about account suspensions and long wait times for customer service. Still, we feel the company is taking steps to correct that inconvenience without affecting the platform’s superior security.