Bittrex has emerged for a long time as one of the most favored crypto exchange platforms allowing users to trade crypto without hassles. In this Bittrex review article, we’d try to go through all of the features of the platform and let you decide for yourself if it is the best crypto exchange for you.
|Supported crypto assets||BTC, ETH, LTC, BCH, DOGE, XRP, and more.|
|Supported payment methods||Wire transfer, credit/ debit card|
|Mobile application||Andriod, iOS|
Table of Contents
- Bittrex was initially found in 2014 in the United States.
- Further, it supports fiat currencies and transactions only for enhanced accounts.
- Bittrex has three kinds of accounts, i.e. unverified accounts, primary accounts, and enhanced accounts.
- For unverified accounts and primary accounts, the maximum limit of daily withdrawal is 4 BTC.
- Whereas, for enhanced accounts, the daily withdrawal limit is 100 BTC.
- Bittrex charges a 0.25% trading fee on all transactions.
- Bittrex also provides its users with the facility to verify their identity via documentary proof.
What is Bittrex?
Bittrex was initially situated in Seattle, United States, providing its customers with a safe and protected environment. This digital currency exchanger allows traders to trade over 730 different types of cryptocurrencies. Richie Lei, Bill Shihara, Ryan Hentz, and Rami Kawach are the founders of the Bittrex exchange launched in 2014. These owners have considerable experience of safeguarding in companies such as Microsoft, Amazon, and Blackberry.
Due to the provenance of Bittrex in the crypto market, this international cryptocurrency exchange processes approximately hundreds of millions of dollars in daily trading volume. As a result, Bittrex is ranked among the top 10 exchange platforms globally (at the time of writing), considering the number of available markets. Further in 2019, this crypto trading site stretched its horizons through its Partnership Program and eventually launched Bittrex Global. Bittrex Global was initially meant for international clients. Apart from this, Bittrex Global provides various traits such as trading fees, spot and limit trading, and liquidity pool.
Bittrex Review: Products
Number of Available Markets
Bittrex supports over 500 crypto assets, including Bitcoin, Ether, EOS, Dogecoin, Tezos, Tron, and much more. Easy trading and lots of supported cryptocurrencies allow traders to prefer Bittrex over other trading platforms. For example, you can easily purchase bitcoin on Bittrex without any hassle. Not only does it allow users to trade crypto assets, but it also allows them to trade both altcoins. Apart from that, Bittrex has successfully launched 3x leveraged tokens to keep up with platforms like FTX.
Bittrex Review: Elastic Computing
Bittrex trading platform considers the concept of ‘elastic computing ’. Bittrex exchange mainly operates around this concept due to various reasons. Elastic computing is nothing but an abstraction that lets clients leverage their computer holdings according to their practical requirements and preferences. Considering this system helps the Bittrex crypto exchange platform provide condescending trade implementation speeds that get rendered almost immediately.
EUR and USD deposits and withdrawals
One more prime feature of the Bittrex cryptocurrency exchange is letting users deposit or withdraw the fiat currency through their banks. Apart from that, it allows traders to trade with the help of EUR or USD as well. Moreover, transactions made through credit cards to debit cards are instantly and cost a minimal fee of approximately 3% per transaction.
Bittrex Trading Fees
Bittrex is classified into three categories, including New/ Unverified accounts, Basic accounts, and Enhanced accounts. New or unverified accounts cannot process any BTC withdrawals or deposits, whereas, with essential bills, you can withdraw an amount up to a maximum of 4 BTC per day. For the enhanced accounts, the daily withdrawal limit is 100 BTC, along with 2-factor authentication. Also, Bittrex prices are not much and are pretty minimal.
In terms of fees, Bittrex inflicts a flat rate commission of 0.25% on all trades. Comparatively, the price is higher than the industry average. Nevertheless, traders should note that Bittrex doesn’t charge any fee on deposits and withdrawals. In a way, this helps to balance out the relatively higher trade fee imposed by the Bittrex exchange.
Also, read: Bittrex Fees: Are You Paying Too Much Fees?
Is Bittrex safe?
Bittrex turns out to be both safe as well as secure for trading crypto assets. Following that, Bittrex exchange uses main circumspections such as the two-factor authentication (2FA) and cold storage wallet. The Bittrex team ensures all these steps to protect the customer’s funds. Furthermore, Bittrex complies with Anti-Money Laundering (AML) and Know Your Customer (KYC) verification to avoid severe financial crimes such as money laundering.
Bittrex Review: Customer support
Some investors are not happy with the way the exchange platform deals with complaints and doubts. Some traders have even waited weeks for a single response. Also, Bittrex has apologized a lot for how long it took to fix the problems it was having with verification. On the other hand, some traders even reported complaints about the Bittrex registration process initially. Furthermore, the Bittrex contact number does not seem like it works due to the reason that the customer support staff ignores its users.
Also Read: Best Paid And FREE Crypto Trading Bots
Bittrex Review: Pros and Cons
|US investors are allowed.||Trading fees are high as compared to other exchange platforms.|
|Focussed mainly on the two-factor authentication (2FA).||No Futures markets or Derivatives.|
|Traders can deposit USD through wire transfer, credit card, or debit card.||The mobile app is not much recommended.|
|Users can trade from over 300 cryptocurrencies.|
|A pioneered trading platform along with risk management mechanisms.|
Bittrex Review: Conclusion
In order to experience the best of such crypto assets, it is essential to have an appropriate crypto exchange platform. Bittrex turns out to be one of the best trading platforms that you will come across. Apart from the trading fees and privacy concerns, it offers everything that a beginner trader needs. As captivating as it seems for the first time, its API documentation has proved to be a brownie point as well.
Frequently Asked Questions
Yes, you could say that Bittrex is undoubtedly one of the finest cryptocurrency trading platforms in the overall market. It has successfully built up a stable reputation of being a global leader, which is perceptible from all of the users’ responses and sharing about it online. Moreover, Bittrex is definitely worth the hype due to its international fame as well.
Yes, it does. This wasn’t always the case, however. Earlier, Bittrex did not offer fiat trading capabilities – this was the situation for the longest time. As of late, though, the trading platform has started supporting USD, EUR, and other fiat currencies. Without a doubt, this tends to be one of the best improvements that the platform has received.
Yes, Bittrex is entirely legal to use. This exchange platform follows all of the diverse rules, laws, and regulations (that need to be mandatorily followed) that are in place in the US. So, to put it short, you don’t need to worry about any legal issues while using Bittrex, as everything is in order.
Both Bittrex and Binance have their offerings and specialties. But Bittrex has a more easy-to-use interface. Due to this feature, Bittrex is easy for beginners as compared to Binance. Apart from that, Bittrex also offers one-minute charts for traders. Other than this, Bittrex also charges cheaper transaction fees and trading fees compared to Binance.
Yes, Bittrex is safe to use. Many investors have experienced that the platform is one of the safest cryptocurrency exchanges in the entire crypto industry. Also, Bittrex puts a considerable emphasis on the “security” aspect of its operations – rest assured, it’s pretty safe to use.