Bittrex Review 2022
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There are more than 1,500 different cryptocurrencies in circulation on the crypto market today. At the same time, there are countless cryptocurrency platforms and exchanges to choose from for purchasing and trading cryptocurrencies. Choosing the right platform can be a tricky endeavour, especially when it comes to crypto safety.
One exchange that takes the next step in terms of crypto security is Bittrex. We’ll use a simple analogy to provide a vivid explanation. If cryptocurrency exchanges were gallant knights sworn to protect the merits and safety of cryptocurrency maidens, then Bittrex would be the King Arthur of cryptocurrency exchanges and the platform would be the island of Avalon, where the firewall Excalibur was forged to protect the vulnerable virtues of crypto.
If we’ve managed to grab your attention, we’ll tease you some more by saying that Bittrex is a crypto platform that pledges to provide the ultimate safety for your cryptocurrencies. User security is their top priority along with swift transactions and impenetrable armour for any hackers and remote attackers.
Keep reading our article for a full review of the Bittrex platform that will include an overview, a list of supported currencies, trading fees, withdrawals, deposits, supported countries, and more.
About Bittrex Exchange
Bittrex is a US-based platform with headquarters in Seattle, Washington. The Bittrex trading platform was launched in 2014 by cyber-security specialists Bill Shihara, Rami Kawach, and Richie Lai. The owner team has more than 50 years of security experience among them and opened their own platform due to the risks involved with handling cryptocurrencies. Their goals were to provide users with a stable and highly-secure platform to trade crypto. Prior to opening their platform, they worked at a cyber security department at Microsoft.
The Bittrex exchange is deemed as one of the safest crypto platforms in the current crypto space and provides a wide range of services to its millions of daily and constant users. Aside from the stable security features, the platform is famous for the wide variety of available cryptocurrencies. When we say wide, think of 1,000 and upwards.
The platform boasts a sleek and easy-to-use UI and the possibility for instant payments and purchases. With a simple click, new users can start their crypto journey by linking their debit card or credit card to purchase their first crypto.
Other crypto trading features include charting tools, as well as automated orders like instant buy, instant sell, and good till’ cancelled (GTC). On the other hand, margin and leverage trading are currently unavailable on the platform.
As we stated before, the platform’s main goals are to achieve maximum security for both users and their crypto assets. However, Bittrex is currently unregulated but falls in line with the laws of FinCEN and the US rules and laws for cryptocurrency trading.
Ease of Use
Bittrex offers users the standard cryptocurrency trading features as well as an advanced platform for trading. We’ll list their features below.
Just a quick mention of Bittrex Global to clear up any misunderstandings you might have. Bittrex Global was launched in 2019 through a partnership program of the Bittrex company. This platform was aimed at the international cryptocurrency crowd and offers different options from the platform we’re reviewing today. The global platform doesn’t share the trading volume with the Bittrex platform, only the liquidity pool.
The Bittrex Trading Platform
The Bittrex platform (bittrex.com) allows users to trade cryptocurrencies and make price speculations on different cryptos against the prices of capital cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), and the stablecoin Tether (USDT). The main platform’s user-friendly UI is neatly laid out and both beginners and experienced users can benefit from the features included.
The different charting tools, including drawing tools and indicators, are all operated by TradingView, which has the reputation as one of the best charting sites on the market. Crypto purchases and trades are easy to follow through and transactions are quite fast. Beginners can make direct purchases through their bank accounts with a moderate fee of 3% per transaction.
Bittrex utilizes another trading platform called the advanced trading platform. This platform is built around a unique concept called elastic computing, which is a feature that enables different companies to leverage computer resources. These resources can be adjusted upwards or downwards depending on the operational conditions and requirements. The outcome from the leveraged computer resources results in superior trade executions that are conducted instantly.
The placing trades order is neatly located to the right of the chart panel making it very accessible as users cannot miss it when looking at the user interface display. The placing trades options and order types are lined one after another and this is one of the features that make the platform so accessible to beginners.
The main options for trading can be utilized by both beginners and advanced users as there’s something for everyone on the platform. Bittrex supports the following order types: limit, market, stop-limit, ladder limit, trailing, and one cancels the other or OCO.
Bitcoin and Other Supported Currencies
As Bittrex is a crypto-to-crypto trading platform, with the exception of US bank account deposits for fiat currencies, the choices for cryptocurrencies and trading pairs are vast. There are over 100 different cryptocurrencies and cryptocurrency trading pairs supported on the Bittrex platform and some of the most popular ones include Bitcoin (BTC) and altcoins like Ethereum (ETH), Litecoin (LTC), Ripple (XRP), Monero (XMR), etc.
As for fiat currencies, the only currency supported is the United States dollar (USD). Users with native currencies like the Euro (EUR) and the Global Pound Sterling (GBP) can use different exchanges like Coinbase, Binance, and Kraken to purchase crypto with fiat or convert it to Tether (USDT) and make purchases in that manner.
Payment Methods and Deposits
Fiat deposits on Bittrex are only eligible in the USA through US bank accounts and deposits are made in USD. These deposits can only be done through a bank transfer, more specifically, a wire transfer. Users who aren’t eligible for a US wire transfer can conduct deposits in the form of the stablecoin Tether (USDT) should they choose so. USDT is pegged to the US dollar in a one-to-one ratio. Other crypto deposits are available but they’re different in value compared to Tether.
In order to be eligible for deposits on the Bittrex platform, users must complete the KYC verification check required by the platform. This method requires a valid form of identification like a government-issued ID card and a legitimate bank statement.
Upon completion, to make wire transfer deposits, users must whitelist their bank account by submitting a deposit request with Bittrex Global support. This verification process might take several business days but once it’s approved, users will be eligible to deposit fiat currency on Bittrex.
Bittrex Fees and Limits
The platform incurs several types of fees that we’ll take a look at below.
There is a fixed fee for any buy and sell orders on the Bittrex platform that amounts to 0.25% per transaction. This is not one of the cheapest trading fees on the market but it’s not one of the highest either. The advantage of this fee is that it’s a per-transaction fee. This can appeal to beginners because it makes it easier to keep track of the fees. One transaction, one fee system.
There aren’t any fees for making purchases through a US wire transfer bank or by transferring crypto via a third-party wallet. Credit card and debit card purchases, on the other hand, incur a steep fee of 3%. These types of instant purchases are available in the US but as the fees are higher, we recommend that users stick with more traditional deposit methods for their initial purchases.
The Bittrex platform doesn’t charge any fees to withdraw funds from the platform to a selected bank account through a wire transfer. If users are transferring crypto from a Bittrex wallet to another crypto platform or to their hardware wallet, then they will have to include a blockchain (network) fee that varies depending on the trading volume, network congestion, and the selected cryptocurrency.
Is Bittrex Safe to Use?
As Bittrex stands as one of the most secure cryptocurrency platforms on the market, user and asset security is the team’s main goal. In the past, there have been many hacks and scams linked to cryptocurrency exchanges and millions of dollars worth of crypto have disappeared without a trace.
The Bittrex platform follows the US laws for trading crypto. Some of those laws include the Anti-Money Laundering and Know-Your-Customer (KYC) guidelines.
Moreover, the platform states that 90% of users’ assets are stored in offline cold storage where remote attackers have no access. Other safety features include a two-factor authentication (2FA) system, which although not mandatory, it’s still recommended for better account security.
Additionally, the platform requires users to verify each IP address they plan to log in from as an additional security measure. This is conducted through an automated confirmation email. There are even options to whitelist designated IP addresses in order to have access through different devices without additional confirmation.
It’s not new headlines that customer support is the bane of all cryptocurrency platforms and Bittrex isn’t an exception. The Bittrex customer support has several ways to contact the support team. There are support tickets, a live chatbot, and social media presence on Facebook and Twitter. The platform’s social media presence is active but doesn’t reply on any issues when posted on these platforms.
There is an extensive FAQ section on the website for referrals and detailed guides but currently, there’s no phone number or email support. There have been complaints that issues took weeks to resolve but this comes from a small number of users with specific problems. All in all, customer service is not different from competitive platforms with mediocre scores.
A Few Words Before You Go...
To wrap up this review, we’ll say that Bittrex is one of the safest cryptocurrency platforms out there. The platform allows users to conduct fast and secure transactions and the friendly user interface enables beginners to take part in the crypto game without having to spend much time learning the ins and outs of the platform.
Security is not an issue on the platform as the owners are experienced cyber-security experts cutting their teeth at companies like Microsoft and Amazon prior to opening their exchange. Features like account verification and authentication are layered in a manner that hackers will find immensely hard to infiltrate. Some complaints were noted about the KYC process taking a lot of time but when it comes to asset and account security, you cannot be too careful.
The downside to the platform, however, is their lacking customer service section. Still, the company has recently put in efforts to improve the user quality and respond to any questions as soon as possible. All in all, Bittrex is a great crypto trading platform and we recommend every US user to try it out on their own. For users outside the US, the Bittrex Global platform provides similar features and top-notch security.
frequently asked questions
Yes, the Bittrex mobile app is free to download on both Android and iOS devices. The mobile app can be linked to the account used on the main platform and is jam-packed with all of the features from the main platform. The app’s user interface seems a bit convoluted at best as beginners can easily get lost in the different panels appearing on the UI. This comment doesn’t refer to the functionality of the app, as all of the features work as they were intended to do so. It’s only a suggestion that the UI can do well with a makeover. You also get the option to use the mobile app as a wallet, in case you’re interested.
The main platform is available for US residents only. Outside of the US, users can utilize the Bittrex Global platform that has some different features and a different fee structure with support for additional fiat currencies.