Bittrex is a top-ranking cryptocurrency exchange that was founded back in 2014 by cybersecurity experts Bill Shihara, Richi Lai, and Rami Kawach, all former employees in leading tech companies such as Microsoft and Amazon. Bittrex Inc. moved its base of operations from Las Vegas to Seattle, Washington, and continues to provide cryptocurrency exchange services to US customers under US cryptocurrency regulations.
The Bittrex exchange also has a global cryptocurrency platform that serves customers around the globe. Bittrex Global is located in Vaduz, Liechtenstein.
Bittrex is known as a reliable and trustworthy crypto exchange, with a reputation for being secure. It is among the top 50 cryptocurrency exchanges according to CoinMarketCap’s score, along with other well-known crypto exchanges such as Kraken, Coinbase, Binance, and Bitstamp.
Bittrex Platform Trading Features
The Bittrex cryptocurrency exchange offers spot trading in many cryptocurrency pairs, but the trading platform doesn’t support margin trading and derivatives trading. Spot-trading on the platform is easy and suitable for all investors, thanks to advanced features such as stop-loss orders.
The user interface is well-designed, allowing customers to easily track changes in the crypto markets, including asset price volatility and trading volumes. While beginners might be intimidated by the detailed charts at first, Bittrex provides serious crypto investors with the necessary tool to accurately assess market trends. You can use also use several APIs to automate crypto trading on the platform.
The Bittrex trading engine is optimised for rapid transactions, and customers can quickly and easily buy, sell and trade cryptocurrencies. Bittrex especially shines in terms of security, as the trading platform hasn’t lost assets to hackers yet. Bittrex complies with Know Your Customer and Anti-Money Laundering regulations and requires identity verification if you want to trade on the platform.
Finally, Bittrex also offers a mobile app that allows customers to access their cryptocurrency wallets and make trades on the go. The mobile Bittrex app is available for Android and iOS devices.
Bittrex Global serves many customers around the world, including customers in Australia, Canada, and Europe. Customers not based in the US are automatically directed to Bittrex Global when they visit the Bittrex website at Bittrex.com.
Bittrex offers many digital tokens and trading pairs on its platform, allowing customers to exchange more than 400 crypto pairs. That means customers can buy, sell and exchange lesser-known altcoins along with more popular and trending digital assets on Bittrex. That makes Bittrex a good cryptocurrency exchange for traders who wish to expand their portfolios to include less popular assets while still buying and selling more mainstream assets like Bitcoin and Ethereum.
Listed digital assets include Bitcoin (BTC), Ethereum (ETH), Tether (USDT), Dogecoin (DOGE), Litecoin (LTC), Cardano (ADA), Polygon (MATIC), VeChain (VET) and Algoran (ALGO).
Platform Trading Fees
The Bittrex trading fee structure differs from that of its competition in an important way: unlike most crypto exchanges, which adjust their fees depending on their customers’ order types and trading volumes, Bittrex applies a fixed fee to all cryptocurrency transactions.
Every time you make a crypto transaction through the Bittrex trading platform, you will be charged a 0.25% flat fee. The advantage of this model is that you can easily calculate exactly how much you will be paying in fees by looking at your transaction amount. On the other hand, frequent traders might prefer crypto exchanges that apply fee discounts for customers with large trading volumes.
Remember that there is also a network fee attached to all blockchain transactions. Blockchain or network fee varies depending on the asset and the network traffic and isn’t set by Bittrex.
Bittrex Deposit and Withdrawals
Bittrex allows both crypto and fiat currency deposits and withdrawals. Customers can make fiat deposits using VISA debit cards or through wire transfers. Debit Card deposits are usually faster but come with an extra 3% fee.
Bittrex supports USD and EUR deposits. In order to make fiat currency deposits, you need to get your bank whitelisted by Bittrex by submitting a ticket to the Bittrex customer service, in addition to completing ID verification on the Bittrex platform. The whole process can take a couple of days and might incur additional fees depending on your bank.
While Bittrex doesn’t charge extra for fiat withdrawals, your bank may apply separate fees for the service. Fiat withdrawals might take several days to complete.
Remember that you need to complete ID verification before you are able to make withdrawals. Bittrex exchange’s ID verification process is relatively simple: You are asked to provide a photo ID, a copy of a recent bank statement or a utility bill in your name, and a selfie.
Unfortunately, Bittrex customer support isn’t the best. While there is an extensive FAQ section that covers a lot of ground, the ticketing system is very slow. According to social media complaints, the live chat isn’t very helpful when you are dealing with account issues.
Bittrex Review Key Points
Bittrex is a fast spot trading platform with more than 400 cryptocurrency trading pairs. It utilises industry-standard security features such as two-factor authentication and cold storage and hasn’t been hacked yet. You can make crypto and fiat deposits and withdrawals on the Bittrex trading platform in USD and EUR. Finally, Bittrex applies a flat 0.25% flat fee on all crypto transactions through its platform.
A Few Final Words…
Bittrex is a veteran cryptocurrency exchange that has something to offer to everyone. The user interface is simple but also boasts powerful tools that allow more experienced customers to explore advanced trading strategies. All popular cryptocurrencies can be bought and sold on the platform, as well as a great number of less popular altcoins. Overall, it is a good exchange for traders who are looking for a versatile platform that combines security, fiat-to-crypto deposits and altcoin trading volumes under one roof. Just make sure you have all you need to verify your identity to avoid account verification troubles later on, as customer service is quite slow to respond to such issues.