Let’s Review Bittrex and See What It’s All About [Updated For 2021]
The crypto exchanged is equipped with various platforms, such as Bittrex. Bittrex is one of the largest exchanges currently on the market and is also valued as being one of the most secure. Many individuals like this platform, as it’s yet to be hacked even after several of its competitor cryptocurrency trading platforms have been victims of infiltration. When using this platform, you have the option to trade over 300 cryptocurrencies. Not to mention, the site has a combined 24-hour trading volume of more than $66 billion. Adding to this, the Bittrex crypto exchange market often places in the best three exchanges globally.
The Bittrex trading exchange company was founded in 2014 and is the product of three former cybersecurity engineers. These great minds are Rami Kawach, Richie Lai, and Bill Shihara. The founders of Bittrex have also worked under companies such as Microsoft, Blackberry, and Amazon. Due to this, these individuals claim to leverage this experience gained from working in fortune 500 tech security as a way to strengthen the Bittrex platform. In addition to this, their objective when creating this exchange platform was to develop a safe place for cryptocurrency traders to use freely. Bittrex is a US-based company that is equipped with an international branch known as Bittrex Global.
The Complete Bittrex Review: Everything You Need to Know
Many people have a massive guard up when it comes to crypto exchange platforms because of the number of scams present on the internet that pose as these exchange sites. For this reason, individuals are skeptical to invest their time into understanding what Bittrex is and how this platform can be used. That’s why we have decided to construct this Bittrex review.
Our goal in creating this Bittrex review and detail its public data was to help interested parties decided whether Bittrex is a good exchange platform. In this Bittrex review, you’re going to find:
- The Bittrex account registration and verification process involved becoming a Bittrex member.
- The types of cryptocurrency and forex you can trade with when using Bittrex.
- Whether Bittrex is a safe and trusted platform.
- The supported countries part of the Bittrex International brand that allows you to trade.
- What the features detailed on the Bittrex website have to offer members.
- The fees involved in using this platform.
- The service customers experienced when using the website.
Continue reading our Bittrex review to gain all the information you need when deciding if this platform is the right exchange trading site for you.
What is Bittrex
Bittrex is classified as an online currency and forex exchange that’s similar to stock exchange. The members of the Bittrex community can buy and sell cryptocurrencies, as well as exchange different crypto for another one. An example of this would be a user using a specific amount of Bitcoin, or BTC, for an amount that’s equivalent to Ethereum (ETH). This would be conducted under a feature known as a crypto-to-crypto swap.
One of the most significant advantages to using Bittrex is that its equipped with a massive number of cryptocurrencies that are present for members to trade. The Bittrex website is designed with approximately 450 trading pairs for only BTC. This means that Bitcoin holders can exchange this BTC with a wide array of altcoins, or alternative cryptocurrencies when looking to conduct a crypto-to-crypto exchange.
In addition to this, Bittrex also provides users with the ability to select fiat trading pairs, such as USD. Thus, you can easily exchange US dollars for various cryptocurrencies. Individuals can buy select cryptocurrencies, like Tether (USDT), ETH, and BTC, through a bank wire transfer. However, this method is known for being archaic and expensive. Instead, Bittrex members can easily wire transfer to an enhanced verified Bittrex account (with a minimum transfer of $10,000 US) if they wish to purchase cryptocurrencies.
After conducting an extensive Bittrex review, we have found that features offered on the Bittrex platform make it an ideal option when looking for a cryptocurrency trading platform. Some of these features include:
- The website is equipped with transparent fees. All of the maker and taker fees conducted on the Bittrex website are subject to a flat rate fee of 0.25 percent.
- You’re provided with dedicated customer support when using the Bittrex platform.
- All of the deposits and withdrawals conducted on the website are rapid, while the automated monitoring of these new transactions entails that such payments and receipts are settled quickly. Not to mention, balances, trades, and wallet information are updated swiftly and securely.
- The Bittrex exchange platform and the digital wallets included in the website are secure.
- A massive number of different cryptocurrencies can be bought or sold on the website.
How to Use Bittrex
The process involved in trading cryptocurrencies with Bittrex is made to be straightforward and effortless. You can start using the Bittrex platform by creating an account. From here, you can begin exchanging cryptocurrencies, make deposits, and conduct withdrawals from your Bittrex cryptocurrency trading account.
When you first start trading with Bittrex brokers, it’s crucial to make sure that your account can hold cryptocurrency before you begin entering the market tabs, which is where you start trading.
After going through this, you should select the market you intend to make trades. As you would know, one of the most common crypto markets people choose to trade-in is Bitcoin (or BTC). Once you’ve selected the market you’re going to trade in, you’re going to be taken to the main trading area.
We found that this is where you receive the most information that you’re required to unpack. At this stage, you’re given your trading pair selection panel. This is a beneficial feature that we haven’t seen on most forex and crypto exchange platforms. The panel allows you to find your trading pair easily instead of going back to the market selection page.
Adding to this, you’re also given the main chart detailing the market data. This information is placed in chronological order where everything to the left is in the past and everything to the right is in the current moment. Bittrex gives you various options for you to tweak the way this chart is present to you. You can also see additional details in the market when hovering over the chart.
Bittrex also includes a trading tool, which is essentially where the magic happens of your crypto and forex exchange account. With this trading tool, you can easily create trading orders and include these in your order book. In addition to this, you can also remove any orders you want from this order book.
This order book is equipped with crucial market data that pertains to its currently active maker trades. These orders are processed once the price reaches the pre-set trading parameters set in this specific order. You can also follow your trades easily when using the trade history book.
Finally, you’re also given access to the current market’s data. This information changes when you select a different currency. This data includes the highest and lowest prices the specific pair had within 24 hours, the 24-hour volume change, the 24-hour price change, and the last trade conducted with this pair.
Creating a Bittrex Account
Bittrex offers two types of accounts. These are enhanced and basic. Basic Bittrex accounts are limited to withdrawing the equivalent of three BTC (Bitcoin) each day. On the other hand, enhanced accounts can withdraw as much as 100BTC (or the equivalent) every day. However, this feature is only available if the user’s account has two-factor authentication enabled.
You first need to create a username and password when creating an account on the Bittrex US or Bittrex Global platform. New users are required to get a verification email from this platform to verify their identity. This email contains a link to log into your Bittrex account. Once you’ve clicked on this verification link, you can select the page labeled ‘wallets’ to deposit any cryptocurrency you would like.
Members on the Bittrex platform (US or Global) who verify their accounts by partaking in these extra steps and offering required documentation possess the ability to use more features on their accounts. Not to mention, these members can also make their Bittrex accounts safer and more secure while accessing higher deposit and withdrawal limits.
Depositing Money and Making Withdrawals
Users need to have verified Bittrex accounts if they want to withdraw cryptocurrency from the site. The reason behind this is that it allows the company to protect users from abuse and fraud related to their Bittrex cryptocurrency accounts. In addition to this, it also helps Bittrex comply with federal regulations, such as KYC (know your customer) and AML (anti-money laundering) laws.
The Bittrex Verification Process
To verify your Bittrex account, you’re required to navigate to the Settings page once you’ve logged into your Bittrex account. After doing this, find ‘My Account’ in the Settings tab. Navigate to ‘My Account’ and scroll to ‘My Profile.’ On this tab, you’re going to find the ‘Identity Verification’ page where you’re going to be required to provide the following:
- An image of the user. A selfie is a suitable image, as long as the image matches the owner of this Bittrex account.
- Account details, including your birth date, name, and other important information.
- A government-issued form of identification.
It’s recommended by Bittrex for users to make sure they upload the correct type document types when creating their Bittrex account. Users should avoid IDs that are difficult to read. In addition to this, users are encouraged not to open various support tickets for identity verification, as this can cause delays in processing.
Requirements for Personal and Corporate Accounts
Personal and corporate accounts have different requirements that need to be met before any deposits or withdrawals can be performed. The requirements for Bittrex US are:
- The user’s account identity needs to be verified by uploading a scan of a government-issued document and a separate photograph to concern that the person creating this Bittrex account is you.
- You’re required to provide that you’re living or operating in one of Bittrex’s eligible locations to do business on the Bittrex platform. Your form answers, address, and government ID need to match and prove your location. Otherwise, it needs to prove that your trading is taking place in an eligible location.
- You have the option of attaching a copy of a lease that clearly displays your name, an eligible address, and a copy of a new state ID to prove your identity. You’re also required to attach a copy of an equivalent state-level ID if you submitted a US passport as your original government ID.
You also have the option to trade as a business on the Bittrex platform. You’re required to verify your business’s identity by providing one of the following documentation options. This document needs to list your business name and address. The following documents you can use to identify your business’s identity are:
- Utility bill. This can be an electricity or water bill.
- County or state personnel tax payments if you’re conducting work inside the US.
- Country payroll or personnel tax payments if you’re outside the US.
- Your business’s office space lease.
- State registration or a different applicable state license if you’re conducting work in the US.
In addition to the account verification requirements mentioned above, these different account types are also equipped with varied requirements for trading on the Bittrex platform. Personal accounts are required to deposit a minimum of $1,000 when conducting each wire transfer and this account type doesn’t come with a maximum deposit amount. The minimum you can withdraw from your personal Bittrex trading exchange account is $10.
The deposits associated with a personal Bittrex account are credited after these have been settled in Bittrex’s account, which is typically done on the same day or the next business day. In addition to this, any withdrawals that are performed before nine a.m. Pacific Time can also be sent the same or the next business day.
On the other hand, business or corporate Bittrex cryptocurrency trading accounts don’t have any withdrawal and deposit maximums. However, Bittrex corporate account holders are required to email Bittrex through their corporate customer email if they want to withdraw sums that are larger than 10 million US dollars during a single wire transfer.
Deposits for these corporate Bittrex trading accounts are credited in the same business day when these get settled in Bittrex’s account, as long as the withdrawals are initiated before nine a.m. Pacific Standard Time.
You aren’t required to deposit any money into your Bittrex account. However, you do need to have a bank account and be able to provide you’re the individual who is controlling the account. You can do this by submitting a bank statement or bank-issued letter that details the following information:
- Your bank’s name.
- Bank account number.
- Full name that is present on your bank account.
What are the Features Making up the Bittrex Platform.
Many features are included in the design of the Bittrex exchange platform. Here are some of the most common features we found when investigating the cryptocurrency forex exchange trading platform:
The Bittrex trading exchange platform charges a fee of .25 percent on all trades. However, this fee can be reduced further based on your account’s 30-day trading volume. This fee is refunded if any orders aren’t fully executed. However, this is done only once an order is canceled.
In addition to this, Bittrex also charges a withdrawal fee. Each cryptocurrency presented on the Bittrex platform charges a network transfer fee. This is for moving cryptocurrency into someone’s wallet. From here, Bittrex charges its users a fee to recoup the cost of this network transfer fee.
Making deposits also cost a small fee. However, it’s important to note that Bittrex doesn’t charge directly for these deposits. Instead, the network associated with the coin you’re moving might charge users a cost. This cost is for moving the deposited amount from your account into your digital wallet. With that being said, no fees are associated with fiat (or US dollar) withdrawals and deposits. However, users must know that their bank might charge them a wire transfer fee or a fee for international banks using intermediaries to successfully move these funds.
Bittrex is well-liked for its well-designed layout and usability that’s present on the website. This design provides users with an easy navigation experience. The trading platform includes all of the most popular exchanges, indicators, and charting tools you would generally expect when using a cryptocurrency exchange platform with a superior degree of functionality. However, this doesn’t mean that the site is challenging for new traders to interpret.
When using the Bittrex website, you aren’t offered the option to trade on margin. Nonetheless, there are several order types that you can conduct trades with through this cryptocurrency trading platform. This includes unique forms in the ladder limit order and you also gain the opportunity to use immediate-or-cancel orders.
Bittrex is currently operating with two different exchanges that offer shared liquidity. This allows the platform to meet the demands of international and US regulators. The international is commonly known as Bittrex Global. Most of the features available on the Bittrex platform remain the same. This is when looking at the US and international versions, which provides users with a fluid experience across these exchanges.
Not to mention, the Bittrex website is designed with a shared API, which is used to leverage both exchanges for a straightforward online integration. Nonetheless, a few disadvantages are faced for users of either exchange, as they might not have access to crypto pairs that are restricted and only available on the alternative exchanges.
As we have mentioned previously, many cryptocurrency and forex exchange trading platforms exhibit scam features. One of the most commonly used scamming techniques is to include fake customer experiences. For this reason, we placed a tremendous amount of focus on the customer experience when it came to developing this Bittrex review.
Bittrex makes representatives available to customers through Facebook and Twitter pages, along with the platform’s customer support page. However, the website doesn’t include a live chat feature. Many customers have complained that it takes too long for the company and its representative to respond to concerns.
In addition to this, some Bittrex accounts have been closed without any given reason. Bittrex’s Better Business Bureau page rates the company as an ‘F.’ Adding to this, the Bittrex site isn’t accredited.
The Bittrex Supported Countries
A major reason for Bittrex’s popularity is that its worldwide availability, which allows millions of traders to use the platform. Users aren’t restricted by their geographical position. With that being said, users still need to understand that every country has its own requirements for the user verification procedure even though the platform can be accessed across the globe. These verification processes included in the Bittrex website include AML and KYC.
Safety of Trading with Bittrex
The claims made by Bittrex detail that the developers emphasize user security. After our extensive research when forming this Bittrex review, we have found that user reviews back this claim. Approximately 80 to 90 percent of the exchange’s funds are kept in ‘cold’ or offline wallets, which are disconnected from the internet and reduce the risks of these funds being hacked.
In addition to this, these digital wallets also implement a multi-stage strategy that requires users to have two-factor authentication, which enables withdrawals. Due to this, new IP addresses that can access a user’s digital wallet need to be verified by email each time. Not to mention, Bittrex also provides users with whitelist certain IP addresses, which provide an additional layer of security. This is because these IP addresses inform your Bittrex account to only authorize transactions from these specific IP addresses.
Nonetheless, Bittrex doesn’t require two-factor authentication for each account. However, the trading exchange platform does highly recommend this authentication to increase account security and make it more difficult for phishing scale to gain access to Bittrex user accounts and the funds in these accounts.
The Bittrex App
When conducting crypto trades, you can do this conveniently on your smartphone. This is because Bittrex has also developed an app that’s suitable for Android and iOS device users. The layout of the Bittrex app is similar to its website. Both of these trading options offer excellent usability.
You don’t need to worry about sacrificing functionality when switching from the web-based platform to the Bittrex app. This is because you can easily manage your Bittrex trading account and trade on the move.
What are the Pros and Cons of Using the Bittrex Platform
Although we have already depicted that Bittrex isn’t a scam, some people might need to have all the benefits of this exchange trader laid against the cons of using such a platform. For this reason, we have listed the pros and cons of using the Bittrex platform below:
- Users have the option to use this Bittrex platform in the US, as well as in some international locations.
- The Bittrex accounts are secured with user verification and two-factor authentication.
- A wide array of cryptocurrencies is offered when conducting trading activities on Bittrex.
- Many customers complain about customer suspension.
- The customer support offered has the reputation of being limited.
Frequently Asked Questions
Is it safe to trade on Bittrex?
Yes, several processes are included in the design of the Bittrex trading platform to ensure that users’ accounts and funds remain safe from hackers. One of these processes implemented on the site is two-factor authentication.
Is Bittrex FDIC-insured?
After reviewing Bittrex, we found that the company isn’t FDIC insured.
Is Bittrex regulated?
No, this cryptocurrency trading platform isn’t classified as being regulated under US securities laws.
Our Final Verdict: Is Bittrex Legitimate?
After conducting this Bittrex review, we found that this cryptocurrency trading platform offers an excellent combination of being a trusted broker. This is backed up by its established reputation and technical expertise present at the company’s core. Not to mention, the efficient security measures available on the platform. This cryptocurrency trading site delivers excellent value across the board when looking at trading a robust selection of crypto assets with many currencies available.
In addition to this, traders of all levels worldwide are accommodated through the website’s robust support infrastructure and trading platform. Adding this, we especially liked that the trading platform is flexible and accessible. After seeing the evolution and innovation Bittrex has already brought to the cryptocurrency trading sector, it isn’t a surprise that the platform is expected to be one of the most robust offerings in the cryptocurrency exchange market.