You’ve likely heard a lot of chatter about mining and cryptocurrency lately—in the first quarter of 2021 alone, Bitcoin rose nearly 500%, and that doesn’t even include gains from the over 1,000+ altcoins on the market. With that in mind, many of you have been asking for an in-depth Bittrex review.
Bittrex is a US-based cryptocurrency exchange. It works like a stock trading platform such as Vanguard, except you’ll be able to buy crypto instead of stocks.
In this review, we’ll cover how to use Bittrex, including the sign-up process, trading, and withdrawing your (hopefully abundant) earnings.
Bittrex Review Rundown
Bittrex is an excellent platform for people looking to advance their crypto trading skills in the blockchain world. By implementing a multi-stage wallet strategy, fast deposits and withdrawals, and a custom trading engine, users can rest easy knowing their crypto is in good hands.
Although Bittrex USA offers excellent security, like any crypto exchange, it has areas for improvement. Customers complain that customer support is lacking, and some have experience with the platform suspending their accounts without notice.
From registering for Bittrex to learning how to fund your Bittrex account, below are the points that we’ll be covering in this review:
- Introduction to Bittrex
- Bittrex’s Offerings
- Supported Currencies and Payments
- Bittrex Fee Scale
- Permitted Countries
- Customer Service and Client Reviews
- Bittrex and Binance
- Bittrex Questions
- Conclusion—Is Bittrex a Good Choice?
Introduction to Bittrex
Founded in 2014, bittrex.com is a popular cryptocurrency exchange. It strives to achieve unparalleled security and trust with its customers. Three former Microsoft employees founded the exchange, and they’ve gone to great lengths to ensure it complies with US regulations.
Bittrex strives to keep hackers away. They have an elastic, multi-stage wallet procedure, including keeping nearly all funds in cold storage.
As a Bittrex user, you’ll be able to set up two-factor authentication to make your personal account more secure.
In addition to keeping your account secure from hackers, this American exchange also keeps an eye out for unlawful actions by its customers.
Bittrex’s primary service is a cryptocurrency trading platform. They’ve custom-built their trading platform so that orders undergo live execution. Additionally, they support algorithmic trading and provide among the fastest updates on trade balances compared to other crypto exchanges.
When performing Bittrex trading, you’ll have access to several essential features, including:
- Stop loss
- Good until canceled (GTC)
- Instant buy or sell
It also has a unique feature called elastic computing, offering simpler exchanges. They’ve designed their secure platform to process trades the moment they occur, even during times when there’s a high workload.
If you want to become a crypto trader, signing up for Bittrex is a breeze with an email address. You can either use the desktop version or download the Bittrex app for Android or iOS. We recommend setting up two-factor authentication for your account, which is an added security measure whenever you log in to the platform for peace of mind.
Supported Currencies and Payments
Bittrex’s coin list is constantly growing since its goal is to offer older and emerging blockchains the opportunity to join the exchange.
Examples of the wide variety of current Bittrex currencies include:
- Ox Protocol
If you’re ready to buy crypto, you’re likely wondering how to add money on Bittrex. For the sake of simplicity, Bittrex designed a user-friendly system. If you want to add USD, you’ll need to apply for fiat trading. To do so, fill out this application and ensure you have an approved bank account, as seen on their website. For the time being, they only accept bank wire transfers, which is a downside for those seeking to pay by credit card.
On the other hand, you can opt to deposit coins such as Bitcoin on Bittrex instead of fiat currency. In that case, you’ll need to go to the “Holdings” section of your account, select the appropriate cryptocurrency wallet, and use the code for that wallet to send your coins.
It’s important to send the same coins to the same wallet, known as cryptocurrency trading pairs. Otherwise, you might permanently lose the crypto assets that you’re trying to transfer.
If the coins you want to transfer aren’t currently listed, you might be able to transfer them in the future. New coins on Bittrex are common, making this an increasingly more attractive crypto exchange.
Withdrawing Money from Bittrex
Withdrawing coins on Bittrex is a similar process to depositing them, except in the “Holdings” section, you’ll select “Withdraw.” You can either withdraw a portion or all of your coins. Remember, it’s critical that you send your currency pairs to the same wallet to avoid losing them.
In the past, the exchange didn’t offer a user the option to withdraw fiat currency. Instead, you needed to send your coins to a crypto exchange such as Coinbase that offers fiat currency withdrawals. Thankfully, they changed their system, so you can now withdraw your money in fiat and have it sent to your bank account.
Bittrex Fee Scale
Now that you know how to trade on Bittrex, you’re probably wondering about its fees. Whether you want to deposit USD into Bittrex or exchange coins, the information below will help you understand the types of fees they charge.
Fiat: Bittrex doesn’t charge transaction fees for depositing and withdrawing money in USD or other fiat currencies. That said, your bank might charge a fee, so make sure to check with them before moving forward with a wire transfer.
Blockchain: Bittrex fees don’t exist for cryptocurrency deposits. However, the coin or token’s network may have a fee to make the transfer. For Bittrex withdrawal fees, the amount depends on the coin. To determine any given coin’s withdrawal fees, click on “Withdraw” by the coin to see its network fee. You can perform crypto or USD withdrawals, although there’s usually a minimum withdrawal.
Bittrex designed its platform to encourage its customers to trade higher amounts. The larger sum of fiat or coins you trade with, the lower the fee percentage. Bittrex’s trade fees are competitive with other cryptocurrency exchanges, provided that you trade with a large sum of money.
The exchange also offers a referral program. Should you refer someone and they make purchases on the platform, you’ll receive a Bittrex commission of 10% of the fees.
The majority of countries in the world can use Bittrex, including the United States and South Korea. That said, as a result of regulatory standards, a handful of countries aren’t able to use it.
Below is a sample of some of the countries where residents aren’t permitted to use the exchange:
You can view a full list of countries that aren’t allowed to use Bittrex here. Anyone in countries where Bittrex isn’t permitted but had an account in the past is still allowed to withdraw their coins and fiat.
Customer Service and Client Reviews
Although Bittrex has many good qualities, including a near absence of security breaches, some customers complain that it lacks good customer service. One of the most common complaints is account suspensions resulting from a crypto platform that’s almost too secure.
When reading through Bittrex exchange reviews on places like TrustPilot, you’ll find many people who tried contacting its customer service for support with minimal to no responses. Some people even list their ticket numbers out of desperation.
That said, while its support is slow and suspended accounts from their strict security measures are frustrating, it isn’t all bad. There are also reviews showcasing that while Bittrex’s customer service is unacceptably slow, customers eventually received a response from someone who supported them.
To avoid your account becoming suspended, as many people complain about on crypto forums, Bittrex US customers and those from other countries should keep careful records of their login details and have backup copies of their ID.
Bittrex and Binance
When investigating crypto trading exchanges, there are various types of accounts you’ll have to choose from. Not so long ago, both Bittrex and Binance specialized in crypto-to-crypto transactions, meaning that you could use coins like Bitcoin and Ethereum to purchase other crypto but not fiat currencies. However, now both exchanges offer you the option to link your bank account so that you can buy crypto with fiat.
With such a big hurdle that both of these cryptocurrency exchanges overcame, let’s look at some other similarities and differences between them.
Bittrex has a longer history than Binance, starting in 2014 instead of 2017. That said, Binance quickly rose to fame as an industry newcomer; it became the world’s largest cryptocurrency exchange in under one year.
Bittrex is more selective than Binance with the types of cryptocurrency assets they allow on their exchange. The advantage of this is that there are fewer new coins, meaning that there’s less chance that you buy a coin undergoing a pumping scam. As a result, Bittrex only offers its customers the option to buy the most promising and compliant cryptocurrency on the market.
However, people wanting to invest in riskier ICO (Initial Coin Offering) coins, which could come with both greater gains and losses, are better off with Binance, as Binance offers hundreds of coins.
Both Bittrex and Binance charge trading fees on a scale. They measure the fees based on your 30-day trading volume. In both cases, the more money you trade with, the lower the fees, although Binance offers lower commission fees overall.
Whether you’re sending Bittrex fiat via a wire transfer or are sending Binance cryptocurrency to exchange other crypto coins, these platforms strive to offer among the best security in the entire industry. They both use email confirmations and two-factor authentication for added layers of protection.
When looking at Bittrex vs. Binance in terms of their user-friendly interface, Bittrex is the winner. The trading platform has a cleaner look, and its charts are simpler for beginners to read. That said, even Bittrex’s exchange isn’t as user-friendly as exchanges such as Coinbase.
Binance typically has fewer complaints about customer support compared to Bittrex. They have a quicker response time, including communicating with their customers through email and social media.
As a final note, some people choose to sign up for both accounts, as it’s easy to send digital assets between them using Binance and Bittrex wallet addresses to take advantage of a greater quantity of coins.
As we round out this Bittrex review, below are some common questions people have about using the platform.
Is Bittrex safe?
Bittrex security is among the best cryptocurrency platforms. That said, although it takes great measures to keep hackers out, customers often complain about suspended accounts. Therefore, you should always move your cryptocurrency off the exchange after a trade and store it in a hardware wallet like Ledger.
Where is Bittrex located?
Bittrex’s headquarters are in Las Vegas, Nevada. It is a registered US company.
Is Bittrex legit?
Bittrex is a legitimate crypto exchange since it’s based in the US and complies with all current US regulations. Security is a priority for Bittrex since it has an elastic, multi-stage wallet and two-factor authentication. You can access Bittrex via a mobile app or desktop.
Does Bittrex have a referral code?
Bittrex offers various referral codes, including a sign-up bonus, free cryptocurrency with a purchase, and percentage-based discounts on fees. They also have a referral program where you’ll receive a 10% commission on your referral’s fees.
What is a Bittrex reserve?
A reserve balance on Bittrex is money that’s temporarily suspended to prevent fraudulent activity. The purpose of reserves is to avoid the possibility of buying crypto with bank chargebacks and fraudulent payments. After a certain amount of time passes and provided that the money isn’t flagged, you’ll be able to use the reserve money to purchase crypto assets.
Conclusion—Is Bittrex a Good Choice?
Bittrex is a good choice for people who want a cryptocurrency exchange that offers high-quality coins that meet US regulations and no deposit fees. They’re constantly expanding their digital asset offerings and offer some of the fastest transactions in the blockchain industry.
Since Bittrex has excellent security measures, the platform is sensitive, so account suspensions can happen. For this reason, when you open and fund a new Bittrex account, we recommend purchasing your cryptocurrency and then moving your crypto to a hardware wallet.
We hope this Bittrex review inspired you to get started on your crypto journey. Signing up for Bittrex and becoming a cryptocurrency trader is easy, so consider doing so today so that you can take part in the blockchain revolution.