Bittrex Exchange Review
- Extremely low fees
- Large selection of cryptocurrencies
Bittrex Cryptocurrency Review
Trust Score: 8/10
Bittrex is a cryptocurrency exchange that was first born and launched back in December of 2014. Based and operated in the US, it has since grown to become one of the largest crypto exchanges online.
Consistently among the top three exchanges in terms of trading volume, Bittrex regular eclipses the $300 million mark in daily trade volume.
Offering simple yet effective spot trading of cryptocurrencies only, Bittrex has become a popular place for beginners and experienced traders alike. Additionally, having never been hacked like its direct competitors, Bittrex has built up a strong reputation for being one of the most secure trading platforms that you will find.
Low fees, fast transactions, good customer support and is regulated in the US are just some of the other reasons why this exchange has become popular among traders. Throw in the huge amount of coins that can be traded on Bittrex and you have yourself a trading platform that is close to perfect.
We rate Bittrex very highly and feel that it is the ideal exchange to start out on if you are new to cryptocurrency trading. Be warned that you will need to purchase some cryptocurrency elsewhere beforehand though, as you can only deposit cryptocurrencies on Bittrex as fiat currencies are not accepted.
Carry on reading to see why we feel this is one of the best cryptocurrency exchanges online.
As of writing this review, there is no mobile app available for Bittrex. We are not sure if this is something they plan to develop for the future but we feel that it would strengthen their brand even further. Many of their competitors have created some handy app versions of their exchanges that have made life much easier for their mobile traders.
With a doubt, one of the biggest advantages that Bittrex has over its competitors is the depth and variety of its coin listings. There are hundreds of coins available to be traded on Bittrex and even more trading pairs as well. In fact, there are close to 200 coins and more than 400 pairs in total but none that involve fiat currencies.
You can expect to see all major coins and many altcoins as well. Here are just some of the coins you can trade on Bittrex:
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Please remember that you will have to own some coins and transfer them to Bittrex before you can start trading. There is no option to buy coins with fiat currency, so you will to do so elsewhere before coming back.
Creating and Funding an Account
If you are really interested in seeing what Bittrex has to offer, you are first going to have to set up an account. You will be asked to verify the email address through a link sent in an email to your address. Once that is verified, you will be able to log into your new Bittrex account.
Next, you will want to deposit some cryptocurrency into your account if you want to start trading on Bittrex.
All you do Is click ‘wallets’ so that you are taken to that page. You can then use the search bar to locate the specific cryptocurrency that you want and choosing how much of it you want to deposit. You are then given a deposit address that you can use to send the cryptocurrency from your own third-party crypto wallet.
*Tip – We recommend that for your first deposit, you only send a very small amount. This is just to make sure that everything is working as it should be. If that deposit is successful, you can then move on to sending some larger amounts.
Once complete – you are now ready to trade. Just remember, if you want to withdraw from your account, you will need to verify it first. More on that below.
As Bittrex is operated from the US, they are obliged to follow some strict laws and regulations. This is obviously good news as many exchanges outside of the US are not bound by such regulations and are therefore not as easy to trust.
As a result of these laws and regulations, any account that wants to withdraw from Bittrex must first be verified. This is to fall in line with AML and KYC regulations or anti-money laundering and know your customer regulations if you didn’t know what those abbreviations mean.
If you verify a basic account, you will be allowed to withdraw up to 3 BTC per day which will probably be more than enough for some. If you wanted more, however, you will need an advanced account.
- Basic Accounts:- Getting verified for a basic account will require you to submit your name, address and date of birth and the required identification and other documents to prove you are who you say you are. You can withdraw up to 3 BTC per day with this account as long as you have set-up two-factor authentication on your account.
- Enhanced Accounts:- You will require similar documents and identification for getting verified for an advanced account but this time will also need selfie pictures of you holding these documents too. Using the technology that the Jumio service provider provides, they will be able to determine if the face on the ID and your face in the selfie are one and the same. With this account, you will be able to withdraw as much as 100 BTC per day.
While Bittrex is a huge exchange with a massive listing of coins and some of the largest trade volume around, it really only offers the most basic of trading options. This is ideal for beginners, however, and for those that are only interested in the spot trading that Bittrex offers.
There is no margin trading or leverage as of yet but these more advanced trading tools are to be expected soon according to the team at Bittrex.
- Spot trading only
- Margin trading and leverage to come
Accepted Payment Methods
Bittrex is essentially a crypto-to-crypto trading platform and does not deal directly with any fiat currencies. Instead, traders will have to transfer cryptocurrencies onto the exchange from their own wallet.
Anyone that does not yet own any cryptocurrencies will first have to purchase some from another exchange before being able to move them from their wallet to Bittrex.
Essentially, the currencies that are accepted on Bittrex as payment methods are any of the many coins and altcoins that they support for trading.
There is a way to purchase USD on Bittrex but you will have to have an enhanced verified account to earn the ability to buy as much as $10,000.
- Cryptocurrency deposit only
- Can buy USD with enhanced account
The fees on Bittrex are fairly standard and quite competitive. They are far from the cheapest exchange out there but nowhere near the most expensive either.
- Trading Fees
All trades on Bittrex whether buying or selling are charged a fee of 0.25%
- Deposit Fees
There are no fees from Bittrex for the deposit of cryptocurrencies on to their exchange. There may, however, be network fees from the coins network in some cases.
- Withdrawal Fees
As for withdrawal fees, there is a small charge on the behalf of Bittrex that is purely to cover the coin network fees charged to them. Bittrex claims that no profit is ever made out of these fees.
There are no limits to how much of any currency that you wish to deposit into your Bittrex wallet and the same can be said for withdrawals as well. You will also find that there are no limits with regards to how much you want to trade with others.
As Bittrex is a crypto-to-crypto exchange and does not deal in fiat currencies, it opens the door for practically any trader from any country to be able to trade on their exchange. Bank accounts are not needed so this essentially cuts out a lot of the red tape that would be there usually.
There is a full list of accepted countries here but by the looks of it, as long as you can prove your identity via a government-issued ID, you should have no problems getting verified at Bittrex.
- Worldwide acceptance
- Verification needed for withdrawals
It is certainly understandable that running an exchange that is one of the largest in the cryptocurrency sector is going to result in quite a few support tickets issued on a daily basis. This as you might expect, would put a huge amount of pressure and workload on even the biggest and best support teams around.
However, the guys at Bittrex do a surprisingly good job, especially when compared to some of their more direct rivals.
Alongside support tickets, Bittrex also has a page dedicated to support on their exchange and are also renowned for being extremely active on social media.
- Fast response time
- Dedicated support page
The fact that Bittrex is one of the largest cryptocurrency exchanges and it has still to be hacked says a lot on its own. While many of its competitors have been compromised on occasion, Bittrex is still sitting there unscathed.
Whatever they are doing, they are doing it right. They claim that 90% of all funds are stored offline and practically insist that their users make use of two-factor authentication.
- Cold storage
Why Trade at Bittrex?
So to sum everything up, there are a number of reasons as to why you should check out Bittrex and these are just some of them:
- A Secure Platform
Security is hugely important in the cryptocurrency stratosphere and probably more important than ever now due to the exposure this sector has had in the last year. Hackers have already hit some of the other main exchanges but Bittrex still remains unscathed. They are responsible for some of the largest trade volumes, so we doubt they are untouched without the want of trying by hackers.
- A Custom-Built Trade Engine That is Fast
The Bittrex platform is incredibly fast compared to many of its competitors and this is down to the excellent engine that they built. It was designed to be scalable via elastic computing and this has meant that it is able to process orders almost instantly.
- Quick Transactions
Because Bittrex uses an auto-monitoring platform, they are able to ensure that all deposits and withdrawals are processed as quickly as possible. This also means that there are more hands on deck to ensure that others of the exchange are running optimally.
- Customer Service
As we mentioned in the review, despite not offering support features such as live chat or telephone support, Bittrex deals very well with what must be an extensive amount of support requests. This is all done by support ticket and they have a very good reputation for being swift responders.
Bittrex allows for the trading of an insane number of cryptocurrencies and altcoins, probably more than any other exchange. Whether this is a good thing comes down to personal opinion but we feel that it at least gives traders a vast amount of choice.
No matter what level of experience you have with trading cryptocurrencies, Bittrex is an exchange that will prove to be an excellent choice for you. While it might only offer basic spot trading at the moment, there are plans for more advanced trading options to be introduced to the platform in the coming months.
With hundreds of coins and altcoins and even more trading pairs, there is so much choice for traders and with fast-transactions and top-quality security, you will always feel that you can trust this exchange.
If we had to have a negative, it would be that the fees could be lower and that a dedicated app would be a nice final touch. Fees are not high as such but with such a huge trade volume, you get the feeling they could be a little more generous.