Bittrex is a centralized cryptocurrency exchange that allows users to buy, sell, and trade cryptocurrencies. This Bittrex review is an up-to-date, detailed analysis of the Bittrex exchange, containing everything you need to know about Bittrex and whether it’s the right exchange for you.
Bittrex Global is a cryptocurrency exchange that was founded in 2014 by engineers Bill Shihara, Richie Lai, and Rami Kawach, and is headquartered in Seattle. Bittrex is a global cryptocurrency exchange for active crypto enthusiasts and real-time trading. The platform provides users with a wide range of options for traders and crypto investors.
Initially, the exchange was focused on crypto-to-crypto trading, but in 2022, the feature to support fiat currency was added, so fiat-to-crypto trading became available to users as well. Currently, users can purchase digital coins with fiat currencies like USD and EUR.
According to Coinmarketcap, as of this writing, the Bittrex exchange generates a 24-hour daily trading volume of over $19 million USD. On the Coinmarketcap list of exchanges, the Bittrex exchange ranking is number 27 with support for 400 cryptocurrencies.
Even though Bittrex products and services can be overwhelming for beginners, the platform made sure that novice users were not left behind by adding a series of detailed educational content for industry beginners. Overall, this cryptocurrency exchange has a simple user interface and comes with next-level security provisions. Lets take a look at this Bittrex review and find out more.
Bittrex review: What is Bittrex?
Bittrex Global Exchange is an exchange that facilitates the buying, selling, and trading of cryptocurrencies in a fast, and secure manner. Bittrex Global offers just about everything crypto investors need in an exchange. Ranging from its referral program, industry-leading security, advanced trading features, and multiple order types, including limit orders, stop orders, advanced charting tools, and live order books, amongst others, Its suite of products and services plus its broad selection of cryptocurrencies make it an exceptional option for crypto investors looking to invest in a wide array of cryptocurrencies.
Bittrex Pros and Cons
This Bittrex review displays its pros and cons as seen below.
- Bittrex Bug bounty: Bittrex goes the extra mile to ensure the safety of the exchange and its users by integrating a bug bounty program that incentivizes cyber security researchers that finds ways in which the exchange can be exploited via a hack, bug, etc.
- Good array of cryptocurrencies: Bittrex has a good array of cryptocurrencies amounting to 400. This is a great choice for users looking to invest in a wide array of cryptocurrencies. So if there’s a crypto you’re looking to invest in there’s a good chance it’ll be here.
- Strong security features: Bittrex provides users with a number of cutting-edge security features, such as two-factor authentication and wallet whitelisting, to help safeguard their cryptocurrency assets.
- Scalability: Bittrex supports fast, and robust technologies to help it scale. Its trading engine was custom-built for scale and speed to facilitate real-time order execution under heavy demand. It also supports third-party trading platforms and algorithmic trading via its extensive APIs.
- Educational Resources: Bittrex offers an impressive library of educational resources in its Discover section. You’ll find articles on a wide variety of crypto topics, such as how crypto mining works and what you need to know about crypto taxes.
- Poor user reviews: Bittrex has amassed a pool of negative user reviews having a star rating of 1.3 out of 485 reviews on Trustpilot. Most common complaints include users stating that it’s clunky and has a bad user interface compared to most exchanges.
- Not Beginner Friendly: For beginners, the trading interface may be challenging. Beginners may find the exchange somewhat confusing and difficult to navigate. Its suite of features can also make it overwhelming for beginners looking for a simple way to buy and sell crypto.
Bittrex review: How to use Bittrex
Bittrex crypto exchange offers you suites of products and services, all of which can be accessed when you sign up on Bittrex exchange and trading platform, then proceed to verify your identity, make a deposit, and begin trading and exploring all of Bittrex.
Bittrex Sign up
This Bittrex review shows detailed steps on how to set up your Bittrex accout in no time.
To sign up, visit the Bittrex Global website and, on the landing page, click on “Sign up today.” On the get started page, enter your email address and create a password. You can also enter a referral code if you have one, then click “Sign up.”
On the next page, make sure to fill in your correct details, as seen in the screenshot below. Then click on “Continue.” Now you’ll need to verify your identity. Select your nationality and click “Continue.”
Transacting on Bittrex without KYC sets your account on a limited basis, so to prevent this and enhance your security and that of Bittrex, you can carry out the KYC procedure in this Bittrex review, in just a few steps.
Choose your country/region then select your ID type. Choose an upload method. You can select “Continue on mobile,” then input your email address, and a link will be sent to your email to complete the verification on your phone.
Head to your email address, click on the link, and follow the onscreen steps to submit your IDs, front and back.
Note: Before pressing confirm to upload all your ID verification documents, please make sure all the information is readable, that the image is not blurry, and that the entire document can be seen.
You’ll also need to undergo a face verification scan. To complete this, make sure your face fits into the oval.
Note: After successfully submitting your ID document, the verification process typically takes less than 3 minutes to complete.
You will be required to enter your Social Security number in order to abide by American regulations and further safeguard users from identity theft. Choose “Yes” when prompted, then enter your Social Security number and press “Submit.”
Note: If you do not have a Social Security number, selecting “No” will ask you to submit an Alien Identification Number or Passport Number instead.
ID verification can take up to 10 minutes to approve. You must keep the page open while the verification is processed.
While the verification is going on, you can proceed to fill out your additional information by clicking on “Get Started!” Fill out the additional information and click “Submit.”
Note: Once the ID verification has gone through successfully, you will be automatically taken to the next step in the process. You can proceed to fund your account.
Bittrex review: How to Buy on Bittrex Exchange
With the guidelines outlined in this Bittrex review, you can begin buying your favorite cryptocurrencies in no time.
Login to your Bittrex account, then click on the menu and select “Instant Buy and Sell.”
Now on the “Buy Now” section, click on “I want to buy” and select which currency you would like to purchase by either browsing or selecting from one of the available currencies.
Type in the amount of the selected currency you would like to purchase in USD or EUR. Note that you’ll need to have fiat enabled in either USD/EUR.
Then you’ll need to fill in your credit/debit card information and finally confirm your purchase.
Note: The below table displays the available markets for instant purchase.
Bittrex trading fees are incurred when an order is filled in the order book by the Bittrex matching engine. When an order executes, the buyer and the seller are each charged a fee based on the total price of the executed order.
The fee (commission) charged by Bittrex on each executed trade is calculated by taking the amount * the purchase price * the rate for the given trade. Note that there are no fees for placing an order that does not execute. Any portion of an order that has not been executed will be refunded fully upon the cancellation of the order.
Bittrex offers a simple maker/taker fee structure. As with many other crypto exchanges, fee discounts are accumulated based on a trader’s 30-day volume. For those of us wondering what are bittrex fees well let’s look at a more detailed view in the table below.
Coins Available on Bittrex
Bittrex supports more than 400 different cryptocurrencies, including stablecoins. Its broad selection makes it a desirable platform for those seeking to trade both well-known coins and less-known alternatives. Here is a list of some of the assets that are traded on Bittrex.
- Bitcoin (BTC)
- Ethereum (ETH)
- Cardano (ADA)
- Chainlink (LINK)
- Dogecoin (DOGE)
- Polkadot (DOT)
- Polygon (MATIC)
- Tether (USDT)
- USD Coin (USDC)
The Bittrex Global mobile app makes trading cryptocurrency more convenient and accessible than ever before, without compromising on transaction speeds or security. Users have access to educational materials and can explore financial markets and learn risk management rules all on the go with the Bittrex trading app.
The app lets you keep track of your holdings with up-to-date prices for Bitcoin and other altcoins. The Bittrex Global mobile app provides detailed stats at a glance, a customizable favorites list, and more to improve your cryptocurrency trading experience. It’s built with support for Android and iOS devices.
The Bittrex mobile app has a 3.2 ⭐ rating on the Playstore in over 7k customer reviews and a 1.3 ⭐ rating in 485 customer reviews on Trustpilot. That said, it has also accumulated a pool of negative user reviews, with some users complaining that the app has a ton of issues like login problems, withdrawal problems, etc. Above all, some users still have positive things to say.
Bittrex Wallet helps you manage your token and digital asset holdings securely on its exchange. To find out where your Bittrex wallet is after signing up, log into your account, click on the menu icon, scroll down, and select “Holdings.”
You can also access your Bittrex wallet on its mobile app for even more convenience, along with the platform’s industry-leading security practices.
Bittrex’s API is simple and powerful, with REST endpoints for transactional operations and a Websocket service for streaming market and user data updates.
Just in case you’re wondering, what is Bittrex API key? Well, generally speaking, API keys are keys that provide project authorization. That said, you can also learn how to create a Bittrex API key by following the steps outlined on the Bittrex FAQS page.
Bittrex’s customer service is adequate, but there is room for improvement in the future. When users encounter problems and require immediate assistance from support, this exchange has been found wanting.
Support options include submitting a support ticket via the Bittrex website and interacting with its chatbot, Trexie. Users can check the FAQs section on the support page to see if their questions have been answered.
While support options are limited, Bittrex does provide a reasonably useful help center where users can find answers to frequently asked questions. Its help center is divided into categories, and users can select the category that best matches their question. You can also reach out to Bittrex with the Bittrex customer support email at https://support.bittrex.com.
The following are mixed reviews from users about Bittrex customer service.
Bittrex review: Is Bittrex Safe?
Bittrex has always prioritized its platform’s security provisions, which have helped them earn its customers’ trust. Its website claims that security has always been its top consideration, and that is true seeing that the exchange has never been hacked since its inception .
Bittrex places a heavy emphasis on security, and it ranks among the top crypto exchanges in that regard. As mentioned above, it was founded by three cybersecurity engineers, and it has quite a few features aimed at keeping its clients’ crypto funds safe. Below are some of its security features:
Two-Factor Authentication (2FA): This prevents unauthorized access to accounts. To log in when 2FA is enabled, Bittrex requires your password as well as a code sent to your mobile device.
Cold Storage: The majority of Bittrex users’ funds are kept in cold storage. This means that the funds are kept on offline devices. Cold storage is the most secure method of storing cryptocurrency because hackers cannot access it while it is not connected to the internet.
Crypto Insurance: Bittrex has a crypto fund insurance policy. Bittrex announced in 2020 that it would purchase an insurance policy to protect its crypto assets in cold storage from external theft and internal collusion. The policy covers losses up to $300 million.
LEARN MORE: WHAT IS CRYPTO INSURANCE AND HOW DOES IT WORK?
Address and IP Whitelisting: When you whitelist IP addresses, Bittrex will only allow trades and withdrawals from those IPs. When you whitelist crypto wallet addresses, Bittrex will only allow withdrawals to those addresses.
Bittrex review: Bottom line
The Bittrex exchange, founded by three cyber security engineers, places a strong emphasis on security, which has kept it off the radar of hackers. The platform supports hundreds of assets, with an emphasis on crypto-to-crypto trading pairs and the ability to place advanced orders.
However, for newcomers, its trading interface and a large number of supported currencies may be overwhelming. Bittrex also has limited customer support, so it may not be suitable for beginners, but it is ideal for professional traders, according to this Bittrex review.