Bittrex Review For 2022: Pros, Cons, Fees And More

Who can you trust? Us. We’re going to get to the bottom of this.

But first…

Bittrex's history

Three cybersecurity experts founded Bittrex in 2014. Those are Bill Shihara, CEO; Richie Lai, Chief Information Officer; and Rami Kawach, Chief Technology Officer.

Before Bittrex, they worked for Amazon and Microsoft, so their credentials are impeccable. And they set out to create a cryptocurrency exchange in which security was the number one priority.

Bittrex operates from Seattle, Washington.

In 2019, the company revealed a new and improved cryptocurrency trading platform that worked 20 times faster than the previous one. Later that year, they released Bittrex Global, a separate exchange for all of their non-US clients.

Bittrex Global operates from Liechtenstein, Europe’s fourth-smallest country.

The two platforms share liquidity. The main difference between them both is that the international version lists considerably more digital assets.

Back in the day, Bittrex was a crypto-to-crypto trading exchange. In 2020, they signed the necessary deals to start accepting Fiat currencies and haven’t looked back since.

Is Bittrex safe to use?

Not so long ago, Bittrex was regarded as one of the most secure cryptocurrency exchanges on the planet. From a technical standpoint, it probably still is.

Their domain uses SSL encryption. And the exchange promises “multiple layers of protection” and that “security will always be a top priority in every decision we make.”

In their own words, they use an “elastic, multi-stage wallet strategy” that keeps most of the funds in cold storage most of the time. That is, not connected to the Internet in any way.

On the user’s side, safety is incentivized. Bittrex penalizes users that haven’t enabled two-factor authentication with withdrawal limits. And the security measure is a requirement to interact with the API.

They offer IP whitelisting, to ensure that only selected IPs can access your account. Also, wallet whitelisting. This one makes sure only approved wallets can interact with your account.

The exchange also provides a fairly unique solution. A recovery service for any crypto over 5000 USD that the user mistakenly sent to the wrong type of wallet.

So far so good, right?

If they do all this and have never been hacked, what’s the problem then?

Well…

Bittrex's criticism and risk

The company is not regulated and much less FDIC insured.

Ex users are complaining and they have no one to turn to.

Apparently, Bittrex’s made a habit of disconnecting and disabling certain accounts and freezing their funds in the process. And after that, they allegedly ignore the support reports and claims.

And take into account that it had the reputation of having one of the most responsive customer support teams.

At the time of writing, the company’s subreddit is filled with these kinds of complaints. And a Class Action Lawsuit seems to be brewing through this petition.

Bittrex’s supporters explain the situation saying that the exchange’s security features are so strict, that a number of accounts are bound to be suspended or frozen.

In other words, the same characteristic that made the exchange valuable, are the ones sabotaging it.

Their accusers suspect that Bittrex needs liquidity and freezing crypto assets is a measure taken to improve that.

Neither group provides definite proof of their theories. So, it’s up to each person to decide.

Bittrex's features at a glance

Once upon a time, this is the category that the people were more concerned about. What does Bittrex offer and how much does it charge for it? Let’s find out!

Bittrex Fees

The exchange doesn’t charge for USD deposits and withdrawals.

Debit and credit card transactions have a 3%, though.

You read that right. Debit transactions come with an extra 3% fee, aside from any fees your bank charges. In other words, most traders and investors will be best served to fund their accounts with free ACH transfers and by quickly mastering how to navigate a trading platform.

The standard trading fee for Bittrex is 0.35%, which is on the high side of the spectrum compared to other major exchanges.

You do get significant discounts based on your 30-Day Volume and if the order is a maker (adds liquidity) or taker (takes liquidity). You’ll have to trade more than $25K to start getting it, though.

For example, if your 30-Day Volume is between $25K and $50K, your fee will be 0.20% if your order is a maker and 0.25% if it’s a taker.

And if the volume is between $1M and $10M, the fee is 0.02% for makers and 0.1% for takers. If you trade more than $100M, it gets to zero for makers and 0.05% for takers.

Deposits in cryptocurrency are free of charge, but there are withdrawal fees. It varies because it depends on the network’s transfer fee, so each coin has a different one.

For example, the fee for Bitcoin is 0.0005 BTC, the fee for Ethereum is 0.01 ETH, and the fee for Litecoin fee is 0.01 LTC.

Deposit methods and withdrawals

In Bittrex, you’ll have to submit a request to be able to trade in USD or EUR.

Once your bank account is whitelisted and your Bittrex account is approved, you can fund it by Wire transfer, debit card or credit card, and cryptocurrency transfer.

Currently, though, they don’t accept bank transfers of any kind.

Both deposits and withdrawals have a 50 USD minimum deposit.

Cryptocurrency withdrawals have a 1 BTC per day limit for unverified accounts. If you enable two-factor authentication, your limit rises to 3 BTC per day or their equivalent.

For fully verified accounts the limit is 100 BTC per day.

Supported currencies

One of Bittrex’s world-famous characteristics is the number of cryptocurrency projects they support.

This list constantly changes, the exchange delists and enlists coins every month. At the time of writing, they support almost 700 projects.

Among them are the popular cryptocurrencies: Bitcoin (BTC,) Ethereum(ETH,) Litecoin (LTC,) Dash (DASH,) Monero (XMR,) Stellar (XLM,) and Zcash (ZEC.)

Their lesser-known variations: Bitcoin Cash (BCH,) Bitcoin Cash SV (BSV,) Bitcoin Gold (BTG,) Ethereum Classic (ETC,)  Wrapped Bitcoin (WBTC,) and Wrapped ETH (wETH.)

The new kids on the block:  Tether (USDT,) Ripple (XRP,) Cardano (ADA,) Polkadot (DOT,) Aave (AAVE,) Algorand (ALGO,) Basic Attention Token (BAT,) Dai (DAI,) TRON (TRX,) Uniswap (UNI,) and Verge Coin (XVG.)

And the joke that keeps on giving, Dogecoin (DOGE.)

They offer almost a thousand trading pairs.

Supported countries and US states

Bittrex Global is available in all countries except North Korea, Iran, the Crimean region, Syria, and Cuba.

Bittrex US is available in most states. The exceptions are New York, Connecticut, Hawaii, Vermont, Nevada, and Nebraska.

Bittrex Trading volume

According to Nomics.com, Bittrex’s trading volume over the last 24 hours was $144.799M. Over the last 30 days, they’ve moved $5.775B. And since the beginning of the year, their trading volume has been $20.095B.

Trading platform's characteristics

• The functionality on this thing is great, it’s got all the bells and whistles an experienced trader will need, while at the same time being simple enough for a novice to operate.
• There’s only spot trading available. They offer tools to control your exposition, like stop-loss, instant buy or sell, and more.
• They don’t use third-party software like TradingView, their charting tools were made by the Bittrex team. If you’re into technical analysis, you’ll have everything you need in house.

How to fund Bittrex in 3 easy steps?

Let’s use a wire transfer as an example.

And let’s suppose that you already went through the verification process. Your Bittrex account is already approved for Fiat trading and that your bank account is whitelisted.

So, what do you do?

1. Get USD deposit code: Click on “Holdings.” Search for “US Dollar.” Look for “Actions” and click on “Deposits.” At the bottom of the wire instructions, you’ll find the deposit code. Copy it, along with the instructions.
2. Go to your bank with all the info: If you’re sending a wire for the first time, going to a physical bank is considered best practice. Take the info and the deposit code and ask for assistance in the bank. Let them help you fill the form with all the information. The deposit code goes in the “memo/notes” field.
3. Wait: The deed is done. The money will appear in your account soon enough. It will take between one or two days if it’s a local wire and between 5 and 10 days if it’s international.

Is there a mobile app?

Yes. Nowadays the Bittrex team provides apps for trading on the go for both iOs (Apple) and Android operating systems.

Bittrex's API

If programming custom trading scripts and deploying self-made robots is part of your strategy, you need an API key.

As soon as you enable two-factor authentication and log-in using Google Authenticator, you’ll be able to create and set permits to your own key. Use it wisely.

If you don’t know what you’re doing, though, don’t mess with this. An API key could create undesired vulnerabilities within your account. It could literally cost you all your funds.

Be responsible.

Customer support

Once upon a time, Bittrex Support excelled compared to its peers. They provide a live chat, on weekdays during office hours in PST. They supply an extensive and ever-expanding FAQ.

And, if everything else fails, they use ZenDesk for ticket submission. Don’t worry, if your request or complaint is valid they’ll get back to you.

The Customer Support team is also available through social media. You’ll be able to reach them through LinkedIn, Twitter, Medium, and Telegram.

And then, there’s the issue at hand. Even though we’ve never faced a problem, the constant and consistent complaints and reports are difficult to ignore.

The company seems to be freezing accounts and not responding to Customer Support tickets those users generate. Bittrex’s representatives even disappeared from their – admittedly unofficial – subreddit.

Make of that what you will.

Account verification methods

Nowadays, you’ll have to go through the full KYC process to use what Bittrex has to offer. They use a third-party software called NetVerify.

You’ll have to send them images of a current government-issued ID, a receipt or something similar as proof of residency, and a picture of yourself (a selfie.)

On a good day, the process only takes a few hours. If something like a bull run or some other event is generating high demand, it could take up to a few days.

A corporate account is harder to come by, but it comes with benefits and fewer fees.

To obtain one, you’ll need images of the company’s articles of incorporation, documents proving the business address, and, of course, tax numbers.

Every person that owns more than 25% of the company will have to go through the KYC process described above, also.

Can you send money from Coinbase to Bittrex?

You can’t send Fiat currency from one exchange to the other.

Nevertheless, you can send any cryptocurrency without a problem.

That includes Bitcoin, Ethereum, Litecoin, and all of the altcoins.

Most importantly, though, if you want to make a purchase or fund an account you’ll be able to send Tether (USDT,) DAI (DAI,) or any other stable coin pegged to the Dollar.

PROS

• The Bittrex platform is available in 46 US states except for Vermont, New York, Hawaii, and Connecticut.
• The crypto exchange offers relatively low maker fees and taker fees compared to other large crypto platforms. But take note its fees are not the lowest out there.
• Bittrex has a large selection of cryptocurrencies with more than 330+ available on the platform for you to start trading.
• The majority of crypto funds are stored in cold storage or offline devices. Cold storage is the safest method to store cryptos to avoid hacks since hackers won’t be able to access them if the storage is not connected to the internet.

CONS

• Bittrex doesn’t offer margin trading. So, if you want to trade on margin, you should consider a different platform instead.
• The platform does offer staking rewards. However, they are currently limited to one cryptocurrency only, which is Cardano.

Bittrex vs other big exchanges

How does this giant compare to the two leaders of the industry?

Let’s find out!

Bittrex Vs. Coinbase

A while ago, we published a full comparison of these two titans. Our conclusion was that if you are into altcoins, Bittrex variety is unmatched and you have to go with them.

If you aren’t, Coinbase Pro’s interface is much simpler, and the trading fees are lower.

Bittrex Vs. Binance

In the blockchain world, not many can match Binance’s super low fees. That’s their main appeal, sure, but it’s an exchange with enviable functionality that’s constantly evolving.

Plus, Binance is the only exchange that can give Bittrex a run for their money in cryptocurrencies supported. They both work with hundreds of coins. It’s hard to find a category in which Bittrex might be superior.

Bittrex Vs. Kraken

Bittrex has slightly higher maker fees and taker fees than Kraken. Fese range from 0.00% to 0.35% on Bittrex. While Kraken has 0.00% to 0.26%. Moreover, Bittrex supports more than 330 cryptocurrencies. On the other hand, Kraken only supports 124. And lastly, Kraken has 24/7 live chat support to reply to urgent matters. Sadly, Bittrex doesn’t offer this feature.

Burning questions

A few of the most searched questions about this exchange:

Is Polkadot on Bittrex?

As of August 2020, Polkadot (DOT) is available for Bittrex Global users in four convenient markets:  BTC-DOT, ETH-DOT, EUR-DOT, and USDT-DOT.

Is Bittrex Global the same as Bittrex?

No, but they’re similar and use the same technology. Bittrex Global operates out of Liechtenstein and serves the international market.

The regular Bittrex site operates out of Seattle, Washington, and serves the US market.

Can US citizens use Bittrex?

Yes, the main Bittrex site is exclusively for US citizens. However, since they couldn’t get the famous BitLicense, NY customers are not permitted to use the site.

Other exceptions are Connecticut, Hawaii, Vermont, Nevada, and Nebraska.

Is Bittrex shutting down?

No. They only shut down in New York because their BitLicense was denied.

Can I withdraw from Bittrex to a bank account?

If you have a verified account and enable USD trading, you can. Be sure to add your bank account to the system first.

Does Bittrex report to the IRS?

They do. Always. You can bet on it.

Bittrex Review Australia For 2022: Pros, Cons, Fees, And More

Bittrex is a centralized cryptocurrency exchange platform. They offer advanced order types and other crypto features that may interest experienced traders in Australia.

Even though not all cryptocurrencies are available for direct purchase, a nice crypto selection is offered by Bittrex. And they are making more available. The exchange doesn’t charge transaction fees for funding user accounts with payment methods such as Visa debit cards or bank accounts.

The company places a strong emphasis on its customers’ security, protecting user accounts with optional IP address whitelisting and two-factor authentication. Bittrex also keeps most of its digital assets in offline cold storage, which needs multiple levels of authentication before traders and investors can withdraw crypto.

Bittrex adheres to Know Your Customer (KYC) standards, which are made to prevent criminal and fraudulent activity and help provide transparency around the exchange users. KYC requires verifying your ITIN or Social Security number or identity with a government-issued photo ID. These KYC procedures are required for all accounts before users can buy, sell, and trade crypto assets on the crypto exchange.

To sum it up, Bittrex is a great exchange platform for active traders in Australia interested in advanced order types as well as relatively low fees. While the exchange is quite user-friendly, beginners may be overwhelmed by Bittrex’s crypto trading platform and the number of crypto assets it supports. The platform could be better suited to more experienced cryptocurrency traders and investors. Once you get familiar with the platform, your trading experience should be smoother. You’ll be able to understand all Bittrex’s trading features and fee structure.

Aside from Bittrex, one of the best crypto exchanges in Australia is Swyftx. So, if you’re also interested in Swyftx, don’t forget to check our review about it!

Bittrex Review Canada For 2022: Pros, Cons, Fees, And More

Are you looking for a Gemini alternative in Canada? If yes, then we highly recommend you try Bittrex.

Bittrex is a centralized crypto exchange platform. The company offers advanced order types and other cryptocurrency features that may intrigue experienced traders and investors in Canada.

While not all crypto assets are available in Bittrex for direct buy, the exchange platform still offers a nice crypto selection. The good news is that they are still listing more. Bittrex doesn’t charge transaction fees for funding users’ accounts with payment methods like Visa debit cards or bank accounts.

The crypto exchange platform places a robust emphasis on its customers’ security, safeguarding user accounts with optional IP address whitelisting and 2FA authentication. Furthermore, Bittrex also keeps most of its digital assets in cold storage (which is offline). Such storage requires multiple levels of authentication before users can withdraw their digital assets.

Bittrex also complies with KYC standards, which are designed to stop criminal and fraudulent activities and help give transparency to the platform’s users. The Know Your Customer process requires verifying your ITIN or Social Security number and identity using a government-issued photo ID. These KYC procedures are needed for all the accounts before users can do transactions and activities on the crypto platform.

All in all, Bittrex is a great crypto platform for active traders in Canada that are interested in advanced order types and relatively low transaction fees. While the platform is quite user-friendly, novice traders may get overwhelmed by the exchange’s trading platform as well as the number of digital assets it supports.

Bittrex is perfect for experienced crypto traders. But novice users can still easily use the platform once they get familiar with the ins and outs of Bittrex’s trading features and fee structure.

If you want to learn more, here’s a comprehensive list of the best trading platforms in Canada.

Bittrex Review UK For 2022: Pros, Cons, Fees, And More

Do you wanna trade cryptocurrencies in the UK? If yes, why not try Bittrex?

This crypto platform is a centralized exchange. They offer advanced order types and other crypto features that may interest traders of all levels in the UK.

While not all crypto assets are not offered by Bittrex for direct purchase, the platform still offers a decent crypto selection. Don’t worry because they are still listing new crypto assets. Bittrex doesn’t charge transaction fees for funding traders’ accounts with payment methods such as Visa debit cards or bank accounts.

In terms of security aspects, Bittrex has implemented a robust emphasis on its users’ security, protecting the accounts with 2FA authentication and even optional IP address whitelisting. Bittrex also stores most of its digital crypto assets in offline cold storage. Such storage needs multiple levels of verification before users can withdraw cryptocurrencies.

Plus, Bittrex complies with KYC standards, which are made to prevent criminal and fraudulent activities. The Know Your Customer procedure requires authenticating your ITIN or Social Security number and identity using an ID issued by the government. KYC also helps in giving transparency to the exchange’s users. It is needed for all the Bittrex accounts before users can execute transactions and activities.

Overall, Bittrex is a prominent crypto platform that you can trust and rely on if you’re an active trader in the UK. While it is a user-friendly crypto exchange, new traders may get overwhelmed by Bittrex’s trading platform and the number of crypto assets it supports.

So, what are you waiting for? Be one of Bittrex users in the UK now! Just download their app now on Google Play or the Apple app store. Or much better if you access the platform directly on your PC.

For a list of UK-based crypto exchanges, here’s a comprehensive article about the best cryptocurrency platforms in UK.

Conclusion

Every exchange has its problems, but Bittrex seems to be going through it at the moment.

All of those complaints and scam accusations are hard to ignore. And rumors about a lack of liquidity are terrifying.

Are they true, though?

Is something going on under the hood?

Did they get in trouble somehow?

Those questions are hard to answer with security. Nevertheless, the mere doubt is enough to make the alarms go off.

It’s a solid exchange with an unmatched track record and a great history, but, sadly, the possibility of a class action is all we can think of at the moment.

To sum it up, Bittrex is a great option for active crypto traders interested in advanced order types and relatively low fees. While this exchange is ideal for new crypto investors, inexperienced crypto traders may feel overwhelmed with the platform’s interface.

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