Bittrex Review For 2021: Pros, Cons, Fees And More
This is a controversial one. On one hand, the legend states that Bittrex has never been hacked or lost any of its user’s funds. On the other, this exchange’s reputation in online forums and the like is beyond terrible.
- Operating Since 2014
- Currencies Supported Over 500
- Fees 0.35% is the standard trading fee. Lower if your 30-Day trading volume is high.
- Deposit methods Wire Transfers, Debit & Credit Cards, Cryptocurrencies
- Fiat currencies Yes
- Verification methods KYC and AML
- Margin trading No
- Futures trading No
- Bittrex's history
- Is Bittrex safe to use?
- Bittrex's criticism and risk
- Bittrex's features at a glance
- Trading platform's characteristics
- How to fund Bittrex in 3 easy steps?
- Is there a mobile app?
- Bittrex's API
- Customer support
- Account verification methods
- Can you send money from Coinbase to Bittrex?
- Bittrex vs other big exchanges
- Burning questions
Who can you trust? Us. We’re going to get to the bottom of this.
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 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?
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.
Bittrex’s supporters explain the situation saying that the exchange’s security measures 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 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
By trading on Bittrex, you can support blockchain technology at the same time. The UI is easy to understand, you can earn crypto for inviting your friends to the platform, and you can even submit your own token for listing.
If you want to support blockchain’s cause, getting started on the Bittrex website will establish the building blocks of tomorrow, and you can download the iOS or Android app to begin trading on your phone.Visit Bittrex
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!
The exchange doesn’t charge for USD deposits and withdrawals.
Debit and credit card transactions have a 3%, though.
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 withdrawals come with a price tag. 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 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.
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.
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.
Their lesser-known variations: Bitcoin Cash (BCH,) Bitcoin Cash SV (BSV,) Bitcoin Gold (BTG,) Ethereum Classic (ETC,) Wrapped Bitcoin (WBTC,) and Wrapped ETH (wETH.)
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.
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?
- 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.
- 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.
- 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 and Android operating systems.
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.
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.
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.
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.
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.