Crypto enthusiasts, you know it’s not recommended to leave your coins in exchanges. And sometimes you need to cash out and get some Fiat money. Don’t fret, we’re here to help you get everything you deserve. With these step by step guides, you’ll be able to leave your Bittrex account blank if that’s what your heart wants.
The Bittrex exchange is security-focused and mainly for advanced users. Three cybersecurity experts that used to work for Amazon and Microsoft founded it in 2014. They started operations in Las Vegas, Nevada. Currently, the headquarters are located in Seattle, Washington.
Notice that the classic exchange is for US users, but through Bittrex Global they serve the entire world. Except for sanctioned countries, of course.
Bittrex.com started as a crypto-to-crypto trading exchange platform. Since 2020, they buy and sell digital assets for Fiat currency. You can deposit through bank transfers, credit cards, debit cards, and wire transfers.
How do Bittrex withdrawals work, though? That’s what we’re here to answer.
Can I withdraw BTC from Bittrex?
Yes, you can!
And you probably should. You can withdraw every coin the exchange offers, in fact.
Step by step guide on how to withdraw cryptocurrency from Bittrex
- First of all, you need a wallet that supports the cryptocurrency you’re about to withdraw. This is important. Not all wallets can hold every coin, and you can lose your funds forever if you make a mistake in this step. Find the right wallet.
- Generate a public address in your selected wallet. You’re going to send your coins from the exchange to this address. A wallet can generate multiple public addresses.
- Log-in to your account.
- On the upper right of the page, look for “Holdings” and click on it.
- Use the search box to find the coin you want to send.
- Click “Withdraw.” A new screen will pop-up.
- Enter the public wallet address you generated in step 2 and the quantity you want to withdraw.
- Some coins, like Monero (XMR,) Ripple (XRP,) and NEM (CEM,) require additional fields for transactions. Your wallet will provide the message/payment id/tag/memo if required, and you’ll have to enter them on this screen also. Notice that Bitcoin (BTC,) Ethereum (ETH,) Bitcoin Cash (BCH,) and Litecoin (LTC) don’t use these additional fields.
- Click “Withdraw.”
- If you have two-factor authentication activated, you’ll have to enter the six-digit code here and click “Confirm.” If your two-factor authentication isn’t activated, you’ll need to open your email and click the verification link that Bittrex sent you.
And that’s it. Your funds will arrive as soon as your transaction is confirmed in the blockchain. The time this takes varies from cryptocurrency to cryptocurrency.
Bittrex support provides this important note: “The minimum withdrawal for all coins must be greater than 3 times the fee. For example, BTC has to be .00150001 or greater as the fee is .0005“
Let’s take a moment to recommend to you, crypto enthusiast, to always enable two-factor authentication. The extra security is worth the hassle. And once you get used to it, it isn’t even a hassle.
For every crypto transaction you have to pay a small fee, let’s say that it’s for the use of the blockchain. Besides that one, Bittrex charges another minimum fee for withdrawals. It’s structured as follows: 0.0005 for Bitcoin (BTC,) 0.01 for Ethereum (ETH,) 0.01 for Litecoin (LTC,) 0.0001 for Monero (XMR,) and 0.05 for Dash (DASH.)
Bittrex fees are a little higher than the classic Coinbase, even more than Binance and Kraken, and in the middle tier compared to other cryptocurrency exchanges.
Can I withdraw from Bittrex to a bank account?
Yes, you can!
You’ll need to verify your bank account on Bittrex, though. They are very thorough with their Know Your Customer procedures.
If you don’t have a bank account already associated, go to the drop-down menu and choose “Add bank.” You’ll have to fill out a lengthy form and wait for the process to run its course, but that’s the cost of doing business.
Step by step guide on how to withdraw from Bittrex to a bank account
- Inside the exchange, trade your Bitcoin or any coin you want to transform into Fiat for USD balance.
- Go to “Holdings” and look for the word “Withdrawals.” Click.
- A screen will pop-up offering you options for a wire transfer.
There are no fees on Bittrex’s side, but your bank might charge to receive said wire transfer. The minimum withdrawal is USD 50.
Can I withdraw from Bittrex using the mobile app?
Yes, you can!
As you probably know if you’re reading this article, this exchange isn’t only for Bitcoin and Ethereum. It’s one of the few that offer a high variety of altcoins. And through their mobile app, you can deposit and withdraw them at will. So far the service is only available for the following coins, though:
BTC, LTC, ETH, XRP, USDT, TRX, RVN, PAX, DOGE, DCR, DigiByte (DGB), ADA, TUSD, BSV, XLM, CRO, HIVE, HBD, SXP, DEP, ENJ, VET, LOON, MET, WAVES, GAME, ARK, APM, LBC, BTT, SC, and ELAMA.
The exchange promises to add more in the near future.
Step by step guide on how to withdraw from Bittrex using the mobile app
- First of all: to withdraw from the mobile app, it’s mandatory that you activate the two-factor authentication. Do it or you won’t be able to execute this operation.
- Generate a public address in the wallet you intend to receive the coins in. Once again, make sure that the wallet supports the cryptocurrency you’re about to withdraw. This is important. Not all wallets can hold every coin.
- Log-In to your Bittrex account from the mobile app. Look for the bottom menu and click on “Holdings.”
- Click “Withdraw” and use the search function to find the currency you want to send.
- Enter the public wallet address you created in step two and the amount you want to withdraw. Notice there’s a “MAX” button for withdrawing everything you have.
- Verify the wallet address and amount and click “Next.”
- As we said, some coins require message/payment id/tag/memo. In the mobile app, that additional info goes in the “Memo” field. This information is extremely important if the wallet you’ll receive the coins in requires it. Double-check if it does. You could permanently lose your funds if you make a mistake here.
- If your operation doesn’t require message/payment id/tag/memo to properly route your funds, move the slider next to the “Memo” field. Click “Continue.”
- Click “Return.” Verify the wallet address, memo, and amount. Confirm and withdraw.
- Now, it’s two-factor authentication time. Enter the six-digit key and then the blue arrow to verify the transaction.
That’s it, you did it.
If you did a BTC-withdrawal, your Bitcoins are on the way.
How long do withdrawals from Bittrex take?
It can take up to 10 days for that wire deposit to become Fiat in your bank account.
As for crypto withdrawals, the time it takes varies from crypto to crypto. It’s hard to predict because it depends on the state of that coin’s blockchain on that particular day.
What is the cheapest way to withdraw from Bittrex?
If Fiat currency is what you want, this cryptocurrency exchange doesn’t charge a dime for the wire transfer. Remember to check with your bank, they might charge a fee on their end.
This exchange doesn’t offer the cheapest crypto transactions. Compared to most others, they’re not expensive either. And take into account that this exchange is mainly for advanced users, and those can make hundreds of transactions a day.
Plus, unlike Bitfinex, they’re upfront about the exact transaction fee. But take into account, for example, that Coinbase Pro offers free crypto withdrawals.
In conclusion, both ways are fairly cheap and fairly easy. Provided that your bank account is already verified.
What did we learn today?
You don’t need to contact customer support or even read the FAQ. We covered everything you have to know about withdrawing your money or your coins from this exchange, and in step-by-step guides to boot. And we provided warnings to avoid pitfalls and expensive confusions when needed.
Remember that transactions are irreversible. Be very aware and double-check everything when it comes to crypto withdrawals.