Bittrex

Written By
Deniz Saat
Reviewed By

Bittrex - One of America’s leading exchange platforms and blockchain technology providers. Buy, sell, and trade cryptocurrencies at lightning speeds from this blockchain-powered exchange. Read about its supported currencies, fees, methods of payment, and more in this detailed review.

Overview

Highly secure exchange.

Supports more than 190 cryptocurrencies.

Quick transactions.

Overall Rating
  • Features
  • Ease of Use
  • Payment Options
  • Fees
  • Security

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Who Are They?FeaturesCurrencies SupportedPayment MethodsSupported CountriesFees and Buying LimitsCustomer Reviews
Is 
Bittrex
 Safe? 
ProsConsFAQ

Who are they?

Bittrex is a cryptocurrency exchange founded in the year 2014 and is based in Seattle, Washington. The founders, Bill Shihara, Richie Lai, and Rami Kawach, wanted to create a highly-secure exchange that users could trust. Their background in security engineering with giants like Microsoft and Amazon helped them create one of the safest cryptocurrency exchanges in the world. Bittrex is a blockchain-based exchange and considered a global leader for highly secure and lightning-fast cryptocurrency trading. Bittrex is one of the most popular exchanges in the US. It is often referred to as a “Blockchain Incubator” that promotes global innovation in financial services, powered by blockchain technology. It is available worldwide except for a few countries.

Features

Bittrex is known as the next-generation digital currency exchange. The major highlight of Bittrex is that it has never been hacked. It is one of the largest and most secure exchanges based in the US. Bittrex offers buying, selling, and trading of cryptocurrencies on its blockchain-based platform. One can also use fiat currencies like the USD or Euros for buying cryptocurrencies on Bittrex.

  • It offers automated trading features, like stop-loss, GTC (Good Till Canceled), and instant buy or sell.
  • It has a user-friendly interface as well as superior technical charting tools for any seasoned trader.
  • The Bittrex exchange’s ‘lightning-speed’ trading interface is well-lauded for its quick load times, no hanging, or lags.

Cryptocurrencies

Bittrex supports more than 190 cryptocurrencies.

  • Bitcoin (BTC)
  • Litecoin (LTC)
  • Ethereum (ETH)
  • Ethereum Classic (ETC)
  • Ripple (XRP)
  • USD Coin (USDC)
  • Tether (USDT)
  • TrueUSD (TUSD)
  • Cardano (ADA)
  • Bitcoin SV (BSV)
  • And more

Fiat Currencies

  • United States Dollar (USD)
  • Euro (EUR)

Payment Methods

  • Bittrex did not accept fiat currencies when it first started, but began accepting fiat payments from corporate clients in May of 2018. Individual users and retail traders are now able to make wire transfers as well.
  • Bittrex also started accepting Visa payments from users in March of 2020. However, they charge a deposit fee of 3% for credit card deposits.

Supported Countries

Bittrex is not available in the following countries:

X North Korea

X Iran

X The Crimean region

X Syria

X Cuba

X Users from New York, Hawaii, and Vermont.

Fees and Buying Limits

  • Bittrex charges a 0.2% fee for both makers and takers. It offers discounts on large orders. For transactions above 50,000 USD, the marker fee is reduced to 0.12%. The fee decreases as the volume increases.  
  • The exchange charges a flat rate of 0.25% on every transaction. It is a bit higher than the average, but this makes trading simpler for new users. A standard fee for all transactions helps to determine fees easily for new traders.

Bittrex does not have any withdrawal limits on the amount of USD that can be withdrawn. However, the amount of cryptocurrency that can be withdrawn depends on the user’s account. For verified accounts without 2FA, the daily withdrawal limit is 1 BTC, while verified accounts with 2FA can withdraw up to 100 BTC.



Customer Reviews

“Although Bittrex can be considered an excellent exchange for beginners and traders looking for a robust, secure platform on which to trade multiple cryptocurrencies, its lack of customer support and freezing of accounts makes it a questionable choice.” - www.99bitcoins.com

“As one of the biggest and oldest exchanges around, Bittrex is certainly facing a transitional period. It's a reputable place to trade on, sure, and provides many positives for traders who are willing to put up with the limited amount of features and a rather high trading fee, but the near future will likely be followed with changes to the exchange, the platform or the legal structure, and so it's important to keep our eyes on this exchange.” - www.cointelligence.com


“Bittrex is a veteran exchange that is safe and easy to use. With all of the recent updates, it once again became one of the more attractive trading options in the crypto market. It does not have controversial features like margin trading, but it does allow you to sell your coins for USD or EUR and withdraw them directly into your bank account. So if you’re looking for a fiat-to-crypto exchange with a wide range of altcoins, Bittrex is a trustworthy choice.” - www.cryptonews.com

Is 

Bittrex

 safe? 

Bittrex is considered to be one of the safest cryptocurrency exchange platforms for the following reasons:

  1. It uses compulsory Two-Factor Authentication (2FA) for all transactions.
  2. It is regulated by US federal laws and complies with all regulatory measures.
  3. It practices extensive KYC measures to verify a customer’s identity.
  4. It follows the Anti-Money Laundering law developed by the US government.
  5. It has never been hacked.
  6. 80-90% of the currencies are stored offline in cold-storage, making it difficult to steal any funds.

Pros of 

Bittrex

  • It's a highly secure exchange platform.
  • It offers great customer support.
  • User-friendly interface for first-time users.
  • High-speed computing enables the platform to execute ‘lightening-speed’ transactions.

Cons of 

Bittrex

  • Extensive verification process.
  • No margin trading.
  • Rigid fee structure.
  • Limited payment options.

FAQ

1. Is shorting possible on the Bittrex exchange platform?

Users can open short positions to hedge their trades, but cannot short to capture prices going down.

2. How many coins are supported by Bittrex?

Bittrex supports more than 190 cryptocurrencies.

3. What is the withdrawal limit for Bittrex?

Bittrex does not have any withdrawal limits on the amount of USD that can be withdrawn. However, the amount of cryptocurrencies that can be withdrawn depends on the user account. For verified accounts without 2FA, the daily withdrawal limit is 1 BTC, while verified accounts with 2FA may withdraw up to 100 BTC.

4. Does Bittrex allow fiat transactions?

Bittrex allows fiat transactions in USD and Euros for corporate accounts, while retail traders may send wire transfers from their bank.

5. How long do Bittrex withdrawals take?

Bittrex withdrawals may take up to 12 hours. The exchange is currently working on instant withdrawals.

6. Is Bittrex a wallet?

No, Bittrex is not a wallet, nor does it support a native wallet like CoinBase. Bittrex is a cryptocurrency exchange that allows the buying, selling, and trading of cryptocurrencies. However, most of its currencies are stored in cold storage wallets to prevent theft and hacks.

7. What are the steps for adding fiat currency (USD) to my Bittrex account?

Here are the following steps to add USD to a Bittrex trading account: Get approval for Fiat (USD) trading, deposits, and withdrawals. The user’s bank account must then be whitelisted. Generate a USD deposit code. Take the wire information provided in the USD wallet to the bank for reference. Wait for the wired amount to be credited to your Bittrex Account.

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WRITTEN BY
Deniz Saat
Deniz Saat is an IT services specialist and technical writer.
REVIEWED BY

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