Bittrex Review

Bittrex Review

Daniel Chan

February 8, 2022

Cryptocurrency

What is Bittrex?

Bittrex is an advanced and immersive cryptocurrency exchange aiming to innovate the blockchain industry even further. The exchange claims to be working on the advancement of the newer tech through fostering their own services and providing a better experience to their users.

Bittrex was founded in 2014 and can be considered as one of the very few platforms that emerged in the early phases of cryptocurrencies. It was actually founded by three cybersecurity engineers that decided not to hide their identity but openly show who they are just to build trust in the industry. Located in Seattle, Washington, Bittrex manages and operates the whole platform from there. They also have quite a big team working behind the betterment of the exchange and to bring revolution to the blockchain. 

  • Web Address: www.bittrex.com
  • Main location: Washington, USA
  • Cryptocurrencies: BTC, ETH, DOGE, ADA, and 250+ more
  • Fiat Currencies: USD, EUR
  • Deposit Methods:  Visa/Mastercard, Wire Transfer, ACH, SEPA, Cryptocurrency
  • Deposit Fees: Visa/Mastercard: 3%; Other methods: Free
  • Trading Fees: Maker: 0.35%, Taker: 0.35%
  • Mobile app: Yes

My Overall Thoughts on Bittrex

Bittrex is unquestionably a great crypto platform with tons of features to offer to their users. While it is a premium choice for most US users, it is not available for those living in New York and a few other states. Bittrex has premium security, accurate and real-time market data, tons of cryptocurrencies on offer, a great customer support team, several extra earning modes, and much more. The following are the top 3 things that draw me to Bittrex:

1) Wide variety of over 250+ cryptocurrencies:  Astute investors want to diversify their portfolio and not put all of their eggs in one basket. Bittrex can help their users do so by offering more than 250+ different coins. Users can trade them or simply invest their money by HODLing them. There are no restrictions on any of the available assets, and one can instantly buy, sell, or trade them on Bittrex.

2) Premium and advanced trading experience:  If you are a trader who does not want to compromise on your trading experience, then Bittrex is a great choice for you. The platform not only provides an advanced trading experience to their desktop users, but it offers the same to mobile users too. With the inclusion of customizable charts, they are accurate, fast, and detailed compared to others.

3) Security and safety:  Security is another main reason why I would recommend Bittrex to any crypto traders. Due to the multi-layered security features, Bittrex customers’ funds and identity are protected at all times, making it a safe and secure platform to use.

One minor downside is that the only fiat currencies Bittrex supports are USD and EUR. If you want to use your local currency, you will incur currency conversion fees. However, this will not be an issue for many users, who are residents of the US.

Key Features & Advantages of Bittrex

Bittrex is undoubtedly one of the biggest cryptocurrency exchanges you can find on the internet. With tons of features, options, and crypto assets available, they offer quite a lot of features for their users to enjoy and benefit from. The following are the key features and advantages of Bittrex that you can look forward to after joining their platform.

Negatives & Disadvantages of Bittrex

On the flip side, Bittrex has some negatives and disadvantages that users may find an issue with. You can take a quick look below and see if it affects your experience.

What Services does Bittrex offer?

In order to have in-depth insights about the services of Bittrex, you can check out the aforementioned aspects and see how the platform can benefit you, whether as a trader or an investor.

Over 250+ cryptocurrencies available:  It can be hard to find an exchange that offers you a massive variety of cryptocurrencies. The thing is, not everyone wants to invest their money in a cryptocurrency that the whole world is already investing in. Professional crypto traders and investors also try to diversify their portfolios and explore new projects and tokens too. If you are one of them, you will not be disappointed with the range of cryptocurrencies at Bittrex.

At Bittrex, you can easily access more than 250+ cryptocurrencies within a matter of seconds. It does not matter if you want to buy and hold for the long-term, or if you want to trade them; you can do anything you want without any type of restrictions. As you would expect, all of the popular cryptocurrencies are available on the exchange, along with some new assets with the potential to grow. You can check out their chart movements and then decide if you want to invest your money in them or not.

Instant buying and selling of crypto assets:  When I use the word “instant,” I literally mean instantaneous buying and selling of cryptocurrencies. You won’t have to go through lengthy procedures and verifications (except upon first registering) just to buy a cryptocurrency that you like. All you have to do is click the Instant Buy & Sell option available at the top right corner of the exchange and continue with the whole process.

You will be provided with the complete list of coins that you can buy instantly, along with the fiat currency you want to buy it with and the payment option you prefer. This whole process can be even quicker if your account is already topped up with a fiat balance.

Fully-fledged trading apps for mobile devices:  There are countless crypto exchanges available that offer dedicated applications for mobile phone users. But the question is whether they offer a feature-filled trading experience or whether the app is simplified. When we look at Bittrex, we can see they have developed mobile applications that not only make it convenient for users to access their account and portfolio, but also trade without missing any options or customization. 

The Bittrex mobile applications are available for both iOS and Android devices and can be downloaded from their respective app stores. Once downloaded, you can simply log into your account and carry on your trading anywhere you are. You will have your whole portfolio inside your pocket, all the time.

Advanced trading market with countless pairs:  Bittrex allows their users to trade more than 250 different cryptocurrencies and various trading pairs right away through their markets section. Without even consulting the charts, users can get info about the 24-hour change, 24-hour high and low, and the trading volume to save time. 

Professional trading experience with several options:  As stated above, Bittrex offers a fully-fledged trading experience even to their mobile users. So you can imagine how good the experience is for desktop computer users. When users visit Bittrex's Markets section on the platform, they are provided with a list of 250+ cryptocurrencies. Now it is up to you to choose any of them and start evaluating the charts. Traders also get complete information about the 24-hour price change, weekly price change, and change over a longer-term. Not only that, there is even an option to check the depth chart of an asset and open both depth and price charts simultaneously to make things even easier.

As for tweaking, charts can be customized quite easily, too, through the left and top panels integrated on every chart. You can change the candles, use indicators, draw on the charts, add texts, measure, check patterns, and do much more right from a single place.

Fast, reliable and efficient trading platform:  Just like everyone hates slow internet, traders and investors hate slow trading platforms too. The good thing is, Bittrex is a robust, fast, and efficient trading platform using a secure trading engine that can facilitate their users without causing any troubles. Not only that, but traders can also execute trades in real-time without any type of delay or inaccurate charts. Traders can even use third-party APIs to make their trading easier, thanks to the trading engine used in Bittrex. 

Staking available to earn more crypto:  If you do not just want to hold your assets, but instead earn extra money on them, then staking would suit you. Bittrex allows their users to stake Cardano, as of now. They might add more coins to their staking program, but you will have to wait and see what they offer. The best thing is, unlike many staking programs, Bittrex allows their users to exit the program whenever they want and cash their funds out. Of course, they would only be able to get the amount earned within that period, no matter how much it is. It is recommended to check the returns along with the time period first and determine if it would be worth it to stake or not. 

Convenient deposit and withdrawal methods:  If an exchange does not offer reliable and trusted ways for customers to deposit or withdraw their money, users will simply not be able to access their services. But in the case of Bittrex, there are multiple ways through which you can deposit or withdraw fiat currency on the platform. Those methods include direct bank transfer, Visa/Mastercard, ACH, and SEPA. You can choose any method that is convenient for you, and it will work just fine.

Passive earnings through a referral program:  If you enjoy using Bittrex and you have friends or family that are interested in cryptocurrency, then you can actually earn a good amount of money through the referral program. You receive 10% commission of the fees paid whenever a trade is made by someone that you referred. 

Unmatched security and safety:  Safety and security are things that a crypto exchange should never compromise on. As we are talking about digital and untraceable assets here, the scenarios become even more troublesome. That is why it is so important to choose platforms that have high security measures. If we talk about the security measures taken by Bittrex, they have deployed the most effective and reliable technologies that help them protect the funds and data of their users. Not only that, but they also actually claim to have several layers of protection to ensure the perfect safety of the platform. Even the users themselves have to prove their identity and provide necessary documents to begin using the platform and start trading or investing.

Premium support with live chat option:  Every business desires satisfied customers, and they can’t guarantee that unless there is someone to answer queries and questions. Bittrex has a great customer support team with the live chat option to solve the problems of their users instantly. You can also check out their support section to check out FAQs, guides, and related informational articles to help you get started. There are a few articles available for almost everything you can do on the platform. If you can’t specifically find the solution to your problem, you can simply create a ticket or send Bittrex an email to get an answer back from them. 

What I don't like about Bittrex

Bittrex certainly is great trading and investing package for users, but they have got some negatives that can’t be ignored. So let’s take a detailed look at them and find out where Bittrex needs to improve or expand.

Limited fiat currencies supported:  One of the major cons of Bittrex is that it does not support a range of fiat currencies. As of now, the exchange only accepts USD and EUR. It does not matter from which country you are using your debit or credit card, it will be converted into USD, or into EUR if you are from the EU region. This is a factor that Bittrex will have to look into, as many people prefer to trade in their own local currencies.

Not available in New York and some other states:  New York is considered the economic hub of the US, but unfortunately, Bittrex is not available for their residents. Not only that, there are a few other states that are also excluded from the list of supported states. This is solely due to the laws and regulations of these particular states that the platform will have to comply with. Let’s see if they could bring change in this aspect in the future.

No leverage trading available:  Leverage trading is an essential tool for many experienced traders who want greater exposure and more capital. Unfortunately, Bittrex does not have the option to leverage trade which can be quite a letdown for many traders.

Bittrex Fees

Bittrex Deposit Fees

Cryptocurrency and wire deposits on Bittrex are completely free, but keep in mind that wire transfer has a minimum deposit amount of $50. As for Visa/Mastercard deposits, you will have to pay a fixed fee of 3% on every transaction. 

Bittrex Trading Fee

Bittrex charges their users a flat fee of 0.35% for both takers and makers. If you are a high-volume trader, you can reduce the fees if your trading amount exceeds the specified limits, as shown below.

Bittrex Fiat Withdrawal Fees

When it comes to fiat withdrawals, users have to pay a fixed fee of $25 for every transaction they make. This fee is does not change no matter how much money you are withdrawing. The minimum fiat withdrawal amount is $35. 

Bittrex Crypto Withdrawal Fees

There is no specific fixed fee for cryptocurrencies when withdrawing them. Each asset holds a network fee that the users have to pay when transferring to another wallet. You can easily check how much you have to pay by visiting the withdrawal section and selecting the coin you want to transfer. 

Pros and Cons of Bittrex

Pros
  • Over 250+ cryptocurrencies available
  • Fully-featured mobile apps for iOS and Android
  • Staking available to earn interest on crypto
  • Several deposit and withdrawal methods
  • Premium security so users have peace of mind
Cons
  • Not available in NY and some other US states
  • $25 fee for fiat withdrawals

Verdict

Bittrex is one of the best crypto trading platforms available, with a huge variety of coins, instant buying, and advanced charts for the experienced traders. With some slight changes, such as removing the expensive $25 fiat withdrawal fee, Bittrex could become an even better platform, but for large traders the fee is negligible. If you are undecided on Bittrex and still looking for a crypto exchange, have a read of our article on the best crypto exchanges in the USA. There is also a quick comparison table below, if you are interested.

Comparison Table of the Best Crypto Exchanges in the USA

eToro
Pionex
Coinmama
Gemini
Uphold
Crypto.com
Crypto Exchange
Crypto Exchange
eToro
Pionex
Coinmama
Gemini
Uphold
Crypto.com
Fiat Currencies
Fiat Currencies
USD
USD, TWD
USD, EUR, AUD, CAD, GBP, JPY
USD, AUD, CAD, EUR, GBP, SGD, HKD
USD, GBP, EUR, CHF, AUD, JPY & 21 more
USD, AUD, CAD, CHF, EUR, GBP, NZD, SGD, JPY & 10+ more
Cryptocurrencies
Cryptocurrencies
BTC, ETH, BCH, XRP, DASH, LTC, ETC, ADA & 50 more
BTC, ETH, LTC, SOL, DOT, TRX & 120+ more
BTC, ETH, ETC, UNI, LINK, LTC, BCH, DOGE, MATIC, EOS, AAVE, COMP, OMG, YFI, WBTC
BTC, ETH, BCH, DOGE & 90+ more
BTC, ETH, ADA, DOGE, COMP, DOT & 125+ more
BTC, ETH, LTC, XRP, CRO, ADA, DOT, SOL, DOGE & 250+ more
Deposit Methods
Deposit Methods
PayPal, Debit card, Credit card, Wire transfer, Online banking
Credit card, Cryptocurrency
Credit card, Debit card, Fedwire, Apple Pay, Google Pay
Bank transfer (ACH), Debit card, Wire Transfer, Cryptocurrency
Bank Transfer (ACH), Bank Transfer (SEPA), Debit/Credit Card, Wire Transfer, Faster Payments Service, SWIFT, Cryptocurrency
Bank Transfer (ACH), BPAY, SEPA, Credit/Debit card, PayPal, TransferWise, Fedwire, SWIFT, Cryptocurrency
Trading Fees
Trading Fees
1%
0.05%
2.93% - 3.90% (depending on loyalty level)
From 0.25% (maker) and 0.35% (taker)
Fees included in the spread
Exchange: from 0.4%, App: Free (included in spread)

eToro USA LLC; Investments are subject to market risk, including the possible loss of principal. "Virtual currencies are highly volatile. Your capital is at risk."

Frequently Asked Questions

Can US citizens use Bittrex?

Yes, almost all US citizens can use Bittrex, but the platform has restricted users from a few states from joining the exchange. These states include New York and a few others.

Can I trust Bittrex?

Bittrex can be trusted not only because they keep almost all of their users’ funds in cold storage, but they have protected and secured their exchange through advanced methods.

Is Bittrex better than Coinbase?

No one can be called a winner here, as both of the platforms come with their own pros and cons. While Bittrex has lower trading fees and a wider range of cryptocurrencies on offer, Coinbase is more beginner-friendly and easier to use. Read our Coinbase review here to compare for yourself.

Marketplacefairness.org provides all its content for informational purposes only, and this should not be taken as financial advice to buy, trade or sell cryptocurrency or use any specific exchange. Please do not use this website as investment advice, financial advice or legal advice, and each individual's needs may vary from that of the author. This post includes affiliate links with our partners who may compensate us. 

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