Bittrex Review – Is It a Trustworthy Crypto Exchange?

Security is one of the top priorities of every investor or trader, and Bittrex is one of the forerunner crypto trading platforms to offer that. That’s not all; there is a robust trading option available to its users.

Read this comprehensive Bittrex review to learn more about Bittrex and understand if it is really worth a try. In this review, we examine Bittrex thoroughly, including its pros and cons. In the FAQ section of this review, we also answer some of your top questions, like, how safe is Bittrex? Is Bittrex good for trading? Without further ado, let’s get started, shall we?

At a Quick Glance

Key Findings

Bittrex is a secure exchange with a license to trade digital assets from Bermuda and Lichtenstein. The exchange supports 100+ cryptocurrencies spread across 500+ trading pairs.

Bittrex is a suitable exchange for Advanced traders due to its high fee structure and KYC requirements, especially for newbies without valid ID cards and so on.

What is Bittrex?

Bittrex is a cryptocurrency trading platform founded by three cyber-sec engineers—Bill Shihara, Richie Lai, and Rami Kawach. In the company, they hold the positions of CEO, CFO, and Chief Architect, respectively.

Bill is a former worker at Amazon, Richie Lai worked at Blackberry, and Rami Kawach, Microsoft. The team initially launched the platform to serve the US crypto trading market. However, in 2019, Bittrex, through Bittrex Global, expanded to serve a global audience.

Upon expanding and rebranding to Bittrex Global, the exchange established offices in Lichtenstein and Bermuda. It also holds regulatory licenses to operate under the Transactions Systems Based on Trustworthy Technologies Act, also known as the “Blockchain Act.”

Range of Offering

Bittrex Global has limited offerings and features compared to other top exchanges like Binance and Coinbase. The platform’s major offering is spot trading and fiat deposits. Here’s a complete breakdown of them:

1. Spot Trades

Spot trading is a common offering of major crypto trading platforms. It is available on Bittrex Global with over 500 markets, providing a wide pool of crypto assets for traders to select. Bittrex makes it easy to create different order book types, which include:

• Limit
• Market
• Stop-Limit
• Trailing
• OCO (One-Cancel the Other)
• Ladder limit

The OCO order is a risk management feature that can be resourceful for low-volume traders to limit losses while trading. However, not all crypto trading platforms offer this excellent feature.

Stop Limit orders, colloquially known as Stop-Loss orders, also help to limit losses, especially overnight losses. You can easily spot it on your order book column.

You can set conditions based on your risk management techniques and technical analysis, and the system will follow it that way when related situations arise.

2. Leveraged Tokens

To compete in the derivatives market, Bittrex provides tokenized assets that users can trade with a 3x leverage. However, this offer does not put Bittrex in the rank of crypto trading platforms like FTX, etc., because its 3x leverage is pretty low, and it also has limited trading options.

3. Fiat Deposit

Bittrex stands among the top exchanges that permit fiat deposits, which means that users can use international wire transfers, SEPA, credit, or debit cards to deposit and withdraw fiat funds on their accounts.

The fiat deposit service gives Bittrex an edge over many other crypto trading exchanges. Still, it lags because many countries do not have access to this privilege, and card processing fees can be outrageous.

4. Bittrex Staking

Earlier in 2021, Bittrex Global launched a staking protocol that allows ADA token holders to earn appreciable rewards. Although the staking incentive is ambiguous, users may earn rewards when holding ADA tokens in their wallets.

Commission and Fee Structure

Unless you’re a high-volume or institutional trader, you may never enjoy Bittrex’s fee structure. Bittrex’s fee is quite high compared to other exchanges like KuCoin or Poloniex. Here’s how the Bittrex exchange fee is structured:

Trading Fees

Depending on your trade volume, Bittrex fees span from 0.00%-0.75% for liquidity makers and 0.05% – 0.75% for takers. When you trade between Bittrex’s minimum trading volume to 5K, you could spend a 0.75% fee for every order book you create.

Deposit and Withdrawal Fees

Euro and USD deposits are free for SEPA regions. However, withdrawal fees apply whenever you withdraw cryptocurrencies. There are also no deposit fees for crypto deposits.

Also, it is easier to deposit EUR than USD. You can fund your account with the EUR using any aforementioned methods, but the USD may require some extra steps. About 3% card processing fees may apply depending on your region.

Ease of Account Opening

It is easy to open and set up an account with Bittrex. Here is a step by step guide on how to join Bittrex and start trading:

Step 1: Creating Your Account

Creating an account with Bittrex is almost the same as in other exchanges. Follow these steps to create your account in minutes:

• Visit the official Bittrex global website and tap the “open your free account today” or “sign up” button; anyone gets you started.
• Next, choose your account type: personal or corporate/business account. 

If you choose the corporate account, you will have to fill in a different form. The Corporate account comes with additional benefits such as:

• Unlimited deposits and withdrawals
• Daily USD instant settlements using Silvergate Exchange Network and Prime Trust Instant
• Responsive account managers
• Fast deposits and withdrawals
• High-frequency API integration

Before opening a corporate account, Bittrex will ask you to provide some documents such as:

• Utility bill
• Tax report and country payroll
• Office space lease and local government operating registration
• Trader authorization signed by the chairperson or CEO
• AML and KYC documents
• Articles of incorporation
• ID Card
• Shareholder document

However, the individual account opening continues below. You can upgrade anytime to the corporate account for free.

• Enter your email address and create a strong password for your account. Ensure to use a valid email address as it serves as your username for using and signing into your account.

• Tap “Create Account” to continue, and proceed to verify your email address, read and agree to Bittrex’s terms of service, and move to the next phase of account creation, which is setting up your profile and KYC verification.

Step 2: Setting Up Your Profile and KYC Verification

Bittrex is a centralized exchange and so complies strictly with local laws and regulations. Therefore you must undergo KYC before you can complete your registration and deposit or withdraw funds.

Your profile setup comprises entering basic information about yourself, such as your country of origin, home address, date of birth, etc. Bittrex will also ask you to activate a security IP restriction setting.

After completing your basic profile setup, you can proceed to verify your account by clicking “Continue.” 

Verifying your account means you upload your government-issued ID, such as a passport or driver’s license. Follow this step-by-step guide to complete the KYC:

• In the ID verification section, click on “See acceptable IDs for your country.”
• Select your country.
• Choose your ID type: ID card, passport, and driver’s license. Ensure your ID card or passport is valid.
• Choose how you wish to upload your ID: Scanning with a computer or mobile phone, uploading ID photo from device gallery, or taking a photo directly with your mobile phone or PC.
• Next, you click on “Confirm” to submit your document. To avoid future problems, use a readable international passport; It is safer and easier to confirm.

• After submitting your ID, the next thing is to take a picture of yourself directly from your mobile phone camera. Click on “Start” and accept the notification settings to allow your browser to access your device camera.
• Once Bittrex confirms the quality of your photo, you can proceed to fund your account. If your photo doesn’t have the required quality, you will have to retake it.

In 5-10 minutes, you will receive your account verification notification. However, this timeframe may vary between regions.

Step 3: Funding Your Account

Funding your account typically involves buying cryptocurrencies for SEPA and approved USD deposit regions or using the crypto-to-crypto method.

Step 4: Trading

After signing up, setting your basic profile, completing your ID verification, and funding your trading account, the next is to begin trading. You can deposit and withdraw funds subsequently. We will discuss more on Bittrex deposits and withdrawals in the following section.

Deposit and Withdrawal

Bittrex supports fiat deposits, and you can use credit/debit cards to buy or withdraw cryptocurrencies fast and easily. The minimum fiat deposit and withdrawal are $50 and $10, respectively, for personal accounts. 

Meanwhile, there are no deposit and withdrawal minimums and maximums for corporate accounts. Bittrex’s minimum deposit for crypto-to-crypto transactions is 5% of the actual price of most cryptocurrencies.

International wire transfers and SEPA credit card deposits and withdrawals are also available. However, not all countries enjoy this privilege. Bittrex does not support fiat deposits for the following countries listed in the photo below.

How to Withdraw on Bittrex

Withdrawing your earnings on Bittrex is easy, provided you do not have any pending problems with your withdrawal portals. You may withdraw cryptocurrencies to an external wallet or proceed with EUR and USD fiat currencies using SEPA or available international wire transfers options.

Fiat withdrawals follow the same process as the deposit for wire transfers. However, processing may take a few working days. For crypto-to-crypto withdrawals, follow this guide to do so:

• Locate the “Account” section and select “Withdraw.”
• There are two columns; one for entering your withdrawal address and the other for entering the amount. Be careful while entering your wallet address or risk losing your crypto forever.
• Once done, click on “Withdraw BTC.”

For non-BTC withdrawals, use the next section for entering altcoins and follow the same process as the BTC. You can check your external wallet to confirm your transaction. It shouldn’t take more than 5 minutes to reflect.

Platform User Interface and Trading Experience

A great UI is one of the selling points of top cryptocurrency exchanges, and Bittrex is not left out. The exchange’s UI is generally excellent, as it combines relatable colors of blue and black, adopting a well-readable adjustable white font.

Bittrex Global also offers a good trading experience. It adopts an advanced TradingView charting system with a well-defined and timely crypto price chart. You can switch easily between light and dark modes for comfortable 24/7 trading.

There are lots of preferences and notification settings available on your trading chart, and you can customize and save your choice of indicators and technical analysis.

Mobile Application

Bittrex has a mobile application. It offers almost the basic and advanced features and products obtainable in the web app. The mobile is available for download on Android and iOS devices.

The 4.2-star rating on Google Play Store from over 2,400 users is an indication that the Bittrex community is pleased with the app. However, users also complained about its bad customer support system and high network fees.

Supported Cryptocurrency

Bittrex supports 100+ cryptocurrencies, with most of them being ERC20 tokens. In 2019, the exchange swapped over 60 million Omni network Tether to ERC20 token and still sticks with the token standard.

Educational Tools

Bittrex global has educational tools available for newbies through its help center and Medium channel. The structure of the help center makes it easy for beginners to get started and trade cryptocurrencies on the platform.

There are tons of well-researched blockchain/crypto articles available for you on Medium. Also, Bittrex’s Medium blog channel gives additional information and updates on the platform.

Customer Support

Bittrex appears to have a well-structured support system, but this is not so all the time, especially for mobile app users. However, the help center contains everything users may need to get started on the platform. 

Institutional or high-volume traders can also use Bittrex’s FAQ portal to resolve some related complaints. There is a LiveChat known as “Chat with Trexie” for 24/7 customer support. Additionally, you can get support tickets through Bittrex’s Zendesk.

There is also a section for learning about troubleshooting your account when you encounter related account settings or technical problems. The section contains possible technical problems you may encounter while using Bittrex.

Regulation and Security

Bittrex still suffers regulatory challenges in the US where it started, despite complying with the AML and KYC policies of various states in the US—coupled with its age-long service to the US trading community.

However, Bittrex Global, its global crypto service, has a full license to carry out Digital Asset Bussiness Act by the Bermuda Monetary Authority (BMA). Bittrex also operates under the “Blockchain Act” of Lichenstein where it is also regulated and supervised by the Federal Monetary Authority (FMA).

In terms of security, Bittrex is exceptional. The exchange offers maximum security and boasts of being one of the industry’s most secure crypto trading exchanges.

Although security still boils down to your effort, Bittrex plays an excellent role in safeguarding investors’ funds through cold storage mechanisms. The exchange also protects user information and privacy and encourages users to activate the 2FA on their account to avoid peripheral hacks.

Bittrex is one of the few top cryptocurrency exchanges that has never experienced a hack. However, one would allege that Bittrex suffered a SIM-Swap hack through a user’s account, in which the hacker stole over $1M worth of crypto.

The hack was indirect, and Bittrex denied any complacency in causing the hack following a lawsuit by the victim. Bittrex still readily provides a secure crypto trading environment for its users.

Is Bittrex Safe?

Bittrex is a safe exchange for trading cryptocurrencies. The exchange adopts different security modules such as cold storage and 2FA to keep investors’ money safe. Also, unlike some centralized exchanges, Bittrex protects user information from third-party exploitation.

Conclusion

Bittrex promotes itself as one of the most secure cryptocurrency exchanges in the industry and undoubtedly lives up to its hype. Following its history of no-hack and commendable trading UI, the platform is worthy of being among the top exchanges.

Trading fees may be a problem for traders trading below 50k monthly. But that doesn’t equate with its pros, considering it is also a regulated exchange, providing more safety for users’ funds.

Frequently Asked Questions (FAQ)