Bittrex review and test: Is it the best cryptocurrency exchange?

Review:
Type:
Security:
Available:
Markets:
4.8 out of 5 stars (4.8 / 5)
Exchange
FMA, BMA regulated
Mobile, desktop
680+

Bittrex logo

After the success of Bitcoin and the subsequent introduction of numerous altcoins, it didn’t take long for crypto trading to become mainstream.

However, to this day, traders struggle to find a secure exchange that is also easy to use. Not only has Bittrex never been hacked, but it is also based in the USA, intrinsically making it safer to use than other platforms.

But does the company comply with regulations? Does it have a responsive customer service team? More importantly, is the platform worth your time and money? In this in-depth Bittrex review, we will answer those questions and more.

Official website of Bittrex

Official website of Bittrex

Security and safety for customers
0%
Low fees
0%
Trading conditions and offers
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Introduction – What is behind Bittrex?

Bittrex is one of the most widely used crypto exchanges in the USA. It was founded by three former senior security managers from Amazon back in 2014. The founder’s Bill Shihara, Richie Lai, and Rami Kawach currently serve as Bittrex’s CEO, CIO, and CTO. The three founders make a formidable team, lending over 50 years of combined cybersecurity experience to Bittrex.

It’s also worth mentioning that all three of the co-founders worked at Microsoft at some point in their careers, and looking at their CV, it’s not hard to see why the Bittrex has a security-centric focus. Post its launch in 2014, Bittrex quickly grew to become one of the most popular crypto exchanges in the industry. The company employs a self-regulatory model called The Blockchain Act, as a result of which all of Bittrex’s customers must undergo stringent KYC and AML checks. 

A year after its launch, Bittrex applied for the BitLicense so that operations could expand to New York. However, four years after the initial application, the state of New York rejected the application stating “a seriously deficient customer identification program” as the reason. The company has denied these claims.

In 2019, the company also revamped its trading engine, making the platform nearly 20 times faster than before. The company also added new features and support for USD and EUR markets, and in the same year, the company launched Bittrex Global to expand its user base. The two exchanges now share liquidity.

Company:
Address:
Business:
Support:
Bittrex Global (Bermuda) Ltd.
Canon’s Court, 22 Victoria Street, Hamilton HMEX
Class F Digital Asset Business
Ticket, Live-Chat

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Who is Bittrex for?

Initially, Bittrex did not allow users to buy cryptocurrencies using fiat currencies. However, as of 2021, the company has added this feature, making it a lot more accessible to traders. To buy cryptocurrencies with fiat currencies using Bittrex, you will need to pass its bank verification process.

Bittrex enables its customers to buy more than 680 different cryptocurrencies and tokens. What’s more, the company boasts 284 unique trading pairs, making it the right platform to use if you want to experiment with trading lesser-known altcoins.

But perhaps what’s more important is that more popular currencies like Bitcoin, Tether, Ethereum, and Litecoin are available for purchase on the platform. Bitcoin and Tether have the most trading pairs on Bittrex, with Bitcoin alone having more than 450 trading pairs.

  • Buy and sell crypto
  • Submit your token for listing

Bittrex buying crypto and token listing

The relatively low transaction fees of 0.25% make the exchange that much more enticing to both beginners and seasoned traders. While the fees are not the lowest in the industry, the fact that only one fee applies to all transactions makes keeping track of expenditure that much easier.

Another advantage the company offers is lightning-fast trading speeds. The company employs elastic computing technology, enabling trades to process instantly. 

It’s also worth noting that Bittrex has a set of unique APIs, enabling users to set up automated trading bots for convenience. All of these features, coupled with the uncomplicated interface and the easy-to-use mobile app, make Bittrex an excellent option for beginners. But the elastic computing tech and access to APIs make an equally enticing option for seasoned traders looking for a secure trading platform.

  • For high volume traders
  • For people who want to buy and sell crypto
  • For people who want to list their token/crypto
  • API access
  • Fast trading speed
  • Secure platform

Regulation and safety for customers at Bittrex:

Bittrex has over half a million active users and boasts a daily trading volume of $193.69 million. The company recognizes the importance of user safety and data security. In 2018, a Japanese crypto exchange named Coincheck was hacked and lost over 530 million dollars in cryptocurrencies. In a similarly unfortunate incident, Youbit, an exchange based in South Korea, had to shut down operations entirely after hackers stole nearly 20% of its currency.

Of course, Mt. Gox is undoubtedly the best-known account of hackers taking down an exchange. It is events like these that serve as a reminder of the risks of trading cryptocurrencies. 

But the good news is, Bittrex considers security the top priority – not only do the co-founders bring a lot of cybersecurity expertise to the table themselves, but their entire marketing strategy is also tailored around the promise of security.

Note:

This company has never been hacked before.

No user has lost their funds to hackers in the history of the company. The founders have built a platform that both new traders and experts can rely on without worrying about hackers.

Security measures:

The company puts an emphasis on user and data security by employing the most reliable security technologies out there. The protection offered is undoubtedly the company’s most defining feature.

Bittrex uses an elastic, multi-stage wallet strategy to keep users safe. This is done by moving the coins from cold to hot wallets securely as and when required.

The 50+ years of security expertise the founding team has to offer, coupled with the fact that security is always prioritized in all developmental decisions, makes Bittrex one of the world’s most secure exchanges. Bittrex uses an elastic multi-stage wallet, putting away 90% of its funds in cold storage. It makes the exchange that much harder for hackers to break into. 

The company’s domain is encrypted with industry-standard SSL, which means all of the data communicated between you and the site is 100% secure.

The company also offers two-factor authentication, and you can also use Google Authenticator for it rather than using SMS to receive the code. However, the company does not enforce the use of 2FA like some other platforms do.

Whitelisting features are also available:

  • Wallet whitelisting: Gives users control over withdrawals. Using the feature, you can ensure that your funds are never withdrawn to wallets that are not yours.
  • IP whitelisting: You can “whitelist” IP addresses to ensure that account activity from IPs other than yours is blocked.

One other feature that makes Bittrex stand out is its cross-chain recovery service. If any of your deposits are worth more than $5000, the company will recover the funds for you if you accidentally send it to a wallet of the wrong coin type.

However, using the service costs 0.1 BTC, and you can use it if you request a recovery within seven days of transferring the funds. It is important to remember that the company cannot help you if you transfer the funds to the wrong wallet. All of these features make Bittrex a reliable exchange – and reliability is the one thing traders look for in their exchange of choice.

Regulatory compliance

Bittrex is based in the USA in Seattle, which means the company must follow American laws to operate. But the most traders are trading with Bittrex Global Ltd. which is based in Bermuda and regulated by the Bermuda Monetary Authority. 

Bittrex is regulated by the Bermuda Monetary Authority

Bittrex is regulated by the Bermuda Monetary Authority

Anti-Money Laundering laws and Know Your Customer laws require the company to collect some user data to reduce risks of fraud and other financial crimes. It’s also important to note that the company is required to comply with the Bank Secrecy Act. Any user that wants to use the platform must pass the KYC verification.

As mentioned earlier in the post, Bittrex does not have the BitLicense, which means if you’re in New York, you cannot use the crypto exchange to carry out trades. However, the platform is licensed for use in other states of the USA. Its compliance with the law and the security measures taken to protect users make it a trustworthy exchange.

Bittrex privacy:

Since Bittrex is based in the USA, it is obligated by the law to collect certain information about all of its users that may be shared with the government on request.

It’s also important to note that Bittrex shares some data with vendors and third parties that perform specific services on behalf of the company. But the company takes appropriate measures to protect user data and restricts access to the data.

By verifying your identity with the company using your social security number or another government-issued ID, the users can enjoy higher daily withdrawal limits. The company also allows verified users to make large transfers to and from bank accounts with USD tokens.

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Bittrex trading conditions

The Bank Secrecy Act necessitates the collection of personal data so the company can complete the Know Your Customer verification.

You must submit the following documents to Bittrex before you can use the platform:

  • Proof of address of the country of residence. A utility bill will do.
  • A copy of a passport or other state-issued identification. This also serves as proof of age – you must be at least 18 years old to use Bittrex.
  • A clear picture of your face.

Only after you’ve submitted these documents and the documents are verified will you be allowed to deposit, trade, and withdraw on the platform. It’s important to note that corporate accounts go through more stringent background checks.

Bittrex limits and liquidation

Not all Bittrex accounts have the same limits. The company classes accounts into three categories: new accounts, basic accounts, and enhanced accounts.

New accounts are unverified accounts, and while users can make deposit funds, they cannot withdraw them. Basic accounts have a daily withdrawal limit of 4 BTC, which is much higher than what some other exchanges offer.

On the other hand, enhanced accounts have a 100 Bitcoin daily withdrawal limit. However, users holding enhanced accounts must have two-factor authentication enabled.

Regardless of the account class, though, the company charges maker and taker fees on all trades which is depending on the trading volume of 30 days. The fee is slightly higher than average, but since the company does not charge any fee on deposits and withdrawals, the costs balance out.

Trading volume:
Maker:
Taker:
$0K – $50K
0.20%
0.20%
$50K – $1M
0.12%
0.18%
$1M $10M
0.05%
0.15%
$10M – $60M
0.02%
0.10%
$60M+
0.00%
0.08%

Test of the Bittrex trading platform

The Bittrex US trading platform and the Bittrex Global platform operate a little differently. The key difference between the two is that the US version has fewer assets than the international version.

However, both versions of Bittrex offer a wide array of cryptocurrencies to pick from and offer high liquidity in the markets. This makes the platform an excellent choice for traders that prefer liquidating their positions on short notice.

Screenshot of the Bittrex trading platform

Screenshot of the Bittrex trading platform

One of the best things about the platform is its interface – it is uncluttered and makes trading convenient. On the dashboard, you will find a list of supported trading markets along with an overview of prices, volumes, and percentage changes in prices over the last 24 hours.

While the exchange does not support margin trading, you can place market orders, limit orders, and ladder limit orders. You also have the option to place immediate-or-cancel orders, stop-limit orders, and good-till-canceled orders.

  • Immediate or cancel orders
  • Stop-limit orders
  • Good-till-canceled orders
  • Buy-sell markets
  • Trailing Stop
  • Ladder limit

But the best thing about the platform is its speed. Not only can you place orders quickly, but you can also make deposits and withdrawals instantly, thanks to the automated monitoring system.

How to trade with Bittrex?

Like with other exchanges, you must fund your account before you can execute a trade.

Buy and sell on Bittrex

Buy and sell on Bittrex

Here’s how you can trade with Bittrex after you’ve funded your account:

  • Create the API keys by navigating to the settings and clicking on API keys. Next, you must confirm all of the options that appear except withdrawal. By doing this, the platform will be able to trade on your behalf when you submit orders.
  • Go to your Hopper and select the Config option from the dashboard.
  • Input your API key into the Hopper, and also paste your API secret key in it. Click “Save.”
  • Head to the Markets dropdown that appears on the top of the main screen and clicks on the pair you want to trade.
  • Next, choose how many units of the cryptocurrency you selected you want to buy and at what price. You can check to see what users are selling the currency for in the website’s Order Book section. Make sure you don’t bid too lower than the asking price, or your order may never go through.
  • You can optionally place a limit on the order, indicating that you will certainly buy the units at the price you’ve stated – that is, unless you cancel the order.
  • After all your details are set, confirm your order’s details before finalizing the purchase. After the order is complete, the coins will appear in your Bittrex wallet automatically.

Making a withdrawal from the platform is a lot less complicated. All you have to do is hit the “-” button instead of the “+” button and set the units you want to transfer to your wallet. Enter the correct wallet address, and the coins will appear in your external wallet when you hit confirm.

How to open an account with Bittrex?

To start the registration process, visit the Bittrex website in your region. It is important to note that the company employs several measures to prevent unauthorized access, so you must follow these steps properly:

Account opening with Bittrex

Account opening with Bittrex

  • Click on the “Sign Up” button on the top-right corner of the screen.
  • Pick whether you want to create a Personal or a Corporate account from the checkbox that appears.
  • Enter the email address you want your account connected to in the email field. Your email address will double as your username on the platform.
  • Set your password by entering it into the appropriate field. Bittrex requires you to set a password that is at least eight characters long and recommends that it have 12 characters, including numbers and symbols.
  • After you’ve set your password, click on the “Create Account” button. Check your inbox for the verification email, and click on the “Verify Email” link in it.
  • You will then need to accept the Terms of Service and submit all of your basic profile information. It is important to note that users can only submit profile information in English.
  • Lastly, you will need to complete your ID verification. Every Bittrex user must submit a government-issued ID to increase daily withdrawal limits.
  • After verifying your account, you will be able to use Bittrex without any restrictions.
Note:

The account opening process is done in less than 10 minutes.

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Does Bittrex offer demo accounts?

Demo accounts are in huge demand since more and more traders wish to invest in cryptocurrencies. These accounts allow users to test out trading strategies without using up any funds in their live accounts.

While some exchanges offer this feature to their customers, Bittrex doesn’t. 

However, since Bittrex charges a fixed percentage fee per transaction, you can trade as little as $10 and test your strategies. It is also possible to buy fractions of a currency, too, and trading this way initially will give you real experience.

Is there a negative balance protection on Bittrex?

The company does not offer negative balance protection.

If you buy cryptocurrency, but your bank somehow fails to transfer the money to Bittrex in time, a negative balance will appear in your account.

Your Bittrex account will be restricted from making any further transactions before you clear your dues.

Deposit and withdrawals with Bittrex

Bittrex does not verify user accounts itself – it has partnered with Jumio to take care of the verification process. The ID verification solution provider processes users from 200 countries on behalf of numerous companies. 

Nonetheless, you will need to verify your identity with the company before you can make a withdrawal. There are no deposit fees whatsoever, regardless of which currency you buy, which is typical of crypto exchanges.

For depositing and withdrawing fiat money you will use the following mask: 

Bittrex depositing money

Bittrex depositing money

  • Use Credit Cards
  • Use Bank Wire

But the company does charge withdrawal fees to its customers. Here’s how much the fee is for the most popular cryptocurrencies:

Currency:
Withdrawal fee:
Bitcoin
0.0005 BTC
Ethereum
0.01 ETH
Litecoin
0.01 LTC
Monero
0.0001 XMR
Dash
0.05 Dash

As you can see, the company is quite competitive when it comes to fees – but it is certainly not the cheapest exchange out there. If you trade in low volumes, there are exchanges out there that will offer you better value for money. Some exchanges also reduce the prices for withdrawing specific cryptocurrencies. However, Bittrex offers no such benefits.

On the plus side, though, the company offers substantial discounts to those with large 30-day trading volumes.

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Support and service:

The company boasts a responsive customer support team that you can reach via its Zendesk page. Not only can you file support tickets from their support page, but you can also find and review them if you run into the same issue again.

Bittrex also allows you to make feature requests by filling in a form.

You can also learn more about the platform and how you can use it from the frequently asked questions section. The guides, news, and announcements keep you updated about all the features the platform has to offer.

Besides the Zendesk page, you can also contact customer support via Slack, Twitter, and Facebook.

While there are several avenues for you to reach out to the customer service team, some users complain about the team’s slow response time. Also, there is no live chat support option, but this is a common trait amongst most exchanges, so we can’t say it’s a dealbreaker.

While the company offers decent support, it could be better.

Accepted countries and forbidden countries

As mentioned earlier, Bittrex has partnered with Jumio, and Jumio verifies users for Bittrex. Jumio processes users from over 200 countries for various countries.

However, since Bittrex is based in the USA, traders in North Korea, Iran, Syria, Cuba, and other regions that have sanctions levied against them by the US government cannot use the platform.

Conclusion on our Bittrex review: Reliable cryptocurrency exchange

Not only is the veteran exchange safe, but it is also easy to use, making it an attractive choice for both new and experienced crypto traders alike. And with all the updates made to the platform recently, it has only become more of an attractive choice.

While it does not offer margin trading, the exchange does enable you to sell your coins for USD or EUR and withdraw them into your bank account. So, if you’re on the lookout for a fiat-to-crypto exchange that offers a wide variety of cryptocurrencies to pick from, Bittrex will not disappoint.

The security measures the company takes to make it one of the best cryptocurrency exchanges in the industry.

Advantages of Bittrex: 

  • High secure trading platform
  • More than 600 coins are available
  • Fiat deposits and withdrawals
  • Low trading fees
  • Professional trading platform
  • Ultra-fast account verification

Bittrex is one of the leading cryptocurrency exchanges in the world. Trading is offered with low fees, high liquidity, and professional platforms. 4.8 out of 5 stars (4.8 / 5)

(Referral code for the best conditions: EGJ-ZDO-EJN – Risk Warning: Your capital can be at risk)