The Bittrex Review: A Comprehensive Guide

Crypto traders should look to trade their hard-earned tokens and coins with the best exchange platform. Our Bittrex Review is designed to introduce you to the pros and cons of the exchange and help you decide if it’s right for you. 

The exchange platform you choose will determine whether or not your investments turn a profit. You can endanger your financial security by choosing the wrong platform.

The choice of an exchange for crypto trading is as crucial as choosing tokens to invest in your portfolio. Your growth is determined by it. 

Bittrex has a large amount of liquidity and is one the most popular crypto exchanges. You can choose from a variety of currencies and over 2,000 markets. 

Learn everything about Bittrex including trading tools and fees, payment methods, security features, payments, as well as information on Bittrex’s fee structure. Check out if it’s the right platform for you to trade, sell and buy digital cryptocurrencies.

Bittrex Overview

Bittrex, a popular US cryptocurrency exchange, is one of its most prominent. It was launched in 2014. Since then, it is one of the most popular exchanges worldwide in terms of trading volume. Bittrex founders Rami Kawach, Bill Shihara and Richi Lai worked previously for Amazon.

Bittrex brought together its tech expertise and experience to create one of the most popular cryptocurrency exchanges in the world.

GiftcardBTC, which was originally known as GiftcardBTC, focused on the sale of gift cards and phones cards for bitcoins. To cover their running expenses, they had Bitcoin miners. The team then added support for additional coins and started with Litecoin.

The team was faced with technical issues that forced them to think again about their idea, and to revise their business plan, especially in relation to the possibility of converting altcoins into other currencies. Bittrex was born from the combination of code and design.

The founders decided to let investors buy digital coins instead of Bitcoin. Their goal was to make a long-term profit and they decided to keep the exchange transparent.

Bittrex was ranked 32nd in cryptocurrency exchanges worldwide by August 2018. The ranking dropped to the 100th position towards the end 2019 and it is now at the 100th spot. It ranked however, at the end of 2019, 100th on popular global indexes.

Bittrex announced a plan to expand into cryptocurrency derivatives on December 20, 2017. It was intended to buy a major, controlling stake in Seef SEF. The move was canceled due to licensing issues and operational problems. Bittrex representatives confirmed it later.

The platform then announced, May 31, 2018, a partnership with Signature Bank New York to facilitate fiat crypto transactions for individual and institutional clients.

Bittrex then formed the Virtual Commodity Association Working Group together with Gemini and Bitstamp.

Bittrex launched an OTC (over-the-counter) trading desk January 14, 2019 to serve crypto orders valued over $250,000.

Bittrex applied in New York for its Bitlicense, which was the first step in licensing. The state Department of Financial Services rejected the application. Bittrex was charged with due diligence when it came to documenting new users. This dispute is ongoing to this day. 

Supported Markets

Instant Buy 

Bittrex lets investors buy digital assets instantly using its instant buy function.

Investors need to be aware, however, that not all areas have the option of instant buying. You should verify that the feature is applicable to your location before you apply it.

It is quick and simple to use the instant buy function. This feature allows you to buy digital assets in the U.S. with your credit/debit card. You will have to purchase your digital assets through an SEC-regulated brokerage. 

eToro makes it easy to make deposits using your debit or credit card. You can also buy crypto using the spread-only option.

Crypto-to Fiat Trading

The most popular method of trading on Bittrex is crypto-to-fiat. This involves the trading of a particular digital asset, or cryptocurrency, against a well-known fiat currency such as the U.S. Dollar. 

BTC/USD has been the most traded pair at Bittrex. Next are USDT/USD (ETH/USD), DOGE/USD (USD), and ADA/USD.

Crosses of Cryptocurrency

Bittrex has a variety of cryptocurrency-cross pairings to choose from if you are interested in making an investment. 

Bitcoin can be paired with almost all of the crypto-crosses. This section contains the most well-known trades: XYM/BTC and ADA/BTC as well as DOGE/BTC and ETH/BTC. 

The Leveraged Token

This will be appealing to investors in cryptocurrency who do not fear risk. Bittrex’s sophisticated leveraged market allows investors to earn more without having to maintain a certain account balance. You can identify leveraged markets by identifying them with either a Bear or Bull symbol and a multiplier. If an investor trades DOGEBUL three times on Bittrex, it means that he or she has decided to invest in Dogecoin. The leverage ratio is 1:3. Or, to put it another way: A 10% increase in Dogecoin’s value means that the profit margin increases up to 30%. 

Bittrex is a safe platform for investors to sell leveraged tokens. The chances of making money are as good as the odds of losing it. 

Tokenized Stocks

Bittrex lets investors trade tokenized stocks. The trading in tokenized stocks differs from traditional cryptocurrency trading. You can speculate about how many stocks could rise in price. Traders don’t need to take ownership of underlying stock shares, similar to contracts-for-difference (CFDs).

Bittrex has more than 700 tokenized stock options, which include Apple, Coinbase and GameStop as well as Amazon, Facebook, Amazon, Google, Twitter, and Tesla.  These stocks are available on stock exchanges, such as NASDAQ and NYSE.

Bittrex Fees

You should always consider an exchange platform’s fees before deciding to trade on it. Transaction fees are a significant expense to your profit, regardless of how accurate your forecasts and the steady growth of your asset base. When choosing a platform for crypto trading, crypto traders must consider the fees.

The Bittrex fee section will be discussed in detail. It will also explain how these fees affect your ability trade and invest. 

No Deposit Fee

Bittrex offers free crypto- and wire transfer deposits to your Bittrex account.

Instant Buy 

Users can purchase tokens instantly using either their debit or credit card. While it’s a highly convenient form of crypto purchase, it can be a bit expensive, as it comes with a 3% charge.

The amount of the purchase will determine how much fee you pay. An investor buying $10,000 of Bitcoin with a debit card would have to pay $300. 

Comparable to Coinbase and Coinmama, the fee for Coinbase is much less than Coinmama’s. 

Bittrex customers based in the United States will enjoy instant buying without any fees. For users in other countries, however a 0.5% charge will apply.

Bittrex is a better option than your current debit card if you are unable to use your card for purchases and fund your accounts. 

Commissions

Bittrex’s trading commissions are the main source of income for most cryptocurrency exchange platforms.

Bittrex runs a market taker/maker pricing structure when makers ensure Bittrex’s market liquidity while takers use the readily available liquidity on Bittrex.

When market makers exit or enter positions, they are subject to a 0.75% commission. To reduce their commissions by 0.500%, traders must trade at least $5,000 in a period of 30 days.

Bittrex offers a 0.05% commission rate, which is the most attractive. To qualify for the 0.05% rate, investors must trade at least $100 million in 30 days. The 0.05% rate is out of reach for newbie investors who want to steadily and slowly build up their portfolios. 

Bittrex Payment System

Bittrex makes it easy to fund your account. Bittrex supports hundreds of cryptocurrency. You can fund your account using any one of these cryptocurrencies.

All you need to fund an account is to create an account and log in. Bittrex gives each user a unique wallet address. This will allow you to check the private address of your Bittrex wallet and move coins as you wish.

Bittrex provides USD deposits and withdrawals to verified accounts.

Some factors are important when depositing money using fiat currency. Bittrex is able to support the U.S. dollar as well the Euro.  Foreign exchange fees will apply to funds that are not in these currencies. There are different terms and conditions that apply to fiat deposits. Some countries permit credit/debit cards transfers while others support bank wires. Other countries and regions don’t support fiat deposits. So, it’s essential to be aware of the supported currency for your region.

Minimum Deposit

Bittrex’s official website clearly states that the minimum deposit for fiat currency is twenty euros ($50). The minimum amount of deposit required to make deposits in fiat currency depends on which token is chosen. 

Log in to Bittrex and view the Minimum Deposit amount. 

KYC Policy (Know Your Customer

To begin crypto trading, a new user should complete the KYC process. A cryptocurrency account can be created in the same way as a bank. 

As real funds are involved, it’s no surprise that security is of paramount importance. Every cryptocurrency exchange platform has a KYC policy. The procedures vary depending on which exchange they are and what account level it is.

KYC refers to the industry standard for crypto. It’s a means of ensuring that exchange platforms, like other financial institutions, comply with regional or international fiscal regulations.

Bittrex requires its users to complete their profiles by entering personal data like date of birth, full name, home address, and country of residence/nationality. After that, you will need to upload pictures of documents such as a government-issued I.D. Or a passport.

Users should also take a photo with the I.D. The document should be kept close by the user’s face. The process may be more complicated on other platforms as it often requires multiple submissions or uploads of documents. Bittrex makes the process easier by verifying users usually within 10 minutes. Once the KYC has been completed, the user can proceed to withdraw or deposit fiat money. 

Trading platform 

It can be hard for beginners to learn how to trade on cryptocurrency trading platforms.

The minute you find the page with the trading pair you’re interested in, you’ll be bombarded with technical information involving charts and market data. For a beginner investor, all of this information can seem overwhelming.

Bittrex is a great choice for advanced traders looking to use sophisticated features and tools. These tools are very useful for expert traders, because they allow you to scan multiple markets quickly to identify great trading opportunities. 

In addition, Bittrex’s website provides in-depth information about its corresponding order book. Your trade history, various crypto orders and their prices are all included in the order book. The positions you entered as well as the exact time they were placed. Bittrex allows you to see details about closed orders and open orders as well as the wallet addresses associated to them. 

Users have the options to set trailing, stop-limit, OCO (one-cancels-the-other), and ladder-limit orders. You can enter positions using a limit order or market order depending on your investment strategy. 

These trading tools can be difficult to understand for new investors. In this case, it’s recommended that they use another beginner-friendly crypto platform like eToro, specially optimized for newbies.

Demo Account

Demo accounts are a great way for novices learn the trading tools and to familiarize themselves with them before starting actual trading. 

Bittrex doesn’t offer demo accounts, unlike other crypto platforms. Bittrex is not available for demo accounts. You must instead deposit real money to start trading.

Mobile App 

Bittrex offers a mobile app that is optimized for Android and iOS, allowing you to trade on-the-go with Bittrex. To allow users to access all tools and features on Bittrex, the mobile app can be synchronized with their main account. Users can withdraw funds or deposit fiat. They also have the ability to examine and place orders. 

After testing Bittrex, our experience with it revealed that Bittrex is best suited for experienced traders. Newbie traders can quickly become overwhelmed by the many advanced tools available and market data.

Safety

When choosing cryptocurrency exchanges, we believe that your safety should be the top priority. After all, you wouldn’t want to suffer the unfortunate event of losing your hard-earned tokens. 

In our review, we have keenly assessed Bittrex’s security features to help you decide if Bittrex is the right platform for you.

The first thing to note about Bittrex is that it’s not regulated by prominent financial institutions such as the FCAA (U.K.) and the SEC (USA). Bittrex’s license is under the Bermuda Digital Asset Business Act of 2018, instead. Bittrex users don’t feel as secure if Bittrex is regulated under the SEC.

Bittrex claims that they have complied and meet all regulations regarding anti money laundering. This is supported by the KYC process, which requires that you complete all required documentation in order to trade.

Bittrex is committed to security. To this effect, it uses the most effective, reliable, and secure technologies to hold users’ funds in escrow while they trade. It’s also worth noting that Bittrex founders are cyber experts with more than 30 years of combined experience. 

Bittrex has a multistage elastic wallet system. About 90% of its tokens are stored offline in cold storage. Two-factor authentication (also known as 2FA) is required for API calls or withdrawals. Two-factor authentication (also known as 2FA) involves receiving codes via SMS, or using special apps like Google Authenticator to log in. 

To ensure high volume traders who make withdrawals from the exchange, the two-factor authentication cannot be activated.

Bittrex has the rare distinction of not having been compromised or having stolen user funds. 

Support for Customers

We’ve extensively reviewed Bittrex’s customer support channels and mechanisms and have discovered several letdowns.

There is a live chat option. However, users will quickly discover that it’s run by a bot, and you can’t directly chat with an agent when facing difficulties. Other platforms offer many ways to contact customer service directly, so this is clearly Bittrex’s letdown.

Log in to your account and submit a support ticket detailing your issue. Wait for a response. The alternative is to contact Bittrex’s social media channels on Telegram, Facebook, Medium, LinkedIn, and Twitter. 

Trading Pairs

Bittrex currently has a trading volume of $244,564.630. There are 447 coins that can be traded on Bittrex. Supported trading pairs include nine hundred ninety two. The following are the top-rated trading pairs

BTC/USDT

ETH/BTC

ETH/USDT

KDA/USDT

VRA/USDT

CRO/BTC

USDT/USD

ADA/USDT

ADA/BTC

LTC/BTC

XRP/BTC

XELS/USDT

DAF/USDT

BTR/BTC

HBAR/USD

Users Experience

You can categorize the coins as Favourites or All Markets. Stock trading can also be done with tokenized stocks.

You can also use the search function to locate unique trading pairs. 

Major Demerits

Bittrex, unlike other platforms such as eToro and eToro, does not offer CFDs nor ETFs. Trade volume determines the fees, so only traders with high trading volumes get the highest discounts.

Bittrex is also too difficult for novice investors. 

Conclusion

Bittrex has been deemed the safest cryptocurrency exchange at one time.

Bittrex has many advanced features that can be used by both individual accounts and corporations. As such, it’s one of the top crypto exchanges in the world. 

You must create an account to start trading with Bittrex. Afterward, it’s relatively easy to navigate, especially when you already know the coins you’d like to trade.

Bittrex has high fees. However, when compared to other platforms, it’s somewhat manageable. Bittrex is mobile-friendly and can be used to trade quickly. Bittrex’s high volume trading capabilities are superior to those of other exchanges.

So, to conclude our Bittrex exchange review, we’d like to remind you that if you use Bittrex, you can easily connect it to CoinStats and start tracking all your crypto from one place. The information we have provided will hopefully help you to make smarter investments in crypto.

We wish you all the best!