Bittrex
FinCEN
Pros
- Low fees
- Available in well over 100 countries
- Strong security features
- Over 300 trading pairs are available.
cons
- Not all cryptocurrencies are available for instant purchase with U.S. dollars.
- The trading interface may be complicated for new users.
- Not available in all U.S. states
Introduction
Bittrex is a cryptocurrency exchange that allows users to buy, sell, and trade supported cryptocurrency. Bittrex currently offers over 300 cryptocurrency trading pairs (ETH-BTC), but not all cryptocurrencies are available for direct purchase with fiat currency (such as U.S. dollars).
We’ve reviewed Bittrex’s platform, fees, user experience, customer service, available crypto, and more to determine if it’s a good option for crypto investors and traders.
Crypto Exchange Details
- Minimum Trade Size: $3
- Maximum Leverage: 3X
- Minimum to Open Live: $3
- Established: 2014
- Cryptocurrencies: 300+ (trading pairs)
- P2P Service : Yes
- Yield-Farming: N/A
- Payment Option: bank card (VISA), wire transfer, SEPA transfer, or cryptocurrencies.
- Web Trading: Yes
- Mobile Trading: Yes
- Social Trading: Yes
- Restricted Countries: Afghanistan, Belarus, Bosnia and Herzegovina, Botswana, Burundi, Cambodia, Central African Republic, Crimea, Donetsk, and Luhansk regions of Ukraine, Cuba, Democratic Republic of the Congo, Egypt, Eritrea, Ethiopia, Guinea, Guinea-Bissau, Guyana, Iran, Ir
- Collateral: Yes
- Staking: Yes
- Auto-Invest: Yes
- Deposit
Methods:
Bittrex lets you top up your verified account using a bank card (VISA), wire transfer, SEPA transfer, or cryptocurrencies when it comes to deposit and withdrawal fees. VISA deposits come with a 3% fee, while wire transfer costs depend on your bank.
- Withdrawal
Methods:
From the Holdings page, select the USD wallet. Tap the Withdraw button, fill in the amount, and choose your bank account. Confirm your withdrawal details and enter 2FA.
Cryptocurrencies
Users can access a wide range of cryptocurrencies on Bittrex, including Bitcoin (BTC), Ethereum (ETH), Dogecoin (DOGE), Cardano (ADA), Litecoin (LTC), and Chainlink (LINK). The platform supports over 300 trading pairs, and you can also browse its complete list of supported assets.
Some popular cryptocurrencies are not currently available on Bittrex. The exchange doesn’t support Ripple (XRP), whose parent company is under investigation by the U.S. Securities and Exchange Commission and Solana (SOL).2
Trading Experience
Bittrex makes it easy for users to buy or sell crypto. It offers a simple user interface, and you can choose to purchase crypto with your checking account, debit card, or Bittrex account balance. There are no additional fees for these purchases on top of the platform’s standard trading fees, which we’ll discuss below.
Those who want to trade crypto on Bittrex can access more than 300 trading pairs (such as ETH-BTC). The platform also offers advanced charting tools, live order books, and various order types. This includes limit, stop, OCO, trailing orders, and laddered charges. These features can make it a good option for experienced traders.
Products
- Bitcoin (BTC)
- Ethereum (ETH)
- Cardano (ADA)
- Chainlink (LINK)
- Dogecoin (DOGE)
- Polkadot (DOT)
- Polygon (MATIC)
- Tether (USDT)
Fees
Bittrex doesn’t charge extra fees for using debit cards like some platforms, and its maker-taker fee model offers low prices for high-volume trading.
Bittrex Trading Fees
Bittrex charges fees based on a maker-taker model. When a user places an order that’s filled immediately, they are considered a “taker” and are assigned a taker fee. When a user places an order that’s entered in an order book (until a match is found), they are considered a “maker” and are charged a maker fee.
Total fees are based on account transaction volume, with fee discounts available for accounts with high trading volumes.
Security
Bittrex offers several advanced security features to help protect users’ crypto assets, including two-factor authentication and wallet whitelisting. Its cold storage system is also covered by digital asset insurance, which can help recover lost funds in the case of a cyberattack.
Here are a few of the security features offered by Bittrex:
- Two-factor authentication: Bittrex uses two-factor authentication (2FA) via Google Authenticator, which is generally more secure than SMS 2FA.
- Whitelisting approved wallets: Bittrex users can set up wallet whitelisting, which means you can only withdraw funds to wallet addresses you’ve approved. This helps prevent would-be scammers from withdrawing funds to their wallets.
- Cold Storage: Bittrex keeps most of its crypto balances in “cold storage,” meaning the cryptocurrency is not accessible via the internet.
- IP Address Whitelist: Bittrex allows users to whitelist specific IP addresses, meaning that only authorized devices (mobile or computer) using specific IP addresses can access the account. This helps prevent outside attackers from logging in to user accounts.
- Disable Account Email Link: Users can disable their account with a single click using a link provided via email. This email is sent when a user from a new IP address logs into your account.
Mobile Trading
Bittrex, Inc., a leading U.S. based blockchain technology and cryptocurrency exchange, announced their mobile app now is available for download in the iOS store and Android store. The mobile app gives users a seamless companion to the web-browser trading experience.
Opening an Account & Manager
Signing up for Bittrex is simple. You can create a free account using your email address and a password. After that, you’ll need to verify your email address and secure your account with two-factor authentication for an additional layer of protection. You will also need to verify your identity after securing your account.
Bittrex follows Know Your Customer (KYC) standards, which are designed to prevent fraudulent and criminal activity and help provide transparency around who is using the exchange. This requires verifying your identity with a government-issued photo ID, as well as providing your Social Security number or ITIN. This is required for all accounts before users can buy, sell, and trade crypto on the platform.
Earning Category
Newbies may appreciate just how easy it can be to buy crypto on Bittrex, thanks mainly to its Instant Buy and Sell feature. Through Instant Buy and Sell, investors can purchase many leading cryptos using a linked bank account, money already held in their account, or a debit card.
While you won’t see fees at the beginning of this process, they appear before you place your order in the form of a spread. This will often be much more expensive than if you had simply used Bittrex’s trading platform yourself, particularly if you use a debit card to fund your purchase.
Debit transactions come with an additional 3% fee, plus any fees your bank charges. Most investors will be best served to fund their accounts with free ACH transfers and quickly learn how to navigate a trading platform.
Trade Category
Bittrex is a crypto-to-crypto trading exchange. On a crypto-to-crypto trading exchange, you can only trade in cryptocurrencies. This means you can't buy cryptocurrencies with fiat currencies. Note: A fiat currency is any currency supported by a government.
Gift & Campaign
Refer a friend to Bittrex and earn crypto on their eligible trades!
Research & Education
Get up to date with the latest Bittrex company news and product updates. Learn how to get started with crypto or get additional insights into the market / News
Customer Support
Bittrex offers email support, the ability to open support tickets, and an automated chatbot to help users find answers to specific questions. Bittrex also created a support Twitter account to assist users, though it doesn’t provide phone or live chat support.
In addition to its support features, Bittrex offers an extensive library of help articles on its support site and a decent amount of educational content on the Bittrex blog.
