Bittrex Review: An Extraordinary Exchange Offers Over 400 Cryptocurrencies
Bittrex was launched in 2014 in Seattle by technologists Bill Shihara, Richie Lai, and Rami Kawach. This exchange formerly only allowed crypto-to-crypto trading, but it has lately included fiat-to-crypto trading as well. This article will outline some must-known facts as a customer’s point of view about this exchange, hence, a Bittrex review with the highest level of fairness.
Bittrex is a blockchain cryptocurrency platform that provides trading, digital wallet services, superior account security, and other services. Bittrex Global, its equivalent, focuses on international trading services.
The exchange is ideal for security-conscious cryptocurrency traders wishing to trade bitcoin and a wide range of other cryptocurrencies. Because the platform also provides corporate accounts, it might be a suitable fit for institutional clientele.
Despite its restricted fiat trading options, it offers a diverse range of cryptocurrencies and stablecoins. This exchange is available in 46 states, except Connecticut, Hawaii, New York, and Vermont.
Bittrex offers over 440 different cryptocurrencies and stablecoins. This variety makes it an appealing platform for people wishing to exchange both popular and lesser-known currencies. The following is a limited list of assets.
- Bitcoin (BTC)
- Ethereum (ETH)
- Cardano (ADA)
- Chainlink (LINK)
- Dogecoin (DOGE)
- Polkadot (DOT)
- Polygon (MATIC)
- Tether (USDT)
Instant Buy and Sell
Newcomers may enjoy how simple it is to acquire cryptocurrency on Bittrex, owing in large part to its Instant Buy and Sell function. Using a connected bank account, money already in their account, or a debit card, investors may acquire numerous prominent cryptos using Instant Buy and Sell.
While you will not notice fees at the start of this procedure, they will emerge in the form of a spread before you submit your order. This is frequently far more expensive than simply using Bittrex’s trading site yourself, especially if you use a debit card to pay for your buy.
Debit transactions incur an extra 3% cost, in addition to any fees charged by your bank, so most investors are better off financing their accounts with free ACH transfers and rapidly learning how to operate a trading platform. the exchange took out a $300 million insurance coverage on its cold (offline) storage assets in January 2022.
Bittrex maintains the bulk of its cryptocurrency holdings offline in so-called cold storage to reduce the risk of large attacks resulting in the loss of customer funds.
Other security features on Bittrex include two-factor authentication, wallet whitelisting, and IP address whitelisting. These elements lessen the possibility of someone impersonating you on the platform or hacking your account by raising the steps required to log in and make specific transactions, as well as limiting the wallets and places that may access your funds.
Pros and Cons
Bittrex’s commission schedule is basic and organized similarly to competitors. Bittrex, like many others, employs a maker-taker commission system that favours those who provide liquidity in the marketplace (makers) over those who diminish it (takers) (takers). It also provides discounts to individuals who contribute a large amount of trading volume to the cryptocurrency exchange.
|Less than $25,000||0.35 percent||0.35 percent|
|$25,000 – $50,000||0.25 percent||0.30 percent|
|$50,000 – $100,000||0.15 percent||0.25 percent|
|$100,000 – $1 million||0.10 percent||0.20 percent|
|$1 million – $5 million||0.06 percent||0.16 percent|
|$5 million – $10 million||0.05 percent||0.15 percent|
|$10 million – $60 million||0.02 percent||0.10 percent|
|$60 million – $100 million||0 percent||0.08 percent|
|$100 million and up||0 percent||0.05 percent|
Your commission is calculated by multiplying your rate by the value of your trade. For example, if you purchased $10,000 in cryptocurrencies with no past 30-day volume, you would pay $35 at either the maker or taker rate. Assume you already had $30,000 in volume and placed another $10,000 order: a maker would pay $25, while a taker would pay $30 for that deal.
The volume-based pricing is appealing, especially if you do high volume on a regular basis. Other players, such as Binance.US, offer better pricing at lower volume levels.
Bittrex also charges lower costs for debit card transactions, at 3%, when other competitors easily exceed 4.5 %.
Bittrex is also reasonable in terms of other costs. It has no deposit or withdrawal fees for US dollars and no costs for cryptocurrency deposits. It does, however, impose a fee for bitcoin withdrawals to compensate for the network transfer cost. Bittrex clearly displays this fee, so you’ll know what to expect before you reach the decision point.
Large selection of cryptocurrencies
There are over 440 cryptocurrencies available on Bittrex, a large number compared to what some competitors offer, one of the largest crypto buffets available, and, like many competitors, it is always introducing new ones. You’ll find the most popular currencies, like Bitcoin and Ethereum, as well as emerging coins like Cardano and meme coins like Dogecoin. On top of that, there are dozens of altcoins.
However, Bittrex does not yet support all of the most popular cryptocurrencies. So it makes no difference how large the selection is if Bittrex does not have the coin you are looking for. In contrast, if the buffet already has your favorites, a larger buffet won’t contribute much to your experience.
Limited staking options
Staking rewards are available on Bittrex, but they are currently only available for Cardano. Staking enables cryptocurrency owners to leverage their holdings and share in the benefits that come with validating transactions in a cryptocurrency and thereby supporting it. Bittrex was providing 5.5 % staking rewards on Cardano as of January 2022.
With only one coin available for staking, the alternatives are limited. Those searching for a bit more choice may want to check out Binance.US, which now provides staking rewards on seven different cryptos.
Bittrex’s customer service is slightly better than the majority of the competition. That’s not to suggest it’s bad; rather, it’s a step above the amount of support that many cryptocurrency traders have grown to expect. Clients may hunt for answers on self-help sites and have access to support requests, as with many other crypto exchanges, where you submit an email and then wait for a person to respond. However, Bittrex outperforms the competition with its live chat capability.
Still, in comparison to the world of traditional online stock brokers, where you can frequently get a helpful and knowledgeable person on the phone to answer that tricky question in under a minute, Bittrex’s support options leave something to be desired.
Poor user feedback
Bittrex, like many other cryptocurrency exchanges, has received a number of bad customer ratings. Many are connected to account lockouts and identity verification concerns.
No margin trading
Margin trading is not available on Bittrex. If you wish to trade on margin, you should look at another exchange.
Bittrex excels in several areas, particularly when it comes to the audience it is aimed for:
- A large range of prominent cryptocurrencies as well as several lesser-known coins provides traders with a lot of options.
- Volume discounts should be appealing to those who can deliver the volume, however, you actually do have to trade absurd quantities to significantly reduce your commissions.
- Those searching for additional staking alternatives should go elsewhere, even if Cardano is one of the most popular cryptocurrencies.
Active investors should also consider Coinbase Pro and Binance.US, albeit the latter is not available in all states in the United States. Those interested in trading major cryptocurrencies in addition to stocks, ETFs, and other traditional items can choose Robinhood and Webull. Additionally, tastyworks and TradeStation may out to be reasonably priced alternatives.
Ways to invest with Bittrex
Bittrex allows you to exchange Bitcoin, Ethereum, Tether, Dogecoin, and a number of other assets. In terms of account security, the platform claims to utilize a multi-stage wallet technique (together with two-factor authentication) to ensure that all users’ funds are safely held.
As mentioned above, Bittrex offers a maker/taker fee schedule that charges you less as you spend more over a 30-day period (maker fees are for orders that can’t be executed immediately because there aren’t matching orders; taker fees apply to orders that are instantly tradable).
If your 30-day trading volume is less than $25,000, you’ll pay both a 0.35% maker charge and a 0.35% taker cost. If you traded $100 million, you would pay a 0% maker charge and a 0.05% taker fee.
Bittrex does not charge fees for deposits, but each cryptocurrency has a minimum deposit amount. In terms of withdrawals, Bittrex claims to charge a small fee to cover network transfer fees for each coin.
If you’re a more passive investor, Bittrex also has an API that allows you to automate performing trading and transactions. More information may be found here.
Bittrex provides corporate accounts to high-frequency traders, hedge funds, proprietary traders, market makers, cryptocurrency exchanges, and other institutional clients.
Account benefits include no withdrawal limitations, faster deposits, fiat trading, API connectivity, priority support, and more, according to the site.
Is Bittrex reliable?
Bittrex has received an NR (“No rating”) from the Better Business Bureau because the company is presently responding to previously closed complaints. It is important to note that BBB ratings typically vary from A+ to F and represent the bureau’s assessment of how the firm interacts with its consumers.
The BBB, on the other hand, has issued a pattern of complaint notices for Bittrex. It claims that on December 12, 2017, it detected a trend of complaints in which traders claimed they couldn’t access their accounts or that money had vanished from their Bittrex wallets.
According to the CBI, numerous customers felt Bittrex was indifferent to concerns. According to BBB data, the firm has resolved 180 complaints in the previous 12 months.
Bittrex Review – Who Should Use Bittrex?
Although Bittrex’s extensive features can meet the needs of the majority of cryptocurrency investors, its fees are not the lowest available.
Non-specialist users should be aware that Bittrex’s fast purchase platform may impose uncompetitive spread costs, and experienced traders may choose more complex alternatives, such as leveraged trading.
With a few exceptions, Bittrex is available in the majority of US states. New York is one notable absence because the state’s Department of Financial Services said the platform had shortcomings in combatting money laundering, among other difficulties.
It’s crucial to remember, as with other crypto exchanges, that investing in cryptocurrency is a dangerous endeavour because virtually all currencies endure dramatic price swings. Never invest more in cryptocurrency than you can afford to lose.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.