Bittrex Review: Cryptocurrencies has taken over the world by storm. Every newspaper, online magazine and every other news channel are covering these highly volatile currencies especially Bitcoin.
With the rapid increase in the Bitcoin Prices, many people have made good profits. As a result, more and more people are jumping on this bandwagon to grab their share of profits.
This has led to even more increase in the Bitcoin and other cryptocurrency prices.
However, I don’t find anything wrong in this, apparently its good that people are becoming aware of digital currencies and accepting it.
But a lot of crypto newbies struggle to find a reliable cryptocurrency exchange to buy and sell cryptocurrencies.
Moreover, I have been using Bittrex as my primary cryptocurrency exchange and I feel that im expired enough to share its pro and cons with my lovely audience.
So, Today I will give you a detailed Bittrex Review where I will cover a few important topics like:
- Is Bittrex good for beginners?
- Is Bittrex Safe?
- Is Bittrex a legit company?
- What is Bittrex fee structure?
- How to start using Bittrex?
So with a further ado, let’s get started.
- 1 What is Bittrex?
- 1.1 How Bittrex stands out?
- 1.2 Which Cryptocurrencies are supported on Bittrex?
- 1.3 Which countries does Bittrex support?
- 1.4 What Payment Modes are accepted?
- 1.5 What are the Fees incurred?
- 1.6 What are the transaction limitations?
- 1.7 How to verify the account?
- 1.8 How Quick is the Customer support?
- 1.9 Getting started with Bittrex
- 1.10 What about Bittrex Security?
- 1.11 Pro and Cons
- 1.12 Is the team trust worthy?
- 1.13 Is Bittrex Safe?
- 2 My Review on Bittrex
- 3 Bittrex Review
- 4 Pros
- 5 Cons
What is Bittrex?
Bittrex is a cryptocurrency exchange which was established in 2014 and is based in Las Vegas, USA. It comes in the top 3 cryptocurrency exchange in terms of 24-hour trading volume which is a whopping $300 Million.
This exchange allows you to buy and sell Bitcoin along with 100+ altcoins.
In order to reduce the chances of loss to the users, Bittrex lists only established and promising cryptocurrencies that too after a lot of security checks. This saves their customers from any scam if the coin(cryptocurrency) pulls an exit scam.
Bittrex has a very quick and interactive trading engine and thanks to its high liquidity, you can buy and sell orders are executed almost instantly.
Though Bittrex is one of the most trusted platforms for crypto enthusiasts, a beginner might be overwhelmed by it’s interface.
How Bittrex stands out?
There are a few features which make Bittrex a great exchange:
- Large no. of trading pairs
- Highly Secure
- High Security
- Free wallet to store numerous altcoins
Which Cryptocurrencies are supported on Bittrex?
The main reason, I use Bittrex is that there are more than 250 cryptocurrency pairs which we can trade.
There are 4 markets in Bittrex:
Bittrex supports over 190 cryptocurrencies and some of the major cryptocurrencies that you can trade are:
You can trade Crypto-to-Crypto as well as Crypto-to-USTD. Since Bittrex does not allow USD withdrawals, you need to withdraw your funds in a cryptocurrency.
Which countries does Bittrex support?
Bittrex is a U.S. based company but it is operated globally.
But due to government obligations Bittrex does not operate in certain states of The United States which includes AK, AR, CA, CT, FL, HI, ID, IA, KS, KT, LA, MD, MI, MS, NC, ND, NE, NH, NV, OH, OK, PA, SD, TX, VT, VA, WA, WY, and PR.
You can check their policy page here.
What Payment Modes are accepted?
Currently, Bittrex accepts only cryptocurrencies.
Bittrex does not have any option to directly purchase Bitcoin or any other cryptocurrency directly using a Credit or Debit card. They started accepting wire transfers at the beginning of 2017 but they have closed that gateway now.
Moreover, You can deposit funds in Bittrex though more than 100 cryptocurrencies.
What are the Fees incurred?
Bittrex charges a very nominal fee on all both Buy and Sell trades i.e.: 0.25%
There are no deposit or withdrawal charges but a regular fee is levied which is the network fee of the coin.
You can also get paper copies of deposit and withdrawal by paying a fee of $10, plus $1 per page for handling and shipping within the U.S.
What are the transaction limitations?
Bittrex has placed some transaction limits which depends upon the verification type.
There are 4 types of verification, each corresponding to a certain amount of cryptocurrency you can withdraw in terms of BTC. In short, you can withdraw crypto worth the corresponding BTC amount.
|Account Type||Withdraw Limit per day|
|Non verified accounts||0 BTC|
|2FA verified||1BTC per day|
|Enhanced||100 BTC worth cryptocurrencies|
There are no minimum limits on deposits and the minimum amount you can trade is 50,000 satoshis. One more thing that I would like to add is that if you change your password, you won’t be able to withdraw funds for next 24 hours. This is done for security perspective of the users, so it’s a good thing.
How to verify the account?
To verify your account in order to withdraw funds from Bittrex you can go through this quick walkthrough.
- Basic Accounts require users to submit their name, address, and birth date. The team will verify it through public record and in case it fails, you need to proceed to an enhanced verification.
- Enhanced Accounts require users to submit scan copies of Government ID and Selfie.
Here I would like to add that you should submit a clear and high quality picture of yourself otherwise you verification will be declined and you need to complete the whole process again. So make sure that your ID proof and the selfie is of high quality and clearly visible.
Documents required for verification may vary for various countries, so you can check the verification required of all countries here.
How Quick is the Customer support?
Customer support of Bittrex is not much satisfactory. There is an article about FAQs where most of the common questions have been answered in detail.
Users can also raise a support ticket by logging in to their Bittrex account.
Apart from this, you can also reach the team through various social channels:
Getting started with Bittrex
- First of all visit Bittrex
- Enter your Email and set password
- Verify your email
- That’s it! Your Bittrex Account is created!
Verify Your Account
Once your account is created, you need to go through a verification process.
As I already told, there are two types of verification.
If you are in hurry of start trading, then you can skip this step and complete the verification while withdrawing funds.
In order to add funds:
- You need to navigate to the top left and click on Wallets.
- Now click on “+” on whichever crypto you want to deposit
- Send the funds on the address which appears on the screen
- That’s it! Your funds will soon be added to your Bittrex account.
What about Bittrex Security?
Bittrex is very stringent about security which makes it one of the safest cryptocurrency exchange when compared to the likes of Poloniex, GDAX.
Bittrex also has 2-factor authentication where you will receive an email every time you log into the account. The account is logged out automatically if left ideal for an hour.
In addition to it, this exchange uses multi-stage wallet strategy to store 80-90% of users funds offline.
Pro and Cons
- Available Worldwide
- Huge list of Altcoins
- High Liquidity
- Great Security
- Easy for Begineers
- Verification takes time
- Deposit only with cryptocurrenies
- Customer support is slow
Is the team trust worthy?
Bittrex team consists of the industry pioneers who have worked with some of the top companies in the world.
Bill Shihara: He is the CEO of Bittrex and have worked at Blackberry Limited and Amazon as a security manager. He has also been a lead program developer at Microsoft.
Rami Kawach: He worked as the director of engineering at Qualys.
Richi Lai: He has a great command over website security and before starting Bittrex he has worked with Amazon, Microsoft, and Qualys.
Ryan Hentz: Ryan is currently the Director of support and operation. He has formerly worked with Shuttely Inc as an Information Security Analyst.
Is Bittrex Safe?
The first thing that comes to our mind before using any exchange is that the exchange is trustworthy or not. If the exchange is safe to stake our money or not.
Bittrex abides all the regulations as per the US laws which means it is a legit exchange.
They also have 2-Factor authentication using Google Authenticator in place which protects users from probable scams. The platform supports whitelisting of cryptocurrency addresses and IP addresses.
Apart from this, all the users have to verify their account with the government it. If your account is not verified, you will be redirected to the verification page every time you use the exchange.
Being a great team and following all the possible security measures, Bittrex is surely safe to use.
My Review on Bittrex
I have been regularly using Bittrex for more than 6 months and by far I haven’t encountered any issues.
I liked Bittrex for their security, transparency in fee, clean UI and most importantly a huge list of altcoins to trade. Bittrex has a very good reputation among the community and you will find the more regular traders on Bittrex than on Poloniex.
I would also remind you that if you are planning to Buy crypto and HODL them for long-term, then do not to make the mistake of storing them on the exchange. This is a very common mistake that newbies make and end up losing their hard earned money. You must use a Hardware Wallet like Ledger Nano S or some other secure crypto wallet.
So, This is for today! I hope you liked this review and If you have any questions in your mind, then feel free to comment below.
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