Introduction
Bittrex is a leading cryptocurrency exchange, established in 2014 by cybersecurity experts Bill Shihara, Richi Lai, and Rami Kawach, all of whom previously worked at major tech companies like Microsoft and Amazon. Bittrex Inc. relocated its base from Las Vegas to Seattle, Washington, and continues to provide cryptocurrency exchange services to US customers under US regulations.
Bittrex also operates a global platform serving customers worldwide. Bittrex Global is headquartered in Vaduz, Liechtenstein. Known for its reliability and security, Bittrex is among the top 50 cryptocurrency exchanges according to CoinMarketCap, alongside other major exchanges like Kraken, Coinbase, Binance, and Bitstamp.
Bittrex Platform Trading Features
Bittrex offers spot trading for a wide range of cryptocurrency pairs, though it does not support margin or derivatives trading. Spot trading on the platform is straightforward and suitable for all investors, with advanced features like stop-loss orders.
The user interface is well-designed, allowing customers to easily track changes in the crypto markets, including asset price volatility and trading volumes. While beginners might initially find the detailed charts intimidating, Bittrex provides serious crypto investors with the necessary tools to accurately assess market trends. Several APIs are available to automate crypto trading on the platform.
The Bittrex trading engine is optimized for rapid transactions, enabling customers to quickly and easily buy, sell, and trade cryptocurrencies. Bittrex excels in terms of security, as the platform has not lost assets to hackers. Bittrex complies with Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations, requiring identity verification for trading.
Bittrex also offers a mobile app, allowing customers to access their cryptocurrency wallets and make trades on the go. The mobile app is available for Android and iOS devices.
Bittrex Global
Bittrex Global serves many customers worldwide, including those in Australia, Canada, and Europe. Non-US customers are automatically directed to Bittrex Global when they visit the Bittrex website.
Supported Cryptocurrencies
Bittrex offers a wide variety of digital tokens and trading pairs, allowing customers to exchange over 400 crypto pairs. This means customers can buy, sell, and exchange lesser-known altcoins alongside more popular and trending digital assets. Bittrex is a good choice for traders looking to expand their portfolios to include less popular assets while still trading mainstream assets like Bitcoin and Ethereum.
Listed digital assets include Bitcoin (BTC), Ethereum (ETH), Tether (USDT), Dogecoin (DOGE), Litecoin (LTC), Cardano (ADA), Polygon (MATIC), VeChain (VET), and Algorand (ALGO).
Platform Trading Fees
Bittrex’s trading fee structure is distinct from many competitors. Unlike most crypto exchanges that adjust their fees based on order types and trading volumes, Bittrex applies a fixed fee to all cryptocurrency transactions.
Every time you make a crypto transaction on Bittrex, you will be charged a 0.25% flat fee. This model allows you to easily calculate the fees by looking at your transaction amount. However, frequent traders might prefer exchanges that offer fee discounts for high trading volumes.
Additionally, there is a network fee for all blockchain transactions, which varies depending on the asset and network traffic and is not set by Bittrex.
Bittrex Deposits and Withdrawals
Bittrex supports both crypto and fiat currency deposits and withdrawals. Customers can make fiat deposits using VISA debit cards or through wire transfers. Debit card deposits are usually faster but come with an extra 3% fee.
Bittrex supports USD and EUR deposits. To make fiat deposits, you need to get your bank whitelisted by submitting a ticket to Bittrex customer service and completing ID verification on the Bittrex platform. This process can take a few days and may incur additional fees depending on your bank.
Bittrex does not charge extra for fiat withdrawals, but your bank may apply separate fees. Fiat withdrawals may take several days to complete.
Remember, you need to complete ID verification before making withdrawals. The Bittrex ID verification process is relatively simple: you need to provide a photo ID, a recent bank statement or utility bill in your name, and a selfie.
Customer Support
Unfortunately, Bittrex’s customer support is not highly rated. While there is an extensive FAQ section that covers many topics, the ticketing system is slow. Social media complaints indicate that live chat support is not very helpful for account issues.
Bittrex Review Key Points
- Bittrex is a fast spot trading platform with over 400 cryptocurrency trading pairs.
- It uses industry-standard security features such as two-factor authentication and cold storage and has not been hacked.
- You can make crypto and fiat deposits and withdrawals in USD and EUR.
- Bittrex applies a 0.25% flat fee on all crypto transactions.
Final Thoughts
Bittrex is a veteran cryptocurrency exchange offering something for everyone. The user interface is simple yet powerful, allowing experienced customers to explore advanced trading strategies. All popular cryptocurrencies, as well as many lesser-known altcoins, can be bought and sold on the platform. Overall, it is a good exchange for traders looking for a versatile platform that combines security, fiat-to-crypto deposits, and altcoin trading volumes under one roof. Ensure you have all the necessary documents for identity verification to avoid issues later, as customer service response times can be slow.
