Bittrex.com Review 2023 – Pros and Cons of Trading at BITTREX

Contents

What is Bittrex?

Bittrex is a cryptocurrency exchange platform that allows users to trade various cryptocurrencies such as Bitcoin, Ethereum, and others. It was founded in 2014 in Seattle, Washington, by Bill Shihara, Richi Lai, and Rami Kawach. Since 2021, Bittrex Global GmbH is headquartered in Vaduz, Liechtenstein and led by new CEO Oliver Linch. Bittrex provides a secure and user-friendly platform for buying, selling, and trading cryptocurrencies.

What makes Bittrex special compared to other Crypto Trading Platforms?

Bittrex stands out from other cryptocurrency trading platforms due to its emphasis on security and a large selection of trading pairs. The platform employs a robust security system that includes multi-stage wallet storage, SSL technology, and two-factor authentication to protect users’ assets. Additionally, Bittrex offers a wide range of trading pairs, allowing users to trade a large number of cryptocurrencies with both fiat and digital currencies. The platform also has a reputation for fast transaction processing and a user-friendly interface, making it appealing to both beginner and experienced traders.

In which Countries does Bittrex operate?

Bittrex is a global cryptocurrency exchange platform, serving customers from all around the world. However, the platform has implemented certain country restrictions due to regulatory considerations. Bittrex does not offer its services in countries that are on the US Office of Foreign Assets Control (OFAC) sanctions list, such as North Korea, Iran, and Crimea.

In addition, Bittrex may also impose restrictions on customers in certain jurisdictions where cryptocurrency regulation is unclear or where the exchange is unable to obtain a license to operate. As regulations can change frequently, it’s important to check Bittrex’s official website or contact the company directly to see if their services are available in your country.

Bittrex Trading Volume

As of my knowledge cutoff, Bittrex had a significant trading volume, making it one of the larger cryptocurrency exchanges. High trading volume typically indicates a healthy level of liquidity, meaning that there are enough buyers and sellers to execute trades smoothly and at competitive prices.

However, it’s important to note that the trading volume on cryptocurrency exchanges can fluctuate significantly, and it’s always a good idea to check the most recent data before making a trade. Additionally, the trading volume on Bittrex can also be influenced by various factors such as market conditions, regulatory changes, and platform updates.

We would recommend checking Bittrex’s official website or a reliable market data provider for the most up-to-date information on their trading volume and liquidity.

Bittrex Trading Products

On Bittrex, users can trade cryptocurrencies against other cryptocurrencies, as well as against fiat currencies such as USD.

The platform offers several different trading products, including:

1. Spot trading: This is the traditional exchange-style trading where users can buy and sell cryptocurrencies at the current market price.
2. OTC trading: Over-the-counter (OTC) trading is a way for users to trade large amounts of cryptocurrencies without affecting the market price. OTC trades are executed directly between two parties without going through the exchange’s order book.

In addition to these trading products, Bittrex also provides a wallet service where users can securely store their cryptocurrencies. The platform also offers an API for developers to access and integrate Bittrex’s trading services into their own applications.

Which cryptocurrencies can be traded on Bittrex ?

Bittrex offers a wide range of cryptocurrency trading pairs, allowing users to trade many different cryptocurrencies. Some of the most popular cryptocurrencies that can be traded on Bittrex include Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Tether (USDT), Cardano (ADA), and many others. Bittrex is known for offering a diverse selection of cryptocurrencies, including both well-established coins and newer, lesser-known projects. The platform rigorously screens the projects it lists to ensure that they meet its strict security and compliance standards. The platform adds new cryptocurrencies to its platform regularly, so the list of available trading pairs is constantly changing.

Is Bittrex beginner-friendly?

Bittrex is a cryptocurrency exchange platform that is primarily geared towards experienced traders and investors. While it does have a user-friendly interface, it may not be as beginner-friendly as some other exchanges that are specifically designed for new users.

However, Bittrex does provide a wealth of information and resources for users to learn about cryptocurrency trading and using the platform, including guides, tutorials, and FAQs. Additionally, the platform also offers a demo mode where users can practice trading with simulated funds before committing real money.

It’s important to note that demo modes are only intended to provide a general idea of how the platform works, and they may not fully reflect real-world market conditions. I would recommend taking advantage of the resources and educational materials provided by Bittrex, as well as doing your own research and seeking professional advice before making any trades.

How to Trade Cryptocurrencies on Bittrex

We will introduce trading on Bittrex by describing the interface, how to navigate through the site and, the process itself. The walkthrough has been divided into sections, so that it becomes easier for your understanding:

Sign up at Bittrex.com

Signing up on Bittrex has changed in recent years since legal pressure on cryptocurrency exchanges and brokers has grown and the company has to make sure to comply with certain laws. Creating an account is still simple and quick as the first step is just to fill in an email and password. After clicking the link in a confirmation email, new users have to fill their profile and provide ID documents in order to be allowed to fully use Bittrex’ trading services.

In addition to the above information, you may also be required to provide additional documentation if you wish to trade large amounts of cryptocurrency or engage in certain other activities on the platform.

The sign-up process on Bittrex is generally straightforward, but it can be a bit more complicated than on other exchanges, particularly if you are required to provide additional documentation for verification purposes.

It’s important to note that the exact information required for sign-up and the ease of the sign-up process may vary by jurisdiction, so I would recommend checking Bittrex’s official website or contacting the company directly for the most up-to-date information on the sign-up process in your region. Note that US traders are not allowed on Bittrex International due to the current law situation regarding cryptocurrency trading in the US.

ID Verification

Users are generally required to complete ID verification in order to trade on Bittrex. This is a standard requirement for most cryptocurrency exchanges as a measure to prevent fraudulent activities and comply with anti-money laundering (AML) and know-your-customer (KYC) regulations.

Deposit / Withdrawals

• Deposit Minimum: $50
• Withdrawal Maximum: 100 BTC (for fully verified accounts)

Payment Methods

Bittrex supports a number of payment methods for depositing funds into your account, including:

1. Cryptocurrency: Bittrex supports a wide range of cryptocurrencies for deposit, including Bitcoin (BTC), Ethereum (ETH), and many other altcoins.
2. Wire transfer (Bittrex may support wire transfers in selected jurisdictions, although this option may not be available in all regions.)
3. Debit Card / Credit Card (This option may not be available in all regions.)
4. SEPA Transfer (This option may not be available in all regions.)

It’s important to note that the availability of payment methods and supported currencies may vary by jurisdiction, so I would recommend checking Bittrex’s official website or contacting the company directly for the most up-to-date information on the payment methods available in your region.

How to navigate:

The dashboard is very simplified, designed to letting users find their desired trading pairs as fast as possible.

All your basics such as Holdings, Settings and Orders sit on the upper right. And in the middle you will be able to view price change of most of the currency pairs on the site in real-time:

Once logged in you first get to the markets dashboard showing the different markets sorted by the possible exchange currencies. On top you’ll find the USD markets, followed by the Bitcoin markets, Ethereum markets and US stablecoin markets. So you can trade many altcoins against those major currencies.

How to make a Deposit/Withdrawal:

Click on “Holdings” in the top menu.

Click on “Deposit” next to the coin you want to deposit, or on “Withdraw” if you want to send your coins home or to another exchange.

For Basic and newly opened accounts, the daily maximum withdrawal is 1 BTC, at current price of BTC.

For ID verified accounts, that would increase to 100 BTC daily.

The verification process requires you to take a selfie with your personal ID or passport. Here’s a list of their supported countries.

Bittrex now also supports fiat money deposits. Users can top up their account with EUR or USD by credit card, debit card, wire transfer and SEPA transfer.

Take into account that card deposits are immediate while wire transfers and SEPA transfers can take up to a couple of days, depending on your country and your bank.

The possibility to buy cryptocurrencies with USD or EUR is definitely a big advantage of Bittrex compared to other altcoin trading platforms where you often already need to own cryptocurrencies in order to be able to start trading.

The verification process with Bittrex is usually fast.

How to place an Order on Bittrex.com

Bittrex offers convenient conditional order types in their orders widget. Besides Limit and Market Orders traders can use more advanced functions such as Trailing Stops and Good-til-cancelled or Fill-or-Kill settings. Even “Post only” can be chosen, which ensures that the user will only pay the Maker fee in that trade.

Where to check your Orders and current Position

You can browse your open and completed orders under the menu of the same name, and besides looking at them, you are given the chance of canceling any unfilled position.

This page implements basic filtering to search for orders as your history gets populated, and a dropdown to control the number of results shown per page.

Margin Trading on Bittrex.com

There is no margin trading option at the moment, but it seems that they are working on respective trading products in the background. We’ll let our readers know as soon as Bittrex launches leveraged trading products.

Bittrex.com Fees

Trading fees are 0.2% with reductions for higher volume traders. Fixed trading fees of 0.2% for both makers and takers are relatively high, but the high level of security and potential US based regulations might make the fees more self-explanatory.

Withdrawals are free of extra charge from Bittrex’ side, but of course you pay the transaction fee of the particular cryptocurrency which is specified in the coin’s blockchain.

Bittrex Mobile App

Bittrex offers mobile trading apps for both iOS and Android devices, allowing users to access the platform, manage their portfolios, and trade cryptocurrencies on the go. The Bittrex mobile app provides users with real-time market data, alerts, and the ability to manage their trades and account information from their mobile devices.

Interestingly, Bittrex’ mobile apps are among the best rated crypto trading apps out there.

Security Measures

Bittrex employs the most reliable security technologies available. They leverage an elastic multi-stage wallet strategy ensuring that 80-90% of funds are offline and safe. Additionally, Bittrex (like most other exchanges) implements Two-Factor Suthentication utilizing Google Authenticator, for withdrawals and API usage.  Whitelisting of addresses is also available, for an extra layer of security which is a very nice option of them to add.

Complaints against their security are very rare to non-existant. The last and possibly only active complaint from Bittrex.com users against their security was back in 2016 on the Bitcointalk forum. User accounts that were using 2FA Google authenticator were not vulnerable.

Past Hacks?

As of our knowledge cut off, Bittrex has not been hacked in a major way that resulted in a significant loss of funds for its users. However, like all centralized exchanges, Bittrex is a target for cyber criminals and has faced security challenges in the past. The company has taken a number of steps to enhance the security of its platform, including implementing two-factor authentication, IP whitelisting, and encrypted SSL communications, among others.

It’s worth noting that no central platform can guarantee 100% security against cyber attacks, and that users are always advised to follow best practices for securing their accounts, such as using strong passwords and storing their cryptocurrencies in secure hardware wallets when not actively trading.

In case of any security breach or hacking event, Bittrex has stated that it has a comprehensive security and incident response plan in place to quickly address any potential security incidents and minimize the potential impact on its users. I would recommend checking Bittrex’s official website or contacting the company directly for more information on its security practices and measures.

Customer Support

There is no interactive chatroom, such as that of poloniex.com, which can either be a plus or a minus, depending on how much you like to have a “trollbox” at your disposal. Years ago, at least pump and dumps used to be announced in the chatroom, nowadays – exchanges have mostly stood against it. Bittrex is a No distraction, pure trading zone.

Bittrex uses Zendesk for their support, and although every exchange has been experiencing backlogs , you should expect bittrex support to answer most of your support tickets within a week, often faster.

You can also try their IRC channel #bittrex on freenode.

Support Email: support[at]bittrex.com
Media email: media[at]bittrex.com

Their facebook and their twitter is how you can also get current updates from their team if any issues arise:

twitter.com/BittrexExchange

Bittrex’ Focus

In the past their main focus was how quick they could vet and add new altcoins to their platform. In the end, the exchange did have a very high turnover of cryptocurrencies, while also offering some of the shady scam coins the opportunity to also advertise on the bittrex platform, leading some to accuse it of enticing or giving tacit approval to pump and dump schemes that have always eroded confidence in the cryptocurrency ecosystem as a whole. Hopefully most of that shady business is in the past as bittrex team is now doing their best to ensure that “scam coins” do not enter through their vetting process any longer. Apart from the occasional they are United States based, which has always added to an overall positive sentiment for their integrity as a whole.

FAQ for submitting new coins by coin developers:

• https://support.bittrex.com/hc/en-us/articles/227902667
• https://twitter.com/bittrexexchange/status/779773587234312192?lang=bg
• Here is another thing to still be conscious of for coin devs.

Bittrex Review Conclusion

For Trading Beginners

The platform is good for beginner altcoin traders that haven’t clearly defined their trading goals or ones that definitely do not require leverage in their trading. Beginners will find a decent liquidity without too many unforeseen counter-party risks. Plus altcoin liquidity is sometimes comparable ,or in some cases higher than other big altcoin exchanges and that trend should continue to follow through, as Bittrex is becoming less of a backup exchange and more of a mainstream option for altcoin traders.

For Professional Traders

For professional (Bitcoin) arbitrageurs, this exchange can be very useful, but for the seasoned bitcoin active day trader, Bittrex is not going to be a satisfying option, because of the insufficient or limited liquidity, the lack of a margin trading option, advanced order types and the high fees. Liquidity has always been their biggest struggle point, although with the recent surge of visitors and new accounts in 2017, liquidity may soon be much less of an issue.

Often the price for bitcoin is slightly lower than your average exchanges, so you can arbitrage between exchanges just like it was possible during the 2013 mtgox debacle, so every trader, not just arbitrageurs, must take that into account.

For long-term investors (rather than short term daytraders) and maybe the average trader that is looking for the least amount of counter-party risk in the altcoin markets, bittrex is a very viable option. Ultimately their strong focus on security will always make Bittrex a key competitor on the market as that is what sets them apart, and will make them a winner in this space if they keep to their pledge.

Critics of Bittrex

Besides some minor complaints about inefficient customer service and withdrawals, comments about Bittrex are mostly positive as seen, for example, here. Ratings on the web are slightly positive, often spanning in the 3.5 ~ 4.0 range.

Abridged Version of Bittrex.com’s Origin

It is a cryptocurrency trading platform created by security professionals with the purpose and pledge of delivering the fastest and most secure trading platform available.

The crypto world’s biggest gap in execution has always been the multitude of security breaches and reliability issues experienced by the exchanges that offer these financial products.

The founders’ focus was on the right track as to standing behind the promulgation of the variety of altcoins, while simultaneously committing their project to the highest security standard possible.