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The Bittrex Review: A Comprehensive Guide

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Bittrex Pros
  • Wide variety of crypto coins and trading pairs
  • Low account minimum
  • Over a thousand cryptocurrency markets
  • Debit/credit card support in certain regions
  • Easy and quick verification and signup
  • Excellent security
  • Excellent for arbitrage
  • 1-minute market charts
  • Supports fiat deposits

Bittrex Cons
  • High transaction fee for credit/debit card payments
  • Average UI/UX
  • Lack of sufficient investment tools
  • No margin trading
  • Low liquidity for some coins
  • High trading fees and commissions
  • Limited customer support

As a crypto trader, you should be looking to trade your hard-earned coins and tokens on the best cryptocurrency exchange platform available. Our Bittrex Review is designed to introduce you to the pros and cons of the exchange and help you decide if it’s right for you. 

Your choice of exchange platform determines whether you make any profits or stack up losses on your investment journey. Choosing the wrong platform can also compromise your financial security.

As a crypto trader, the choice of exchange is just as important as the choice of tokens for your investment portfolio. It determines your growth or a lack of it. 

Bittrex home page

Bittrex is one of the top crypto exchange platforms with sizeable liquidity. It supports a large variety of coins and more than one thousand markets. 

Read on to learn everything you need to know about Bittrex, including payment methods, fees, trading tools, Bittrex security, and much more. Check out if it’s the right platform for you to trade, sell and buy digital cryptocurrencies.

Bittrex Overview

Bittrex is one of the most popular US-based cryptocurrency exchanges. Launched in 2014, it has become one of the largest exchanges in the world by trading volume. Bittrex exchange founders (Richi Lai, Bill Shihara, and Rami Kawach) previously worked for Amazon and Microsoft.

The Bittrex team brought its experience and considerable tech skills to the fore to develop what would become one of the most well-known cryptocurrency exchange platforms in the world.

The project started as GiftcardBTC focused on selling phone cards and gift cards in exchange for Bitcoins. They had miners to generate Bitcoin, and the BTC was converted to fiat to cover running costs. Subsequently, the team added support for more coins, starting with Litecoin.

Along the line, technical problems forced the team to rethink the whole idea and revise their business strategy, particularly with regard to converting one altcoin into another. The solution was to design, code, and test a new exchange platform, and so, Bittrex was launched.

The founders agreed to allow investors to buy digital coins with the U.S. dollar instead of buying Bitcoin first. They aimed at a long-term gain and decided to be as transparent as possible and run the new exchange with the highest level of integrity.

In August 2018, Bittrex was reported as the 32nd largest cryptocurrency exchange in the world. Its ranking fell drastically to 100th place towards the end of 2019. Nevertheless, by 2021, it ranked as high as 14th and 15th in popular indexes globally.

On December 20, 2017, Bittrex proposed an expansion into crypto derivatives. The goal was to acquire a controlling, major stake in Seef SEF. Due to some licensing and operational issues, the move was aborted, with Bittrex reps later confirming it.

Subsequently, on May 31, 2018, the platform announced a collaboration with the Signature Bank, New York, to facilitate fiat-crypto transactions for institutional and individual clients.

After that, Bittrex formed the Virtual Commodity Association Working Group with Gemini, Bitstamp, and bitFlyer USA.

On January 14, 2019, Bittrex created an over-the-counter (OTC) trading desk to cater to crypto orders with values exceeding $250,000.

Bittrex took its first licensing steps in 2015 when it applied for a Bitlicense in New York. However, the result was a staunch rejection by the state Department of Financial Services. This was because Bittrex was accused of due diligence in its documenting procedures for new users. The dispute continues to date. 

Supported Markets

Instant Buy 

Bittrex allows investors to buy digital assets directly using the instant buy function.

However, investors should note that the instant buy feature is not available in all regions. So, ensure to check whether the feature applies to your region before using it.

The instant buy feature is swift and seamless. It allows you to purchase digital assets with your credit or debit card and eToro in the U.S. eToro is an alternative to debit cards (MasterCard and Visa), which are not supported in the U.S. for instant buy. Instead, you have to use an SEC-regulated broker to make your purchase. 

eToro is convenient in that it does not require you to pay any service fees when you make deposits with your credit or debit card. In addition, there is the added option of buying crypto via the spread-only method.

Crypto-to-Fiat Trading

Crypto-to-fiat trading is quite popular and is the go-to means of trading on Bittrex. It involves trading a specific digital asset or cryptocurrency against a prominent fiat currency, e.g., the U.S. dollar. 

BTC/USD is the most traded pair on Bittrex. The next most traded pairs are ETH/USD, DOGE/USD, USDT/USD, and ADA/USD.

Cryptocurrency Crosses

Bittrex offers a range of crypto-cross pairs to choose from, should you decide to take your investment down that route. 

It should be noted that Bitcoin is the asset that is paired with most of the crypto-crosses. The most popular trades in this section include XYM/BTC, ADA/BTC, DOGE/BTC, and ETH/BTC. 

Leveraged Tokens

This feature will appeal to cryptocurrency investors who are not risk-averse. Bittrex has a sophisticated leveraged token market, where investors can earn more by increasing their exposure to specific markets without the requisite account balance. The leveraged markets can be identified by Bear or Bull, along with a multiplier. For instance, trading DOGEBUL 3x on Bittrex means that the investor has chosen to go long on Dogecoin with a leverage ratio of 1:3. To put it differently: If the value of Dogecoin increases by 10%, the profit margin goes up to 30%. 

Investors should note that leveraged tokens should be traded with caution on Bittrex. Chances of making a profit are just as high as chances of making a loss. 

Tokenized Stocks

Investors will be pleased to discover that they can trade tokenized stocks on Bittrex. Trading in tokenized stocks is a bit different from regular cryptocurrency trading. It allows users to speculate on the potential rise in the value of many prominent stocks. Traders don’t need to take ownership of underlying stock shares, similar to contracts-for-difference (CFDs).

There are more than 700 tokenized stocks on Bittrex, including Apple, Coinbase, GameStop, Facebook, Amazon, and Tesla.  All of them are listed on prominent stock exchanges like NASDAQ and NYSE.

Bittrex Fees

You should always consider an exchange platform’s fees before deciding to trade on it. Even if you make good predictions and steadily build your asset base, transaction fees can eat into your profits by a large margin. This is why crypto traders are urged to consider fees foremost when choosing a crypto exchange platform.

This section of our Bittrex review will highlight all Bittrex fees and how they affect your ability to trade and invest effectively. 

Deposit Fees

Bittrex allows free deposits of assets into your account using crypto and wire transfers.

Instant Buy 

The instant buy feature allows users to purchase tokens directly using their credit or debit cards. While it’s a highly convenient form of crypto purchase, it can be a bit expensive, as it comes with a 3% charge.

The fee depends on the quantity of your purchase. For example, an investor purchasing $10,000 worth of Bitcoin using a debit card will have to pay a fee of $300. 

Compared to other platforms like Coinmama and Coinbase, this fee is conveniently lower, as the former two charge 3.99% and 5%, respectively. 

For U.S.-based Bittrex users, the instant buy feature comes with no fee. However, users from other countries will have to pay a 0.5% fee.

If your debit card is your only option to fund your accounts and make purchases, then you should probably use a different platform other than Bittrex. 

Commissions

Trading commissions form the primary source of revenue for many cryptocurrency exchange platforms, and Bittrex is no different.

Bittrex runs a market taker/maker pricing structure when makers ensure Bittrex’s market liquidity while takers use the readily available liquidity on Bittrex.

Market makers are required to pay a commission of 0.75% at entry and exit levels when they exit and enter a position. Traders have to trade a minimum of $5,000 within 30 days to reduce the commission by 0.50%.

The most favorable commission rate available on Bittrex is 0.05%. However, an investor would have to trade a minimum of $100 million within 30 days for this rate to apply. This puts the 0.05% rate safely out of the reach of newbie investors seeking to slowly and steadily build their portfolios. 

Bittrex Payment System

Funding your account is relatively easy on Bittrex. You can fund your account with any of the hundreds of cryptocurrencies supported by Bittrex.

To fund your account, all you have to do is create and log in to your account, search for the preferred coin and copy the wallet address. Bittrex provides a unique wallet address for every user. After this, you can check your private wallet to move the coins if you so desire.

Bittrex offers USD deposits and withdrawals for verified accounts.

When depositing funds using fiat currency, some factors come into play, most notably your location. Bittrex supports the U.S. dollar and the Euro as fiat currencies.  Depositing funds in a currency other than these two currencies will incur separate foreign exchange fees. The terms and conditions for fiat deposits vary from country to country. For example, some countries allow credit/debit card transfers, while others have bank wire support. Other countries and regions don’t support fiat deposits. So, it’s essential to be aware of the supported currency for your region.

Minimum Deposit

Bittrex’s official website clearly states that the minimum deposit for fiat currency is twenty euros ($50). When deposits are made in fiat currency, the minimum deposit amount depends on the chosen token. 

You can get more information on the minimum deposit amount when you log in to your personal Bittrex account and check out the required minimum. 

KYC (Know Your Customer) Policy

A new user looking to create an account on Bittrex to start crypto trading should undergo the KYC procedure. Creating an account on a cryptocurrency platform can be similar to creating a bank account. 

As real funds are involved, it’s no surprise that security is of paramount importance. All cryptocurrency exchange platforms have a KYC policy, with procedures varying in complexity depending on the particular exchange and the type/level of account.

KYC is the industry standard when it comes to crypto. It’s a means of ensuring that exchange platforms, like other financial institutions, comply with regional or international fiscal regulations.

Bittrex requires its users to complete their profiles by entering personal data like date of birth, full name, home address, and country of residence/nationality. You will then have to upload images of some documents, i.e., a government-issued I.D. or a passport.

In addition, users should take a selfie holding the I.D. document close to their face. This process can be complicated on other platforms, often involving repeated submissions and uploads of documents. However, Bittrex optimizes the procedure by typically verifying users within ten minutes. After the completion of the KYC procedure, users can go ahead to make fiat deposits and withdrawals. 

Trading Platform 

As is the case with several of the best cryptocurrency trading platforms, it can be difficult for newbies in crypto trading to understand how to trade and the complexities that go with it.

The minute you find the page with the trading pair you’re interested in, you’ll be bombarded with technical information involving charts and market data. All of this can be overwhelming to a newbie investor.

Bittrex is an excellent choice for experienced traders seeking advanced features and tools. Expert traders will find these tools very handy, as they make it easy to quickly scan different markets to find excellent trading opportunities at any time. 

In addition, Bittrex’s website provides in-depth information about its corresponding order book. The order book consists of your trade history, different crypto orders, their respective prices, the precise time the orders were placed, and the positions entered. Bittrex also allows users to view the details of closed and open orders, along with the respective wallet addresses linked to these orders. 

Users have the options to set trailing, stop-limit, OCO (one-cancels-the-other), and ladder-limit orders. They can also enter positions with a limit or a market order, depending on their investment strategy. 

Newbie investors might find these trading tools complex to use. In this case, it’s recommended that they use another beginner-friendly crypto platform like eToro, specially optimized for newbies.

Demo Account

Demo accounts help novices to get used to the advanced trading tools before they start actual crypto trading. 

Unlike some other cryptocurrency platforms, Bittrex does not offer a demo account. This means that you cannot test out Bittrex; instead, you must deposit real money and start trading.

Mobile App 

Bittrex has a highly optimized mobile app with versions for Android and iOS for trading on the go. The mobile app is synchronized with the main account to let users access all of the tools and features of Bittrex whenever they want. For instance, users can choose to withdraw their funds, deposit fiat, examine the value of positions, place new orders, and sell or buy crypto. 

Having tested out the app ourselves, we discovered that Bittrex best suits expert traders. With the plethora of advanced tools and available market-related data, newbies can be quickly overwhelmed or even make errors while trading.

Safety

We believe the safety of your investment should be a top priority when choosing a cryptocurrency exchange. After all, you wouldn’t want to suffer the unfortunate event of losing your hard-earned tokens. 

In our review, we have keenly assessed Bittrex’s security features to help you decide if Bittrex is the right platform for you.

The first thing to note about Bittrex is that it’s not regulated by prominent financial institutions such as the FCAA (U.K.) and the SEC (USA). Instead, Bittrex is licensed under the Bermuda Digital Asset Business Act of 2018. This does not infuse as much confidence into Bittrex users as if Bittrex were regulated by the SEC.

However, Bittrex states on its website that it has complied with and meets all the important regulations regarding anti-money laundering. The KYC process backs this up, as you are required to complete the strict documentation before you can begin trading.

Bittrex is also strongly and emphatically committed to security. To this effect, it uses the most effective, reliable, and secure technologies to hold users’ funds in escrow while they trade. It’s also worth noting that Bittrex founders are cyber experts with more than 30 years of combined experience. 

In addition, Bittrex uses a multistage, elastic wallet system where around 90% of tokens are held offline in cold storage facilities. Customers who want to make API calls and withdrawals have to use 2FA (two-factor authentication). 2FA involves receiving unique codes via SMS or special apps like Google Authenticator when logging in. 

If the two-factor authentication is not activated, a withdrawal limit is imposed on user accounts to ensure that high-volume traders use the maximum security level available when making withdrawals on the exchange.

Interestingly, Bittrex holds a rare honor of never being breached or having compromised user funds. 

Customer Support

We’ve extensively reviewed Bittrex’s customer support channels and mechanisms and have discovered several letdowns.

A live chat section is available. However, users will quickly discover that it’s run by a bot, and you can’t directly chat with an agent when facing difficulties. Other platforms offer many ways to contact customer service directly, so this is clearly Bittrex’s letdown.

To file a complaint, you will have to log in to your account, file support tickets stating the details of your exact issue, and wait for a reply. The alternative is to contact Bittrex’s social media channels on Telegram, Facebook, Medium, LinkedIn, and Twitter. 

Trading Pairs

Presently, the trading volume on Bittrex is $244,564,630. The total amount of coins available for trading on the platform stands at 447. Nine hundred ninety-two separate trading pairs are supported. Some of the most popular trading pairs include the following:

BTC/USDT

ETH/BTC

ETH/USDT

KDA/USDT

VRA/USDT

CRO/BTC

USDT/USD

ADA/USDT

ADA/BTC

LTC/BTC

XRP/BTC

XELS/USDT

DAF/USDT

BTR/BTC

HBAR/USD

User Experience

The offered coins are categorized into Favourites, All Markets, ETH pairs, USDT pairs, EUR pairs, and BTC pairs. There are also special tokenized stocks for stock trading.

In addition, the search function allows you to find unique trading pairs. 

Major Demerits

Bittrex does not offer CFDs and ETFs, as opposed to other crypto platforms such as eToro. Trading fees depend on the trading volume, meaning that only high-volume traders get the best discounts.

In addition, Bittrex is simply too complicated for a newbie investor to understand. 

Conclusion

Bittrex is a highly secure platform, and at one point, was considered to be the most secure cryptocurrency exchange.

Bittrex offers several advanced features for individual and corporate accounts. As such, it’s one of the top crypto exchanges in the world. 

To start trading on Bittrex, you have to create an account and complete the KYC procedure. Afterward, it’s relatively easy to navigate, especially when you already know the coins you’d like to trade.

Bittrex charges fairly high fees. However, when compared to other platforms, it’s somewhat manageable. Bittrex works on mobile, in addition to P.C., which is convenient for quick trading. Compared to other exchanges, Bittrex is highly optimized for high-volume trading.

So, to conclude our Bittrex exchange review, we’d like to remind you that if you use Bittrex, you can easily connect it to CoinStats and start tracking all your crypto from one place. We hope that the information provided to you will help you make better decisions when investing in crypto.

Good luck!



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