The world of cryptocurrencies has extensively expanded within the past decade. Things can often seem pretty confusing and scary with more than 1500 different crypto products and numerous trading platforms. What could be done then if you want to participate in crypto trading?
Bittrex Exchange Summary
|Supported Fiat Currencies||Yes|
|Minimum Deposit||Depend on the currency you choose|
|Trading Fees||Fees are charged on a per-trade basis|
|Withdrawal Fees||Depending on the coin or token|
|Customer Support||Support Ticket|
If you wonder which is the best place to start or continue with your crypto trading journey, you couldn’t miss checking out the Bittrex platform once. Bittrex could serve as your ultimate stop to take care of all your cryptocurrency-related trading needs laced with stupendous security provisions and revolutionary technology.
Therefore, let me take you through this Bittrex review where you would discover Bittrex’s services, fees, and other relevant information essential for your crypto trading activities.
Overview of Bittrex Exchange
Bittrex is a US cryptocurrency exchange that was launched in 2014. With its headquarters in Las Vegas, Nevada, USA, Bittrex also has an office in Seattle, Washington, USA. Bill Shihara, Richie Lai, Ryan Hentz, and Rami Kawach are its founders. Bittrex reportedly gained about five hundred thousand users by December 2017.
According to Coinranking.com, Bittrex generates a decent daily trading volume of about 262.54 million. On Coinranking’s list, Bittrex is at 63rd rank and owns a 0.20% market share on the day this article is being written.
Bittrex is typically a crypto-to-crypto trading platform; however, it does allow its users to invest in USDT (US Dollar Tether). Bittrex currently supports USD, EUR, and some other fiat currencies, but this facility wasn’t available initially. This cryptocurrency exchange has a simple user interface and comes with next-level security provisions.
Bittrex website: https://bittrex.com/
Signing up on Bittrex is easy.
Bittrex Reviews – Registration Process
- All you need to do is go to the Bittrex website and enter your email address and password to sign up on Bittrex’s website. Sound’s easy, isn’t it?
- Then, you would need to verify your email, and you are all set with the signup formalities.
- Post this; you could deposit some crypto coins in your Bittrex account and begin trading.
Whole Process of buying crypto at Bittrex
Key Features of Bittrex Exchange
Bittrex is a preferred and trusted trading platform because of the cutting-edge technology to design the exchange and its offerings. Let’s now take a look at Bittrex’s impressive features below in this Bittrex Review.
Bittrex Platform and Supported Apps
For trading through this crypto exchange USA, customers can either use the Bittrex website or download its Android or iOS mobile application.
Bittrex utilizes cutting-edge blockchain technology. Bittrex facilitates lightning-fast trading with the help of elastic computing technology. Bittrex aims to bring groundbreaking solutions for industries and develop new inventive tokens. The custom-built trading engine makes Bittrex deal with scalability issues. Besides this, Bittrex also utilizes third-party trading platforms through its extensive APIs. Its customers often praise Bittrex for an easy-to-use interface design and fast loading speeds.
Bittrex Trading Services
Enjoy Trading Services at Bittrex Exchange
Bittrex facilitates trading, instant buy and sell, offers automated trading features, in addition to providing standard charting tools for traders. The exchange permits the execution of standard spot trading on its platform. However, Bittrex lacks margin trading options. Bitcoin offers around 680 markets.
Bittrex’s Compliance to Regulations
The Bittrex Exchange is compliant with the US federal regulations and the current EU and Liechtenstein regulations to prevent, identify, and resolve any scrupulous activities by customers and virtual currency developers. Bittrex adheres to the US government’s Anti-Money Laundering and Know Your Customer regulations to prevent financial fraud. It is also supervised by the Office of Economic Affairs of Liechtenstein and the Liechtenstein Financial Market Authority. Other than this, Bittrex operates under the Digital Asset Business Act (DABA) framework in Bermuda.
Bittrex is cheap compared to other cryptocurrency exchange platforms. It charges a low trading fee based upon the customer’s 30-day volume. Maker and Taker charges are levied upon buyers and sellers, which varies according to the currency pair for which trading is conducted. Besides trading fees, Bittrex charges small transaction fees too. While there are no charges on deposits, a small fee is levied upon withdrawals.
The below tables provides a quick overview of the different types of Bittrex fees and Fee schedule based on account’s 30 Day Volume for maker & taker.
Type of Bittrex Fees
|Type of Bittrex Fees||Fee Value|
|Trading Fees||A fixed fee schedule (maker & taker charges) is calculated on the basis of a 30-day trading volume of a customer and it also depends upon the currency pair being traded.|
|Deposit:||Deposit activities don’t attract any charges.|
|Withdraw:||Withdrawal activities incur a small blockchain network fee. The withdrawal fee for each coin or token can be viewed by clicking the withdraw button.|
|Referral Program||A 10% Referrer percentage is set on the Referral Program and it can be changed at any time as per Bittrex Referral Terms.|
Fee Schedule Based on Account’s 30 Day Volume
|30 Day Volume(USD)||Maker||Taker|
|<$25K – <$50K||0.20%||0.25%|
|<$50K – <$1M||0.12%||0.18%|
|<$1M – <$10M||0.05%||0.15%|
|<$10M – <$60M||0.02%||0.10%|
|<$60M – <$100M||0.00%||0.08%|
Bittrex Security Features
Bittrex has always prioritized its platform’s security provisions which have helped them earn their customer’s trust. They leverage the elastic, multi-stage holding strategy to facilitate cold storage of the majority portion of their funds.
Besides this, Bittrex also enforces other security measures to ensure that transaction activities happen safely via their platform. Therefore, they utilize multiple protection layers deploying robust and innovative technologies to keep their funds safe. A two-factor verification process is implemented to keep the Bittrex account of customers safe and unhackable. The first step requires users to input a password followed by furnishing a one-time code exclusively sent to the user’s mobile number.
Bittrex utilizes Jumio service to verify customers’ local records, although verification activity is limited and Bittrex attains very little customer information.
Bittrex Supported Currencies and Payment Methods
Bittrex supports more than 300 cryptocurrencies and offers more than 400 trading pairs. Earlier, this crypto exchange platform did not support fiat currencies, but now it has extended its support to USD and EUR. Bittrex also offers tokenized stocks for trading. On Bittrex, you will find older cryptocurrencies like Bitcoin and Ethereum and even the latest crypto coins like Tron and Looping.
Bittrex allows US dollar trading, withdrawals, and deposits through its platform. USD transactions can be done only via wire transfers. Other accounts which aren’t eligible for using USD can utilize USDT or other altcoins for transaction purposes.
Bittrex Supported Countries
Traders from worldwide can access and use this trading platform except for North Korea, Iran, Syria, Cuba, and the Crimean peninsula. Some additional regions wouldn’t be able to access this crypto exchange if there are some economic sanctions levied upon them by the US government.
Bittrex Customer Support
Bittrex Customer Support
When it comes to technical support, there is some room for improvement as per Bittrex’s customers. Bittrex has an extensive FAQ page. On the Support Page, customers can type their query in the search bar and directly see if their query has been answered in the FAQ section. Additionally, customers can raise their issues via the ‘My Support Tickets’ option located on the Support Page. The support page also houses dedicated sections for ‘Site Information,’ ‘Coin Information,’ and ‘Sign-up Tutorials’.
Bittrex has a considerable social media presence for sharing their latest updates via Twitter, Facebook, Medium, LinkedIn, and Telegram.
Pros & Cons
We have highlighted some merits and demerits of Bittrex below in this Bittrex Review:-
- Availability of a wide variety of currency pairs for trading
- Compliant with US regulations
- Highly secure exchange
- Low transaction and trading charges
- High trading speed owing to elastic computing technology used
- Significant trading volumes
- User-friendly platform
- Limited customer support
The cryptocurrency trading craze is currently sweeping across all nations and perhaps even across most continents. But involvement in cryptocurrency trading can be extremely critical without an appropriate understanding of the cryptocurrency economy and support from a proper exchange.
Bittrex can thus help you in your trading journey with incredible features and services. One of the USPs of this cryptocurrency trading exchange is that it has never been hacked to date from the time it has been founded, thanks to its commendable security features. Another thing that makes Bittrex more appealing is its easy-to-use features and simple interface. Thus, if you are looking for reliable and safe crypto exchange, Bittrex could be the most suitable choice for you as per our Bittrex review.
Is Bittrex Legally Operating in the US?
Yes, Bittrex operates legally in the US and abides by the regulations of different US regions. Bittrex is not only compliant with US federal laws but also with EU regulations. Bittrex team operates as per the Federal Anti-Money Laundering & Know Your Customer regulations, the Liechtenstein Financial Market Authority, and the Digital Asset Business Act (DABA) framework of Bermuda.
Can US Citizens Access the Bittrex Crypto Exchange?
Yes, US citizens can use the Bittrex cryptocurrency exchange. However, there are some restrictions placed upon the accessibility of cryptocurrencies. About 32 cryptocurrencies are blocked for US citizens on Bittrex.
Is Bittrex Better Compared to Coinbase?
Well, both Bittrex and Coinbase have their own merits and demerits. However, Coinbase has a better and smoother user experience in simple terms, whereas Bittrex offers a reliable and secure trading platform.
Which Is Better: Binance or Bittrex?
Bittrex and Binance have their own offerings and specialty. But Bittrex has a more easy-to-use interface. This is what makes Bittrex easy for beginners compared to Binance. Bittrex also offers one-minute charts for traders. Other than this, Bittrex also charges cheaper transaction fees and trading fees compared to Binance.
Does Bittrex Report to the IRS?
The direct answer is yes. But IRS reporting occurs only in special cases like when a huge transaction is made, or some property dealings are undertaken.
What Are Bittrex Credits?
Bittrex Credit is a new beta customer rewards program, in that you if user earn enough Bittrex credits they can use them in their next trade as one Bittrex credit is worth 0.01 USD towards trading commissions.
How to Use Bittrex Credits?
You can earn Bittrex Credits based on the commissions you pay on your trades. It will be transferred into your account after few minutes when the order is closed.