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bittrex crypto exchange review and features

Bittrex crypto exchange review and features

  • 24 February 2022
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Bittrex crypto exchange is a cryptocurrency exchange that allows users to buy, sell and trade supported cryptocurrencies. Bittrex currently offers over 200 cryptocurrency trading pairs (e.g. ETH-BTC), but only 57 cryptocurrencies are available for direct purchase with fiat currency (e.g. US dollars).

We reviewed Bittrex’s platform, fees, user experience, customer service, available cryptos, and more to determine if it’s a good option for crypto investors and traders.

Bittrex crypto exchange: Company overview

Headquartered in Seattle, Washington, Bittrex was founded in 2014 by three former Amazon cybersecurity engineers, Bill Shihara, Richie Lai, and Rami Kawach. It originally only offered crypto-to-crypto trading but has since become a “fiat onramp,” allowing users to buy crypto with fiat currency (like US dollars).

Bittrex is now only available to users and traders in 46 US states, excluding Connecticut, Hawaii, New York, and Vermont. It is also available in over 200 countries worldwide and operates under Bittrex Global for international users.

Bittrex prioritizes user security, uses two-factor authentication, and offers multiple controls to keep accounts safe. In addition to its robust security features, it also offers advanced crypto charts, multiple order types, and relatively low trading fees compared to other crypto exchanges.

Cryptocurrencies traded on Bittrex crypto exchange

All users and traders can access many different cryptocurrencies on Bittrex, including Bitcoin (BTC), Ethereum (ETH), Dogecoin (DOGE), Cardano (ADA), Litecoin (LTC), and Chainlink (LINK). The platform supports over 200 trading pairs, and you can also browse the full list of supported assets.

On the other hand, some of the popular cryptocurrencies are not now available on Bittrex. Currently, the exchange does not support Ripple (XRP), whose parent company is controlled by the U.S. Securities and Exchange Commission (SEC), Solana (SOL), and Polkadot (DOT).

Trading experience on Bittrex crypto exchange

Bittrex makes it easy and comfortable for users to buy or sell (trading) cryptos. It offers a simple interface, and you can buy crypto using your checking account, debit card, or Bittrex account balance. These purchases do not incur any additional fees on top of the platform’s standard trading fees, which we will detail below.

Those looking to trade crypto on Bittrex have access to more than 200 trading pairs (e.g. ETH-BTC). Bittrex crypto exchange also offers advanced charting tools, live order books, and various order types. These include limit, stop, OCO, trailing, and tiered orders. The mentioned features can make it a good option for experienced traders.

Bittrex crypto exchange deposit and withdrawal options

Bittrex has partnered with Jumio to support the verification process of its customer base. Jumio is a provider of digital ID and identity verification solutions. Jumio is currently able to process customers from around 200 different countries.

Regarding deposits and withdrawals, Bittrex currently does not offer fiat currency support, except for advanced verified accounts. Deposits and withdrawals are only possible via cryptocurrencies routed through Bittrex online wallets. For example, to withdraw your cryptocurrency holdings, you need to generate an address from a wallet on an exchange that can convert cryptocurrencies into fiat currencies. Once you have the address, you can send your cryptocurrency holdings in your Bittrex wallet to that address.

Bittrex crypto exchange Fees

The Bittrex does not charge additional fees for using debit cards like some platforms, and its maker-taker fee model offers low fees for high-volume trading.

Bittrex Trading Fees

The Bittrex charges fees on a maker-taker model. When a user places an order fulfilled immediately, they will consider a “taker” and will charge a taker fee. If a user places an order entered in an order book (until a match is found), they will consider a ‘maker’ and will charge a maker fee.

Total fees are based on account transaction volume, with fee discounts available for high-volume accounts.

Here is the Bittrex crypto exchange fee structure:

Bittrex Trading Fees

Trading Fees

Bittrex crypto exchange security

Bittrex offers several advanced security features to protect users’ crypto assets, including two-factor authentication and wallet whitelisting. The cold storage system is also covered by digital asset insurance, which can help recover lost funds in the event of a cyber-attack.

Here are some of the security features offered by Bittrex:

  • Two-Factor Authentication: Bittrex uses two-factor authentication (2FA) via Google Authenticator, which is widely considered to be more secure than SMS 2FA.
  • Whitelisting of Approved Wallets: Bittrex users can set up wallet whitelisting, which means you can only withdraw funds to wallet addresses that you approve. This feature helps prevent scammers from withdrawing funds to their e-wallets.
  • Cold Storage: Bittrex keeps most of its crypto assets in “cold storage,” meaning the cryptocurrency is not accessible over the internet.
  • IP Address Whitelisting: Bittrex allows users to whitelist specific IP addresses, which means only authorized devices (mobile or computer) using specific IP addresses can access the account. This prevents attackers from logging into user accounts from outside.
  • Deactivate Account Email Link: Users can deactivate their account with a single click via a link provided via email. This email is sent when a user logs into your account with a new IP address.

Opening a Bittrex Account

Signing up with Bittrex is easy. You can create a free account with your email address and a password. After that, you’ll need to verify your email address and secure your account with two-factor authentication for an extra layer of protection. You will also need to verify your identity and information after the process of securing your account.

Bittrex follows Know Your Customer (KYC) standards, which aim to prevent fraudulent and criminal activity and help provide transparency into who is using the exchange. This requires verifying your identity with a government-issued photo ID and providing your social security number or ITIN. This is required for all accounts before users can buy, sell, and trade cryptos on the Bittrex crypto exchange.

Bittrex crypto exchange Customer service

Bittrex offers email support, the ability to open support tickets, and an automated chatbot to help users find answers to specific questions. The Bittrex has also created a support Twitter account to help users, although it doesn’t currently offer phone or live chat support.

In addition to its support features, Bittrex exchange offers an extensive library of help articles on its support site and a decent amount of educational content on the Bittrex crypto exchange blog.

Bittrex crypto exchange Customer satisfaction

Bittrex received several customer complaints, mainly related to the account verification process and users being banned from their accounts. This can be very worrying for users who are unable to withdraw funds from the account. In general, accounts can ban if they will flag for suspicious activity or a user fails account verification.

Bittrex only offers email-based support, which can frustrate users who seek immediate help. While Bittrex offers account security and a wide range of cryptos, users should not deposit funds into an account before KYC verification is complete, or those funds may be blocked for withdrawal.

Bittrex crypto exchange Account management

Bittrex is an online exchange that allows users to buy, sell, and trade crypto on desktop and mobile devices. Users can log in through a web browser to access their account dashboard, deposit funds, or transact.

Bittrex crypto exchange also offers a mobile app that shows its web-based account functionality. Users can make purchases, transact business, and withdraw funds through the app. Advanced charting and orders are also available, which can be ideal for professional and experienced crypto traders.

Bittrex Ease of Use

Getting started with using the Bittrex exchange platform is a fairly straightforward task that starts with opening an account. To do this, you need to visit the Bittrex home page and click Sign Up. You will then be asked to provide your email address and choose a password for your account, which you should ensure is secure. You will then receive an e-mail with a link that you should click on for verification. The next step involves verifying your phone number, which you should provide and Bittrex will verify it through Jumio. You should then enable two-factor authentication by clicking on the appropriate option in your account settings. Bittrex will then send you a code via Google Authenticator and once you enter that code, your account is ready to use.

Of course, to make a transaction, you must first fund your account, either by using fiat currency or cryptocurrency to make a deposit.

How Bittrex compares to other cryptocurrency companies

Bittrex is a decent option for active crypto traders who prefer low fees and advanced order types. The platform also emphasizes security, allowing users to whitelist wallets and IP addresses.

While Bittrex does not offer a wide range of crypto to buy directly, the platform offers over 200 crypto trading pairs. Here’s how Bittrex compares to another major crypto exchange in the US

Bittrex crypto exchange Advantages and disadvantages
Advantages
  • Efficient trading platform
  • Flat fees of 0.25% on all trades
  • Ensure anonymous trading
  • No fees for deposits and withdrawals
Disadvantage
  • Bank transfer will not support except for advanced verified account
  • Fee above average
  • Bad customer support
Bittrex vs Kraken

Both Bittrex and Kraken are US cryptocurrency exchanges with robust security features and relatively low fees. Both exchanges cater to active traders and offer advanced charting tools and crypto pair trading.

Bittrex offers a wider range of order types than Kraken, including ladder and trailing orders. However, Kraken offers the ability to trade with leverage and access to futures trading, which Bittrex does not currently offer.

Here are a few more differences between Bittrex and Kraken:

  • Bittrex allows users to whitelist IP addresses for device access to accounts.
  • Kraken offers margin trading to US investors (users must have $10 million in investable assets to qualify).
  • Bittrex does not charge any additional fees for debit card deposits, while Kraken charges 3.75% + €0.25.
  • Kraken offers access to over 90 crypto assets for direct purchase, while Bittrex crypto exchange offers fewer than 60.
  • Bittrex offers relatively low fees and a safe way to buy Bitcoin and other popular cryptocurrencies. Kraken offers more crypto assets for direct purchase and has lower overall trading fees than Bittrex, which could make it a better option for active crypto traders.
Bittrex vs Binance

Due to the number of altcoins Bittrex offers, it will often compare to Binance as an alternative. However, the strict verification process and relatively high fees (0.25% vs. 0.1% on Binance) quickly suggest that Binance is a more attractive option. Aside from the fact that Bittrex can offer USD deposits and withdrawals for verified accounts, there doesn’t appear to be any real advantage over Binance. If that’s important to you then by all means stick with Bittrex, but if not, the latter might be a better option.

Bittrex vs Binance

Conclusion

Bittrex is a centralized crypto exchange that offers advanced order types and other features that might appeal to experienced traders. It currently only offers a limited number of crypto assets for direct purchase but does not charge additional fees for funding user accounts with a bank account or debit card.

Bittrex places great importance on user security and protects user accounts with two-factor authentication and optional IP address whitelisting. It also keeps most digital assets in offline “cold storage” and requires multiple layers of authentication before users can withdraw crypto.

Bittrex has some bad user reviews that mention lengthy account suspensions and poor customer service response times. This can be a cause for concern, especially for those worried about losing access to their crypto.

Overall, Bittrex is a decent option for active traders interested in advanced order types and relatively low fees. While it might be suitable for new crypto investors, novice traders might feel overwhelmed with its user interface. Another exchange might be a better option for those who are just starting with crypto.


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One response to “Bittrex crypto exchange review and features”

  1. Yanga Jili says:

    Useful information and good article

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