Bittrex Review

Unlike traditional brokerage firms, cryptocurrency exchanges are not members of the Securities Investor Protection Corp. ( SIPC ). therefore, unless drug user terms specify differently, investors with cryptocurrency assets commingled on a custodial cryptocurrency exchange could potentially lose their funds as unbarred creditors.

Pros Explained

  • Large selection of cryptocurrencies: There are over 440 cryptocurrencies available on Bittrex, a large number compared to what some competitors offer.
  • Low fees: The platform offers relatively low maker/taker fees compared with other large exchanges, though its fees are not the lowest available. 
  • Widely available: Bittrex is available in 46 U.S. states, excluding Connecticut, Hawaii, New York, and Vermont.

Reading: Bittrex Review

Cons Explained

  • Limited customer support: Bittrex offers a chatbot and the option to open a ticket if you need assistance. It does not offer phone or live chat support.
  • Poor user feedback: Like many other crypto exchanges, Bittrex has received several negative reviews from users. Many are related to issues with account lockouts and identity verification. 
  • No margin trading: If you want to trade on margin, you’ll need to consider a different exchange. Bittrex does not offer margin trading.

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Bittrex is a ball-shaped cryptocurrency exchange volunteer over 440 cryptocurrencies to buy, sell, and trade. Users can benefit from relatively depleted fees, multiple holy order types, and a range of security system features to help keep their funds dependable .
While Bittrex is reasonably user-friendly, beginners may be overwhelmed by its trading platform and the act of assets it supports. frankincense, it could be good suited to more have crypto traders and investors .
Investing in cryptocurrencies, Decentralized Finance ( DeFi ), and other Initial Coin Offerings ( ICOs ) is highly bad and notional, and the markets can be highly fickle. consult with a qualified master before making any fiscal decisions. This article is not a recommendation by Investopedia or the writer to invest in cryptocurrencies nor can the accuracy or opportuneness of the information be guaranteed.

company Overview

Bittrex was founded in 2014 by engineers Bill Shihara, Richie Lai, and Rami Kawach, and is headquartered in Seattle. This switch over initially offered only crypto-to-crypto deal, but it recently introduced fiat-to-crypto trade adenine well. however, it ’ sulfur worth noting that its decree trade program is relatively newly, so trade pairs are limited and decree deal international relations and security network ’ metric ton available everywhere .
Despite its express decree trade options, Bittrex does offer a wide-eyed choice of cryptocurrencies and stablecoins. This exchange is available 46 U.S. states, excluding Connecticut, Hawaii, New York, and Vermont .

Cryptocurrencies Available on Bittrex

Bittrex supports over 440 cryptocurrencies and stablecoins. This wide choice makes it an attractive platform for those looking to trade popular coins adenine well as lesser-known options. here ’ s a partial list of assets available on Bittrex .

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Cardano (ADA)
  • Chainlink (LINK)
  • Dogecoin (DOGE)
  • Polkadot (DOT)
  • Polygon (MATIC)
  • Tether (USDT)

trading know

The trade experience on Bittrex is fairly square. Users can log in to their trade dashboard on background or through the Bittrex mobile app, available for Android and io. The desktop interface offers a simpleton “ Instant Buy/Sell ” option where users can quickly make trades or leverage crypto with a debit card, deposit account, or Bittrex report poise .
In addition to a aboveboard deal experience, users can besides benefit from a real-time opinion of the markets available on Bittrex. The platform besides supports gain ordering types, including stop, stop restrict, trailing discontinue, and laddered orders. Those matter to in staking can earn up to 5.5 % in Cardano ( ADA ) rewards by staking ADA on Bittrex .

Fees

Bittrex offers a simple maker/taker fee structure, which is utilitarian for those concerned in cost transparency. As with many early crypto exchanges, fee discounts are available for higher-volume traders. Overall, Bittrex ’ second fees are on equality with fees of other major exchanges like Kraken, though some exchanges do offer lower fees.

here ’ s a look at Bittrex ’ randomness fee structure :

30-Day Volume (USD) Maker  Taker 
Less than $25,000 0.35%  0.35% 
$25,000 – $50,000  0.25% 0.30%
$50,000 – $100,000  0.15%  0.25% 
$100,000 – $1 million  0.10%  0.20% 
$1 million – $5 million  0.06%  0.16% 
$5 million – $10 million  0.05% 0.15% 
$10 million – $60 million  0.02%  0.10% 
$60 million – $100 million  0.00%  0.08% 
$100 million +  0.00%  0.05% 

security

Bittrex has several security features designed to help protect users ’ funds and suggests some account security best practices. The platform keeps the majority of exploiter funds in cold repositing. It besides employs measures like two-factor authentication, and wallet and IP address whitelisting .
In accession to these features, Bittrex offers some helpful guidance for users on security best practices. This guidance includes tips for avoiding phishing attempts, keeping phones batten, creating firm passwords, and disabling your account in the event of a hack .
Using a unique password and setting up two-factor authentication on a crypto trade platform can help keep your digital assets batten.

Opening a Bittrex Account

It ’ second simple to open a Bittrex report, and you can do sol through background or mobile. To get started, you ’ ll need to provide your electronic mail address and a password, a well as some basic personal information.

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Like many early crypto exchanges, Bittrex follows know-your-customer ( KYC ) standards, which are in place to help prevent deceitful action. once you verify your electronic mail, you ’ ll motivation to go through Bittrex ’ s identification process, which requires that you upload a government-issued photograph ID like a driver ’ south license or pass. You ’ ll then be required to share a selfie to verify that your likeness matches the image on your ID. After your identity is verified, you can begin trading on the Bittrex platform .

Customer Service

Bittrex has limited options for customer hold, and you likely won ’ thyroxine be able to get immediate avail on the platform if a major consequence arises. Options for support include submitting a ticket through the Bittrex web site and engaging with its chatbot, Trexie .
While confirm options are limited, Bittrex does offer a relatively utilitarian avail center where users can get answers to common questions. Its help center is broken down into different categories, and users can click the class that best aligns with their question. For exemplify, if you have a question about decree types, you might click on the “ trade ” section in the Bittrex avail center .

Customer Satisfaction

Bittrex receives negative feedback overall from its users, and it has an average denounce of 1.4 out of five stars across over 458 Trustpilot reviews. Users report issues with account lockouts, freeze assets, and problems with identity confirmation. unfortunately, these concerns are common across many cryptocurrency exchanges and aren ’ triiodothyronine singular to Bittrex .
Despite the negative feedback Bittrex has received, some users have convinced things to say. Customers appreciate its wide choice of assets and its security features .

Account Management

Bittrex users can manage their accounts through desktop or mobile. The on-line splashboard and mobile apps offer like functionality, and users can easily buy, sell, or deal crypto and access real-time market data and price charts on both platforms .
But given Bittrex ’ randomness limited options for customer support, account management will likely be largely self-service .

How Bittrex Compares to other Cryptocurrency Companies

Those interested in a wide choice of crypto trade pairs, real-time marketplace data, and advanced order types may appreciate what Bittrex has to offer. It ’ south besides a fairly fasten rally, with multiple tools in position to protect user funds. here ’ s a look at how Bittrex compares to another popular exchange, Kraken :

Bittrex vs. Kraken

  • Bittrex supports over 440 cryptocurrencies, while Kraken supports just 164.
  • Bittrex has slightly higher maker/taker fees than Kraken. Fees range from 0.00% to 0.35% on Bittrex and 0.00% to 0.26% on Kraken.
  • Kraken offers 24/7 live chat support to address urgent issues, while Bittrex does not offer this option. 

Read our full moon Kraken review .
Final verdict
overall, Bittrex could be a good choice for experience crypto traders. The platform has hundreds of back assets, with a focus on crypto-to-crypto trade pairs. Users will besides appreciate its robust security system features and the option to place advanced orders. however, its deal interface and the bombastic count of support currencies may be overwhelming to beginners. Bittrex besides offers limited customer support, so novice traders may be better off with an exchange like Kraken, which provides live chat support for pressing issues.

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Investopedia is dedicated to helping those interest in cryptocurrency investing make informed and condom decisions. We are committed to providing our readers with unbiased reviews of the acme cryptocurrency exchanges for investors of all levels .

Exchanges were reviewed on points including security, fees, act of cryptocurrencies available, and more. We besides considered if the exchange is regulated by a proper agency or entirely decentralized. Our fully cryptocurrency substitute methodology, including the review action and weighted data points, is available for reappraisal .
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