Bittrex Exchange Review: Does It Fall Short Overall? 👎
10 min read
Looking to find out what Bittrex can offer you compared to all the other exchanges? You have come to the right place. Our in-depth review of Bittrex covers everything from its features, trading fees, security and much more so that you can decide if you should signup. Whether you're a seasoned trader or just starting out, our unbiased assessment will teach you something about Bittrex that you did not know before!
Bittrex is a veteran exchange that was founded in 2014 by Bill Shihara and Richie Lai. The platform is registered in Liechtenstein and headquartered in Seattle, Washington, with over 300 employees working hard to provide a seamless trading experience.
While the platform operates in most countries, there are restrictions for several regions, including Iran, Syria, and Cuba. Nonetheless, Bittrex has amassed an impressive user base of over one million traders and over half a million downloads on Android with a four-star rating based on over 10,000 reviews.
One of Bittrex's most notable features is its support for over 400 cryptocurrencies with an average spot trading volume of $20 million. This makes Bittrex a solid choice for investors and traders who are looking for a wide range of altcoins such as HBAR, LTC, ETH, BTC, ADA USDC and others.
Bittrex KYC Requirements
Bittrex is a cryptocurrency exchange that requires KYC verification for all of its users. The signup process includes a full KYC verification in order to access any features, and takes approximately 5-10 minutes to complete.
In order to start trading on Bittrex, users must first submit their identification documents for verification. While the ID verification process can be completed in as little as 10 minutes, in some cases, it may take several days to complete.
One of our main concerns with the Bittrex signup process is that users are required to submit their identification documents before they have had the chance to explore the platform fully. This can be frustrating for users who want to see what Bittrex has to offer before committing to the platform.
Bittrex Products & Services
The services products and services offered by Bittrex are limited to only two features, spot trading and staking services.
While the user experience on Bittrex is not very inspiring, the exchange is easy to navigate and offers a solid range of over 400 cryptocurrencies.
The average daily spot trading volume on Bittrex is $20 million which place the exchange on the lower end of the curve.
The user interface on Bittrex is pretty basic and uninspiring which is a shame considering it's 2023 and a basic overhaul could easily be implemented.
The exchange feels like it's stuck in time neither new features or improvements to the interface having been done in years. Not exactly what novice users or more experience investors are looking for.
Bittrex is a cryptocurrency exchange platform that offers users the ability to purchase and trade over 400 different cryptocurrencies.
One of the primary ways that users can purchase cryptocurrencies on Bittrex is through spot trading. This involves buying and selling cryptocurrencies at the current market price, often with lower fees than other methods.
For users who prefer to use a debit or credit card, Bittrex also offers an instant buy and sell feature. This option allows users to purchase cryptocurrencies instantly with their debit or credit card, or USD balance.
However, it comes with a spread fee of 0.9% for stablecoins and 1.75% on all other cryptocurrencies. This is a good option for users who value convenience and speed but obviously comes at a higher cost.
Bittrex is an exchange that charges a spot maker and taker fee of 0.75%. Compared to other exchanges, this fee is higher than the industry average. For example, exchanges like Phemex and Kucoin charge a relatively low maker and taker fee of 0.1% and 0.1% respectively.
Bittrex unfortunately can't even beat more expensive exchanges like Coinbase and Gemini which charge 0.6% and 0..4% for takers respectively.
Having said that, Bittrex does offer a much large range of cryptocurrencies than both Coinbase and Gemini. The exchange also offers lower trading fees for those that exceed a 30-day trading volume of $5,000.
Bittrex Deposit Methods
Bittrex isupports deposits with three fiat currencies, including USD, EUR, and GBP. This is a significant advantage for traders who prefer to use traditional currency to buy and sell digital assets.
The platform offers several options for depositing fiat currency, including wire transfer, bank transfer (ACH), SEPA, and credit/debit card.
Bank deposits are free of charge, which is a significant advantage for traders looking to minimize costs. Deposits made via credit/debit card incur a high 3% fee but are process instantly.
Overall, the process for depositing fiat currency into Bittrex is straightforward and hassle-free. The platform's user-friendly interface makes it easy to navigate and complete deposits in a few simple steps.
Once your deposit has been processed, you can start trading in any of the supported digital assets available on the platform.
How to withdraw from Bittrex?
If you're looking to withdraw fiat currency from Bittrex, you'll be happy to know that they offer several options for doing so.
These include wire, ACH, SEPA, and debit card withdrawals. ACH and SEPA withdrawals are free of charge while wire withdrawals incur a $25 fee.
When it comes to withdrawing cryptocurrency, Bittrex charges a 0.0005 BTC fee for Bitcoin withdrawals, a 0.0006 ETH fee for Ethereum withdrawals, a 0.01 SOL fee for Solana withdrawals, and a 20 USDT fee for Tether USD withdrawals.
Is Bittrex Safe?
Bittrex is one of the oldest and most established cryptocurrency exchanges in the market, having been around since 2014.
Although the exchange was hacked back in 2018, Bittrex has since implemented numerous security measures to ensure the safety of its users' assets.
One of the key security features offered by Bittrex is the use of cold storage for the majority of its users funds.
This means that 95% of all funds are kept offline and away from potential hackers, providing an extra layer of protection against theft.
In addition to cold storage, Bittrex also offers two-factor authentication and KYC procedures for all users.
This ensures that only authorized individuals have access to their accounts and further reduces the risk of hacks and scams.
While Bittrex does not offer proof of reserves, the exchange is licensed by the Virginia State Corporation Commission as a money transmitter.
This means that Bittrex is required to maintain adequate reserves to cover all user deposits and withdrawals.
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Jack is a crypto writer and reviewer who has been active in the space since he caught the crypto bug in 2017. With a passion for trying out new shiny things, Jack is always eager to try the latest cryptocurrency exchanges, wallets or DeFi applications.