Bittrex Review
Bittrex Review
Bittrex is considered to be one of the world’s leading cryptocurrency exchanges. Traders have access to a 24 hour market volume of $0, 1 coins and 1 pairs.
| Overview | |||
|---|---|---|---|
| 🏆 CI Exchange Rank | 4.0 (#16) | 📈 24H Volume | $0 (#33) |
| 📌 Headquartered | United States | 🧱 Founded | 2014 |
| 💧 CI Liquidity Rank | 0.010 (#2) | 🚀 Beginner-friendly? | Yes |
| 💲 Supports Fiat? | Yes | 🎌 Languages Supported | |
| 💼 Business Accounts | Yes | ✖️ Margin Trading | No |
| 👛 External Wallet | Yes | 🔃 OTC Trading | Yes |
| 📱 Mobile App | Yes | 💰 Integrated Wallet | Yes |
| 🔮 Futures Trading | No | ⚪️ Spot Trading | Yes |
| ⭕️ Coins: | 1 | 🔀 Pairs: | 1 |
Bittrex is available to US customers. It is also suitable for new and experienced traders.
| Pros | Cons |
|---|---|
| Bittrex offer 1 coins and 1 pairs. | Margin trading is not permitted on Bittrex |
| Bittrex is secure and has 2FA, cold storage & IP Whitelisting | Bittrex is not a regulated exchange under U.S. securities laws |
The exchange was founded in 2014, by three cybersecurity professionals: Bill Shihara, Rami Kawatch and Richi Lai.
Crypto on Bittrex
Crypto Verification
Verification is required to trade with cryptocurrencies.
You will need to complete KYC, which includes:
- Identity document or passport
- Bank statement
- Utility bill
| What's Needed | |||
|---|---|---|---|
| 🛂 Documents | Passport, Driving Licence, Utility Bill, Bank Statement | 🕖 Verification Duration | 1-3 days |
Crypto Deposits
There are no fees for deposits. Please be aware that some coins require Bittrex to move your funds to another address before Bittrex credits them. This means the coins network will charge you the normal transaction fee for this send and is not something Bittrex can avoid.
| Buying In | |
|---|---|
| Crypto/Coins | Varies from coin to coin |
Crypto Withdrawals
Each coin has a network transfer fee that is built into the coin and varies from time to time. This means that Bittrex must charge a small amount which is estimated to cover this fee. You can view the current fee for a coin by clicking the withdraw button for the respective coin (on your Bittrex account), which displays the transaction fee.
| Cashing Out | |
|---|---|
| Crypto/Coins | Varies from coin to coin |
Fiat on Bittrex
Fiat Verification
To participate in fiat trading on Bittrex, your identity must be verified.
Fiat verification document requirements:
- ID document/passport
- Bank statement
| What's Needed | |||
|---|---|---|---|
| 🛂 Documents | Passport, Driving Licence, Bank Statement | 🕖 Verification Duration | 1 day |
Fiat Deposits
Bittrex does not charge fees for USD deposits and withdrawals. You will want to check with your bank as they may charge a fee to send your wire transfer as well as receive a wire transfer at your bank. Also, if your bank uses an intermediary bank, you will want to check with them to see if they charge a fee.
| Buying In | |||
|---|---|---|---|
| Debit Card | Free | Credit Card | Free | Bank Transfer | Free |
Fiat Withdrawals
Bittrex does not charge fees for USD deposits and withdrawals.
| Cashing Out | |||
|---|---|---|---|
| Debit Card | Free | Credit Card | Free | Bank Transfer | Free |
Bittrex Fees
Bittrex does have a maker and taker fee schedule. The minimum maker and taker fee starts at 0.75%. The trading fee schedule below provides the applicable rates based on the customer account’s total 30-day volume:
Bittrex Features
Spot Trading
Spot Trading is available to traders on Bittrex. Traders are able to buy crypto and hold it until the value increases or use it to buy other altcoins that will rise in value.
Leverage Tokens
Bittrex is offering FTX Leveraged Tokens to traders outside the European Union (EU) and European Economic Area (EEA). This allows traders all the benefits of leveraged trading but in a simplified asset.
Peer-to Peer Trading
P2P trading is permitted on Bittrex. Traders are able to buy and sell crypto among each other without involving a third party.
OTC Trading
Traders are able to utilize the Bittrex OTC desk. Approved traders can deposit crypto to their Bittrex account and initiate large block OTC trades.
Integrated Wallet
Bittrex does have both hot and cold wallets and manages the transfer of funds between them.
Business Accounts
Traders who have Business/Corporate accounts have additional benefits designed to better support their institutional trading needs.
Here is an overview of the benefits:
- No Funding Limits – Corporate accounts are given unlimited deposits and withdrawals for both fiat and digital assets.
- Fast Deposits – Qualifying digital assets have lower confirmations which allows deposited funds to quickly credit into your corporate account.
- Priority Support – Receive support from the dedicated account management team by contacting [email protected].
Mobile App
The Bittrex mobile app is available on android and IOS. Traders are able to trade and manage their Bittrex wallet on the mobile app.
Referral Program
All registered Bittrex traders will have access to a referral code. With this code traders can invite as many people as they want to. As long as their referral code is used to create the account, traders will earn 10% on all commissions they spend.
Traders can earn fiat or crypto depending on the currency their referrer paid their trading fees in, this is subject to certain limitations.
Customer Support
Bittrex has a dedicated customer support department. However, this may not always be the most efficient way to get the assistance traders seek. Bittrex has created a support page to assist in this regard.
Bittrex Safety
Cold Storage
With Bittrex 90% of funds are kept in cold, offline storage at any given time.
CER Cyber Security Score (CSS)
6.03/10
CSS is an industry benchmark assessment of the cybersecurity characteristics of a given exchange. It consists of three weighted components: application-level security, SSL/TLS connection, and domain security. CSS uses over 18 indicators, based on the best practices of cybersecurity protection.
Two-Factor Verification
Two-Factor Verification is enabled for any withdrawals and for the usage of APIs. Every time a trader logs into their account or attempts to perform a transaction on Bittrex, 2FA will be required.
IP Whitelisting
To add extra security to your Bittrex account, the exchange supports whitelisting of IP addresses. This feature will help protect your account in the event that your lose your credentials or API keys.
Crypto Address Whitelisting
By setting a withdrawal address on a digital currency, Bittrex will only authorize withdrawals to that address. This includes both the bittrex.com web interface and API based withdrawals.
Bittrex FAQs
Is Bittrex Safe?
If traders comply with enabling 2FA, Bittrex offers a fast, scalable and overall safe and secure platform for trading cryptocurrencies.
Can you short on Bittrex?
Yes. Bittrex permits shorting
Does Bittrex support fiat currencies?
Yes. Bittrex does support fiat currencies
