Bittrex Review – All about the Crypto Exchange

Today, there are over 300 crypto exchanges in the market, and choosing the right one can be quite confusing. With plenty of options available, there is no thumb rule to decide the best or worst exchange.

The cornerstones of any good exchange are reliability, security, and ease of use. Apart from these, there are other factors such as compliance, trading options, fees, ease of use, safety, privacy, and compliance policies of the exchange. You are also likely to have questions about the customer support, UI of the website and mobile applications, many other queries. 

You also need to understand whether the exchange has enough options of cryptocurrency and trading pairs based on your portfolio, keeping a possible expansion of the same in mind. 

To ease your dilemma, here’s a comprehensive Bittrex review that will help you draw conclusions based on your needs, the market sentiment, and the overall reliability of the exchange.

Origin And Overview

Bittrex is based in Seattle, Washington, and was founded by four ex-employees who had worked in the cybersecurity domain and had a combined experience of more than 50 years between them. The four – Bill Shihara, Richie Lai, Rami Kawach, and Ryan Hentz, had previously worked in the security domain in top-tier tech companies like Microsoft, Amazon, Qualys, and Blackberry.

Having worked with security so much, they’d agreed that it had to be at the center point of the exchange they would build. They aimed to create an exchange that their users could trust. They started in late 2013 – early 2014, catering only to the United States.

However, in 2019, they created a separate global exchange that worked just like Bittrex but catered to a global audience. Then, the one serving US customers retained the name as Bittrex Exchange, and the global arm came to be known as Bittrex Global. Bittrex Global is headquartered at Lichtenstein.

Although the exchange went global only a little over two years ago, it abides by all US laws and supports both crypto-to-crypto exchanges and fiat to crypto purchases. This means, if you are an advanced user, you may start trading in cryptocurrencies, or as a beginner, invest in and buy cryptocurrencies using fiat currencies.

The exchange supports one of the largest numbers of cryptocurrencies, with over 300 choices. To top it off, you get access to more than 450 different types of trading pairs, and what’s more, is that these numbers are ever-increasing.

Bittrex, in a short time, considering it went global only in 2019, has become a very reputed, reliable exchange because they’ve stressed a lot more on security than any other exchange.

This Bittrex review looks at what makes this exchange so reliable and secure, as well as attempts to explain to you the rise of Bittrex in a mere span of two years. To put things into perspective, there are over 350 exchanges in the market, and within two years of going global, Bittrex has moved into the top 15 already. At the time of writing this, the exchange is ranked as the 12th best in the world out of over 300 verified listed exchanges.

The Pros

One of the major highlights of this exchange has been a special global arm known as Bittrex Global that caters to the rest of the world. The main arm, known as Bittrex Exchange or simply Bittrex, focuses on the US. This has ensured that the exchange covers more geolocations with more efficiency. These two arms are also linked to each other with integrated APIs, so changes in one are reflected in both global and US Bittrex exchanges in real-time.

Apart from these, the exchange has many advantages, which are listed below:

1. A Large Number Of Coins And Trading Pairs

Variety is one of the biggest advantages of this exchange. You get to choose from almost every altcoin and trading pair you can think of. Since both Bittrex and Bittrex Global are linked with real-time APIs, they have the same number of options available.

Some exchanges support many cryptocurrencies within the region they’re headquartered at, but offer only the major ones globally. With Bittrex, you needn’t worry about any such discrepancies based on geo-restrictions.

We’ll see an exhaustive list of the trading options you get with this exchange, and how they support so many of them as we dive deeper into this Bittrex review.

2. Mega Availability – Locations No Bar

As we discussed earlier, the exchange has a separate global arm known as Bittrex Global, based in Liechtenstein. This ensures that regardless of your location unless cryptocurrency trading and investments aren’t banned in your country, your country will most likely be supported by them.

Currently, Bittrex caters to a worldwide customer base except for select countries, which include North Korea, Iran, Cuba, Syria, and Crimea. Apart from these, all major countries are supported. Still, you need to follow your own country’s government rules for account verification as the Bittrex verification process complies with all local rules.

One important thing to be noted is since the core Bittrex exchange is based out of the United States, it will not be open for potential customers who have ongoing cases or charges levied against them by the United States federal government.

3. Industry-Leading Security Features

Considering the number of hack attempts at all exchanges, the prospect of safety causes a lot of hesitation among potential users. So, is Bittrex safe? As we discussed earlier, security was the most important aspect for its founders when they decided to build this exchange.

Therefore, in a nutshell, yes, Bittrex is very safe. It is an industry leader when it comes to security, and for good reasons. The exchange employs several safety measures such as stringent verification, two-factor authentication, elastic computing for wallet storage, limited withdrawals for those customers who have not enabled two-factor authentication, and much more that we’ll be discussing further in detail.

We’ll understand better how the exchange deals with data privacy and security as we move forward. In short, this Bittrex review will most certainly reassure you that Bittrex’s security is ironclad.

4. Ease Of Verification

The verification process is nothing but a background check performed by the exchange to ensure you are a credible user and will not defraud the exchange or its users. You need to understand that as a user, especially if you’re based in the United States, Bittrex complies with all US Federal laws and is bound to store the information that the federal rules mandate. They are also required to share this information with the law enforcement officers if the need arises.

However, if you have nothing to hide – like most people don’t, you are asked very basic questions about yourself and are required to upload a scanned image of your passport. The process hardly takes two to five minutes and is quite simple.

Bittrex has outsourced its verification process to a specialist third-party agency – Jumio. At any point in time, Jumio can verify over 100 million people across more than 200 countries in the world. This makes it possible for Bittrex to serve customers across the globe with equal precedence in account registration and verification.

5. Allows Byte-Sized Trading

Bittrex allows for a really small amount of cryptocurrency to be traded, making it one of the exchanges that allow the smallest possible trades. This is great if you are unsure of your investments or wish to diversify your money but are a beginner and haven’t started with much.

This also allows for small payments to be possible through cryptocurrencies. The minimum you can trade on Bittrex is 0.0005 BTC. This can be immensely useful for investors using the concept of rebalancing to strengthen their portfolios.

6. Efficiency

The exchange uses the concept of elastic computing for increased efficiency. This technology concept ensures that even when the workload on the exchange servers is very high, the transactions are not affected and stay on course at regular speeds. In simple words, due to elastic computing, transactions are executed as soon as they are triggered, even when the traffic (number of users making transactions) is high.

Bittrex Review

Today, there are over 300 crypto exchanges in the market, and choosing the right one can be quite confusing. With plenty of options available, there is no thumb rule to decide the best or worst exchange.

The cornerstones of any good exchange are reliability, security, and ease of use. Apart from these, there are other factors such as compliance, trading options, fees, ease of use, safety, privacy, and compliance policies of the exchange. You are also likely to have questions about the customer support, UI of the website and mobile applications, many other queries. 

You also need to understand whether the exchange has enough options of cryptocurrency and trading pairs based on your portfolio, keeping a possible expansion of the same in mind. 

To ease your dilemma, here’s a comprehensive Bittrex review that will help you draw conclusions based on your needs, the market sentiment, and the overall reliability of the exchange.

Origin and Overview

Bittrex is based in Seattle, Washington, and was founded by four ex-employees who had worked in the cyber security domain and had a combined experience of more than 50 years between them. The four – Bill Shihara, Richie Lai, Rami Kawach, and Ryan Hentz, had previously worked in the security domain in top-tier tech companies like Microsoft, Amazon, Qualys, and Blackberry.

Having worked with security so much, they’d agreed that it had to be at the center point of the exchange they would build. They aimed to create an exchange that their users could trust. They started in late 2013 – early 2014, catering only to the United States.

However, in 2019, they created a separate global exchange that worked just like Bittrex but catered to a global audience. Then, the one serving US customers retained the name as Bittrex Exchange, and the global arm came to be known as Bittrex Global. Bittrex Global is headquartered at Lichtenstein.

Although the exchange went global only a little over two years ago, it abides by all US laws and supports both crypto-to-crypto exchanges and fiat to crypto purchases. This means, if you are an advanced user, you may start trading in cryptocurrencies, or as a beginner, invest in and buy cryptocurrencies using fiat currencies.

The exchange supports one of the largest numbers of cryptocurrencies, with over 300 choices. To top it off, you get access to more than 450 different types of trading pairs, and what’s more, is that these numbers are ever-increasing.

Bittrex, in a short time, considering it went global only in 2019, has become a very reputed, reliable exchange because they’ve stressed a lot more on security than any other exchange.

This Bittrex review looks at what makes this exchange so reliable and secure, as well as attempts to explain to you the rise of Bittrex in a mere span of two years. To put things into perspective, there are over 350 exchanges in the market, and within two years of going global, Bittrex has moved into the top 15 already. At the time of writing this, the exchange is ranked as the 12th best in the world out of over 300 verified listed exchanges.

The Pros

One of the major highlights of this exchange has been a special global arm known as Bittrex Global that caters to the rest of the world. The main arm, known as Bittrex Exchange or simply Bittrex, focuses on the US. This has ensured that the exchange covers more geolocations with more efficiency. These two arms are also linked to each other with integrated APIs, so changes in one are reflected in both global and US Bittrex exchanges in real-time.

Apart from these, the exchange has many advantages, which are listed below:

1. A Large Number Of Coins And Trading Pairs

Variety is one of the biggest advantages of this exchange. You get to choose from almost every altcoin and trading pair you can think of. Since both Bittrex and Bittrex Global are linked with real-time APIs, they have the same number of options available.

Some exchanges support many cryptocurrencies within the region they’re headquartered at, but offer only the major ones globally. With Bittrex, you needn’t worry about any such discrepancies based on geo-restrictions.

We’ll see an exhaustive list of the trading options you get with this exchange, and how they support so many of them as we dive deeper into this Bittrex review.

2. Mega Availability – Locations No Bar

As we discussed earlier, the exchange has a separate global arm known as Bittrex Global, based in Liechtenstein. This ensures that regardless of your location unless cryptocurrency trading and investments aren’t banned in your country, your country will most likely be supported by them.

Currently, Bittrex caters to a worldwide customer base except for select countries, which include North Korea, Iran, Cuba, Syria, and Crimea. Apart from these, all major countries are supported. Still, you need to follow your own country’s government rules for account verification as the Bittrex verification process complies with all local rules.

One important thing to be noted is since the core Bittrex exchange is based out of the United States, it will not be open for potential customers who have ongoing cases or charges levied against them by the United States federal government.

3. Industry-Leading Security Features

Considering the number of hack attempts at all exchanges, the prospect of safety causes a lot of hesitation among potential users. So, is Bittrex safe? As we discussed earlier, security was the most important aspect for its founders when they decided to build this exchange.

Therefore, in a nutshell, yes, Bittrex is very safe. It is an industry leader when it comes to security, and for good reasons. The exchange employs several safety measures such as stringent verification, two-factor authentication, elastic computing for wallet storage, limited withdrawals for those customers who have not enabled two-factor authentication, and much more that we’ll be discussing further in detail.

We’ll understand better how the exchange deals with data privacy and security as we move forward. In short, this Bittrex review will most certainly reassure you that Bittrex’s security is ironclad.

4. Ease Of Verification

The verification process is nothing but a background check performed by the exchange to ensure you are a credible user and will not defraud the exchange or its users. You need to understand that as a user, especially if you’re based in the United States, Bittrex complies with all US Federal laws and is bound to store the information that the federal rules mandate. They are also required to share this information with the law enforcement officers if the need arises.

However, if you have nothing to hide – like most people don’t, you are asked very basic questions about yourself and are required to upload a scanned image of your passport. The process hardly takes two to five minutes and is quite simple.

Bittrex has outsourced its verification process to a specialist third-party agency – Jumio. At any point in time, Jumio can verify over 100 million people across more than 200 countries in the world. This makes it possible for Bittrex to serve customers across the globe with equal precedence in account registration and verification.

5. Allows Byte-Sized Trading

Bittrex allows for a really small amount of cryptocurrency to be traded, making it one of the exchanges that allow the smallest possible trades. This is great if you are unsure of your investments or wish to diversify your money but are a beginner and haven’t started with much.

This also allows for small payments to be possible through cryptocurrencies. The minimum you can trade on Bittrex is 0.0005 BTC. This can be immensely useful for investors using the concept of rebalancing to strengthen their portfolios.

6. Efficiency

The exchange uses the concept of elastic computing for increased efficiency. This technology concept ensures that even when the workload on the exchange servers is very high, the transactions are not affected and stay on course at regular speeds. In simple words, due to elastic computing, transactions are executed as soon as they are triggered, even when the traffic (number of users making transactions) is high.

The Cons

Cryptocurrency investments have always been a double-edged sword, so you hear stories about many crypto investors and traders becoming millionaires all the same as you hear about a few of them going bankrupt. The bankruptcy admittedly has little to do with luck but usually has to do more with how well you researched and understood the pain points of investment.

This helps you not only make wiser decisions; it helps in trading your cryptocurrencies more smartly. When you understand the shortcomings of something, you can navigate through it in a much better way. This Bittrex review aims to include all cons to help you make informed decisions. These are as follows:

1. Sudden Deactivation / Suspension Of Accounts

The customer service of the exchange is excellent. However, an over-importance on security also has a downside, one that hasn’t gone down well with many users. Your account may be suspended without any warning. Depending on the reason for suspension (which they hardly reveal), your account may be reactivated within 48 hours.

Some accounts are completely deactivated, that is, they are totally shut down. Usually, these are cases where the user violated the usage policies of the exchange, but the disappointing part is that in either case, you have no say in the matter. Your account is just deactivated or suspended without any prior intimation or warning, and their decision is binding in all cases regardless of what you might think.

2. Fees Affordable But Above Industry Average

The fees start at 0.25% and are different for makers and takers depending on the volume. While the fees are affordable, many exchanges operate with lesser fees. However, the plus side is there are no surplus charges on withdrawals and deposits.

There still exist some limitations on withdrawals depending on the category of your account – we will see the entire fee structure and understand these categories and restrictions in more detail in a while.

3. No Margin Trading

This means you cannot use borrowed money to trade, which is a bummer for many users since margin trading is a business on its own – lending and borrowing money is useless and highly discouraged on this platform due to this.

4. The Mobile Application Needs Major Improvement

The ratings for their applications are dismal on the Google Play Store (Android Market) and the Apple Store (iOS Market), to say the least. The applications have a complicated UI and lack a few basic features, so all one can really do is keep track of prices and make minor trading transactions.

The average rating for their applications on the Android and iOS markets is 2.1 / 5 stars (from 1,583 user ratings) and 2.2 / 5 stars (from 358 user ratings), respectively. This should say it all – their apps need a major overhaul.

Data Privacy And Security

One of the most common concerns before you invest in cryptocurrencies is usually about how secure and efficient your transactions will be. “Is Bittrex safe?”, is one of the most commonly asked questions on the internet about Bittrex.

But get this – Bittrex is not only great at providing security, but it is also in fact identified as an industry torchbearer when it comes to security. As we saw earlier, all co-founders have worked for some of the top-tier companies of the world, and they were all working on the security domain, no less. This means they have high regard and technical nous for security. Some of the key security features employed by the exchange are as follows:

  • 2-Factor Authentication
  • Constant Testing of Security
  • Constant Security Upgrades
  • IP Verification Procedure (since 2018)
  • IP Whitelisting
  • Crypto Address Whitelisting

Now you know why we called Bittrex the industry torchbearer when it comes to security. With these features, it has become the most secure cryptocurrency exchange in the world as of today. “Bittrex Global is the most trusted cryptocurrency exchange known for its next-level security.”, says their website.”, and for good reason, too. So, is Bittrex safe? Undoubtedly so.

The Bittrex Wallet

The exchange, in addition to being a great trading platform, also has an incredible safe storage facility. It keeps 80-90% of the cryptocurrencies offline and is one of the very few exchanges that has never been hacked.

The wallet stands out in terms of sheer capacity and diverse support. To explain it in a nutshell, Bittrex offers an online wallet that supports almost every altcoin you can think of. At the time of writing this, the wallet can store almost 300 different cryptocurrencies and altcoins, and they’re constantly working to expand this number.

Is Your Country Supported?

Bittrex has a special global arm that serves many countries – that speaks volumes about their drive and commitment to becoming a globally leading exchange. As we already discussed above, the exchange is open for all countries regardless of geo-locations. There are a few countries where the platform does not support holding or trading, but given how small that number is, you should be fine.

One thing to remember is that you need to be an ideal, rule-abiding, tax-paying citizen of your country with no cases or financial disputes against you. The exchange has a simple verification process, but the KYC and AML compliances mean that unless your background check reveals everything to be perfect, you will not be able to create an account and trade with Bittrex.

Are All Your Coins Supported?

The chances that the answer to this question will be a ‘no’ are quite unlikely. The reason is simple – Bittrex provides support for almost every cryptocurrency and altcoin you can imagine. The platform, at the time of writing this, supports over 250 different cryptocurrencies. Not only that, but it also has support for over 460 trading pairs. You can buy cryptocurrencies using fiat currency, but for now, the only fiat currency accepted is the USD.

Right from major cryptocurrencies such as ETH, BTC, XRP, LINK, DOGE, ADA, to some of the lesser-known ones like IOST, WAXP, BONDLY, LMCH, and many more, the exchange supports almost every currency you can think of.

What Are The Fees?

Based on the cumulative 30-day volume of your trades in USD, there is a fixed amount of fee starting at 0.25%. The fees are different for a maker and a taker, so you need to understand that before you begin trading. The fees are as follows:

30-Day Cumulative Volume (USD)

Fees For Maker

Fees For Taker

$0K-$200K

0.25%0.25%

$200K-$500K

0.15%

0.25%

$500K-$1M

0.12%

0.22%

$1M-$2M

0.10%

0.20%

$2M-$3.5M

0.08%

0.18%

$3.5M-$7M

0.07%

0.15%

$7M-$12M

0.05%

0.13%

$12M-$40

0.02%

0.13%

$40M-$60M

0.00%

0.10%

$60M+0.00%

0.08%

Apart from the trading fees, there are limits to withdrawals and charges on deposits, too. The limits are based on your type of account. At Bittrex, a user can have either of the three types of accounts – New or Unverified (withdrawal limit of 1 BTC per day), Basic Accounts (3 BTC per day), and Enhanced Accounts (100 BTC per day).

You need to ensure that the basic and enhanced accounts have 2-Factor Authentication enabled, or you’ll not be able to withdraw more than 1 BTC per day. While the fees charged by Bittrex are on the higher side compared to the average market rates,

Getting Started

The goal of this Bittrex review is to answer your doubts and concerns as well as to set you on the path to start trading with the exchange. Starting is relatively one of the simplest things when it comes to Bittrex, because registering yourself, getting validated, and starting to trade is a cinch with their easy registration process and a friendly user interface.

All you need to do is go to their website, register using your name, email address, and your date of birth. Then, you will receive a verification email. Verify your email and once you do, you will be required to upload your documents. They’ll need one ID card or passport and one proof of residence. It is advisable to use your passport as it covers all the information Jumio needs to verify your account.

Concluding This Bittrex Review

When security is at the forefront of any creation, you ought to be very careful and vigilant. The processes and algorithms that Bittrex has in place cannot be explained in a Bittrex review, but some could argue that the exchange has perhaps gone overboard in terms of security.

There have been cases where users have complained of sudden deactivation of their accounts, and the dejected community has been outspoken about the tendency of the company to delete verified accounts without warning.

However, with industry-leading security, affordable fees, support for many coins, constant evolution in terms of expansion of geolocations, and so much more, it’s a no-brainer that the exchange has received generally excellent reviews everywhere on the net. In our opinion, if you’re alert and honest, Bittrex offers you some of the best features for their rates. 

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