Bittrex Exchange review to get you started

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About Bittrex

Bittrex is one of the most well-known cryptocurrency exchanges in the world. The exchange began in 2014 by three cybersecurity engineers. It has a strong commitment to compliance, ensuring gapless security and safety for its users. 

Being a crypto-to-crypto trading exchange, users can only trade in cryptocurrencies. This means you can’t buy cryptocurrencies with fiat currencies. But the user can invest in using USDT which is a cryptocurrency tethered to the value of US Dollar meaning 1 USDT equates 1USD always.

The most popular cryptocurrencies like Tether and Bitcoin have the maximum available trading pairs with Bitcoin having more than 450 pairs on Bittrex.

At the end of our Bittrex tutorial, you will have a fine understanding of How Bittrex works and a definite answer to, ‘Is Bittrex safe?’

Registering on Bittrex

We will divide this section into two parts:

  • How to open an account
  • Getting Bittrex address

How to open an account

Bittrex offers a simple, elegant, and understandable User interface with an easy to navigate homepage. Once you go to the Bittrex homepage users have to click on LOG IN and then SIGN UP.

The user will then be asked to enter an email address and choose a strong password. The below-given image shows the first step into getting inside the world of Bittrex.

Bittrex sign up

After completing the due diligence, an email with a link will be sent. The users then have to click on the link to verify the email address. After that, one needs to go to SETTINGS and click on BASIC VERIFICATION.

Contact number has to be entered which will be cross-verified by Bittrex using Jumio. Users have to turn on the two-factor authentication. For that, they have to opt for TWO-FACTOR AUTHENTICATION in SETTINGS.

Once that is done, Bittrex will use Google Authenticator to send you a number. You have to feed in the number and once you do that, you get started!

Getting a Bittrex Address

As already discussed, in order to start using Bittrex you’ll need some cryptocurrency. One has to open an account at an exchange like Coinbase to do that. But, here you can buy your cryptocurrency with the fiat currency of your choice.

With the few coins you now possess, you can now transport it to Bittrex and begin trading. The user now has to first login and click on WALLETS. Then the relevant coins can be chosen to send by using the ‘+’ symbol to add coins.

A link will be sent to a specific user Bittrex address to deposit the crypto you have chosen.

Wallets and addresses are two different things.

Addresses are more like your email address with a password. In the world of Crypto, these passwords are nothing but your private keys that are held safe in wallets.

Hence addresses are public as anyone can see them but wallets are private.

Key features

Bittrex is accessible to customers all across the globe except for North Korea, Iran, Cuba, the Crimean region. Bittrex exchange leads the pack with maximum trade volumes. It has an automated monitoring system that allows rapid trading, faster deposits, and withdrawals. Some of its key features are:

  1. More than 190 cryptocurrencies are listed for trading on Bittrex. The site also offers 284 trading pairs.
  2. Bittrex has not been hacked! Its compliance with key regulations makes it a trustworthy name.
  3. Direct Bittrex to bank accounts is possible. The exchange allows users to deposit and withdraw fiat currencies directly to and from bank accounts. For account topping up, the exchange provides a credit/debit card deposit feature with a cost of 3% per transaction.
  4. It has its native mobile app that is compatible with hybrid platforms.

Bittrex complies with Bank Secrecy Act, so the potential Bittrex users have to clear the KYC verification stage. The documents that are needed to achieve it is the:

  • Address of proof and country of residence
  • ID card copy
  • Clear images

How to trade on Bittrex

Now that you are all set with the registration process complete, it is time to make your first trade. But before you do that you have to go back to settings and change a few options allowing Bittrex to assist you in trading.

This can be done by going to API keys and turning everything ON except WITHDRAW.

The picture below will show you clearly.

Bittrex API keys

Select MARKETS to choose the currency you want to trade. We’ll use Ark as our example. You can check what price Ark is being sold for in the ORDER BOOK.

Now you can choose the amount you want and make a bid by clicking BUY ARK.

After this go to CONFIG and select Bittrex as your official exchange. MARKETS has to be selected which will help you choose the currency you are looking to trade-in. This is how the page will look.

Once the bid is approved and accepted, your new currency will be transported to the Bittrex wallet.

How to trade on Bittrex

Select MARKETS to choose the currency you want to trade. We’ll use Ark as our example.

You can check what price Ark is being sold for in the ORDER BOOK.

Now you can choose the amount you want and make a bid by clicking BUY ARK.

After this go to CONFIG and select Bittrex as your official exchange. MARKETS has to be selected which will help you choose the currency you are looking to trade-in. This is how the page will look.

Bittrex Fees

Bittrex doesn’t charge different fees between takers and makers. Such trading fees are called ‘Flat fees’.

It offers a flat trading fee of 0.20%. To those investors who prefer to take action on existing orders from the order book, it is an attractive option.

The flat fees are neither the lowest nor the most expensive but hover around the global average of 0.25%,

The exchange charges a Bittrex withdrawal fee of 0.0005BTC when BTC is withdrawn. This is lower than the industry average of BTC withdrawal standing at 0.000812 BTC per BTC withdrawal.

Currency

Bittrex withdrawal fee

Binance withdrawal fee

Bitcoin (BTC)

0.0005 BTC

0.0004 BTC or 0.0000038 BTC (BEP2)

Ethereum (ETH)

0.01 ETH

0.003 ETH or 0.000093 ETH (BEP2)

Litecoin (LTC)

0.01 LTC

0.002 LTC or 0.00064 LTC (BEP2)

Monero (XMR)

0.0001 XMR

0.0001 XMR

Dash (DASH)

0.05 DASH

0.002 DASH

Is Bittrex safe?

It is one of the most important questions and to answer we need to take a look at its Security, usability and Customer support.

Bittrex Security

 

Bittrex is known for its speed and efficiency but security is its major selling point. The platform uses a multi-stage wallet strategy which is a detoured guide to register secure coin movements from cold to hot wallets. It makes use of full SSL encryption which means data sent to the exchange is double secured. The two-factor authentication helps users to log in securely through the Google Authenticator. The exchange allows for two types of whitelisting – 

 

  • IP whitelisting – Users under this can provide instructions to authorize account activity that comes from whitelisted IP addresses
  • Wallet Whitelisting – lets the user successfully withdraw to the whitelisted crypto wallets.

 

The cross-chain recovery service will help larger deposits from being wrongly transferred into a wallet with the wrong coin type. These features make Bittrex one of the most secure exchanges especially when we know it has never been hacked.

Bittrex Usability

The usability of the US differs from global clients. The US version has enlisted lesser assets in number compared to others.

Nevertheless both the versions offer a great range of altcoins with high liquidity options. Its user interface is easy to understand and in short uncluttered.

On the dashboard, users can find the supported trading markets with metrics like volume, price change in 24 hours, volumes, and much more.

trading for the best cryptos to invest in screen

Bittrex Customer support

Bittrex’s customer support is much better than other exchanges thanks to Zendesk.

Users can detect support tickets, learn about the platform, and an FAQ section for advanced questions. Zendesk aside, customer support is also offered on Slack, Facebook, and Twitter.

But despite this, the enhanced account verification process has been a hurdle for users with a small chunk complaining in 2017 of experiencing problems with withdrawals.

Too much infusion of security also can be troublesome!

Deposit & Withdrawal methods

For depositing funds to an existing Bittrex account, one can transfer them from an existing crypto wallet or make a fiat deposit of two types:

  • Using a VISA bank card
  • With a wire transfer

Along with this the user also should have a verified account with documents required for KYC.

For USD or EUR trade, verification of account along with bank account whitelisting is mandatory which may take a few working days.

The US traders in order to trade should be from the approved states of the US as given below in blue.

For the withdrawal of assets, users have the liberty to withdraw both fiat and crypto-assets. The fee varies according to the selected coin. For fiat withdrawals, a verified account tied to Bittrex is needed.

User reviews

Despite such glowing features, Bittrex suffers on count of public opinion on account suspension.

There have been times when certain accounts got suspended without completing its review.

This process has invited sharp criticism especially from those whose accounts were frozen. Bittrex and its team have not responded the way it should curb such an occurrence. In fact, it has claimed that only 0.1% of accounts have been either suspended or shut or banned.

But, BTC discussion forums have been full of such discussions. Hence in order to not suffer in this regard, it is always better to have credentials in place.

Public opinion on response speed to support tickets also has not been encouraging.

crypto trading confident

Conclusion

Overall Bittrex scores brownie points because it is extremely safe and easy-to-use with a wide variety of choices of coins. Are you truly ready to give Bittrex a try?

Pros and cons of Bittrex

Bittrex pros

  • One of the most secure crypto exchanges around
  • Has one of the best selection of cryptocurrencies available
  • Easy to use and good for beginners
  • Decen trading volume and liquidity, not as good as Binance though

Bittrex cons

  • Has Fiat, but you need to apply to get that feature which is a bit frustrating
  • Some cryptos have quite poor liquidity
  • Kinda basic exchange, with not the most innovative features
8.6 Total Score
Binance

Binance is right now the leading exchange if calculated by volume (via Coinmarketcap). And considering they just launched in 2017 it's been a very impressive ride to take them to the 1st position. They have been doing a lot of things right in the fairly short time they've been around. And at the forefront of all this is their well known and liked CEO Changpeng Zhao, or CZ.

Usability
8.2
Cryptos available
9.0
Security
9.2
Support
7.9
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