There are a lot of aspects investors of all levels need to keep in mind when participating in the growing cryptocurrency market. One of the most important aspects to consider is what cryptocurrency exchange to use. After all, getting the best price, features, security, and wide selection of coins is imperative!
However, one of the main mistakes that novices make when they enter this world is prioritizing convenience over other factors. While using certain services will certainly be easier than an exchange, it comes at a higher cost and lower security. This often leads people who try to enter this wonderful world to lose their money and end up believing that cryptocurrencies are a scam.
To avoid this kind of mistake and enter the market in the smartest way possible, opting to use a reputable exchange is everything. One of these exchanges is Bittrex, one of the most popular crypto platforms out there.
As you will see in this Bittrex review, this platform is not only meant to be used by beginners. Experienced traders tend to like this platform due to some of its features making it unique in the crypto world.
With 426 cryptocurrencies and 984 pairs supported at this time, it is no surprise that Bittrex is in the top 15 exchanges (at the time of writing) according to CoinGecko. Consider that the exchange has over $120 billion in trading volume per day and you can see why we are choosing to cover it.
Through this Bittrex review, we are going to clarify any doubts you may have about this platform. Hopefully, you will be able to tell if the exchange is the right fit for you by the end. Let’s start with the basics!
What is Bittrex?
Bittrex is one of the most widely used crypto exchanges in the United States and the world. Its popularity is easy to explain: Since its launch, it has been widely considered one of the most secure exchanges.
The exchange was founded in 2014 by former Amazon security managers Bill Shihara, Richie Lai, and Rami Kawach. After more than 7 years, they continue to serve as CEO, CIO, and CTO, demonstrating their commitment to the exchange. This also ensures that Bittrex’s ideals remain intact: Democratizing crypto while providing top-notch security.
Considering the background of its three co-founders in the area of cybersecurity, it is understandable why this platform is sought after by security-conscious investors.
Reviewing its history, Bittrex has had some ups and downs over the years, which have led them to receive criticism over the years. However, this seems to be a common denominator in the crypto industry. Not only this but Bittrex has managed to succeed and thrive in the face of this criticism.
One of the major drives behind this success was its stance toward regulation. Bittrex was one of the first exchanges to use the self-regulation method called The Blockchain Act. This means that since its beginnings, it has required a double security test with KYC and AML checks for those who wanted to use its services.
While this is not something some crypto enthusiasts might agree with, it provides users with a lot of benefits.
Later in 2015, the team submitted an application for BitLicense in order to expand to New York. However, 4 years later, the state of New York rejected their application claiming they had a “seriously flawed customer identification system”. This prompted the platform to renew both its identification system and its trading platform back in 2019.
The result was a platform that worked 20 times faster and the addition of support for fiat currencies like the Euro. But we are getting ahead of ourselves, let’s continue with this Bittrex review.
Let’s start with the heart of this Bittrex review: Security. As we said before, the biggest highlight of Bittrex is undoubtedly its commitment to security.
Based in the city of Seattle, United States, users have the assurance that Bittrex is regulated under the laws of the USA. This means it has to comply with local cybersecurity and financial service regulations, which translates to added security.
The exchange also has the honor of belonging to the short list of crypto exchanges that have never been hacked. It is easy to underestimate this achievement… However, when you consider that even Binance and Coinbase have been breached, you can start realizing what it entails. But what are those effective security measures that make Bittrex better than the others?
Well, to begin with, the platform makes use of a fully encrypted SSL domain. While this is standard practice nowadays, it is one of the best ways to secure a platform. This encryption means that the data exchanged between users and the website is fully protected in case of interception.
Bittrex generally only uses 10% of its crypto resources. This is a result of a self-imposed rule to keep the remaining 90% in a cold wallet in order to have the least amount of money in transit. If the exchange is somehow hacked, users will not lose their crypto.
Money only moves from cold wallets to hot wallets only when the user demands it, making each user’s attention more personal and unique.
Two Factor Authentication (2FA)
The platform also makes use of two-factor authentication (2FA). Although not mandatory, it provides users with increased security. This feature can be used in the classic way (with a code via SMS) or through apps like Google Authenticator. If you choose to use Bittrex, we recommend you make use of this feature.
Transfer Mistake Recovery
And undoubtedly one of the best security features is used if you have funds of more than $5,000. If you make a mistake in transferring your funds from one wallet to another with the wrong type of currency, Bittrex will recover all your money. This is guaranteed!
As mentioned above, the focus of this platform is on security. While the exchange also has pretty useful features, this is not what sets it apart. As such, if you are expecting an exchange with as many services as Binance, this might not be the exchange for you.
That being said, this can be an advantage if you are a beginner, for example. This is because the huge amount of options of other crypto exchanges can be confusing for you. If you are an advanced trader looking for key features and no fluff, this exchange might also be right for you.
We personally believe that less can be more when it comes to crypto.
This is especially true if the reason for the fewer options is a focus on quality. Having the right and necessary tools to trade makes Bittrex one of the most recommended exchanges if you are focused on crypto trading. The main features offered by the exchange are
- Buy and Sell Crypto: Bittrex offers its consumers a market of around over 420 cryptocurrencies and tokens for them to trade. In addition to this, the exchange automatically differentiates the main cryptocurrencies from less popular options. This is great for new users who do not want to risk investing in riskier projects. Obviously, the most popular cryptos such as Bitcoin (BTC), Ethereum (ETH), and Tether (USDT) are available… But we will discuss this in a later section of this Bittrex review.
- Mobile app: Bittrex offers a mobile version of its platform that can be found on both the Google Play Store and the Apple Store. As the previous version of the app faced criticism, Bittrex decided to rebuild it from the ground up. This version was released on September 30 of 2021 and has been well received by users. By using the app, you will gain access to all of Bittrex’s features on the go.
- Buy crypto: Bittrex users can make use of this feature to buy crypto using debit/credit cards. This makes buying crypto easier than ever, especially for new investors who might not be familiar with the space.
- Different types of accounts depending on their level of identity verification. These levels include:
- New Accounts: Accounts that have not yet been verified can only deposit money but cannot withdraw it.
- Basic Accounts: Here are those who have already been verified to some extent. In addition to being able to deposit money, you can now withdraw up to 4 BTC per day.
- Enhanced Accounts: Those accounts whose users have gone through two-factor authentication (2FA). They can access all the options offered by the platform and even withdraw up to 100 BTC per day from their accounts.
The fee structures used by Bittrex are extremely user-friendly and straightforward. For example, the platform uses the same transaction fee for all cryptocurrencies.
While not the lowest in the space, they are still some of the lowest. The exchange only charges a 0.35% transaction fee for any cryptocurrency.
This is the reason why a lot of experienced traders often turn to Bittrex. Although there are exchanges with better prices, these can vary depending on multiple factors. This is not ideal for many traders as moving crypto can make the process even more expensive.
This is not an issue with Bittrex, as users can make their operations with the certainty that the price will always be the same. This makes it a very popular platform when it comes to moving large amounts of money. However, the more you trade per month, the lower fees you will pay!
When depositing cryptocurrency, you can expect no fees to be charged by Bittrex. However, as with any crypto service, you will be charged any fees charged by the network used to deposit. This is standard practice in the crypto space, so the platform you use makes no difference.
When withdrawing crypto, you will need to pay these same network fees with an additional fee charged by Bittrex. Unfortunately, unlike with trading, these fees vary depending on the currency you are withdrawing. You will want to check this fee at the moment of withdrawing as they are changed dynamically.
Finally, when you deposit or withdraw fiat currencies, there are no fees! This is one of the few exchanges to offer this benefit, which is another reason for its popularity. Any fee you incur will be charged by your bank, so you will need to check with them prior to depositing/withdrawing.
This is a section that should not be overlooked by any exchange review…
And of course, we won’t on this Bittrex review! Having the option to contact someone who can help you with issues is essential, after all. While many people assume all platforms provide such a service, they could be disappointed.
That is precisely why Bittrex deserves a section where they talk about the customer service they offer to their users. Like other exchanges, the exchange offers a forum where you can find answers to the most frequently asked questions.
With a vibrant community, many users find this medium their favorite way to resolve questions.
The knowledge base provided by Bittrex is also extremely useful and complete. Here, you will find information about all of the services, features, and options offered by the platform. However, you won’t find educational information on crypto or blockchain, which is a shame.
If you still find yourself in need of assistance after using the forum and knowledge base… Or you would just rather get a representative to help, there is also an option to contact Bittrex’s customer support via a support ticket.
Although it is not a live chat like on other platforms, the truth is that the response is usually pretty fast. Not only this but the support team has a reputation for being extremely helpful and knowledgeable.
When it comes to fiat currencies, Bittrex doesn’t offer a lot of options. However, with the inclusion of the United States Dollar (USD) and Euro (EUR), most users will find their needs covered.
Now, if you are looking for a variety of cryptocurrencies, Bittrex has you covered! With more than 420 currencies you are sure to find all of your needs covered… That’s if you are not looking to invest in recently-launched or underground currencies.
Listing all of these currencies here would take too much space. As such, let us limit ourselves to share some of them:
|Symbol||Folder Protocol||OMG Network|
|USD Coin||Dvision Network||Decred|
As in all exchanges, we have mentioned several advantages and disadvantages of using Bittrex as your main exchange to trade online. When it comes to using Bittrex as your preferred option, we believe the advantages are clear: Top-notch security, low fees, and support for multiple cryptocurrencies.
The disadvantages of using this exchange are not as many. In fact, the only one we can think about is the limited features offered by the platform. While limiting itself to being a trading platform is not bad, we believe that the inclusion of basic staking or similar features could be great.
All in all, as you can see from this Bittrex review, the exchange is a great alternative for any investor looking to trade or buy crypto. If you are not satisfied with this limitation and would like to use an all-in-one solution, we got your back. Make sure to check out our other exchange reviews to find the best exchange for your needs!
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