|Legal Name||Bittrex Exchange|
|Headquarters||Seattle, Washington, United States|
|Trading Fees||Maker: 0.25% / Taker: 0.25%|
|Deposit Methods||Cryptocurrency, WireTransfer|
|Supported Cryptos||234+ supported coins including Litecoin (LTC), Bitcoin Cash (BCH), Ethereum Classic (ETC), Dash (DASH), Ripple (XRP) and much more|
|Customer Service||Email, Phone|
|Trading Options||Spot Trading, Margin Trading|
Since the rise of cryptocurrencies, there have been a number of exchange platforms rising up. These offer users the ability to convert one cryptocurrency such as Bitcoin, to other altcoins. Each exchange has its reviews which must be understood before entrusting the security of your funds to these exchanges.
One of the most popular exchanges out there right now is Bittrex.
The following article will evaluate this exchange, providing a full review of their platform and other aspects. Let us look into this detailed review now,
What is Bittrex?
Bittrex is a secure online cryptocurrency exchange offering access to bitcoin, Ethereum, and other leading digital currencies. Their interface is more beginner-friendly than most platforms. the exchange supports over 234 different crypto coins and does not charge deposit fees.
Bittrex is an exchange based in Seattle, Washington that started off its operations in February 2014. It was founded by former Microsoft employees Richie Lai, Bill Shihara, and Rami Kawach. Its wide range of crypto assets, high-level security, and relatively low fees is an excellent offer for most crypto users.
Bittrex has one main service it provides which is its trading platform. The platform lists a wide variety of currencies and allows for standard spot trading orders to be executed. The current trading engine offers automated trading features such as stop-loss, good ‘til canceled (GTC), and instant buy, or sell.
Bittrex exchange is a crypto-to-crypto trading exchange. In such exchanges, you can only trade in cryptocurrencies. This means you can’t buy cryptocurrencies with fiat currencies. More than 234 different cryptocurrencies are listed for trading on the Bittrex market. The site also offers 284 unique trading pairs.
Bittrex Fees and Limits
Accounts at Bittrex are categorized into 3 categories. They are:
- New/Unverified accounts: New and unverified accounts are unable to initialize any BTC withdrawals
- Basic accounts: With basic accounts, you can withdraw up to a maximum of 4 BTC per day.
- Enhanced accounts: For the enhanced accounts, the daily withdrawal limit is 100BTC with 2-factor authentication enabled.
In terms of Bittrex fees, It imposes a flat rate commission of 0.25% on all trades. Comparatively, the fee is higher than the industry average. They do not have any high-volume trades, rebates, or incentives for markers and traders.
The Bittrex exchange charges a withdrawal fee of 0.0005 BTC when you withdraw BTC. This is in line with or even lower than the global industry average BTC withdrawal fee. Bittrex offers a decent opportunity to trade numerous cryptos and make a profit.
Bittrex Supported Currencies
One of the reasons why Bittrex is so popular is because it’s available all around the globe, and this, of course, opens the platform up to billions of people. As one of the older exchange platforms, Bittrex was initially designed to support Bitcoin.
However, the exchange has since expanded to accommodate over 400 altcoins you can trade against Bitcoin, Ethereum, US dollar, and Tether (USDT). The platform also supports FIAT, although deposits are made using the cryptocurrency wire transfers.
Bittrex Mobile App
If for some instance, you cannot access Bittrex through the web, it also has convenient mobile apps for Android and iOS devices. It allows you to deposit, withdraw, follow, and trade all Bittrex’s supported markets on the go and is an excellent tool for trading on the go.
The Bittrex mobile app gives you the convenience of having a digital wallet on your phone, along with the platform’s industry-leading security practices. You can manage your token and digital asset holdings on the safest platform to trade and store cryptocurrency.
How to Register on Bittrex?
Step 1: Navigate to the official website. Click the “Sign-up” Option. Enter your email and password and then select “Create Account”.
Step 2: You will then be redirected to another page. The next page you see is one that informs you to check your inbox to confirm your email address.
Step 3: Upon confirming your email address you will be asked to fill in some more information about yourself, like your country of residence and your address.
Step 4: The next step is confirming your identity, where you will be asked to provide a photo of yourself. After which you can get started with Bittrex.
How to recover the Bittrex password?
In view of the recovery of the Bittrex password, Click on the “Forgot my password” option. Then enter your personal information and user id after which you can reset your password.
How to deposit on Bittrex?
Step 1: To deposit cryptocurrency in Bittrex, Click “Wallets” in the upper right corner of the site.
Step 2: Search for the wallet you are going to deposit into and select “New Address”.
Step 3: After which you will generate your address. You will then be able to send cryptocurrency to that address
How to withdraw on Bittrex?
Step 1: To withdraw click on the ‘-’ icon on your account screen.
Step 2: Then enter the address where you want to send currency
Withdrawals to your cryptocurrency wallet are usually done quickly, although this will depend on when you click the authorisation link that Bittrex sends to your email. The link must be clicked to authorise the withdrawals.
How to trade on Bittrex?
Bittrex offers an effortless way to trade cryptocurrency and manage your digital assets. Once you have signed up for an account and made a wire transfer deposit, you can start analyzing cryptos and making trades. There are various tools and features available from your dashboard to help you pick an option.
Bittrex trading allows investors to buy, sell, or trade cryptos against other coins. You can also use automation features to stop you from generating losses post a preset limit. The platform also has charting tools you can use to track and analyze your trade.
Bittrex offers some of the main features for trading which can be listed below:
- Charting tools by Trading View.
- Order placing window for buying or selling cryptocurrencies.
- Bittrex markets navigation panel.
- Market order book, open orders, closed orders, and wallets overview.
- Trade history window.
- Main menu bar.
How to Buy cryptocurrencies on Bittrex?
Step 1: Create an Account, Verify your email address and login to the platform. Sign up through your account to get started.
Step 2: Before buying you need to deposit bitcoins to your account. For example, We are going to deposit Ethereum into our account. To deposit Ethereum,Go to the top right corner of the screen and click on “Deposit”. You can copy this address, open Coinbase, and send it to the ethereum address.
Step 3: Now Choose a Currency to which you want to buy. For example we will buy OmiseGo with Ethereum.
Step 4: We are going to place a regular limit order, and this offer will be good until canceled. We will click “Max Buy” to convert our ETH to OMG.
Step 5: Then Click “Confirm”, Once the trade clears, Click on “Wallets”. We now hold both ETH and OMG. We have successfully bought Omisego on Bittrex
Step 6: You need to withdraw Omisego from Bittrex. Click on the icon on the top right corner that says “Withdraw”. You will then be asked to type in the amount of OMG you are sending and the address of the wallet to which you are sending this.
Step 7: You will then be asked to confirm the trade. Click “Email confirmation link”. Then check your email inbox for an email with a subject like “Bittrex Withdrawal Verification.”
Step 8: Open the email and Click on the link, then when you return to Bittrex, you will see a confirmation of the withdrawal being successful.
How to Sell cryptocurrencies on Bittrex?
Step 1: Click on the Sell option. Here you just input how many coins that you wanted to sell. Then you click “Limit” and then choose “Conditional”.
Step 2: After that, choose “Less than or Equal to”.
Step 3: Then input in both fields how much price you wanted to sell your coins. You will see the total in BTC how much you will get when the sell order gets executed
Step 4: Finally you will have to confirm your order. You can read the condition of your trade there.
Bittrex Pros and Cons
- Supports over 220 currencies
- Efficient trading platform
- Flat rate fees of 0.25% on all trades
- No fees on deposits and withdrawals
- Low Minimum Trade Limits
- Good security record
- Long verification process
- Small Selection of Fiat Trading Pairs
- Slow response time to customer service issues
- Unexplained closure of accounts
- No leveraged margin trading
Bittrex offers everything necessary to begin trading cryptocurrency. Registration is effortless, and there are several technologically advanced tools and features to help you complete trades. The main benefit of Bittrex is verified account owners can access USD deposits and withdrawals.
They have also invested in security and as evidenced by their exhaustive verification process. While the site is designed to be beginner-friendly, it has various elements that make it attractive for all kinds of crypto traders.
Thus If you are looking for a cryptocurrency exchange that places a strong emphasis on security, then Bittrex is the exchange to go for.
- On Jan 30, 2020, Bittrex Secures $300 Million Insurance for Cryptocurrencies in Cold Storage.
- On Mar 09, 2020, Bittrex Global announced the roll-out of support for Credit Card purchases.
- On June 04, 2020, Bittrex and Poloniex Targeted in Class-Action Crypto Manipulation Suit
- On July 03, 2020, Bittrex CEO Joins StormX Board After Undisclosed Investment.