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Bittrex Exchange Review 2022: Features, How To Guides, Fees & Reviews

Written by: Elena R

March 13, 2022

Plenty of exchange platforms has sprung up which let users exchange one cryptocurrency, such as Bitcoin, into another cryptocurrency, known as an altcoin. Before committing the security of your assets to these exchanges, you must first understand their ratings.

One of the popular exchanges is Bittrex with a 24hr trading volume of $71,255,899.29 which is ranked among the top 30 exchanges according to coinmarket cap.

The following article will review this exchange, including a thorough examination of its platform and other features. Let’s take a closer look at this in-depth analysis right now.

Overview

Legal Name Bittrex Global
Official Web Addresshttps://global.bittrex.com/
HeadquartersSeattle, Washington, United States
FoundersBill Shihara, Richie Lai, Rami kawach.
CEOBill Shihara
Exchange TypeCentralized
Trading OptionsSpot trading, margin trading.
Trading fees0.25%
Trading pairs1020
Native Token
Deposit methodsCrypto wallet, bank cards, wire transfer
Deposit feesNo fees
Withdrawal methodsCrypto wallet address, bank transfers
Withdrawal fees Depends on the cryptocurrency
Supported Countries World-wide except North Korea, Iran, Syria, Cuba, and the Crimean peninsula
Restricted countriesSyria, North Korea, Iran, Cuba, the  Crimean region.
Supported Fiat currenciesUSD, EUR.
Mobile AppGoogle play, App store
Customer SupportEmail, live chat, support tickets.

What is Bittrex?

Launched in 2014. Bittrex is a US-based company, headquartered near the financial center of Zurich, in the Principality of Liechtenstein.

The founders of the company are Bill Shihara, Richie Lai, and Rami Kawach. Currently, Stephen Stonberg is the CEO of the company. 

Bittrex is a centralized cryptocurrency exchange that offers 487 coins to buy, sell, and trade. The exchange also provides multiple order types, trading pairs, low fees, and good security for its users.

Bittrex stands out to be a complete spot trading exchange. It is supervised by the Office of Economic Affairs of Liechtenstein and the Liechtenstein Financial Market Authority.

Is Bittrex Safe And Secure?

Yes, Bittrex is safe and secure. It has standard security rules for users to follow up. Majority of the users funds are stored in cold storage. 2FA adds an extra layer of protection to your account.

For depositing, withdrawing and trading users need to provide a 6-digit verification code.

Other security features like, users have to verify their new IP address via Email confirmation, Whitelisting crypto withdrawals,  and cross chain recovery service.

Apart from this, bittrex also offers several guides about how to secure your account. 

Quick Glance On Pros And Cons

Pros

  • Large selection of trading crypto currencies.
  • Mobile app for easy tarde.
  • No history of hacking.
  • Easy to use platform.

Cons

  • The US has limited access or no access to bittrex.
  • No response from customer support.

Bittrex Features

  1. Leveraged Tokens: Leveraged tokens are ERC20 assets that give users immediate access to cryptocurrency markets rather than maintaining leveraged futures holdings. Each leveraged token is programmed to react to the movement of the coin to which it is linked. BULL, for example, is +3x whereas BEAR is -3x. This means that for every 1% gain in BTC, BULL will climb by 3% and BEAR will fall by 3%.
  1. Bittrex Trading : Trading made easier with inclusion of trading view charts and one can switch between dark and light modes. Corporate account holders can have more than one account.
  1. Extensive API’s : Users can create an API key for safe and secure trading. This keeps your trading funds information private. Bittrex gives you API key and secret key. The secret key will only be displayed once so make sure to note it down.
  1. Order Types : Bittrex offers limit, market, ceiling, post-only, Good-till canceled, Fill or kill, Immediate or Cancel, ladder limit,  and one cancels the other.
  1. Referral programs: Users can generate a referral code and share it with their friends and on social media. A referee can earn 10% on all commission for every tarde made by the person using the code.

Bittrex Fees And Limits

Bittrex charges no fees for registration and Deposits. A flat 0.25% fee is charged for all transactions. Withdrawal fees are charged based on cryptocurrencies.

The trading fee is calculated on a 30-day trading volume, the more you trade, the less you pay. The maker and taker fee can be low as 0.00% and 0.05%. For leveraged tokens, the maintenance fee is 0.03%. 

Bittrex Supported Currencies

Bittrex supports 487+ coins and 1020 trading pairs. Some of the important crypto currencies are :

  • Bitcoin
  • Ethereum
  • Chain
  • Terra
  • Dogecoin
  • Cardano
  • XRP
  • Bit2Me
  • Tether
  • Waves
  • Mileverse
  • XELS
  • Cosmos Hub
  • Hedera

Important trading pairs include:

  • CHN/USDT
  • BTC/USD
  • BTC/USDT
  • B2M/USDT
  • ETH/USD
  • LUNA/USDT
  • CHN/EUR

Bittrex Supported Countries

Bittrex operates world-wide except Syria, North Korea, Iran, Cuba, the Crimean region. Though the company is US based, it is restricted to some of the states like Hawaii, New York, Vermont, and Connecticut.

Below is the list of the countries where fiat deposits and withdrawals are not allowed.

Bittrex Mobile App

Bittrex has mobile app availability both for Android and IOS. Users can download the app from Google Play and the App store. Order types like Fill Or Kill and Ceiling orders are only available on mobile apps. 

For android users, File size 84M, requires 9.0 and higher and is Rated 3+.

For IOS users, File size 77.5 M, requires IOS 12.0 or higher and is Rated 4+.

How to Register on Bittrex and complete your KYC?

  1. Go to the official website of Bittrex. Navigate to sign up.
  2. Choose the account type, personal or corporate.
  3. Enter Email address and create a password.
  4. Enter a referral code(Optional). Click ‘create account’.
  5. Check your Mailbox and click the link sent to you.
  6. Agree to the terms of service. Tap ‘Continue’.
  7. Enter basic profile information and click ‘Continue’.
  8. For identity verification, Click on ‘See Acceptable IDs For Your Country’.
  9. Choose the country and ID type(passport, driver’s license, Identity card).
  10. Upload your ID and tap ‘Confirm’.
  11. Take a selfie and wait till your verification is complete.

How to recover your Bittrex Password?

  1. On the login page, Click on ‘forgot password’.
  2. Enter your registered Email address and check your mailbox.
  3. Click the link sent by bittrex via Email.
  4. Now you can reset your password.

How to Deposit Cryptocurrencies Into Bittrex Global Account?

  1. Login into your account. Click on ‘Holdings’.
  2. Search for the wallet you want to deposit. Click ‘Deposit’.
  3. Select “New Address” from the drop-down menu for the wallet you’re intending to deposit into.
  4. Now you can send cryptocurrencies to this newly generated address.

How To Withdraw Cryptocurrencies Into Bittrex Global Account?

  1. Login into your account. Click ‘Holdings’ in the upper corner of the page.
  2. Select ‘Withdrawals’. Enter 2FA code sent to you to access the withdrawal page.
  3. Type in the amount and click generate transaction file.
  4. Click Download Transaction File and save it to your local storage on the Withdrawal Transaction File page.
  5. If you don’t have access to the recipient’s wallet, send the transaction file and wait for a response.
  6. Create a response file from your destination wallet if you control the receiving wallet.

How to Buy Cryptocurrencies on Bittrex?

  1. Login into your account. Select ‘Instant Buy & Sell’ on the top navigation bar.
  2. Select the currency you want to trade. Enter the amount.
  1. Select payment method. Click next.
  2. Confirm the details of your order.

How to Sell Cryptocurrencies on Bittrex?

  1. Login into your account. Click ‘Instant Buy & Sell’ on the top navigation bar.
  2. Click ‘Sell now’. Choose the cryptocurrency you want to sell.
  3. Enter the amount. Tap ‘Next’.
  1. Confirm the details of your order.

Traders Reviews

According to the Trustpilot reviews, it has more negative reviews and has an overall rating of 2.5.

Some of the comments are as follows:

  • I have used this crypto exchange for the last 5 years, no problems with deposits or withdrawals.
  • I Cannot Thank You Enough, Bittrex Global Crypto-Exchange My personal & Very experienced opinion: An amazing, very trusted & very high-ranking Crypto’s & Tokenized-Stocks Exchange. I highly recommend them!
  • They’ve blocked my account and went unresponsive due to an imprecision on my account name. I’ve shared official docs, offered more docs, video calls, and even flying to lichebstein. I’ve already reported them to all regulators, it’s just a question of time they get crushed. But in the meantime, I’m only losing opportunities. There’s no way this is ever paid back.

FAQ’s

  1. Is Bittrex global regulated?

Yes, Bittrex global is regulated under Bermuda digital assets business act 2018. Certificate of license.

  1. What is the minimum withdrawal requirement in bittrex?

Every cryptocurrency has a minimum withdrawal requirement, if this is not met, withdrawals can be canceled. The amount should be 3 times more than the withdrawal fee.

  1. Which countries does bittrex suspend its services?

Global users from Ukraine, Belarus, Burundi, Mali, Myanmar, Nicaragua, and Panama are restricted to use the service of Bittrex.

  1. Do Bittrex Offer a Demo account?

No, Bittrex does not offer a demo account.

Closing Thoughts

Bittrex has an easy-to-use interface which makes it beginner-friendly and it is also a good choice for professional traders. Its robust security features and variety of coins make Bittrex available to all kinds of traders.

Security is top-notch and the verification process is well structured, which will make it difficult to hack. If the exchange works on customer service and frozen accounts then it is the best exchange to consider.

Bittrex - 8

8

Elena R

Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.

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