In this 2023 Bittrex review, we’ll look at the most important aspects of Bittrex, an established digital currency exchange. Bittrex was founded in 2014 and has grown to become a large exchange, offering well over 250 cryptocurrencies. Its security measures help to contribute to its reputation for putting user safety first.
However, Bittrex has limitations such as the occasional delisting of specific currencies and the lack of margin trading. Notably, Bittrex Global operates independently of its US counterpart, which has recently faced challenges.
Here are the highlights of our Bittrex exchange review:
- Founded in 2014, the Bittrex crypto exchange boasts a relatively high trading volume, providing access to over 250 cryptocurrencies and altcoins.
- Bittrex places a strong emphasis on security, utilizing cold storage and 2FA to safeguard user assets.
- This exchange offers an Instant Buy & Sell feature, allowing users to quickly and conveniently buy or sell cryptocurrencies, making it beginner-friendly and accessible.
- Bittrex’s US operations have been closed, but Bittrex Global remains operational in certain countries.
What Is Bittrex?
Bittrex is an established crypto exchange offering over 250 cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), Tether (USDT), Litecoin (LTC), Ripple (XRP), Dash (DASH), Dogecoin (DOGE), Polkadot (DOT), Polygon (MATIC), Cardano (ADA), and others. Bill Shihara and two business partners, Richie Lai and Rami Kawach, founded the platform in 2014 with a strong focus on security and a user-friendly interface.
It’s well-known for its advanced security measures, which include 2-factor authentication and a withdrawal whitelist. One of the reasons the platform has never been hacked is its commitment to security, and it keeps the majority of its coins in secure offline storage, also known as cold storage.
However, Bittrex has been known to delist certain currencies, which can be detrimental to users who own a coin that Bittrex decides to delist because they may no longer be able to trade it. Another limitation is that Bittrex does not support margin trading, so users are limited to trading with the funds in their account.
Additionally, the Bittrex exchange provides users with the option to buy and sell popular cryptocurrencies instantly using a debit card, a bank account that is linked to their account, or funds that are already in their account. However, using a debit card to pay for the purchase will result in additional fees for this feature.
As of May 2023, Bittrex’s US operations have been closed and the company filed for Chapter 11 bankruptcy. This, however, does not apply to Bittrex Global, which is based in Liechtenstein. Non-US investors can still use Bittrex in certain countries.
How to Open an Account at Bittrex
Here are the steps you need to follow to open an account:
- Begin the account registration process by going clicking on visit exchange.
- Select the appropriate account type, either Personal or Corporate, by clicking the corresponding button.
- Fill in the blanks with your email address. This email address will also be your Bittrex Global username when you log in.
- Make a password for your Bittrex account that is at least 8 characters long and meets the requirements.
- To proceed, click the “Create Account” button. An email will be sent to the provided email address with a verification link.
- After your email address has been verified, please carefully read the Bittrex Global Terms of Service. When you’ve agreed to all of the terms, click “Accept Terms.”
- You will then be asked to fill out your Basic Profile Information. Fill in all required fields on your keyboard with characters from the Latin (English) alphabet. The information you provide will be directly read from your identification documents and entered into your Bittrex Global profile.
- To proceed to the ID Verification stage, click “Continue”. To complete the ID Verification process, follow the step-by-step instructions on the Bittrex Global website.
Security: Is Bittrex Safe?
Bittrex employs several state-of-the-art security measures to mitigate potential risks. One of the key strategies is the use of cold storage, in which the majority of its cryptocurrency assets are kept offline, as this approach significantly reduces the risk of major hacks resulting in the loss of customer assets.
The Bittrex platform also employs full 128-bit SSL encryption to protect the confidentiality of any data exchanged on the website. Two-factor authentication, which adds an extra layer of security to user accounts by requiring two types of identification for login and transaction approvals, is also one of the Bittrex security features.
Furthermore, Bittrex uses wallet and IP address whitelisting, which restricts user account access to specific locations and wallets, reducing the likelihood of account impersonation or unauthorized access.
What Are Bittrex Features?
Let’s take a look at what makes Bittrex unique, including its Instant Buy & Sell platform:
Instant Buy & Sell and Bittrex’s Trading Platform
When it comes to the actual trading process, Bittrex offers many options for both novice and experienced traders. One of its most convenient features is the Instant Buy and Sell option, which allows users to buy or sell crypto in a matter of seconds.
In addition to this, Bittrex also offers a number of trading options such as spot market trading, limit orders, stop-loss orders, and leverage trading. Spot market trading entails buying or selling cryptocurrencies at the best available price, whereas limit orders allow users to set their own buy or sell price, regardless of whether they are trading from their desktop or the Bittrex app.
Stop-loss orders sell your cryptocurrency automatically when it reaches a predetermined price, reducing losses if the currency’s value falls dramatically. While riskier and not recommended for beginners, leverage trading allows users to borrow funds from the exchange in order to purchase more cryptocurrency than their portfolio can afford.
Referral Scheme and Mobile App
The platform offers a referral program in which you can earn 10% of all commissions from friends they refer. Bittrex has also created a mobile app that offers the same trading features as the desktop version, allowing users to buy, sell, and trade cryptocurrency on the go.
What Are Bittrex Fees?
A user with a trading volume of less than $5,000 is charged a fee of 0.75% for both maker and taker, while a user with a trading volume of $100,000,000 or more incurs no fee for makers and a 0.05% fee for takers.
The table below shows all of the fees based on the user’s 30-day trading volume, with discounts offered for higher trading volumes:
|30-Day Volume in USD
|$0k – $5k
|$5k – $10k
|$10k – $25k
|$25k – $100k
|$100k – $1m
|$1m – $10m
|$10m – $60m
|$60m – $100m
Aside from Bittrex trading fees, network fees are also important to consider. Transaction fees are charged by Bittrex Global based on the blockchain network that is being used. Deposits are free, but certain tokens may incur network transfer fees. Withdrawals for tokens with built-in network fees may incur small fees, which are visible during the withdrawal process.
Bittrex Customer Support - Which Options Do They Offer?
The quality of Bittrex’s customer service is rather disappointing. Despite the website’s claims to have a live chat feature, it is not readily available. Users are only given the “Submit a Ticket” option, which makes it difficult to get immediate support.
This limited accessibility and lack of prompt assistance has been frustrating for users as well as us while testing. Bittrex’s customer support should be improved by implementing a functional live chat system for more efficient issue resolution and increased user satisfaction.
Customer Reviews - What Do Customers Say About Bittrex?
Bittrex and Bittrex Global have received predominantly negative reviews on Trustpilot. Bittrex has an average TrustScore of 1.3 out of 5, based on 513 reviews. Bittrex Global fares slightly better with an average TrustScore of 1.8 out of 5, based on only 18 reviews.
These Bittrex reviews indicate a significant level of dissatisfaction among users of both platforms. It is important for individuals to consider these negative reviews as part of their assessment of Bittrex and Bittrex Global, while also taking into account other factors and personal preferences when deciding whether to use these platforms.
Final Thoughts: Is Bittrex Worth It?
While Bittrex has had issues with its US operations and has limitations, it is still a popular choice among crypto traders and is still regarded as one of the top crypto exchanges by some. Customers outside the U.S. can consider this exchange for its diverse crypto options, reasonable Bittrex fees, and commitment to user security, but be aware of the platform’s mixed customer reviews and recent developments. Good luck with your trading!
Is Bittrex legit?
Bittrex is a legitimate digital currency exchange that has been operating since 2014.
Is Bittrex available in the US?
Bittrex’s US operations have been closed, and it is no longer available in the US. However, Bittrex Global operates independently and is available in certain countries.
Can you withdraw from Bittrex?
You can withdraw funds from Bittrex. Withdrawal fees may apply based on the specific token or coin being withdrawn. Bittrex Global continues to operate independently.
What happened to Bittrex exchange?
According to our Bittrex review 2023, Bittrex’s US operations closed in May 2023, and the company filed for Chapter 11 bankruptcy.