Bittrex Cryptocurrency Exchange Review

Bill Shihara, Richie Lai, Rami Kawach and Ryan Hentz launched Bittrex back in February 2014. The platform is based in Seattle, Washington, and boasts a team of developers plucked from Microsoft, Amazon, and BlackBerry. The development team prioritises security in order to provide stability and longevity in a competitive marketplace that is overrun by hackers. 

The Positives

  • In 2020, after more than 6 years of operation, the platform finally introduced a way for users to purchase cryptocurrencies with fiat money, like EUR, USD, and GBP. The hitch is that you’ll need to pass their full bank verification process in order to turn your cash into crypto here.
  • CoinMarketCap ranks Bittrex 19th out of all exchanges.
  • There are currently 537 market pairings to choose from.
  • Around 200 cryptocurrencies to choose from (give or take).
  • Efficient, smooth, and easy-to-use, both in-browser and on the app (iOS and Android).
  • In-house cybersecurity team working around the clock to ensure hackers are left utterly frustrated. They have not ‘yet’ been hacked or lost any customer funds. 
  • Maximum maker and taker fees of 0.20%.
  • No charges on deposits and withdrawals via your bank, however, credit card deposits will incur a charge of up to 5.5%.
  • 85% of exchange funds are stored in ultra-secure cold storage offline.
  • 0.25% transaction fee on every single transaction, which is higher than average, but keeps things very simple.
  • High levels of speed, stability, and liquidity, with quick loading times and minimal lag.

The Negatives

  • No phone support, only email tickets and social media contact methods are available. Customer service reviews are very poor and some users are reported to have waited weeks for a response. Account suspensions are common because of the increased security protocols.
  • The platform has been accused of being too secure, as some users who lose their log-in details have been locked out of their accounts forever.
  • Pump and dump scams have been prevalent on the platform since it started.
  • It’s not the easiest platform for newbies.
  • There is no margin trading, no special promos, no lending, and very little to offer DeFi-interested parties.
  • Sorry if you’re from North Korea, Iran, the Crimean region, Syria, or Cuba, Bittrex does not support you.

Which cryptocurrencies are available?

With around 200 cryptocurrencies and over 500 market pairings, we recommend that you explore their markets section to see if they have the coins or pairings you want to work with.

Bittrex is reportedly working on launching their own token, which should have dropped in July 2020 but is still yet to be seen. 

Some information about fees

Like their main competitors, Binance, the Bittrex platform based maker and taker fees on 30-day trading volumes, with the more you trade resulting in the lower the fees you will pay. The fees are very good once you’re trading in the millions, which, frankly, isn’t all that common. The fees are as described in the table below:

30 Day Volume (USD) Maker fee Taker fee
0-50k 0.20% 0.20%
50k-1m 0.12% 0.18%
1m-10m 0.05% 0.15%
10m-60m 0.02% 0.10%
60m+ 0.00% 0.08%

The final say

Bittrex offers security and longevity, which is key for any traders who aim to stay in the game for a long time. As well as safety, the platform offers a great user experience and it is quite easy to get yourself set up on. It’s not the best platform for beginners, but if you’ve been reading for half a year or so, you’ll find it quite comfortable. If you’re from the US, Bittrex is going to be a great solution for you.

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