Bittrex Review: Is It Safe? Here’s The Answer
There are hundreds of cryptocurrency trading platforms which can be difficult for traders to know which one to use.
Bittrex is one of the earliest and leading crypto platforms in the United States. The exchange is popular for providing users with a wide range of services, allowing them to invest and trade cryptocurrencies with ease.
In this Bittrex review, we will compare and assess the important information on the platform's features, available trading pairs, fees, security and customers support. We strongly suggest that you visit the website to keep updated with any changes that may occur afterward.
US traders allowed
300+ cryptocurrencies to trade
Variety of trading pairs such as BTC, ETH, USDT, USD & EUR
TradingView charts with advanced orders such as "OCO"
Buy crypto using a wire transfer, debit card or credit card
Leveraged tokens to short or long the market with 3X margin
No withdrawal fees to bank account
Before getting started, it is recommended to find a proper way to store crypto using a wallet before exploring any exchange or trading platform. Hardware wallets, such as the Ledger Nano X is one of the best choices to make.
What Is Bittrex?
Bittrex is a top cryptocurrency trading exchange based in Seattle, the USA which offers a safe and secure trading environment for its customers to buy and sell over 730 of the most commonly traded crypto markets. The digital exchange was launched in 2014 by Bill Shihara, Richie Lei, Rami Kawach, and Ryan Hentz, who have extensive backgrounds in security with previous employment with Amazon, Blackberry and Microsoft.
Since its inception to the market, Bittrex processes hundreds of millions of dollars in daily trading volume and is currently ranked in the top 10 exchanges in the world based on traffic, liquidity, trading volumes, and confidence in the legitimacy of trading volumes reported.
In 2019, the company behind Bittrex expanded its operation through its Partnership Program and launched Bittrex Global to serve the international cryptocurrency community. Bittrex Global offers slightly different features, limits and trading fees, however shares the shame liquidity pool at Bittrex.
Is Bittrex Safe?
Bittrex appears to be a safe and secure exchange that features multiple bank-like security measures such as 2 Factor Authentication (2FA) and cold wallet storage to ensure the protection of customer funds. The team behind Bittrex have an extensive background in information security systems with over 40 year’s combined experience. Bittrex also complies with Anti-Money Laundering (AML) and the Know Your Customer (KYC) standards to prevent money laundering and other financial crimes.
Has Bittrex Been Hacked?
Since the launch of Bittrex in 2014, the exchange has not been directly hacked or suffered a compromise of their security systems according to our research, which is a testament to the depth of the measures in place to ensure funds are 100% safe and there are no data breaches.
However, in 2019 the platform was indirectly hacked when a trader on the platform was involved with a SIM swap attack that resulted in 100 Bitcoins being stolen from the trader's online wallet. Bittrex is currently being sued but has denied any wrongdoing. A company spokesperson said in a statement - “Bittrex utilises two-factor, app-based authentication, the industry standard. Unfortunately, Mr. Bennett lost control over his phone and his account was compromised as a result. No system can protect against a user’s loss of login credentials to a hacker.”
Key Features & Services
Wide Range Of Cryptocurrencies
Bittrex supports over 500 cryptocurrency projects from the majors such as Bitcoin, Ether, Dogecoin, EOS, Tron, Tezos, Litecoin to the lesser-known altcoins and DeFi tokens. Each cryptocurrency can be traded against Bitcoin, Ethereum and stablecoin pairs. Bittrex has also recently launched 3x leveraged tokens to complete with platforms such as FTX.
Advanced Trading platform
Bittrex operates a proprietary platform that is specially designed around the concept of elastic computing. It is a unique technique that allows companies to leverage computer resources, which can be adjusted up or down based on the operational requirements. This allows Bittrex to offer superior trade execution speeds which are executed almost immediately.
USD and EUR Deposits & Withdrawals
Another key feature of Bittrex is that the exchange allows users to deposit and withdraw fiat currency using a bank account. Users can top use their accounts using USD or EUR. Cryptocurrency purchases using credit/debit cards are near-instant and cost a small fee of 3% per transaction.
Is Bittrex Regulated?
Bittrex is a regulated exchange under US securities laws and financial regulations. The exchange complies with strict licensing requirements to collect SSN/SIN information from its customers to comply with the Bank Secrecy Act (BSA) and Anti-Money Laundering (AML) regulations. All cryptocurrency exchanges in the USA must comply with these requirements.
Bittrex is a US-based cryptocurrency platform that is legal for individuals in the USA to buy, trade and sell cryptocurrencies. The exchange is available in other jurisdictions around through its Exchange Partner Program that has launched partner exchanges in regions such as Liechtenstein, Hong Kong, South Africa, New Zealand, Australia, Chile, the United Kingdom, Estonia, Mongolia, Singapore, Bahrain and Canada.
The current list of Bittrex partner exchanges include:
Volume & Liquidity
According to Coinmarketcap, Bittrex is currently the 12th largest cryptocurrency exchange by trading volume. Nearly $700 million is processed daily in trading volume across its 732 markets. Compared to the top US crypto exchanges, Bittrex has fallen behind in terms of liquidity to platforms like Coinbase Pro, Binance, Kraken which have significantly higher trading liquidity across its majors and altcoin pairs.
Users do need to be mindful the Bittrex liquidity across the lessor known altcoins is quite low and can incur higher spreads or not being able to fill orders. This can be a disadvantage of offering so many trading pairs as the order books can become thin. It is best to find an exchange that offers the highest liquidity for the altcoin pair to minimise slippage.
Registration & Login
To start buying, selling and trading cryptocurrencies on Bittrex, individuals must be over the age of 18 years old to create an account. It is free for any trader or investor to create and maintain a wallet with Bittrex Exchange. To open an account, Bittrex will require basic personal information such as email address, name, address, date of birth and a mobile phone number.
Bittrex is a regulated exchange in the United States that complies with International KYC (Know Your Customer) and AML (Anti-Money Laundering) regulations. New users to the exchange will therefore need to verify identity before trading. A valid passport, driver's license or Government identity card will need to be uploaded with a selfie.
The Bittrex ID verification usually takes less than 24 hours to complete once the documents have been uploaded correctly. As with most exchanges, completing the KYC process takes patience and can be rejected multiple times.
Bittrex allows eligible states and territories in the USA and supported international countries to deposit US Dollars to fund a trading wallet. The available payment methods include:
Cryptocurrencies from other exchanges or wallets
Purchase crypto using debit or credit card
Fund an account using bank transfer (ACH) or international wire transfer
A wire transfer to Bittrex must be placed using the bank account and not directly within the exchange. Domestic USD wire transfer deposits can take 24-48 hours to arrive at the exchange and up to 5-10 days for international payments. Credit/debit card transfers are a popular method as it's widely available and is processed almost immediately.
Trading With Bittrex
Bittrex allows users to speculate on the prices of hundreds of cryptocurrencies that are paired against other major coins such as BTC, ETH and USDT. Traders can also exchange cryptocurrency using USD and EUR as the base pair.
Bittrex provides a modern trading suite for traders that is well laid out and easy to use for beginner or experienced traders. The charting features such as the drawing tools and indicators are powered by TradingView, which is one of the best crypto charting sites in the industry.
The TradingView charts offer hundreds of technical indicators, chart patterns and drawing tools that can be applied to each trading pair. Examples of indicators that can be added include moving averages, stochastics, Bollinger bands and many more. Users can right-click the chart to change the time frame, add indicators and customise the scale. The only con we found with Bittrex's charting is switching between trading pairs removes any technical analysis.
To the right of the charts is the order entry window which is simple and well laid out. Along the top is the selection of order types which in our opinion is one of the best features with trading on Bittrex. The offering of various advanced order types will suit a wide range of traders, each with their trading style and strategy to enter, exit and manage open positions.
The supported order types offered on Bittrex include:
One-Cancels the Other (OCO)
OCO orders are not always offered on all crypto trading platforms and in our opinion is essential for retail investors and beginners to manage their trade risk. Essentially, the order allows an individual to place take profit and a stop loss order under a single order. When the price reaches one of the values, the other order will automatically cancel. Take profit and stop loss orders can be configured to trigger a buy or market trade based on price or ratio.
Trading Fees & Limits
Bittrex offers a fixed trading fee of 0.25% per transaction for buy and sell positions. This is not the cheapest or most expensive fees in the market, however, there are better exchanges to use such as Binance, KuCoin, OKEX and Huobi which have lower trading fees.
Bittrex Global customers in other jurisdictions use the maker-taker model of charging trading fees which start from 0.75% and are gradually reduced based on the 30-day trading volume. There is also a fee rebate of 0.05% for providing volume to the exchange with a monthly volume greater than USD 25,000 per month. Likewise, the Bittrex Global fees are high compared to alternate exchanges like Bittrex with similar products, features and services.
Bittrex does not charge a fee to deposit funds using either a wire transfer from a US bank account or transferring cryptocurrencies from an external wallet. However, purchasing crypto using a credit or debit card will incur a fee of 3%, which is not recommended. Other exchanges such as Crypto.com and Uphold have cheaper credit card transaction fees compared to Bittrex if this is a the preferred purchase method.
Bittrex does not charge a fee to withdraw funds from the exchange to a bank account via a wire transfer. If transferring cryptocurrency from a Bittrex wallet to another trading platform or hardware wallet, a blockchain network fee will apply. The cost for the withdrawal will depend on the coin and the network usage at the time of the request.
Bittrex offers several support channels to get in touch with the customer support teams such as a ticket system, live chat box, or social media accounts such as Twitter or Facebook. The exchange is quite active on social media but does not appear to reply to any customer queries directly on the platform. There is no option to contact the team via a phone number, however, do provide an extensive support section with several guides and FAQs to help beginners get started or troubleshoot an issue.
News and Announcements
Bittrex offers its users a fast, intuitive and mobile-friendly app that is available for download on iOS and Android devices. The app has the majority of the features on the desktop version, including the purchase of crypto using a credit/debit card from the app.
Unfortunately, the app has received numerous negative reviews and has an overall rating of 2.2/5 from its users. The feedback on the Bittrex app is quite disappointing considering the exchange's prominence in the cryptocurrency space. Several Bittrex app users have complained about difficulties logging in, poor customer services and the app shutting down without notice.
Frequently Asked Questions
Does Bittrex Offer Demo Trading?
Bittrex doesn’t offer a demo trading feature or platform to its users to practice cryptocurrency trading. Beginners that want to use virtual funds to trade crypto without losing any more will need to find a platform with a demo mode such as eToro, StormGain, Phemex and Plus500.
Can You Earn Interest With Bittrex?
Bittrex does not offer its customers savings accounts to earn interest on coins held within a wallet. There is also no staking feature to earn rewards. This is a con with using Bittrex, as many other popular trading platforms now offer the ability to earn interest on cryptocurrencies to maximise gains with deposited funds.
Is Bittrex Available In Australia?
Bittrex is a US crypto trading platform that is available to residents in the United States only. However, the company has launched a partner exchanged in May 2020 called Bittrex Global that allows customers in Australia to use the platform. Bittrex Global has become a top crypto exchange in Australia with its range of trading pairs and high liquidity that is derived from the main Bittrex exchange.
To conclude this review on Bittrex, in our opinion the exchange is recommended for both beginners and experienced traders due to its wide range of supported cryptocurrencies. The exchange is regulated in the US and is available internationally through its partner program making the platform highly accessible for individuals all over the world.
The onboarding process to deposit USD is very simple and the user interface features advanced risk management tools and order types. Overall, the trading experience on the platform is good and is one of the better exchanges for altcoin traders.
However, in comparison to other top cryptocurrency trading platforms, the spot trading fees on Bittrex of 0.75% per transaction are too high. The fees are not competitive in the market with the emergence of zero-fee crypto trading and exchanges such as Binance and KuCoin that offer fees from as low as 0.1% with further discounts available.