Bittrex Review 2022
The rise of cryptocurrency has been a sign of its popularity in the past few years. Different platforms for trading in crypto have been created to permit users to exchange one kind of cryptocurrency to other altcoins in order to meet the increasing demand. Different exchanges do not are the same, which is why it is difficult to search through various platforms to locate the one that is most suitable for your needs.
As cryptocurrency is becoming an extremely lucrative business exchanges are prone to breaches and hacks but not the one. Today, we look at an in-depth look Bittrex which is a veteran US-based cryptocurrency exchange service that has the best security measures that you can hope for from a business dealing with digital assets as well as personal data.
Even though Bittrex is a US-based exchange, we consider it one of the top Bitcoin and cryptocurrency exchanges in Australia due to its many advantages over its competitors.
Read on for our Bittrex review of the exchange below to discover why they’re among the top exchanges , and decide if it’s the right choice for you.
Table of Contents
- Minimum balance for low accounts
- A little more than 100 cents
- Numerous trading pairs
- You can fund your account using Visa as well as Mastercard debit card, ACH transfer, wire transfers
- Cold storage and two-factor authentication for asset
- Advanced tools for trading
- Educational content
- No margin trading
- Extensive verification
Bittrex is an US cryptocurrency-to-crypto trading exchange with its headquarters within Seattle, Washington. Three experienced cyber security experts, Bill Shihara, Richie Lai along with Rami Kawach, established the company. The team is comprised of over five years of development experience and security expertise from companies such as Amazon as well as Microsoft.
Since its start, Bittrex has been steadily growing in popularity in the ranks of top exchanges available on the market. It offers a variety of currencies, and customers can easily execute trading orders. It also includes traditional charting tools to trade and automated features for trading, such as instant buy and sell and good until cancelled (GTC).
Because of its founders’ love for their expertise and experience in cybersecurity, Bittrex’s business insists on security. In contrast to other exchanges for crypto, hackers have not yet penetrated this platform for trading and the company has not been the victim of a hack. The seasoned exchange firm regularly gets praise due to its protection, speedy loading times, and stability.
As a trading platform that converts cryptos to cryptos, Bittrex specializes in cryptocurrency trades. The exchange offers more than the 190 cryptocurrency options available for customers to trade. The exchange also provides over 284 trade pairs which includes Bitcoin and Tether being the most popular.
In the year 2021, this exchange will allow trading in fiat currencies, or monies that have government support like USD. Prior to the change in policy the exchange was able to trade with USDT (US Dollar Tether) in which 1 USDT is equal to 1 USD.
Trading within the US via Bittrex is allowed in all states , with the exception of Hawaii, Louisiana, Nevada, Nebraska, Tennessee, New York, Connecticut, and Vermont. Bittrex Global, based in Liechtenstein allows trading with other countries, with the exception of North Korea, Syria, the Crimean region, Iran, and Cuba.
Bittrex accounts that aren’t trading with USD are able to execute transactions with USDT and other stablecoins.
In addition, adding money into your Bittrex account is possible in two methods: You can move funds to your account from your existing cryptocurrency wallet, or transfer fiat currency into the account with the Visa or Mastercard bank card or wire transfer. The ability to transfer funds requires verification of your account, which includes scans of valid proof of identification such as an ID card for drivers and an account statement from a recent period.
To make an USD or EUR transfer after checking the authenticity of your Bittrex accounts, you have to be able to whitelist your bank account after making a request at Bittrex’s Bittrex help desk. The process of waiting for approval of your account that you have whitelisted could take several days. It can take a few days for wire transfers to be credited to your bank account.
The deposits made using a credit card tend to be faster, however, you’ll pay the cost of 3% on top of the amount of your deposit per transaction. Although the minimum deposit amount will be 50USD, there’s no limit to the amount you can deposit into the balance of your Bittrex account.
You are able to withdraw cryptocurrency and fiat money if you reach the minimum withdrawal of 50 USD threshold. The exact fees for withdrawal depend on the kind of cryptocurrency you choose and are generally in line with other exchanges that offer crypto.
To withdraw funds from a fiat account You must connect an official banking account with your Bittrex account. The money will be transferred directly into your bank account, typically within 10 days. There aren’t any fees for withdrawals.
Trading Fees and Limits
If you sign up for an account on Bittrex account, you’ll discover an endless flow of cryptocurrencies available on the market. The way that trading pairs are displayed allows anyone to search for and choose which one they would like to use. It is also possible to search for the exact trading pair. Bittrex market also comes with the ability to search to help users locate the exact trading pair they want to trade.
Bittrex is in line with other exchanges for crypto by using the tiered structure of fees. Customers who trade on an extremely high volume may benefit from a discount on their transaction fee. Users will save money if they make more transactions via the website.
Trading on Bittrex starts with a flat fee of .25 percent for the taker and taker on each trade. The amount is slightly higher than the typical trade cost. It is still a great option for those who are new to cryptocurrency exchanges as there’s only one transaction fee which makes it simpler to track the amount you spend.
But due to the tiered structure, when the maker reaches 40% of its trading volumes, fee for the maker is zero. The taker is paid 0.10 percent. When the value is $60,000, the taker’s fee is reduced to 0.08 percent.
However, Bittrex doesn’t allow unlimited withdrawals from its exchange. The limit on withdrawals for unauthenticated account holders is one BTC per day. Accounts with two-factor authentication can be accessed by Bittrex’s entry-level accountand increase the limit for withdrawals to 3 BTC each day.
The maximum amount a user is able to get in a single day is 100 BTC per day. The ability to withdraw all of it at once requires users to be a member of an upgraded account.
One of the major drawbacks of Bittrex seems to be their customer care. While it excels at cryptocurrency trading as well as security a lot of customers rate the company’s Customer Service department a poor score. One of the main reasons for their poor service is the way they handle accounts suspended.
The exchange platform can temporarily or permanently ban users without any reason or justification. Following a public outcry Bittrex replied by saying that they conduct regular compliance audits to safeguard users. They’ll suspend accounts until they have completed their review.
A few users claim they had to wait for weeks for a response from Bittrex customer support regarding their account or identity verification. The review process affected around 0.1 percent of the account holders on the site according to Bittrex however their reputation for customer support was tarnished despite the.
It’s worth noting that Bittrex’s support system for customers is in line with other exchanges that use crypto. They utilize Zendesk and customers can look up FAQs and articles about pertinent topics. Customers can log on to Bittrex support to view the tickets to support their customers.
Being one of the safest crypto exchanges in the market Security is the important concern for Bittrex. Cyber criminals have taken millions of dollars from cryptocurrency exchanges, with the exception of Bittrex. Bittrex employs a variety of security measures to guard against the theft of funds and to prevent fraud.
Since its headquarters are situated in Seattle The exchange closely adheres to American laws that govern trade in currency, including those governing currency trading, including the Anti-Money Laundering and Know Your Customer federal programs. The goal for these policies is to deter fraud and financial crime.
Apart from adhering to federal laws in addition, in addition to observing federal laws, the Bittrex team also uses cold storage to minimize the possibility of hacking and safeguard its customers’ funds. Cold storage can ensure that the majority of the currency exchanged by Bittrex is not online, which means cyber-attackers are unable to access it.
Another security measure within the exchange is the use of two-factor authentication. This step isn’t obligatory for users of accounts however, users are strongly advised to protect their accounts to prevent unauthorized access. In order to complete a transaction using 2FA the customer must provide two forms of information such as a password and another code.
Bittrex cryptocurrency exchange requires users to sign off on every new IP address that they use to sign into the platform using the email they receive as a confirmation. You can give Bittrex permission regarding your approved IP addresses by using the IP Whitelisting option. IP Whitelisting lets you perform trades and withdrawals exclusively using the IP addresses listed on the list.
Frequently Asked Questions
Which countries are covered by Bittrex?
Bittrex operates globally and is available to the majority of international clients, with the exception of those who reside in North Korea, Iran, the Crimean region, Syria, and Cuba.
In the year 2018, Bittrex announced the launch of Bittrex International that is operating within the guidelines for regulation that are set out by E.U. as well as the Maltese government. and Maltese government. Bittrex clients have now been transferred to this exchange by default and retained all the features of the previous exchange. This also enabled customers from abroad to trade currency that was not accessible on the U.S. market before.
Does Bittrex has a mobile application?
If you are unable to access the website, or prefer trading via mobile devices, you are able to get the Bittrex exchange application. It is available on both Android as well as iOS devices. It lets you track the market, deposit, withdraw and trade in all supported markets.
The Bittrex mobile application lets you trade crypto without sacrificing the website’s high performance in terms of speed, or safety. It lets you access an online wallet for your phone or tablet which you make use of to manage your digital and token asset portfolios.
Is Bittrex secure?
Bittrex is among the most secure cryptocurrency exchanges available that are available. Exchanges hold a huge quantity of personal data, including the government ID number addresses, addresses, as well as tax ID data. Bittrex employs multiple verification methods and security procedures to ensure that all personal information of users and their assets are safe in all times.
A few of their security options include two-factor authentication and cold storage of money as well as IP verification methods.
Does Bittrex offer an account for cryptocurrency?
Yes. Bittrex’s wallet is among the largest and most complete with the ability to store more than 260 cryptocurrency. Making deposits to the wallet is straightforward by creating an account on the wallet’s website and then send the coins at the new address.
The use of a wallet is crucial when you’re trading in any significant way with an exchange for cryptocurrency. Through a wallet, you transfer funds from the exchange to an encrypted location, thus preventing hackers from gaining access to it in the event of an incident. Bittrex provides an easy-to-use wallet solution that allows you to store several digital currencies simultaneously.
Is Bittrex difficult to utilize?
The exchange is fairly simple to navigate, however, there are some differences in the usability between US and international platforms used by customers. The main distinction in the US version is that US model of exchange is a bit smaller in assets as compared to its international counterpart. Both options offer an array of altcoins and a high level of liquidity on their markets.
The interface for users of Bittrex makes it accessible to all users. The main dashboard contains the supported trading markets and percentages of price changes in the past 24 hours, as well as price overviews. There are five markets that you can search via the dashboard which include USD, BTC, USDT, EUR, and ETH.
Does Bittrex have a referral plan as other exchanges?
Technically, yes. Customers who participate in the Bittrex Referral program can inspire new customers to open an account on the exchange. In exchange for their efforts, they will get 10% of the trade fees for the invited user.
The referral program is not equipped with an online dashboard that allows customers to monitor the referrals they refer or their trades. Bittrex is also aware that the company is able to alter the percentage of referrals at its discretion.
In accordance with this Bittrex review of their exchange, Bittrex is one of the most secure cryptocurrency exchanges that are available, both in the US as well as internationally.
The platform’s design makes it possible easy, quick trading for novices and experts alike. Although it might not be the right option for those with little prior experience in trading but you don’t need necessarily be an experienced trader in order to understand their interface.
Security isn’t a problem for Bittrex due to the expertise of their founders in cybersecurity. The platform’s authentication and verification processes are well-layered, which makes it hard for hackers to penetrate the system and steal digital assets and data.
Some customers believe that they are being cheated by the verification procedure. complicated since it has caused some customers to be denied the access to accounts for a short period of time. We do have a few worries about account suspensions as well as long wait times to get customer support.
However, we believe they are taking the necessary steps to address the issue without impacting the platform’s security.
About The Author
This page was last updated on August 4, 2022