www.banklesstimes.com

An Honest Bittrex Review in 2022

Last updated 16th May 2022
Disclosure
Visit site & Sign up

Bittrex is a trusted global cryptocurrency exchange that offers necessary tools for beginner and experienced traders. This Bittrex review covers the core features, fees, and trading options.

4/5 Star rating
Trading engine custom-built for scale and speed
Best-in-class regulated cryptocurrency exchange

Bittrex was founded in 2014 by three ex-Amazon cyber security engineers. The platform has gained a considerable following of 500,000 active users, making it one of the most popular crypto exchanges today.

The platform lets users purchase or sell cryptocurrency, leverage trade, and participate in staking programs.

The main features Bittrex provides are:

  • Stop-loss trading to manage risk and maximize profits

  • Supports leverage trading

  • Trading tools make it easier to invest in profitable coins

  • The instant buy and sell marketplace makes cryptocurrency more accessible to beginners.

  • Supports a variety of cryptocurrencies to invest in

Bittrex Overview

💼 Provider Type:Exchange
💸 Minimum Deposit:$50
💰 Trading Fees:Varied
💰 Deposit Fees:Varied
💰 Withdrawal Fees:Varied
💰 Management Fees:Varied
🔀 Minimum trade order$3
⌛ Withdrawal Timeframe:Up to 14 days
#️⃣ Number of Cryptocurrencies Supported:50+
#️⃣ Number of Crypto Pairs Supported:25+
💱 Top supported Cryptocurrencies:BTC, ETH, USDT, XRP
📊 Leverage:Yes
📱 Native Mobile App:Yes
🖥️ Free Demo Account:Yes
🎧 Customer Support:Chatbox, Ticket submission
✅ Verification required:KYC
📈 CFD AvailableYes
📊 Software:Website, web app, mobile app
⚽ Social Trading:No
✂️ Copy Trading:Yes
👮‍♂️ RegulatorsVirginia State Corporation Commission

Pros and Cons of Using Bittrex

Pros

High level of security
Huge variety of cryptocurrencies supported on the platform
Leveraged trading is available
The discover page provides helpful insight into the crypto space

Cons

Customer support doesn’t have 24/7 live chat
The trading interface is too complicated for new investors
Staking withdrawal times can take 3 to 10 days

Bittrex Cryptocurrencies and Trading Options

What cryptocurrencies can you trade on Bittrex?

There are over 50 cryptocurrencies on Bittrex. Primarily the platform offers high market cap coins with a few less popular cryptos.

The leading cryptocurrencies on Bittrex are:

Bittrex supports many crypto pairs on the trading interface. The most popular are outlined below:

  • Bitcoin (BTC) – BTC/USDT, BTC/ETH, BTC/XRP, BTC/ADA, BTC/USDC.

  • Ethereum (ETH) – ETH/BTC, ETH/USDT, ETH/USDC, ETH/XRP, ETH/LUNA.

  • Tether (USDT) – USDT/BTC, USDT/ETH, USDT/XRP, USDT/ADA, USDT/LUNA.

  • Crypto.com Coin (CRO) – CRO/USDT, CRO/USDC, CRO/BTC, CRO/ETH.

  • USD Coin (USDC) – USDC/BTC, USDC/ETH, USDC/XRP, USDC/ADA, USDC/CRO.

Different Trading Options Offered by Bittrex

Bittrex makes it easy for clients to buy and sell crypto. The instant buy & sell interface offers spot markets that trade cryptocurrency instantly. On the other hand, the trading platform has spot markets, stop-loss, limit, and leverage trading options.

  • Spot Market – Cryptocurrencies are bought or sold at the best available price.

  • Limit – This order lets you set your own price to buy or sell cryptocurrency.

  • Stop-loss – The trade automatically sells your cryptocurrency when the coin hits a predetermined price. This would minimize losses if the currency were to fall dramatically.

  • Leverage Trading – Margin trading lets you borrow funds from the exchange and purchase more cryptocurrency than your portfolio could afford.

Can I Trade With Leverage on Bittrex?

Leveraged trading is available on Bittrex on specific coins. Users can borrow up to three times the collateral amount to increase their profits. However, leverage trading is risky, so it’s not recommended for beginners.

Bittrex offers these cryptos for leverage trading:

  • ETH

  • ADA

  • DOGE

  • LINK

  • XRP

  • ATOM

  • MATIC

  • XTZ

What Are the Spreads?

The spreads on Bittrex depend on your past 30-day trading volume. The fees begin at 0.35% and can be reduced to 0.05%.

Fees, Limits, and Payment Options on Bittrex

What Are the Deposit and Withdrawal Fees, Limits, and Speeds?

Bittrex provides two methods of depositing funds – bank cards and cryptocurrency. There are no fees for transferring money into your Bittrex wallet. Also, bank card processing times are instant, but crypto transfers differ because it depends on the blockchain you’re using.

Clients can deposit funds once they create a new account. However, users cannot withdraw funds until they complete the KYC process. Therefore, we recommend verifying your account before transferring money to the platform.

Deposit Methods

Bittrex provides multiple methods to deposit funds into your account. Let’s take a look at them below.

  • Bank Cards – The instant buy and sell page provides an option to purchase cryptocurrency with your bank card. The process is fast, and Bittrex will save your details next time.

  • Crypto Wallets – Bittrex provides wallet addresses for all their support cryptocurrencies. Therefore, users can transfer funds from a crypto wallet or another exchange to the platform. Also, the QR code makes it much faster to complete the process since you won’t need to type in the coin address.

Withdrawal Methods

The platform lets users withdraw funds directly to their bank account. Also, Bittrex remembers your bank card details if you used it to deposit, making it convenient when withdrawing.

Moreover, you can transfer cryptocurrency out of the exchange to your crypto wallet. The deposit page has a list of cryptos with a withdrawal button next to them. To transfer the coins, copy-paste your wallet address and provide a memo if needed. After clicking withdraw, you’ll see the block conformations at the bottom.

How Much Are Bittrex’s Fees and Commissions?

Bittrex has a transparent fee schedule page that showcases all the platform’s costs. The maker and taker fees begin at 0.35% up to $25,000. Depending on your 30-day trading volume, you can reduce these to 0.05%.

Moreover, there are no fees for depositing crypto and fiat currency onto your account. However, withdrawals have fees depending on the coin you’re transferring.

Bittrex Trade Sizes and Limits

The minimum trade size on Bittrex is approximately $3. There is no maximum limit, so users can purchase as much crypto as they want.

Bittrex Trading Platform

What Devices Can I Use Bittrex On?

Bittrex is available across multiple devices to provide convenience to customers. You can use the following platforms:

  • Android devices

  • iOS devices

  • Laptops

  • PCs

Can I Use Bittrex in Any Country?

Bittrex provides worldwide access to traders except for those living in North Korea, Iran, Syria, Cuba, and the Crimean peninsula. However, you should learn your country’s laws regarding cryptocurrency to make sure it’s legal for you to create an account.

The most popular countries that use Bittrex are:

  • The US

  • Russia

  • Germany

  • Mongolia

Is Bittrex Available in My Language?

Bittrex is available in ten languages, including:

  • English

  • Spanish

  • Chinese

  • Russian

How Easy Is It to Use Bittrex?

Bittrex is a straightforward platform to use because of its easy-to-use features. The sign-up process is smooth and provides in-depth steps to guide you. Also, verifying your account is fast and takes less than a day to complete.

Moreover, the trading interface has multiple tools that make it easy to analyze coins and execute favourable buy/sell orders. Beginner investors can use the instant buy and sell feature to purchase cryptocurrency without using the advanced trading platform.

Furthermore, depositing funds into your account with a bank card is easy, and Bittrex saves your information for next time. Bittrex also has multiple options for transferring crypto into your account with no fees.

Key Features

Here are some of the best features offered by Bittrex:

Markets Section

The market page provides accurate crypto prices in real-time. The benefit of this feature is that you won’t need to use another service to see prices. Also, you can click on the displayed coins, which redirects you to the trading interface.

Instant Buy & Sell

The easiest method to purchase cryptocurrency is the Bittrex instant buy & sell service. It lets beginners buy crypto with their debit or credit card. Afterwards, the funds are instantly transferred into your Bittrex wallet.

Bittrex App

The Bittrex mobile application delivers all the features the desktop version has. It lets users participate in staking programs, trade coins, and deposit/withdraw cryptocurrency. The user interface is brilliant and makes it easy to navigate the platform.

Security and Regulation

Is Bittrex Safe?

Bittrex’s primary focus is security which is evident by the founders previously being cyber security engineers for Amazon. The platform has multiple layers of security with the most effective and reliable technologies to keep users’ money safe. Also, clients can whitelist coins, addresses and set up two-step authentication.

Am I and My Cryptocurrency Protected?

Bittrex covers up to $300 million in digital assets in case of external theft or internal collusion. Therefore, your funds are insured if the platform were to be hacked.

Is Bittrex Regulated?

The Virginia State Corporation Commission licenses and regulates Bittrex.

Do I Have to Verify My Account With Bittrex?

New accounts must complete the verification process to comply with KYC laws. Users will need to provide proof of address by uploading a utility bill, phone bill, or bank statement. Also, uploading a document of your identity is required. Bittrex accepts – passports, drivers licenses, and ID cards.

Extra Information

Educational Resources

Bittrex has a discover page that features multiple articles covering different topics related to cryptocurrency. They are great for beginners as they teach how to store coins safely and make trades. Also, the page delivers up-to-date information on what’s happening in the crypto space.

Tools and Charting

Bittrex offers a streamlined service with easy-to-use trading tools. Users can draw lines, mark sections, look at different time frames, and more.

Customer Support

Bittrex provides two methods of getting support – chatbot and ticket submission. The Trexie chatbot can answer simple questions that users have. However, it’s not great for getting detailed responses and can be frustrating at times. Instead, clients can submit a support ticket to receive help from the official Bittrex support.

How to Buy and Sell Cryptocurrency on Bittrex

How to Buy Crypto on Bittrex

  • Step 1 - Visit markets tab and make selection

Go to the markets section on the official Bittrex website and select the coin you want to purchase, and the trading interface will open.

  • Step 2 - Type the number of coins

In the quantity section, input the number of coins you’d like to purchase. Afterwards, review the order and ensure everything is correct.

  • Step 3 - Execute order

Finally, click buy, and the order will execute. You’ll now see the funds in your Bittrex wallet.

How to Sell Crypto on Bittrex

  • Step 1: Go to the market section on Bittrex.

  • Step 2: Click the coin you want to sell, and the page will redirect to the trading platform.

  • Step 3: Write the number of coins you want to sell in the quantity section.

  • Step 4: Review the trade and click sell to execute the order. The trade is now complete, and you can see the sold coins in your wallet history.

How to Open an Account With Bittrex

  • Step 1 - Sign up

Visit the official Bittrex website and click the sign-up button at the top right of the page.

  • Step 2 - Fill in your details

Next, provide an email address, password, and choose your account type – personal or corporate.

  • Step 3 - Complete email verification

Bittrex will send a verification email that needs to be opened. After completing this step, you’ll have deposit options and access to the trading platform.

  • Step 4 - Verify your identity

To gain complete control of your account, you’ll need to verify your identity and provide proof of address. Afterwards, you can withdraw funds and have more significant transfer limits.

Is there an alternative to crypto brokers?

Yes, there are many more ways to trade cryptocurrencies such as using cryptocurrency robots. Check out some of our reviews for the best trading robots:

Is there an alternative to Bittrex?

1
eToro
Minimum Deposit
$200
Exclusive Promotion
User Score
10
More than 3,000 assets, including currencies, stocks, cryptocurrencies, ETFs, indices and commodities
Buy crypto, or trade cryptocurrencies via CFDs
This ad promotes virtual cryptocurrency investing within the EU (by eToro Europe Ltd. and eToro UK Ltd.) & USA (by eToro USA LLC); which is highly volatile, unregulated in most EU countries, no EU protections & not supervised by the EU regulatory framework. Investments are subject to market risk, including the loss of principal.
2
Atani
Minimum Deposit
$100
Exclusive Promotion
User Score
9
Popular among traders
Fast system for trading
Popular for beginners
3
Coinmama
Minimum Deposit
$100
Exclusive Promotion
User Score
9
Easy to use tool
High profit potential
Offers Phone Support

Final Thoughts

Overall, Bittrex is a secure and easy-to-use cryptocurrency exchange with a great selection of coins. The trading platform is excellent for experienced traders because it has multiple tools. However, beginners can use the instant buy & sell section to make trades without learning the complicated trading platform.

Moreover, Bittrex takes security seriously and provides multiple protection layers with the latest technologies. Clients can improve their safety by implementing 2-step authentication and whitelisting coins. Also, all crypto assets on the platform are insured up to $300 million.

Furthermore, the discover section has multiple articles that provide interesting insights into the crypto space. New clients can learn more about the Bittrex team and upcoming integrations. Also, it provides tutorials on how to keep your cryptocurrency safe and reasons to invest.

Khashayar Abbasi

Khashayar Abbasi

Khashayar discovered Bitcoin back in 2014 and has since spent countless hours researching the different use cases of cryptocurrencies. He has a bachelor's degree in International Relations and has been a writer in the financial services industry for nearly half a decade. In his spare time, Khashayar enjoys photography, cycling, and ice skating.