Bittrex Exchange Review
In this post we give a non biased review of the Bittrex Exchange and share details about features, fees and an overview of their site.
Disclaimer: Under NO circumstance should this review be interpreted as a recommendation to trade or an endorsement of a trading platform, supplier or of a specific cryptocurrency.
Bittrex Exchange Review – QUICK NAVIGATION
QUICK FACTS – Bittrex Exchange
Type: Trading platform/crypto exchange
Founder: Bill Shihara, Richie Lai and Rami Kawach
Headquarters: Seattle, Washington, USA
Bittrex Exchange Review:
Bittrex is a US exchange that’s been around for quite a while and whose main emphasis is security for users. There are two Bittrex versions. The US website is only open for eligible users in the United States. The International version (https://global.bittrex.com/) caters for non-US based customers. The latter accepts Euro deposits.It has a very sophisticated trading platform that might not be ideal for beginners but it’s still pretty impressive. It has a solid trading platform and stringent KYC procedures.
The Seattle based exchange was founded in 2013 and has its headquarters in the same Washington city. It was founded by Bill Shihara, Richie Lai and Rami Kawach, who all worked at Microsoft.
Getting Started & Signing up to Bittrex Exchange
Registration
The registration process is a rather complex procedure but has multiple security layers which are commendable as far as security goes.
Follow these steps to register:
The process to create and verify an account includes multiple security measures to prevent unauthorized access and protect your Bittrex Account.
- Select between a Personal or Corporate account
- Enter your email address (This will act as your username)
- Enter a password into the Password field.
- Click Create Account.
- Wait for a verification email to be sent to you and click ‘verify email’ link/button
- Agree to terms and conditions.
Next, you will need to submit your Basic Profile Info which is the process of ID Verification. To begin this process, click Start Verification.
- Take a photo of an official government identification document like and ID card or a passport
- Then take a selfie (face photo) to verify your identity.
To take a selfie you must use your mobile camera and take a photo when prompted. You cant upload a photo.This process can take up to 10 minutes, but once done you will be ready to place a trade and will see this message:
Bittrex Exchange Bonuses: Sign up bonus
At the time of writing this review Bittrex does not offer a welcome bonus
Trading on Bittrex exchange
After opening your account and depositing funds, you can start trading on Bittrex. First, you need to choose Your base currency market, if you pick Bitcoin then you may trade agains other altcoins in the Bitcoin Market.
Buying
To set a buy order, select BUY, to buy Ethereum add the quantity you want to buy of ethereum and set the price ‘bid’ you which to pay for that unit of ethereum. You will now see the total amount of BTC required to buy the volume of Ethereum you wish to bid on.
Selling
The core difference between buy and sell is Bid vs Ask. To sell you would set an ‘ask’ price that you would want from someone per unit of ethereum. The total displayed would be the total amount of BTC you’d receive once you sold this ethereum.
Fees
Bittrex will charge 0.2% commission fee on all trades for standard volume orders. For traders going large the fee goes down respectively.
| 30-Day Volume (USD) | Maker fees | Taker fees |
| 0 – 50,000 | 0.200% | 0.200% |
| 50,000 – 1,000,000 | 0.120% | 0.180% |
| 1,000,000 – 10,000,000 | 0.050% | 0.150% |
| 10,000,000 – 60,000,000 | 0.020% | 0.100% |
| 60,000,000 and more | 0.000% | 0.080% |
Bittrex’s trading fees are somewhat middle of the road neither too high nor too low when compared with the competition.
Withdrawal on Bittrex Exchange
You can withdraw both crypto and fiat assets with ease from Bittrex. To get traded earnings back into your fiat bank accounts, you need to have a bank account tied and verified to your Bittrex account. This will allow the transaction to occur. Even with an approved account this process can still take up to 10 days.
The minimum withdrawal amount you can convert back to fiat is USD 50 there shouldnt be any charges on this.
User Experience on Bittrex Exchange
Navigation
It is not that easy to get around Bittrex so the exchange is recommended for the more experienced users.
Charts
Bittrex uses the TradingView option for its charts so these are the best and by far the most easy to use. These are customisable, have dark/light options and are similar for mobile.
Offerings/Markets
There are over 1300 coins and trading pairs with BTC and ETH as well as USDT on Bittrex. Inevitably some dubious coins are listed.
Other products
Bittrex offers a very secure multi sig wallet but has no other products apart from the normal crypto exchange.
Mobile Experience
Very similar to the desktop version
Security
Normal 2 Factor Authentication is provided on Bittrex
Governance
Bittrex is based in Seattle, Washington with an undisclosed number of company employees although it is rumoured to run into the hundreds. They are a relatively standard cryptocurrency exchange licensed in the USA. Wallet security is excellent. The company is a private one and is licensed in the United States.
Support & Social
Whilst support is aplenty, by means of guides, FAQs and documentation, there is no live chat option. You can however reach Bittrex by support desk if you have a specific question. Their team is also available on Slack, Twitter and facebook with all platforms quite active.
Crypto Exchange: Our Rating of Bittrex Exchange
Bittrex is a great exchange for beginners and pro day traders. Their platform is mostly reliable and security is taken serious. Cryptocurrencies to trade upon are plenty. On the negative side, several customers have reported freezing of customer accounts without explanation. The lack of a live support channel is also an issue. Fees are the middle of the road and the trading engine is pretty good.
