Bittrex Review

Bittrex General Overview

What is Bittrex?

Why Choose Bittrex?

Advantages

Disadvantages

Pros and Cons

Pros

Cons

How Bittrex Compares to Other Exchanges?

UX Overview

Reputation

Supported countries

Bittrex FAQ

What are the fees?

Does Bittrex require KYC (Know Your Customer)?

How do I create an account on Bittrex?

Is Bittrex regulated?

Conclusion

 

Bittrex General Overview

 

Bittrex is a crypto exchange platform that prides itself on its security. In fact, ‘security’ is one of the main reasons it was founded in the first place. The other reason was ‘trust’. It was co-founded in 2014 by three cyber security engineers – Bill Shihara, Richie Lai, and Rami Kawach. The founders want to put an emphasis on trust and security as they think these two things are the key to the future of cryptocurrency exchange. Bittrex Inc is currently headquartered in Seattle, Washington, while Bittrex Global is registered in Liechtenstein. 

 

What is Bittrex?

 

Bittrex is mainly a cryptocurrency exchange platform. It offers a wide range of cryptocurrencies and now even allows users to exchange fiat money (any money backed by a government, such as the US dollar or the UK pound) for cryptocurrencies – however, in order to do so you must go through a rigorous verification process. Bittrex has a custom-built trading engine that promises to be scalable and that ensures real-time transactions. Their APIs allow support of third-party platforms as well as algorithmic trading. Bittrex is designed and catered towards more experienced users.  The platform is currently separated into two entities – Bittrex, which is for US citizens and Bittrex Global, which supports international exchanges. Bittrex Global

 

Why Choose Bittrex?

Advantages

 

The main draw of Bittrex is its security. As it was founded by cyber security experts that have over 50 years of combined experience in their profession, the main focus of Bittrex is the security of their platform, and by extension – the trust of their users. Those looking for top-of-the-line security will be hard pressed to find anything better and more secure than Bittrex. It is easily one of the most trusted exchange platforms out there, and these are not just empty words – Bittrex hasn’t had a data breach, ever.

Bittrex most likely offers the widest variety of markets among popular exchanges supporting over 250 currencies (and counting!), and their trading engine is fast and experienced users will feel right at home with it. Their security system also requires two-factor authentication which can be seen as both a good and a bad thing.

We think it’s a good thing even though their users are semi-forced into it since if you do not activate two-factor authentication, a limit on withdrawals is placed on your account. There’s a lot to like about Bittrex. They have recently introduced a mobile app as well, allowing for trading on the go. 

 

Disadvantages

 

As we’ve already stated, Bittrex is a platform that caters more towards the experienced users making it unfit for beginners. Their top-of-the-line security is somewhat of a double-edged sword. On one side, they have never been hacked – on the other, users are required to go through strict and rigorous registration and ID processes, and there have been cases where users’ funds were frozen due to a supposed security issue even after they went through Bittrex’ registration and KYC process.

They also have slightly higher fees than the other popular exchanges. While Bittrex does what it claims to incredibly well, it is unfortunate that it does only that. There is no option for margin trading or other advanced features that other platforms offer.

 

Pros and Cons

 

Pros

  • Great Security
  • Fast transactions and orders
  • Amazing trading engine
  • A vast abundance of cryptocurrency markets to trade in
  • Two-factor authentication that adds another layer to security
  • Option for third-party platforms
  • Algorithmic trading
  • Scalable Engine

Cons

  • Not beginner friendly
  • Accounts can get ‘randomly’ frozen
  • Slightly higher fees
  • No options for advanced trading

 

How Bittrex Compares to Other Exchanges?

 

Kraken and Bittrex are pretty close in terms of practically everything. They might even seem identical at times. Both now have mobile apps, both are not beginner friendly, both have low fees, and similar trust levels from the cryptocurrency communities. The main difference is that Kraken is slightly older and thus probably a bit more trusted than Bittrex, while Bittrex offers many more cryptocurrencies to trade.

 

When compared to Coinbase, the main differences come in three forms – Coinbase is beginner friendly while Bittrex is oriented towards veterans, the fact that Coinbase offers a lot more payment and sale withdrawal methods, and the disparity between currencies on offer on these two platforms. While Coinbase offers around 40 currencies, Bittrex has over 250. Coinbase is slightly more trusted by the community, but Bittrex is the more secure platform.

 

In comparison to Binance, Bittrex has only a fraction of the users Binance has, making Binance the much more popular platform of the two. The other big difference is the trading fees. Binance has a 0.1% trading fee, while Bittrex goes as high as 0.35% for their lowest trade volume tier. However, as with the other two platforms we compared it to, Bittrex supports a lot more different coins than Binance. There seems to be a pattern here.

 

UX Overview

 

There’s nothing too extraordinary about their UX. It is clean, easy to work with, and fast. You can find and get to what you’re looking for without any trouble. Once you log in, you can browse their market page which looks like this

When you select a market from the menu, you’re then taken to their chart screen which holds all of the information you could possibly need. 

Beginners and newcomers to the industry might find Bittrex’ interface and UX a bit complicated to get around in, but experts and veterans should feel right at home. Bittrex prides itself on its security, but also their custom trading engine that’s fast, reliable, and on-par or better than the industry standard. As previously mentioned, however, Bittrex offers no advanced options for trading so what you see is what you get.

 

It should be noted that there are differences between the two platforms that Bittrex operates under – Bittrex US and Bittrex global. The main difference comes from the fact that Bittrex US shows fewer assets compared to its global counterpart.

 

Bittrex has recently introduced a mobile app as well. It has a similar interface as the website, obviously, but it is a tad more simple to use the main exchange platform.

 

It is clear that they have devoted themselves to making their platform slightly more approachable to the casual users through their mobile app.

 

Reputation

 

As far as reputation goes, Bittrex remains as one of the most reputable and well-known cryptocurrency trading exchanges. They have made an effort to comply with all U.S. regulations that prevent, detect, and remediate illegal behaviour by cryptocurrency developers and users.

There’s also the fact that Bittrex has never been hacked before which proves that their words and boasts about being the most secure exchange platform weren’t empty. As always, however, there are dissatisfied users and customers out there whose issues range from having their accounts frozen for extended periods of time to just being denied registration with no clear reasons as to why. Likewise, it seems that their support team is sub-par compared to other industry-leading platforms. 

 

While Bittrex remains one of the safest, most-secure, and well-reputed platforms out there, it should be said that there was an issue with their regulatory situation in April 2019. Namely, their Bitlicense application was denied by the NYDFS (The New York State Department of Financial Services). Bittrex seems to blame the DFS for not providing proper regulatory guidance as well as claiming that their applications have sat around on DFS’ desk for years. DFS has since come out to say that these statements are not true, and that the reason behind their Bitlince application denial was due to a deficient customer identification program.

 

Supported countries

 

Bittrex US supports all US states for crypto-to-crypto exchanges. The following states are open for fiat trading as well: 

 

  • Alabama
  • Alaska
  • Arizona
  • Arkansas
  • California
  • Colorado
  • Delaware
  • Florida 
  • Georgia
  • Idaho
  • Illinois
  • Indiana
  • Iowa
  • Kansas
  • Kentucky
  • Louisiana 
  • Maine
  • Maryland
  • Massachusetts
  • Michigan
  • Minnesota
  • Missouri
  • Mississippi
  • Montana
  • New Hampshire
  • New Jersey
  • North Carolina
  • New Mexico
  • North Dakota
  • Ohio
  • Oklahoma
  • Oregon
  • Pennsylvania
  • Puerto Rico
  • Rhode Island
  • South Carolina
  • South Dakota
  • Tennessee
  • Texas
  • Utah
  • Virginia
  • Washington State
  • Washington, D.C.
  • Wisconsin
  • West Virginia
  • Wyoming

While Bittrex Global supports most countries internationally, there are a couple that are exempt from the platform due to regulatory issues. These countries are:

 

 

  • Afghanistan
  • Belarus
  • Bosnia and Herzegovina
  • Botswana
  • Burundi
  • Cambodia
  • Central African Republic
  • Congo Democratic Republic of the
  • Côte d’Ivoire
  • Egypt
  • Eritrea
  • Ethiopia
  • Ghana
  • Guinea
  • Guinea-Bissau
  • Guyana
  • Iraq
  • Lao People’s Democratic Republic
  • Lebanon
  • Libya
  • Maldives
  • Mali
  • Myanmar
  • Nicaragua
  • Pakistan
  • Panama
  • Somalia
  • South Sudan
  • Sri Lanka
  • Sudan
  • Trinidad and Tobago
  • Tunisia
  • Uganda
  • Ukraine
  • Vanuatu
  • Venezuela (Bolivarian Republic of)
  • Yemen
  • Zimbabwe

 

Bittrex FAQ

 

What are the fees?

 

As with most other exchange platforms, Bittrex users can expect their fees to go down the more they trade on it. Below you’ll find their current fee table based on the users 30-day volume.

 

 

30 Day Volume (USD) Maker Taker
Under $25k 0.35% 0.35%
$25k – $50k 0.20% 0.25%
$50k – $1M 0.12% 0.15%
$1M – $10M 0.05% 0.15%
$10M – $60M 0.02% 0.10%
$60M – $100M 0.00% 0.08%
$100M + 0.00% 0.05%

 

According to their website, trading fees are incurred when their matching engine fills an order. When it completes, both the buyer and the seller are charged a fee based on the total price of the completed order. Fees may also vary depending on the currency pair that is being traded, the account’s 30-day trading volume, and whether the order filled is a maker or taker. 

When trading with fiat money (USD and the like), Bittrex does not charge fees for deposits or withdrawals. However, your bank might charge fees instead, and you should check with them if and how much they charge.

Does Bittrex require KYC (Know Your Customer)?

Yes, Bittrex requires KYC for registration and trading of cryptocurrencies. They have recently added the ability to trade with fiat money as well, but users must undergo a very strict and extensive verification process in order to do so. 

How do I create an account on Bittrex?

  • Go to Bittrex Homepage
  • Click on the Sign Up icon
  • Input and verify your email
  • Verify your ID
  • Start trading!

 

While users have reported that the ID verification process is long and arduous, everything about Bittrex’ account creation is pretty standard stuff for a reputable cryptocurrency exchange of their level.

 

Is Bittrex regulated?

Bittrex Global is regulated by the government of Bermuda. It has received a Class F Digital Assets Business act licence under the supervision of the BMA (Bermuda Monetary Authority). As for Bittrex Inc, which is based in the US, they have many licences to operate in almost every US state, with a few exceptions. NY, in particular, has denied Bittrex their Bitlicense application in 2019. The full list of US State licences can be found on their website.

Conclusion

 

In conclusion, Bittrex is a safe, trusted crypto exchange platform. It boasts the highest security in the industry and offers the widest selection of markets to trade. Their efforts in trying to entice innovation should not go unnoticed, and their custom trade engine is one of the fastest, most reliable engines available.

While it doesn’t offer the most varied and advanced trading tools, what Bittrex aims to do they do exceptionally well. It now accepts fiat money trading and they have recently also created a mobile app, keeping up with the times. On the flip-side, Bittrex incurs larger than standard fees. Sadly, as seems to be with most platforms, Bittrex isn’t exempt from the bad support trend as many users have reported. There also seems to be an issue where accounts can get frozen seemingly out of nowhere, and the fact that the NYDFS has denied them their Bitlicense in 2019 is a bit concerning. 

 

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