introduction
Bittrex is a cryptocurrency exchange that allows users to buy, sell, and trade supported cryptocurrency. Bittrex presently offers over 300 cryptocurrency trade pairs ( such as ETH-BTC ), but not all cryptocurrencies are available for directly purchase with decree currency ( such as U.S. dollars ) .
We ’ ve reviewed Bittrex ’ randomness platform, fees, exploiter experience, customer service, available crypto, and more to determine if it ’ s a good option for crypto investors and traders.
Reading: Bittrex Review
Investing in cryptocurrencies, Decentralized Finance ( DeFi ), and other Initial Coin Offerings ( ICOs ) is highly hazardous and notional, and the markets can be highly volatile. consult with a stipulate professional before making any fiscal decisions. This article is not a recommendation by The Balance or the writer to invest in cryptocurrencies nor can the accuracy or seasonableness of the information be guaranteed.
company Overview
Bittrex is headquartered in Seattle, Washington, and was started in 2014 by three ex-Amazon cybersecurity engineers, Bill Shihara, Richie Lai, and Rami Kawach. It initially offered alone crypto-to-crypto trade but has since become a “ decree onramp, ” allowing users to buy crypto with decree currency ( such as U.S. dollars ) .
Bittrex is presently lone available to users in 46 U.S. states, excluding Connecticut, Hawaii, New York, and Vermont. While Bittrex is available in the huge majority of countries, there is a decently farseeing list of exclude countries on its web site .
Bittrex applied for an manoeuver license with the New York Department of Financial Services ( NYDFS ) but was subsequently denied for not meeting the capital, complaisance, and due application requirements for adding cryptocurrency to its platform. Bittrex prioritizes exploiter security, employing two-factor authentication and providing multiple controls to help keep accounts condom. In accession to its full-bodied security features, it besides offers advanced crypto chart, several order types, and relatively low trade fees compared to early crypto exchanges .
Cryptocurrencies That Trade on Bittrex
Users can access a wide range of cryptocurrencies on Bittrex, including Bitcoin ( BTC ), Ethereum ( ETH ), Dogecoin ( DOGE ), Cardano ( ADA ), Litecoin ( LTC ), and Chainlink ( LINK ). The platform supports over 300 trade pairs, and you can besides browse its complete list of back assets .
Some popular cryptocurrencies are not presently available on Bittrex. At this time, the central doesn ’ thymine support Ripple ( XRP ), whose parent party is under investigation by the U.S. Securities and Exchange Commission and Solana ( SOL ) .
trade have
Bittrex makes it easy for users to buy or sell crypto. It offers a simple exploiter interface, and you can choose to purchase crypto with your checking account, debit calling card, or Bittrex account libra. There are no extra fees for these purchases on top of the chopine ’ s standard trade fees, which we ’ ll hash out below .
Those who want to trade crypto on Bittrex can access more than 300 trading pairs ( such as ETH-BTC ). The chopine besides offers advanced graph tools, survive order books, and respective orderliness types. This includes limit, stop, OCO, and trailing orders, a well as ladder orders. These features can make it a thoroughly option for have traders .
trade crypto on Bittrex may be besides advanced for modern crypto traders.
Fees
Bittrex doesn ’ thyroxine commit supernumerary fees for using debit cards like some platforms, and its maker-taker tip model offers humble fees for high-volume trade .
Bittrex trade Fees
Bittrex charges fees based on a maker-taker model. When a user places an order that ’ second filled immediately, they are considered a “ taker ” and are charged a taker fee. When a drug user places an order that ’ mho entered in an order record ( until a equal is found ), they are considered a “ manufacturer ” and are charged a manufacturer fee .
sum fees are based on account transaction volume, with fee discounts available for accounts with high trade volumes .
here is a breakdown of the Bittrex fee structure :
| 30- Day Volume (USD) | Maker | Taker |
|---|---|---|
| Less than $25,000 | 0.35% | 0.35% |
| $25,000 – $50,000 | 0.25% | 0.30% |
| $50,000 – $100,000 | 0.15% | 0.25% |
| $100,000 – $1 million | 0.10% | 0.20% |
| $1 million – $5 million | 0.06% | 0.16% |
| $5 million – $10 million | 0.05% | 0.15% |
| $10 million – $60 million | 0.02% | 0.10% |
| $60 million – $100 million | 0.00% | 0.08% |
| $100 million + | 0.00% | 0.05% |
security
Bittrex offers respective advanced security features to help protect users ’ crypto assets, including two-factor authentication and wallet whitelisting. Its cold storage arrangement is besides covered by digital asset insurance, which can help recover lost funds in the case of a cyberattack .
here are a few of the security features offered by Bittrex :
- Two-factor authentication: Bittrex uses two-factor authentication (2FA) via Google Authenticator, which is generally considered more secure than SMS 2FA.
- Whitelisting approved wallets: Bittrex users can set up wallet whitelisting, which means that you can only withdraw funds to wallet addresses you’ve approved. This helps prevent would-be scammers from withdrawing funds to their wallets.
- Cold Storage: Bittrex keeps most of its crypto balances in “cold storage,” meaning the cryptocurrency is not accessible via the internet.
- IP Address Whitelist: Bittrex allows users to whitelist specific IP addresses, meaning that only authorized devices (mobile or computer) using specific IP addresses can access the account. This helps prevent outside attackers from logging in to user accounts.
- Disable Account Email Link: Users can disable their account with a single click using a link provided via email. This email is sent when a user from a new IP address logs into your account.
Opening a Bittrex Account
Signing up for Bittrex is simple. You can create a barren report using your electronic mail address and a password. After that, you ’ ll motivation to verify your electronic mail address and secure your report with two-factor authentication for an extra layer of protection. You will besides need to verify your identity after securing your account .
Bittrex follows Know Your Customer ( KYC ) standards, which are designed to prevent deceitful and condemnable activity and help provide transparency around who is using the exchange. This requires verifying your identity with a government-issued photograph ID, deoxyadenosine monophosphate well as providing your Social Security number or ITIN. This is required for all accounts before users can buy, sell, and deal crypto on the platform .
Customer Service
Bittrex offers e-mail back, the ability to open support tickets, and an automatize chatbot to help users find answers to specific questions. Bittrex besides created a support Twitter history to assist users, though it doesn ’ t provide earphone or live chat support at this time.
In addition to its hold features, Bittrex offers an across-the-board library of aid articles on its corroborate site and a decent total of educational content on the Bittrex web log .
Customer Satisfaction
Bittrex has received respective customer complaints, by and large related to its explanation confirmation process and users being locked out of their accounts. This can be identical concerning for users that are ineffective to withdraw funds from the score. In general, accounts may be locked if they ’ re flagged for leery bodily process, or a drug user doesn ’ thymine pass account verification .
Bittrex offers support primarily via electronic mail and besides via old world chat automaton, which can frustrate users seeking immediate aid. While Bittrex offers account security and a wide range of crypto to choose from, users should not deposit any funds into an account before KYC verification has been completed, or those funds may be locked from secession .
There are no formal evaluation agencies for cryptocurrency exchanges. All user reviews are self-reported and may not be 100 % accurate.
Account Management
Bittrex is an on-line exchange that allows users to buy, sell, and trade crypto on desktop and mobile devices. Users can log in through a web browser to access their history splashboard, deposit funds, or make trades .
Bittrex besides offers a mobile app that mirrors its web-based score functionality. Users can make purchases, stead trades, and retire funds through the app. Advanced graph and orders are besides available, which can be ideal for know crypto traders .
How Bittrex Compares to other Cryptocurrency Companies
Bittrex is a adequate option for active voice crypto traders that prefer gloomy fees and promote order types. The platform besides emphasizes security, allowing users to whitelist wallet and IP addresses .
The platform offers over 300 crypto trade pairs and while not every cryptocurrency is available for target buy, there is a capital choice for instantaneous buying a well. here ’ s how Bittrex compares to another big crypto exchange in the U.S .
Bittrex vs. Kraken
Both Bittrex and Kraken are U.S.-based cryptocurrency exchanges with robust security features and relatively low fees. Both exchanges are aimed at active traders, offering advanced chart tools and crypto pair deal .
Both Bittrex and Kraken offer a draw of order types, but Bittrex offers more specialized options including ladder and trailing orders. however, Kraken provides the ability to trade with leverage and entree to futures trade, which Bittrex doesn ’ thymine offer at this time .
here are a few early differences between Bittrex and Kraken :
- Bittrex allows users to whitelist IP addresses for device access to accounts.
- Kraken offers margin trading to U.S. investors (users must have over $10 million in investable assets to qualify).
- Bittrex doesn’t charge additional fees for deposits via debit card, while Kraken charges 3.75% + €0.25.
- Kraken offers access to over 100 crypto assets for direct purchase, while Bittrex offers over 80.
Bittrex offers relatively gloomy fees and a procure means to purchase Bitcoin and other popular cryptocurrencies. Kraken offers more crypto assets for calculate purchase and has lower overall trade fees than Bittrex, which could make it a better choice for active crypto traders .
Final verdict
Bittrex is a centralize crypto substitute oblation advanced order types and other features that may appeal to feel traders. While not every cryptocurrency is available for mastermind buy, a dependable choice is offered and they are making more available. It doesn ’ deoxythymidine monophosphate charge fees for funding exploiter accounts with a savings bank account or debit wag .
Bittrex places a potent stress on user security, protecting user accounts with two-factor authentication and optional IP address whitelisting. It besides keeps most digital assets in offline “ cold repositing ” and requires multiple levels of authentication before users can withdraw crypto .
Bittrex has some hapless user reviews that note drawn-out account lockouts and poor customer service response times. This may be cause for refer, particularly for those disquieted about losing access to their crypto .
overall, Bittrex is a decent choice for active traders interested in advance ordain types and relatively low fees. While it could be suitable for new crypto investors, inexperienced traders may feel overwhelm with its interface. Another switch over might be a better option for those just getting started in crypto.
methodology
The Balance is dedicated to helping those matter to in cryptocurrency investing induce informed and safe decisions. We are committed to providing our readers with indifferent reviews of the top cryptocurrency exchanges for investors of all levels .
Exchanges were reviewed on points including security, fees, number of cryptocurrencies available, and more. We besides considered if the commute is regulated by a proper agency or wholly decentralized. Our wax cryptocurrency exchange methodology, including the datum collection and review processes and weighted data points, is available for review .
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Article Sources
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- NYDFS. “ DFS Denies Application of Bittrex. ”
- U.S. Securities And Exchange Commission. “ SEC Charges Ripple and Two Executives With Conducting $ 1.3 Billion Unregistered Securities Offering. ”
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