Bittrex Review: Comparison with top crypto exchanges
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Bittrex is one of the few crypto exchange platforms that have been in existence for a long time. The platform was launched in 2014, and it has since then commanded its fair share of the cryptocurrency market space. Today, Bittrex is primarily known for its incredibly low trading and transaction fees, alongside other desirable features such as a broader range of order types.
As of this writing, Bittrex does not offer the lowest trading fees in the crypto market; however, their fees are considerably affordable, and most cryptocurrency traders are essentially comfortable with their pricing models.
Bittrex review recommends the Bittrex exchange to professionals who take part in trading activities daily. Essentially, the platform offers a broader range of technical material that allows advanced traders to be more comfortable executing their trades.
There have been many negative Bittrex reviews from Bittrex account holders over the past few years. Essentially many users find it challenging to verify their identity with the platform, leading to several problems during the account creation process.
Similarly, a fair share of the customers’ feedback indicates that the platform’s customer service standards are undesirable, as many clients are made to wait long hours for their issues to be sorted out. However, the relatively unpleasant customer experience can be attributed to the lack of phone and live chat support that is often quick and preferable.
However, the Bittrex cryptocurrency exchange platform is available in nearly all corners of the world, making it one of the most globally accessible exchanges in the market. As of this writing, in February 2022, the Bittrex exchange is available in over 190 countries worldwide, including the United States.
Similarly, in the United States, the Bittrex exchange can be accessed from 46 different states, while it has restrictions in Vermont, Connecticut, New York, and Hawaii.
Despite the few negative comments on the Bittrex cryptocurrency exchange, the platform is home to several cryptocurrencies for crypto traders to choose from. It offers a wide variety of trading pairs that allow for flexible trading on the platform.
Overview of Bittrex exchange
Image Source: Bittrex
This Bittrex review contains some of the demerits and merits of the platform to make readers understand, in detail, how the platform works and if the platform may be a fantastic option.
Depending on the preferences of the crypto trader, the Bittrex cryptocurrency exchange can offer the most optimal experience. Owning a Bittrex account is pretty simple, and for more advanced users, the platform offers some desirable features suitable for professional crypto traders.
Although technical trading tools are abundant on the Bittrex platform, it is one of the few trading platforms that do not offer margin trading.
Margin trading is a type of advanced trading often popular amongst advanced cryptocurrency traders. Therefore, the lack of this feature may be a significant turn-off to most professionals.
Besides the lack of margin trading, the Bittrex fees are reasonably competitive. It offers a wide range of trading pairs that can be executed through advanced order types such as trailing stop, stop limit, and laddered orders, among others.
Like most cryptocurrency exchange platforms, the Bittrex exchange provides a tiered fee structure that rewards high-volume traders with more discounts. The details of the current fee structure shall be discussed later in this Bittrex review.
What is Bittrex Exchange
The exchange was created in 2014 and has been in operation since then. The Bittrex exchange has a 10/10 rating, according to Coingecko, and it qualifies among one of the most trusted exchanges today.
The company was founded by Richie Lai, Bill Shihara, and Rami Kawach – who are both engineers. The exchange is domiciled in Seattle and is available in 46 states in the United States and 190 plus countries around the world, giving it an incredible global presence.
The Bittrex account holders know that the Bittrex exchange is famous for crypto to crypto trading pairs. Unlike other exchanges, this platform did not offer any form of fiat trading.
The exchange was purely cryptocurrency-based, and most price makers and takers had to interact with two cryptocurrencies to buy or sell on the platform.
However, there has been an increasing demand for fiat-based trading pairs, especially for beginner traders who have difficulty mastering crypto to crypto trade.
As a result, the Bittrex exchange recently launched a feature that allows fiat to crypto trading and vice versa. However, the feature is relatively new, and most trading activities still take place as crypto-to-crypto. There are still limited options for fiat-crypto trading pairs. However, the crypto exchange is increasing fiat-crypto pairs to accommodate traders who prefer to use these trading pairs.
Bittrex Exchange performance – 2022
Image Source: Bittrex
The Bittrex global accessibility is one of the principal outstanding features of the platform. The platform has few restrictions around the world. In the United States, its usage is restricted in only 4 states. However, since its launch, the platform has steadily continued to grow till February 2022-as of this writing.
The platform did not offer dollar trading for a long time; however, the crypto exchange platform has embraced customer demands and incorporated fiat trading pairs for interest parties.
In 2022, the platform has a reported trading volume of about $66.3 million, with a trust rating of 10/10 on Coingecko. It is currently ranked at #15 by trading volume.
Currently, the Bittrex fees are considerably lower, and trading crypto is arguably easy using the platform. The platform currently has over 360 listed cryptocurrencies that combine popular and less popular tokens.
The platform, however, is still famous for crypto to crypto trading pairs with limited pairs available under the fiat-crypto trading pairs. Therefore, crypto enthusiasts with particular interests in fiat-based trading should consider other exchanges.
So what are some of the distinctive features of the Bittrex exchange, and how does it differ from other renowned exchanges in 2022. Below is a thorough analysis of the Bittrex platform and its features.
Features of Bittrex Exchange
Most crypto exchange platforms like the Bittrex platform strive to create a niche. However, since most exchanges offer similar services and have the same target market, it is often challenging to stand out among crypto exchanges.
Bittrex exchange has, however, managed to set a niche for itself. Although it currently strives to serve the interest of all crypto traders, it is evident that its focus is on crypto-to-crypto trading pairs.
For a long time, the platform offered only crypto to crypto trading pairs; however, recently, the Bittrex team decided to incorporate fiat currencies as a means of accommodating interests from other traders.
Let’s analyze the Bittrex features and what it is known for.
Transaction and trading fees
Crypto investors are often concerned with payment methods, currencies available, and the transaction and trading fees charged on a particular trading platform. These factors are directly related to a trader’s overall income, and often crypto investors aim to take advantage of all the discounts available to them to reduce trading expenditures.
Bittrex is renowned for its relatively low trading fees. It employs a popular discounting model that rewards users with more trading volume by issuing higher discounts on trading fees.
On the platform, the maker and taker fees are different except for crypto traders with less than $25,000 trading volume within a 30-day period who are charged 0.35% for both price makers and price takers.
For traders who record higher trading volumes, the percentages fall consistently for both makers and takers. Generally, price-makers are charged less than price takers on the platform. Below is a detailed guide on the fee structure as of February 2022.
| Bittrex Trading Fee Structure for 30-day Trading Volume | Maker | Taker |
| $25,000 and below | 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 and above | 0.00% | 0.05% |
Crypto-to-crypto trading pairs
As of this writing, the Bittrex exchange is home to over 360 cryptocurrencies with nearly 200 different trading pairs for cryptocurrency trades to choose from. However, cryptocurrency trading on the platform is considered advanced due to its interface, and its crypto-to-crypto trading pairs are often advanced to novice traders.
However, the trading pairs available have proven to be a favorite for advanced cryptocurrency traders, who often do not prefer currency pairs. There are benefits to trading crypto to crypto pairs in cryptocurrency trading that are often complex to beginners due to the volatility on both sides of the trading pair.
Image Source: Bittrex
Bittrex comparison with other exchanges
As mentioned earlier in this Bittrex review, the exchange platform is ranked #15 on Coingecko and has over 360 coins available for cryptocurrency trading on its platform. However, there are several other concerns for both beginner and advanced users when choosing the appropriate exchange for their trading needs.
In this section, we analyze the different features of the Bittrex exchange compared to other exchanges in this category to help readers make an informed choice. Some significant concerns when deliberating on crypto exchanges include the security of the platform, supported tokes, liquidity, and customer support, among others. Below is a detailed review of how Bittrex compares to others in some of these areas of interest.
Customer support
One significant challenge crypto holders and traders face poor customer service from the platforms. Many exchanges handle a wide range of issues and often find it challenging to respond promptly to client inquiries.
However, some exchange platforms perform better than others in this sector with enough avenues set in place to assist their clients. Arguably, the Bittrex platform has received negative reviews on its customer service.
Users of the platform complain about slow response time. Notably, crypto users prefer real-time assistance as some established exchanges offer live chat support that has proven to be extremely useful. On Bittrex exchange, clients can only contact the customer service team using their official Twitter support account, Email support, automated chatbot support, and customer support tickets.
Trading experience
Many cryptocurrency traders are concerned about the quality of their trading experience on a particular platform. The Bittrex exchange platform provides a seamless trading experience that is often suitable for advanced traders.
Due to their crypto-to-crypto trading pairs, the platform requires advanced technical analysis to trade two volatile assets. The expertise required is often above the technical know-how of beginner traders, and therefore, many beginners are advised to start other cryptocurrency exchanges.
Security features
The Bittrex exchange is equipped with advanced technology that, according to them, guarantees the security of customers’ deposits. The platform has several security features, including two-factor authentication and IP address safe listing that helps in security accounts.
Additionally, the platform provides features such as safe listing approved cryptocurrency wallets and the ability to disable account email links which enhances the security of the accounts.
Unlike some exchanges, nearly all cryptocurrency deposits on the Bittrex exchange are stored safely in safe cold wallets, which has also been much safer than the prevalent hot wallets used online.
Liquidity
According to Coinmarketcap, the Bittrex exchange platform has a 24 hr trading volume of about $71,212,773.74, translating to nearly 1900 BTC. The platform has a rating of 6.1. It has a liquidity score of 415, which places it among the most liquid exchanges in the cryptocurrency market today.
Trading fees
There are different types of accounts on the Bittrex platform, and each account is subject to different limitations. For withdrawals, the accounts are limited, and the new/unverified account cannot withdraw BTC. However, users can withdraw up to 4 BTC and 100 BTC per day for the primary and enhanced accounts, with 2 FA activated on the respective accounts.
The trading fee structure at Bittrex charges 0.35% for those accounts with $25,000 worth of trading volume within 30 days or less. The exact rate applies to both price makers and takers.
The hierarchy gradually reduces with the increase in trading volume, with accounts trading above the $100 million mark charged 0.00% for the price maker and 0.05% for the price takers.
However, it is essential to note that Bittrex and Bittrex Global are different and charge different fees. Bittrex Global is not available to US citizens, and below is a breakdown of the fee structure.
| Bittrex Global Trading Fee Structure for 30-day Trading Volume | Maker | Taker |
| $5k and below | 0.75% | 0.75% |
| $5k to $10k | 0.50% | 0.50% |
| $10k to $25k | 0.35% | 0.35% |
| $25k to $100k | 0.20% | 0.025% |
| $100k to $1 million | 0.12% | 0.18% |
| $1 million to $10 million | 0.05% | 0.15% |
| $10 million to $60 million | 0.02% | 0.10% |
| $60 million to $100 million | 0.00% | 0.08% |
| $100 million and above | 0.00% | 0.05% |
Supported cryptocurrencies
At the time of this writing, the Bittrex platform – available both on the website and through the mobile app, provides nearly 360 different cryptocurrencies to choose from. The platform, however, is known to promote crypto to crypto trading pairs, which is considered complex to beginners. However, there are several trading pairs in the platform, which is relatively more than the average exchange platform in the crypto space today.
Global outreach
The Bittrex platform is available in over 190 countries across the globe with limited geographical restrictions. In essence, the Bittrex user accounts can be accessed from nearly all parts of the globe, giving its users the desired freedom.
In the United States, the Bittrex exchange is accessible in 46 states countrywide and only restricted in four states, including New York, Vermont, Connecticut, and Hawaii. However, recently the Bittrex team made applications to operate in New York. However, it was turned down – which is a clear indication that the team is still striving to attain higher levels of global availability.
Services offered
Bittrex is strong in Dubai
Dubai has been impartial about crypto regulations, which is why it has not created so much controversy in the market. However, these new indications will participate and could be the next country to promote cryptocurrencies and Bittrex is correctly entrenched,
DeFi token trading
The exchange tweeted free DeFi token trading until 2021 with UMA, Aave, Balancer, Ren, Kyber Network, Band Protocol, and YF Link. A previous announcement identified popularly-traded company shares, including Tesla (TSLA), Facebook (FB), Amazon (AMZN), Google (GOOGL), Netflix (NFLX), Apple (AAPL), Alibaba (BABA), and five other stocks among those listed. The cryptocurrency users will be able to trade the assets without paying an additional fee or using an external broker. The stock trading service will be available all hours and days in a week, according to Bittrex
Delisted cryptocurrencies
Bittrex is one of the crypto exchanges that have delisted Ripple’s native token on their platform due to the litigation between the Securities and Exchange Commission (SEC) and Ripple in January 2021. It has also announced in the same news that it would stop trading Monero, Zcash, and Dash. In recent times, there has been a lot of crackdown on privacy coins by the authorities as they believe that the asset is being used to perpetrate illegal activities.
Chainalysis partnership tracks suspicious trading activity
Bittrex and Chainalysis have joined hands together to develop real-time transaction monitoring software called Chainalysis KYT (Know Your Transaction) to track suspicious trading activity on the Bittrex platform. With Chainalysis KYT providing the shield over Bittrex transactions, the platform’s security quotient will go up.
Crypto manipulation lawsuit
According to the filing, the two digital currency exchanges, Bitfinex and Tether received USDT transfers, which enabled the lead defendants to sell unbacked stablecoins as crypto-commodities on their platform. This spiked the USDT prices, causing damages worth $1.4 trillion, as the plaintiffs claimed in the initial crypto manipulation lawsuit. The same charge was amended to include Bittrex and Poloniex.
Respondent to $1Million SIM hack
The hacker uses a person’s mobile phone to pillage their crypto accounts that are managed online through the device. The SIM swap occurred at cellular carrier AT&T while the pillaged accounts were hosted by Bittrex. The hacker took control of the victim’s online identity and used it to raid his digital assets. The legal examiner at the Department of Financial Institutions noted that Bittrex indeed failed to “take reasonable steps” to counter the activity. He also pointed out that the exchange “appears” to have violated its term of service in a signed letter.
Cryptopolitan’s Verdict
Based on the directions discussed above, it is evident that Bittrex is one of the most persistent exchanges in the market today. Since it has withstood all the market turmoil since 2014, the platform is among the very few with a proven track record of impeccable security features.
Besides the extraordinary security measures employed, the platform also boasts unique trading pairs that advanced traders often use. It has established itself as one of the go-to exchanges for an advanced and professional trading experience.
Following the complaints about their customers’ service, the Bittrex team should improve their quality of customer service, and it sure can be one of the perfect exchanges for experts.
The Bittrex review exposes a significant number of positive features of the platform. These features make the platform suitable for advanced users with adequate knowledge of cryptocurrency trading.
Due to its relatively mediocre customer support with no access to live chats and phone support, the platform lags behind industry leaders who offer at least live chat services. Cryptocurrency exchanges often differ transaction fees, currencies supported, registration processes, and many others, including withdrawal limits.
Today, the Bittrex platform has a good performance in all these areas except for the ease of use and customer support. However, investors need to research when determining which exchange to use. Investing in cryptocurrencies has always been a high-risk venture, and interested parties are advised to invest diligently.
FAQs about Bittrex
Some common questions about the Bittrex exchange have been discussed below to further assist investors in making informed decisions on the preferred crypto exchange.
Is Bittrex trustworthy?
Yes, Bittrex is one of the few cryptocurrency exchange platforms with the highest security features. Their deposits are stored in cold wallets, making them more secure. User accounts are also guarded by 2-factor authentication, IP address monitoring, and safe wallet listing, among others, to enhance user account security.
Can US citizens use Bittrex exchange?
Yes, a majority of US citizens can access the Bittrex exchange. In essence, only residents of four states cannot use Bittrex at the moment. These states are New York, Hawaii, Vermont, and Connecticut.
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