Bittrex (also called “Trex”) is one of the popular worldwide crypto exchanges with lots of trading pairs.
It has been in the industry for over 7 years, and it is currently a major competitor of Binance.
In this review, I will walk you through the Bittrex trading platform and how to trade profitably on the exchange.
Are you ready? Let’s get started!
Post Summary
- Bittrex overview
- Features
- Services Offered by Bittrex
- Supported Currencies, Payment Methods, and Supported Countries
- Transaction Fees, Limits, and Verification Requirements
- Customer Support/Public Opinion
- Bittrex Vs Other Exchanges
- FAQ
- Conclusion
All set?
Now, let’s power up the grit and take a deep dive into Bittrex!
1. Bittrex Overview
Bittrex is a fully registered and licensed company under the financial regulatory body – Bermuda Monetary Authority.
The company launched in 2014, and it is currently headquartered in Liechtenstein and Bermuda.
It is a crypto exchange founded by three cybersecurity experts; Bill Shihara, Richie Lai, and Rami Kawach. All previously worked as security engineers at Amazon.
Bittrex is a world-class crypto exchange built with multiple layers of security.
It offers a very advanced trading platform and secured wallets for a range of cryptocurrencies.
As it is always the pinnacle of every crypto exchange, Bittrex was designed to be highly scalable; providing 24hr uptime transactions without delay.
Today (Feb 4, 2020), Bittrex ranks #11 on “Coinmarketcap” with 24hr volume trade of $273,598,621; making it one of the biggest players in the crypto-verse.
Bittrex started off as a crypto-to-crypto exchange but introduced support for fiat in 2018.
Want to learn more about Bittrex? Scroll down.
2. Features
You may ask, what makes this Bittrex exceptional?
See below!
- Intuitive UI
- Mobile app
- A plethora of trading pairs
- Range of cryptocurrencies
- Highly secure
- High trade volume
- Multiple payment methods
3. Services Offered by Bittrex
Bittrex offers these four services;
- Instant Buy/Sell
- Market
- Wallets
- Bittrex API
Instant Buy/Sell
Bittrex now offers brokerage services. You can instantly buy or sell a range of cryptocurrencies for fiats.
To buy/sell on Bittrex;
- Go to Bittrex.com and click on “Instant Buy & Sell”
- From the dropdown menu; select the crypto you want to buy or sell, and the fiat you want to pay with.
- Review your purchase
- Click on “purchase (your desired crypto) now”.
Market
Bittrex has a very solid platform for spot trading of a variety of crypto assets.
The trading pairs on the exchange include;
- 3 crypto markets (BTC, ETH, USDT)
- 2 fiat markets ( EUR, USD)
- Tokenized Stocks
- Recently Added (for newly listed coins)
You can trade a host of assets against these markets above.
Wallets
Bittrex offers users highly secure custodial wallets – users’ funds are stored in a cold storage multisig wallet.
Bittrex API
In addition to the services provided on the platform is the Bittrex API.
Bittrex allows algorithmic traders and third-party platforms to build their own exchange using its API.
Taking a further dive, let’s get to the next subheading!
4. Supported Currencies, Payment Methods and Supported Countries
Supported Currencies on Bittrex
Bittrex supports hundreds of digital currencies and 2 fiat currencies (EUR, and USD). It also has a vast array of cryptocurrency trading pairs.
A unique feature on the list of Bittrex-supported currencies is the “Tokenized stock“- digital coins representing equity shares of a company.
This is not typical of what we have in most popular exchanges like Binance.
Take a look at the supported currencies below;
Payment Methods
- Bank Transfer
- Wire Transfer
- SEPA Transfer
- Cryptocurrencies
Bittrex has restrictions on the deposit of fiats based on countries.
The table below shows a list of countries not qualified to deposit EUR.
You can deposit USD, if you are in the US region listed in the table below;
Supported countries
Bittrex is a Global exchange and it supports every country around the globe.
However, it placed a ban on some countries due to certain regulatory requirements.
These are some of the restricted countries on Bittrex;
- Ghana
- Guinea
- Guinea-Bissau
- Guyana
- Iraq
- Lao People’s Democratic Republic
- Lebanon
- Libya
- Maldives
- Mali
- Myanmar
- Nicaragua
- Pakistan
- Panama
See the rest here.
Let’s talk about the Bittrex fee below…scroll down!
5. Transaction Fees, Limits and Verification Requirements
Transaction Fees
Bittrex Trade fees | Bittrex Deposit/Withdrawal fee
- Bittrex Trade fees
Fees on Bittrex vary by the pair of currency being traded, your 30-day volume trade, and whether you are a “maker” or “taker”.
Who is a Maker and Taker?
- A Maker is someone who brings liquidity to the exchange by placing an order to buy below the market price or sell higher than the market price. A Maker and a taker can be a buyer or a seller.
- A Taker is one who buys or sells from the given prices on the order book.
Bittrex charges a trading flat fee of 0.35%.
You can see the rest of the fees based on your 30-day volume trade in the table below.
- Bittrex Deposit/Withdrawal fee
0% deposit/Withdrawal fee
Bittrex does not charge Deposit/Withdrawal fees, but network fees and bank charges may apply.
Limits
The limits on Bittrex are as follows;
- Trade Limit: This limit applies to the currency value (either fiat or crypto) for placing each trade.
- Deposit and Withdrawal Limit: This limit applies to the amount of crypto or fiats, that you can transfer into or out of your Bittrex’s wallet.
| Deposit & Withdrawal Limit (per transaction) | (For Cryptos) Min: Varies from crypto to crypto but should be enough to cover for transaction fee. Max: None (For USD) Corporate account – Min. Deposit: None Min. Withdrawal: $10 Max (for both): None Personal account – Min. Deposit: $50 Min. Withdrawal: $10 Max. (for both): None (For EUR) Min. Deposit: 20 Euros Min. Withdrawal: 10 Euros |
- Order Limit: This limit applies to orders that affect the current price of an asset, and also, the number of trades you can place in a day.
Bittrex Verification Requirements
Verification on Bittrex is compulsory, and every user must verify their account before they can be given access to their dashboard.
Users operating a Personal account are verified with the following;
- ID Cards, Passport, Drivers License
- Selfie
You can find how to go about your account verification here if you are opting for a corporate account.
Next, I will be talking about Bittrex customer support…keep reading!
6. Customer Support and Public Opinion
For further enquiries or issues, the team at Bittrex can be contacted via,
- https://t.me/s/bittrexglobal
- https://twitter.com/BittrexGlobal
- https://www.facebook.com/BittrexGlobal/
- https://bittrex.slack.com/
You can equally send a support ticket using the website or your mobile app. By doing so, Bittrex will get back to you within 24hrs or in 48hrs.
- Public Opinion
Trustpilot is one of the commonly used parameters for judging a company’s performance via users’ reviews. Bittrex has a “Bad” star rating of 1.7 on Trustpilot.
So far, users’ review of Bittrex is not that encouraging!
The bad reviews of Bittrex by users are prominent on 2 social media platforms; Trustpilot & Facebook.
On these two social media, users complained heartedly about the terrible (or no response) support system, loss of funds, and account disabling.
A thing to note about the support system is that Bittrex is a big exchange. As typical of such big exchanges, it’s a bit overwhelming to respond to every support ticket immediately.
But then, these complaints are denting, and I think Bittrex should look into them squarely for a better user experience.
However, Bittrex can still improve on that by integrating live support (just like OKEx) for immediate response to users’ queries.
Bittrex Vs Other Exchanges
Bittrex Vs Binance
These two exchanges are popular global exchanges with good repute, high levels of liquidity and trade volume.
However, Binance is beyond compare when it comes to trade volume as it currently does over $50 billion in daily trade volume (Coin Market Cap).
Binance was launched in 2017 by Changpeng Zhao.
Although Bittrex was launched earlier, Binance soon rose to become the largest crypto exchange in the world.
Binance has a lot of advanced crypto trading services not offered on Bittrex, including, Derivative Market, Smart Chain, Binance Earn, and so many others.
Also, Binance supports more coins and has a much lesser trading fee than Bittrex.
Nevertheless, these exchanges are counted big in the global market and each has a unique functionality.
Read the full comparison here.
Bittrex Vs OKEx
OKEx founded by Star Xu in 2014 is also one of the biggest exchanges in the world.
It is currently (Feb. 15, 2021) placed at no.15 as the “Top Cryptocurrency Spot Exchanges” with over $4 billion daily trade volume on Coinmarketcap.
OKEx is a very user-friendly exchange with a range of advanced trading tools, unlike Bittrex.
To make it more pleasing, OKEx has an active support channel and has support for over 29 fiat currencies.
Bittrex, however, has more markets and more trading pairs than OKEx.
Read the full review of OKEx here.
Learn How To Trade
If you want to learn how to trade cryptocurrencies profitably, sign up for free on Afibie.
You can join our Telegram channel, where we hold live sessions and give trade signals.
7. Conclusion
Bittrex is one of the famous exchanges in the crypto space that can boast of near-flawless security and a great number of asset pairs.
Now, that’s it on this review, it’s time to get your opinion.
So tell me…
Have you used Bittrex before? If yes, let me know what you think about it in the comment box.
Do you think Binance is a better platform?
Or maybe you have a question for me.
Whichever it is, I would love to hear from you in the comment section.
Don’t forget to hit the share button below… Cheers
Also read;
Warning for all!
Bittrex will allow you to deposit altcoins and will then disable your account not even letting you withdraw.
They Has disable thousands of accounts without any prior warning, nor any proper explanation afterwards.
And they had liquidity problems recently
Take your money out of the Bittrex before it’s too late or you get nothing.