Bittrex Review 2024: Is Crypto Exchange Safe?

Cryptocurrency is quickly becoming a popular investment option, but with so many exchanges to choose from, it can be overwhelming to know where to start.

Bittrex is a well-established platform that offers a range of features, including advanced charting tools, low trading fees, and a vast selection of cryptocurrencies to choose from.

With over a decade of experience, the Bittrex team has established itself as a trusted source for cryptocurrency trading. In this review, we’ll delve deep into the features, benefits, and drawbacks of Bittrex to help you determine if it’s the right platform for your cryptocurrency needs.

So, let’s get started!

Bittrex

Amit Chahar

Trading crypto is a breeze, thanks to Bittrex’s intuitive global platform and high security. It’s like having a personal crypto trading assistant in your pocket! 🚀

Fees

50%

Features

60%

Security

90%

Ease of Use

70%

Summary

Bittrex is a popular cryptocurrency exchange based in Seattle, USA, that allows users to trade over 500 cryptocurrencies with high trading fees, advanced security features, and a user-friendly interface. It was founded in 2014 and is registered with the Financial Crimes Enforcement Network (FinCEN) as a Money Services Business (MSB).

67.5%

Bittrex Global Exchange: Key Specifications

Bittrex Crypto Exchange Overview

Bittrex is a popular cryptocurrency exchange that was founded in 2014. The platform allows users to buy and sell a wide range of cryptocurrencies, including Bitcoin, Ethereum, Litecoin, and more.

One of the key features of Bittrex is its robust security measures. The platform employs two-factor authentication, IP whitelisting, and other security measures to protect user funds.

Bittrex also offers a range of trading tools and features, including advanced charting, order types, and market analytics. These tools can be useful for both novice and experienced traders.

The platform is also known for its high trading volume, which can provide traders with greater liquidity and tighter spreads. Additionally, Bittrex has a large user base, which can provide traders with access to a wide range of trading pairs.

Bittrex Hack

1. In May 2019, Bittrex experienced a security breach.
2. Hackers gained access to a Bittrex employee’s account and stole 12 Bitcoin (BTC), worth around $80,000 at the time.
3. Bittrex stated that no customer funds were affected by the hack.
4. The exchange said it would be implementing additional security measures to prevent similar incidents in the future.
5. Bittrex offered a $1 million reward for information leading to the arrest and conviction of those responsible for the hack.

Pros and Cons

Related: Best Fiat-to-crypto Exchange

Bittrex Supported Cryptocurrencies

As of writing Bittrex Review, It has listed 573 cryptocurrency projects for trading purposes, ranging from popular ones like BTC to lesser-known Altcoins.

The platform offers a total of 952 markets for users to explore, putting it on par with other leading exchanges such as Binance, OKX, and the MEXC Global Exchange. Here are some popular digital assets supported by Bittrex-

1. Bitcoin (BTC)
2. Ethereum (ETH)
3. Litecoin (LTC)
4. Ripple (XRP)
5. Bitcoin Cash (BCH)
6. Cardano (ADA)
7. Dogecoin (DOGE)
8. Polkadot (DOT)
9. Chainlink (LINK)
10. Stellar Lumens (XLM)

Bittrex Fiat and Payment Methods

The exchange accepts bank transfers, credit and debit cards, ACH, SEPA, Google pay, and cryptocurrency as payment methods. Bittrex only accepts a limited number of credit and debit cards, so it’s essential to check if your card is accepted.

It supports several fiat currencies, including USD, EUR, GBP, and CAD, for deposits and withdrawals. However, it’s worth noting that the availability of these currencies may vary based on the user’s location and the payment method used.

Bittrex Fees Review

Trading Fees

Bittrex charges a standard trading fee of 0.75% for both makers and takers on all trades. However, the fee may be lower for high-volume traders who have achieved VIP status on the platform. VIP status is awarded based on the user’s trading volume over a 30-day period.

Costs for Bittrex investors start at 0.35% per trade for US consumers and at 0.75% for international clients (which is Bittrex Global). Orders placed using the quick buy and sell option are not subject to standard trading fees.

Deposit and Withdrawal Fees

Bittrex doesn’t charge any fees for deposits made via bank transfer or cryptocurrency. However, credit and debit card deposits may incur a fee depending on the user’s location and the card issuer.

ACH payments for deposits and withdrawals in fiat currency are free on the Bittrex platform, however, wire transfers carry a $25 withdrawal charge. Moreover, a $1–$3 cost is added to the regular network fee for cryptocurrency withdrawals (depending on network congestion).

Bittrex Security

Bittrex takes security seriously and has implemented several measures after the 2019 hack to protect its users’ accounts and funds.

Here are some of the security features:

• Two-factor authentication (2FA) is required for all account logins and withdrawals.
• Bittrex uses multi-stage wallet strategies to ensure that the majority of funds are stored in offline, cold wallets that are not accessible through the internet.
• The platform has a “white list” feature that allows users to specify which IP addresses are allowed to access their accounts.
• Bittrex uses sophisticated algorithms to monitor user accounts for any suspicious activities, such as large or unusual withdrawals.
• The platform maintains a team of security experts who constantly monitor and improve the platform’s security systems.
• Bittrex regularly conducts security audits and penetration testing to identify and fix any vulnerabilities.

Bittrex Trading Platform Features Explained

Instant Buy/Sell

Instant Buy/Sell is a convenient option for users who want to quickly take advantage of market opportunities or make quick trades without having to wait for orders to be filled. This feature allows users to buy or sell a cryptocurrency at the current market price without setting a specific order price, which can be helpful when the market is moving quickly.

To use Instant Buy/Sell on Bittrex, users simply need to select the cryptocurrency they want to buy or sell and enter the amount they wish to trade. The platform will then automatically execute the trade at the current market price.

Note: There can be spread fees between 0.7%- 1.5% depending on payment methods.

Bittrex Cardano Staking

Bittrex, the cryptocurrency exchange platform, recently launched staking services for its users. This new feature enables users to earn incentives for holding their crypto assets. Bittrex now offers staking rewards for Cardano (ADA) at a rate of 5.5% APY.

One of the benefits of staking on Bittrex is its flexibility, as it only requires a minimum commitment of 1 ADA and has no fixed lockup period. While Bittrex currently offers staking services for a limited number of assets, it is expected to add support for more assets in the coming months.

Related: Best Crypto Staking Platforms

Bittrex Customer Support

Bittrex values its customers and understands that their time is precious. That’s why the platform has set up a dedicated support center to provide quick solutions to common concerns such as account verification, transaction issues, and other queries. With Bittrex, customers can rest assured that their urgent inquiries will not be left unanswered for days.

In addition to its support center, Bittrex also has an AI chatbot that can efficiently direct customers to relevant articles based on their issues. This chatbot serves as a virtual assistant, allowing users to get instant responses to their questions without having to wait for a human customer support representative.

Bittrex further provides an email support ticket system for less frequent issues, where users can submit their concerns and receive an email from a customer care agent.

Bittrex Mobile App and Ease of use

Bittrex offers a mobile app that is available on both iOS and Android devices. The app provides users with access to the platform’s trading features.

The mobile app has a user-friendly interface that is easy to navigate, making it a convenient option for users who prefer to trade on their mobile devices. The app offers features such as real-time market updates, price alerts, and the ability to place buy and sell orders.

Alternatives and Comparison

Final Thoughts: Is it Worth?

Bittrex is a versatile spot exchange that boasts a vast array of assets, advanced analytical tools, and fast onboarding. However, despite its strengths as a spot exchange, Bittrex falls short in terms of offering common services like margin trading, crypto loans, and savings options.

While the exchange accepts only USD and EUR as account currencies, investors may incur extra fees from their banks for currency conversions when making deposits to Bittrex. Moreover, the regular trading fees charged by Bittrex Global are higher than those of competitors such as Binance, which could potentially erode profits.

FAQs