Be careful when considering high-risk investments like cryptoassets & cryptocurrencies (e.g. bitcoin). Their value can go up and down significantly, without any warning. Too often, exchanges sacrifice customer support and satisfaction to continue operating and expanding in the ever-evolving crypto space. If you want to avoid such an inconvenience, it’s best to have your credentials on hand in case your account is flagged.
Below, we’ve highlighted how Bittrex compares to a few other popular exchanges in terms of costs. With Bittrex offering over 500 assets and 953 tradable markets, a considerable number of opportunities are available on the platform, including minor altcoins and meme coins. It’s important to store your cryptocurrency in a secure wallet.
Importantly, this exchange places a strong emphasis on regulatory compliance, and works hard to ensure Know Your Customer and Anti-Money Laundering standards are adhered to. In my opinion, Bittrex is the clear winner in the battle of Bittrex vs Poloniex. They offer far better customer service and offer far more trading pairs to users. The security measures the company takes to make it one of the best cryptocurrency exchanges in the industry.
Clients continually commend the exchange’s trading interface for its quick loading times, with no incidences of hanging or lags. Bittrex has one main service it provides which is its trading platform. The platform lists a wide variety of currencies and allows for standard spot trading orders to be executed. The fact that Bittrex lets you stake Cardano and earn rewards is a plus. However, it’s disappointing that this is only an option with one of the many cryptocurrencies Bittrex offers.
Besides trading fees, Bittrex charges small transaction fees too. While there are no charges on deposits, a small fee is levied upon withdrawals. There is an extremely important difference between this and other cryptocurrency exchanges— Bittrex does not support fiat currency withdrawals or deposits. It’s not possible to fund your account with USD or any other fiat currency, nor is it possible to withdraw funds in fiat. It only supports cryptocurrencies for either deposits or withdrawals.
On the other hand, enhanced accounts have a 100 Bitcoin daily withdrawal limit. However, users holding enhanced accounts must have two-factor authentication enabled. One other feature that makes Bittrex stand out is its cross-chain recovery service. If any of your deposits are worth more than $5000, the company will recover the funds for you if you accidentally send it to a wallet of the wrong coin type. This range compares favorably to many traditional brokerages that offer just four to seven cryptocurrencies, and only the most popular ones. For example, Interactive Brokers and Robinhood offer trading in only a handful of crypto coins.
Bittrex facilitates lightning-fast trading with the help of elastic computing technology. Bittrex aims to bring groundbreaking solutions for industries and develop new inventive tokens. The custom-built trading engine makes Bittrex deal with scalability issues. Besides this, Bittrex also utilizes third-party major exchanges through its extensive APIs. Its customers often praise Bittrex for its easy-to-use interface design and fast loading speeds.
However, four years after the initial application, the state of New York rejected the application stating “a seriously deficient customer identification program” as the reason. Bankrate’s editorial team writes on behalf of YOU – the reader. Our goal is to give you the best advice to help you make smart personal finance decisions.
Bittrex Products and Services
Many bittrex review pairs are available on the platform as Bittrex denominates its pairs in BTC, ETH, EUR, USD, USDC, and USDT. In total, users can browse between 952 markets on Bittrex, comparable to exchanges like Kraken, OKX, and the Crypto.com Exchange. Bittrex is one of world-largest cryptocurrency exchanges by trading volume and has a strong focus on security. The company uses an advanced security protocol that includes 2-factor authentication, IP allows listing, and other security measures.
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The Bittrex US trading platform and the Bittrex Global platform operate a little differently. The key difference between the two is that theUS version has fewer assets than the international version. It’s also important to note that the company is required to comply with the Bank Secrecy Act. Any user that wants to use the platform must pass the KYC verification.
You Will Receive Your Deposit After It’s Verified by the Blockchain
Throughout this Bittrex review, we’ll be taking a detailed look at the platform’s features and range of assets while discussing whether Bittrex is a secure exchange. Bittrex is a US-based spot exchange that offers a simple way to buy and sell 573 cryptocurrencies. However, with a lack of features on the exchange, traders looking for an advanced trading platform could be unsatisfied with Bittrex.
Bittrex has several order types, including limit orders and stop orders, advanced charting tools, and live order books. If you’re looking for advanced options, this exchange should have the features you want as you invest in crypto. Besides speed and efficiency, security is Bittrex’s most defining feature. The platform employs an “elastic, multi-stage wallet strategy,” which guides their secure coins movements from cold to hot wallets. In 2015, Bittrex applied for infamous Bitlicense – a mandatory license issued by the state of New York for every cryptocurrency business that wants to serve the residents of New York State.
https://forex-reviews.org/‘s fee structure varies based on a user’s 30-day trading volume and the platform used. For US-based investors, fees start at 0.35% per transaction, while for Bittrex global customers, costs start at 0.75% per trade. The fees charged by Bittrex are worse than the industry average, with platforms like KuCoin, OKX, and Huobi being more cost-effective.
Users can log in to their trading dashboard on desktop or through the Bittrex mobile app, available for Android and iOS. Kevin started in the cryptocurrency space in 2016 and began investing in Bitcoin before exclusively trading digital currencies on various brokers, exchanges and trading platforms. He started HedgewithCrypto to publish informative guides about Bitcoin and share his experiences with using a variety of crypto exchanges around the world. As Bittrex handles hundreds of millions worth of transactions and the data of countless customers, it’s a must that the exchange offers excellent security for its users. Bittrex has implemented a variety of account settings that investors can utilize to secure their accounts better.
- Cryptocurrency is an incredibly volatile and fast-moving market.
- Both account types requiretwo-factor authentication in order to withdraw capital.
- You will then need to accept the Terms of Service and submit all of your basic profile information.
- Its enhanced account verification can be performed with a range of different identity documents, which can be viewed via the Jumio site.
- The core Bittrex exchange focuses on serving the US cryptocurrency ecosystem, while Bittrex Global is oriented towards the international user base.
After you sign up for an account, you can buy, sell, and trade cryptocurrency. You can deposit money to your account through an ACH transfer from your bank account or a money wire. As for cryptocurrency deposits, Bittrex charges no fees whatsoever, including fiat deposits. However, it does charge for withdrawals, with their prices varying according to the cryptocurrency being withdrawn. Bittrex has several security features designed to help protect users’ funds and suggests some account security best practices.
Bittrex is a US based exchange founded in 2013 and headquartered in Seattle Washington. The company was founded by Bill Shihara, Richie Lai and Rami Kawach, all three previously worked at Microsoft. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.