Based in the US, Bittrex is one of internet’s largest cryptocurrency exchanges, and more often than not, makes it to the world’s top 3 crypto exchanges when it comes to trading volumes.
The exchange has been operational since 2014 and currently offers a 24-hour trading platform.
The platform has had a pretty decent reputation and up until now, it has not reported any cases of hacking.
The Nevada-based firm is committed to the security of its users and this has been seen in its focus on trustworthy coins only.
In a TV interview, Bill Shihara, Bittrex CEO confirmed that the firm only trades in coins that have gone through due diligence before being listed on the platform. In case you missed it, here’s is the interview:
An Overview of Bittrex
Company Name: Bittrex Digital Currency Exchange
Cryptocurrencies: BTC, ETH, ADA, OMG, XVG, BCC, RDD, LTC, and many more
Fiat Currencies: USD
Transaction Fee: 0.25%
Deposit Methods: Cryptocurrency, Wire Transfers
Deposit Fee: None
Withdrawal Fee: Variant
Platforms Similar to Bittrex
- Coinbase – This is one of the world’s leading exchanges where users can buy and sell Bitcoin, Ethereum, Bitcoin Cash, and Litecoin, among other coins.
- Coinmama – This is another renowned cryptocurrency exchange that makes it possible to buy a range of digital currencies such as Bitcoin, Ethereum, Golem, and so on across the world.
- BitFlyer – BitFlyer is a virtual currency exchange platform based in Tokyo, Japan. The exchange was established in 2014 under the name BitFlyer and operates digital currencies as well as fiat currencies such as the USD, Euro, and JPY.
This is a platform that makes a point to comply with US money laws, something quite evident in the setup and structure of the exchange platform.
How to Signup on Bittrex
The signup process in Bittrex is not so complex – save for the detailed screening. But if you are looking to trade various cryptocurrencies, this might just be the platform for you. We will talk about the number of altcoins available on this exchange later on in this review.
To trade on a basic verified account, you will have to verify your name, email address, date of birth, and your phone number.
And in under thirty minutes, you can start trading on the platform using a basic verified account.
For you to unlock a wider range of facilities on Bittrex, you will need a higher tier verification.
For instance, a higher tier verified account allows you to make withdrawals and deposits in fiat wire transfers worth $10,000 or more.
Variety of Altcoins
Bittrex carefully vets and adds upcoming altcoins and delists inactive ones.
As much as some list-and-dump coins manage to slip through Bittrex’s vetting process, the company always tries to raise the overall quality of coins listed on its exchange.
Is Bittrex Available in my Country?
Several states in the US still have limited to no access to Bittrex despite the exchange being US-based.
As at this moment, Bittrex has restricted its operations to 29 states. However, be sure to check their website regularly for possible updates on the number of states they operate in.
Despite being a global exchange, every country has separate requirements for Enhanced Verified Accounts.
To check whether Bittrex operates in your country, you can follow this link to their website and check under the section titled “Restricted Locations”.
Acceptable Payment Modes
As indicated earlier on in this review, this exchange accepts USD wire transfers.
For one to deposit cryptocurrency in Bittrex, go to the “wallet” icon on the top right-hand side of the website.
Search for the wallet you wish to deposit money into and click on “New Address”.
Your address will be generated and you will be able to send funds to that address.
How Soon Can I See my Funds After Making a Deposit?
Bitcoin verifies all deposits by the Blockchain Community. It, therefore, means that the transaction period is regulated by the Blockchain Network.
Withdrawals, on the other hand, are usually much quicker, but this will also largely depend on how soon you click on the authorization link sent to you via email.
You must click on the link to authorize a withdrawal transaction.
Does Bittrex Have Transfer Limits?
Bittrex has a limit on how much you can withdraw to your cryptocurrency wallet. For unverified accounts, the limit stands at 1 BTC per day or the equivalent.
The 2-factor authentication, on the other hand, grants you access to the basic account, but your withdrawal limit rises to 3 BTC per day or the equivalent.
Lastly, the Enhanced Account has a set limit of 100 BTC per day or the equivalent.
For you to operate an Enhanced Account, you are required to submit a copy of your selfie portrait and a copy of your photo ID.
Is Bittrex Safe?
Bittrex is a legitimate exchange that emphasizes on top-notch security for its users.
With a 2-factor authentication, Bittrex has one of the most rigorous account verification processes. In addition to that, the platform relies on its multi-stage wallet strategy to ensure that clients have 90% of their funds held off the site.
Even though I am yet to see any negative Bittrex wallet reviews thus far, I highly discourage leaving any of your coins idle on the platform.
In addition, a few users have reported cases of abrupt account closures without prior warnings or explanations.
- Coin Variety – 4.5/5.0 Stars
- Reputation – 4.0/5.0 Stars
- Support – 3.5/5.0 Stars
- Fees – 4.5/5.0 Stars
- 4.1/5.0 Stars
Reason for the Rating
- Coin Variety – Bittrex has over 250 altcoins listed on its platform.
- Reputation – While the exchange enjoys great reviews, they don’t have a Bittrex review on Reddit since they don’t have an official presence on the platform.
- Support – Honestly, the support team of the platform is a big let-down considering Bittrex is a world-class exchange.
- Fees – The fee charged by the company is relatively fair seeing as some companies charge way above such rates.
- Wide variety of coins
- 2-factor authentication
- Decent trading volumes
- Poor customer support
- Unexplained closure of accounts
There is no doubt that Bittrex has a lot of benefits to using it.
One of the biggest advantages is the availability of hundreds of altcoins for trading to choose from on the exchange.
Lastly, if the platform was to tighten a few loose ends such as its customer support; it would certainly be the exchange to beat.