Bittrex is a centralized cryptocurrency exchange that allows users to buy, sell, and trade cryptocurrencies. It was founded in 2014 with a focus on crypto-to-crypto trading, but it recently introduced the ability to purchase crypto with U.S. dollars.
Bittrex is a good option for active crypto traders, offering low trading fees, low purchase minimums, advanced security features, and a wide selection of crypto trading pairs. Users can also buy crypto instantly on Bittrex, but there is a limited number of assets to choose from.
Introduction
Bittrex is a cryptocurrency exchange that allows users to buy, sell, and trade supported cryptocurrency. Bittrex currently offers over 200 cryptocurrency trading pairs (such as ETH-BTC), but only 57 cryptocurrencies are available for direct purchase with fiat currency (such as U.S. dollars).1
We’ve reviewed Bittrex’s platform, fees, user experience, customer service, available crypto, and more to determine if it’s a good option for crypto investors and traders.
Company Overview
Bittrex is headquartered in Seattle, Washington, and was started in 2014 by three ex-Amazon cybersecurity engineers, Bill Shihara, Richie Lai, and Rami Kawach.2 It initially offered only crypto-to-crypto trading but has since become a “fiat onramp,” allowing users to buy crypto with fiat currency (such as U.S. dollars).
Bittrex is currently only available to users in 46 U.S. states, excluding Connecticut, Hawaii, New York, and Vermont.3
It’s also available in over 200 countries worldwide, operating under Bittrex Global for international users.
Bittrex prioritizes user security, employing two-factor authentication and providing multiple controls to help keep accounts safe. In addition to its robust security features, it also offers advanced crypto charting, several order types, and relatively low trading fees compared to other crypto exchanges.
Cryptocurrencies That Trade on Bittrex
Users can access a wide range of cryptocurrencies on Bittrex, including Bitcoin (BTC), Ethereum (ETH), Dogecoin (DOGE), Cardano (ADA), Litecoin (LTC), and Chainlink (link). The platform supports over 200 trading pairs, and you can also browse its complete list of supported assets.
Some popular cryptocurrencies are not currently available on Bittrex. At this time, the exchange doesn’t support Ripple (XRP), whose parent company is under investigation by the U.S. Securities and Exchange Commission (SEC), Solana (SOL), and Polkadot (DOT).
Trading Experience
Bittrex makes it easy for users to buy or sell crypto. It offers a simple user interface, and you can choose to purchase crypto with your checking account, debit card, or Bittrex account balance. There are no additional fees for these purchases on top of the platform’s standard trading fees, which we’ll discuss below.
Those who want to trade crypto on Bittrex can access more than 200 trading pairs (such as ETH-BTC). The platform also offers advanced charting tools, live order books, and various order types. This includes limit, stop, OCO, and trailing orders, as well as laddered orders. These features can make it a good option for experienced traders.
Fees
Bittrex doesn’t charge extra fees for using debit cards like some platforms, and its maker-taker fee model offers low fees for high-volume trading.
Bittrex Trading Fees
Bittrex charges fees based on a maker-taker model. When a user places an order that’s filled immediately, they are considered a “taker” and are charged a taker fee. When a user places an order that’s entered in an order book (until a match is found), they are considered a “maker” and are charged a maker fee.
Total fees are based on account transaction volume, with fee discounts available for accounts with high trading volumes.
Here is a breakdown of the Bittrex fee structure:
Security
Bittrex offers several advanced security features to help protect users’ crypto assets, including two-factor authentication and wallet whitelisting. Its cold storage system is also covered by digital asset insurance, which can help recover lost funds in the case of a cyberattack.
Here are a few of the security features offered by Bittrex:
1. Two-factor authentication: Bittrex uses two-factor authentication (2FA) via Google Authenticator, which is generally considered more secure than SMS 2FA.
2. Whitelisting approved wallets: Bittrex users can set up wallet whitelisting, which means that you can only withdraw funds to wallet addresses you’ve approved. This helps prevent would-be scammers from withdrawing funds to their wallets.
3. Cold Storage: Bittrex keeps most of its crypto balances in “cold storage,” meaning the cryptocurrency is not accessible via the internet.
4. IP Address Whitelist: Bittrex allows users to whitelist specific IP addresses, meaning that only authorized devices (mobile or computer) using specific IP addresses can access the account. This helps prevent outside attackers from logging in to user accounts.
5. Disable Account Email link: Users can disable their account with a single click using a link provided via email. This email is sent when a user from a new IP address logs into your account.
Opening a Bittrex Account
Signing up for Bittrex is simple. You can create a free account using your email address and a password. After that, you’ll need to verify your email address and secure your account with two-factor authentication for an additional layer of protection. You will also need to verify your identity after securing your account.
Bittrex follows Know Your Customer (KYC) standards, which are designed to prevent fraudulent and criminal activity and help provide transparency around who is using the exchange.6 This requires verifying your identity with a government-issued photo ID, as well as providing your Social Security number or ITIN. This is required for all accounts before users can buy, sell, and trade crypto on the platform.
Customer Service
Bittrex offers email support, the ability to open support tickets, and an automated chatbot to help users find answers to specific questions. Bittrex also created a support Twitter account to assist users, though it doesn’t provide phone or live chat support at this time.
In addition to its support features, Bittrex offers an extensive library of help articles on its support site and a decent amount of educational content on the Bittrex blog.
Customer Satisfaction
Bittrex has received several customer complaints, mostly related to its account verification process and users being locked out of their accounts. This can be very concerning for users that are unable to withdraw funds from the account. In general, accounts may be locked if they’re flagged for suspicious activity, or a user doesn’t pass account verification.
Bittrex only offers email-based support, which can frustrate users seeking immediate help. While Bittrex offers account security and a wide range of crypto to choose from, users should not deposit any funds into an account before KYC verification has been completed, or those funds may be locked from withdrawal.
Account Management
Bittrex is an online exchange that allows users to buy, sell, and trade crypto on desktop and mobile devices. Users can log in through a web browser to access their account dashboard, deposit funds, or make trades.
Bittrex also offers a mobile app that mirrors its web-based account functionality. Users can make purchases, place trades, and withdraw funds through the app. Advanced charting and orders are also available, which can be ideal for experienced crypto traders.
Conclusions
Bittrex is a decent option for active crypto traders that prefer low fees and advanced order types. The platform also emphasizes security, allowing users to whitelist wallet and IP addresses.
While Bittrex doesn’t offer a wide range of crypto for direct purchase, the platform does offer over 200 crypto trading pairs. Here’s how Bittrex compares to another large crypto exchange in the U.S.