Bittrex Review

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UPDATE 05/09/2023: Bittrex has filed for Chapter 11 bankruptcy and should be avoided. A list of popular crypto exchanges in the US to consider as an alternative can be found here. Bittrex Global is still operational.

Bottom line:

To summarize our Bittrex review, the exchange is easy to use and features a vast array of analytical tools appealing to traders. However, the exchange charges fees that make it far from ideal for users performing frequent trades.

While Bittrex offers a well-designed platform and a plethora of trading pairs, its positives are offset by the lack of features and high costs. As such, while Bittrex is a reasonable spot exchange, better international and US cryptocurrency exchanges are available.

How We Rated Bittrex

Review Criteria	Hedge With Crypto Rating
Features	3.2 / 5
Supported Fiat and Deposit Methods	3 / 5
Supported Crypto & Trading Pairs	4.2 / 5
Fees	2 / 5
Ease of Use	3.9 / 5
Customer support	3.4 / 5
Security Measures	3.8 / 5
Mobile App	4.5 / 5

Pros Explained

• Excellent charting and analysis tools. With full TradingView integration, Bittrex offers outstanding analytical capabilities, perfect for performing detailed analysis and spotting unique trading opportunities.
• Fast verification and purchases. Cryptocurrency is an incredibly volatile and fast-moving market. As such, having access to speedy verification and the ability to buy crypto with fiat quickly is a positive for Bittrex.
• Plenty of supported assets. 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.

Cons Explained

• No margin or derivatives trading. Bittrex is a spot-only exchange, meaning there is no option to utilize leverage or margin when trading, making it challenging to execute day trading strategies involving small price movements.

Bittrex Alternatives and Comparisons

EXCHANGE	CRYPTO ASSETS	TRADING FEES	RATING	PROMOTION	WEBSITE	REVIEW
Binance	385	0.1% (spot) and 0.02% / 0.04% (Futures)	Rating We provide an overall weighted average rating out of 5 stars. Our ratings are based on objective criteria like the ease of use, fees, deposit methods, customer support and availability. Our reviews are not influenced by 3rd parties. Click here for further information about our rating methodology and a full list of categories we review against. 4.8 / 5	Up to $100 welcome bonus	Visit Binance	Binance Review
ByBit	331 (608 trading pairs)	0% (spot), 0.06% / 0.01% (futures)	Rating We provide an overall weighted average rating out of 5 stars. Our ratings are based on objective criteria like the ease of use, fees, deposit methods, customer support and availability. Our reviews are not influenced by 3rd parties. Click here for further information about our rating methodology and a full list of categories we review against. 4.8 / 5	0% trading fees for 30 days (spot only)	Visit ByBit	ByBit Review
Gate.io	1,752	0.2%	Rating We provide an overall weighted average rating out of 5 stars. Our ratings are based on objective criteria like the ease of use, fees, deposit methods, customer support and availability. Our reviews are not influenced by 3rd parties. Click here for further information about our rating methodology and a full list of categories we review against. 4.1 / 5	None available at this time	Visit Gate.io	Gate.io Review

Bittrex At A Glance

Bittrex is an unregulated cryptocurrency exchange based in Seattle, USA. It offers a safe and secure trading environment for customers to trade 953 crypto markets. The digital asset exchange was launched in 2014 by Bill Shihara, Richie Lei, Rami Kawach, and Ryan Hentz, who have backgrounds working for companies including Amazon, Blackberry, and Microsoft.

Although initially a US-only exchange, in 2019, the company behind Bittrex expanded its operation and launched Bittrex Global to serve the international cryptocurrency community. Bittrex Global offers slightly different features, limits, and trading fees but shares the same liquidity pool as Bittrex.

Exchange Name	Bittrex
Features	Instant Buy Crypto, Staking, Fiat Support
Accepted Fiat Currencies	USD, EUR
Deposit Methods	Wire Transfer, ACH, SEPA, Credit/Debit Card, Crypto
Supported Cryptocurrencies	573
Number of Trading Pairs	952
Trading Fee	0.35%
Customer Support	Help Center, AI Chatbot, Ticket System
Security Measures	2FA, IP address Whitelisting, Withdrawal Address Allowlist, Cold Storage
Mobile App	Yes (Android and IOS)

Bittrex Top Features Reviewed

Instant Buy

While the trading platform is Bittrex's primary offering, the exchange instantly enables users to buy crypto with a credit or debit card. While there is a substantial spread fee of between 0.9% and 1.75% for instant buys, this payment method avoids bank delays and, as such, could be helpful in quickly snagging assets at a discounted rate.

Bittrex Earn

Bittrex has recently unveiled its staking services, which allow users of the exchange to earn rewards on their crypto holdings. Currently, Bittrex has staking rewards on Cardano (ADA) at a rate of 5.5% APY. With no fixed lockup period and a minimum delegation of just 1 ADA, staking on Bittrex is very flexible. While the current range of supported assets is extremely low, we expect to see Bittrex announce support for new assets over the coming months.

USD and EUR Deposits & Withdrawals

Perfect for investors looking for an exchange to convert fiat to crypto, the Bittrex exchange allows users to deposit and withdraw fiat currencies using a bank account or credit/debit card. The ability to buy crypto with fiat is crucial for people without crypto reserves, so it's nice to see Bittrex offering this service.

Creating and Verifying a Bittrex Account

New Bittrex users will need to provide an email address, and details about their career/source of funds and verify their identity before accessing the exchange. To complete the verification, a valid passport, driver's license, or government identity card will need to be uploaded, along with a selfie. When we created and verified an account, our information was processed within just five minutes, far quicker than many other crypto exchanges.

Supported Fiat Currencies and Deposit Methods

Bittrex customers can deposit USD or EUR on the exchange. While it is possible to use the instant buy feature to acquire assets using other currencies, the purchase will be completed in USD or EUR meaning that customers can be charged conversion fees by their bank.

To ensure that the platform is widely accessible, Bittrex supports fiat deposits using Automated Clearing House (ACH), wire transfer, SEPA, and credit/debit cards. Additionally, customers can fund their accounts using any tradable cryptocurrency.

Supported Cryptocurrencies and Trading Pairs

At the time of writing our Bittrex review, 573 different cryptocurrency projects are available to trade on the Bittrex exchange, including popular cryptos like Bitcoin and low-cap projects like Zeptacoin. Many trading 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 Fees

Trading Fees

Bittrex'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.

While the standard trading fees are not charged on orders made with the instant buy and sell feature, there is a 0.9% spread on stablecoins and a 1.75% spread for other cryptocurrency assets, making it the least cost-effective way to buy crypto on Bittrex.

30-Day Trading Volume	Trading Fee (Bittrex) (Maker/Taker)
$0 to $5,000	0.75% / 0.75%
$5,000 to $10,000	0.50% / 0.50%
$10,000 to $25,000	0.35% / 0.35%
$25,000 to $100,000	0.20% / 0.25%

30-Day Trading Volume	Trading Fee (Bittrex Global) (Maker/Taker)
<$25,000	0.35% / 0.35%
$25,000 to $50,000	0.25% / 0.30%
$50,000 to $100,000	0.15% / 0.25%
$100,000 to $1 Million	0.1% / 0.20%

Deposit and Withdrawal Fees

The Bittrex platform doesn't have a fee for fiat deposits or withdrawals using ACH payments, but wire transfers incur a $25 withdrawal fee. Furthermore, a $4 to $5 fee on top of the standard network fee is charged for crypto withdrawals.

Bittrex Fees – Compared

The costs accrued when using Bittrex are significantly higher than larger exchanges like Binance, ByBit, and Crypto.com. However, as Bittrex uses a volume-based structure, traders with significant capital can enjoy reasonable fees. Below, we've highlighted how Bittrex compares to a few other popular exchanges in terms of costs.

Exchange Name	Trading Fees
Crypto.com	0.075%
Binance	0.1%
Bittrex	0.35% (0.75% for Bittrex Global)
Gemini	1.49%

Bittrex Ease of Use

Bittrex provides a modern trading interface that is well laid out and easy to use for beginners and experienced traders alike. In addition, the charting features are powered by TradingView, one of the best crypto charting sites in the industry. As such, Bittrex is an excellent platform for technical traders needing to plot complex strategies.

Unfortunately, Bittrex doesn't support margin trading, making it difficult to take advantage of small changes in price without a sizable amount of capital. However, the trading tools offered by Bittrex are excellent. Customers can use drawing tools and technical indicators to find opportunities and switch between pairs without their analysis disappearing.

While the order book interface is Bittrex's primary offering, the exchange also supports instant buys using a bank card or an account balance. However, while instant buy is easy to use, it features no charts or trading pairs, making it only usable as a beginner-friendly fiat-to-crypto gateway.

Bittrex is an easy-to-use crypto exchange that offers plenty of advanced options for technical traders. Furthermore, traders can use the range of supported order types to control their position precisely. Overall, the exchange is simple enough for beginners but feature-rich enough for experienced spot traders.

Bittrex Mobile App

For traders that frequently travel, Bittrex offers a mobile app available on IOS and Android devices. The app has a 4.6/5 star rating with over 3,000 reviews on the Apple App Store, the exchange is often praised for its ease of use and performance on mobile devices.

After logging into the Bittrex app, users can browse the cryptocurrency market, viewing the most traded assets and the top winners/losers of the day. After finding an asset to trade, the user can easily open a position using the order-book-based interface. Additionally, customers can use the instant buy feature to purchase assets with a credit or debit card.

However, it's worth noting that Bittrex's trading platform on mobile does not feature any analysis tools or margin trading capabilities. As such, although it's possible to place orders, traders looking to find opportunities while on the go will need to utilize a third-party tool like TradingView.

The Bittrex mobile app is designed well for anyone wanting to spot trade without using a desktop platform. However, its reduced charting capabilities versus the web platform will be problematic for users looking to perform technical analysis and trade using a single app.

Customer Support

To ensure that its customers aren't left waiting days for a response to a pressing question, Bittrex has built a dedicated help center that answers commonly asked questions on account verification, transactions, and other issues. Additionally, Bittrex has an AI chatbot that can direct users to the article that best matches their problem.

For less common problems, Bittrex uses an email support ticket system that enables users to input a few details regarding their issue to get an email from a customer service representative. On top of support tickets, users can reach out to Bittrex's Twitter support, but it's worth noting that the Bittrex Twitter Support Account is inactive and hasn't Tweeted since April 2022.

Bittrex Security Measures

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. Although not a strict requirement as it is on many cryptocurrency exchanges, customers are heavily advised to set up Two-Factor Authentication (2FA) using an app like Authy.

Furthermore, Bittrex users can set up IP address whitelisting to prevent unauthorized account access and use the saved withdrawal address to ensure that funds don't get transferred to an incorrect crypto wallet. Additionally, user funds are secured in cold storage with a $300 million insurance policy for theft.