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Bittrex

Bittrex Review

Bittrex is another exchange focusing on more experienced traders. Based in Las Vegas, it enables both direct purchases of cryptocurrencies using US dollars and trades between over 200 cryptocurrencies. providing a sleek interface and quick transaction times. It also has a set of its own APIs, which can be used for automated trading with bots. Having been launched by former employees of Microsoft and Amazon, another one of its biggest draws is its robust security (it has never been hacked). That said, the exchange’s security and compliance efforts have resulted recently in a small number of users having their accounts disabled.

General info

  • Web address: Bittrex
  • Support contact: Link
  • Main location: Seattle, US
  • Daily volume: 1956 BTC
  • Mobile app available: No
  • Is decentralized: No
  • Parent Company: Bittrex, Inc
  • Transfer types: Bank Transfer, Crypto Transfer
  • Supported fiat: USD
  • Supported pairs: 348
  • Has token:
  • Fees: Medium (Compare rates)

Pros

  • Excellent security credentials
  • Fast transactions and withdrawals
  • Supports over 200 currencies
  • Fiat deposits and withdrawals for verified accounts

Cons

  • No mobile apps
  • No margin trading
  • Strict security measures has left a small minority of accounts suspended

Screenshots

Bittrex Fees

Bittrex charges a 0.25% commission fee on all trades. If a customer buys one bitcoin for USD 12,000, for example, this means they’ll pay around USD 30 in commission.

As for 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 However, it does charge for withdrawals, with their prices varying according to the cryptocurrency being withdrawn.

CurrencyBittrex withdrawal feePoloniex withdrawal feeKraken withdrawal fee
Bitcoin (BTC)0.0005 BTC0.0005 BTC0.0005 BTC
Ethereum (ETH)0.006 ETH0.01 ETH0.005 ETH
Litecoin0.01 LTC0.001 LTC0.001 LTC
Monero0.04 XMR0.015 XMR0.05 XMR
DASH0.002 DASH0.01 DASH0.005 DASH

As the small sample of prices above reveal, Bittrex are generally quite competitive when it comes to withdrawal fees. That said, they’re not always the cheapest for any particular cryptocurrency, even if they sometimes match some of the lowest prices available (e.g., for Litecoin in the example above).

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Exchange History and Background

Bittrex is a US-based crypto-exchange that specializes in paired cryptocurrency trades. It was founded by former employees of Microsoft, Amazon, and BlackBerry in February 2014, and since then it has become one of the biggest exchanges in the world when measured by trade volume. Its set of APIs allows quick and easy trading, while its automated monitoring system provides fast deposits and withdrawals, making it an ideal exchange for those looking to trade efficiently at scale. Its founding by engineers with a background in cybersecurity makes it one of the safer exchanges currently in operation.

bittrex exchange review

Bittrex Security

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. Besides, Bittrex makes use of full SSL encryption of their domain, meaning that all the data you send to the exchange is secure. As with almost all exchanges, it enables two-factor authentication, letting users login securely to their accounts via Google Authenticator. It also allows the two following kinds of whitelisting:

- IP whitelisting: by ‘whitelisting’ specific IP addresses, users instruct Bittrex to authorize account activity that originates only from these addresses
- Wallet whitelisting: this allows users to enable withdrawals only to specified crypto wallets

Another feature important for the security of a user’s funds is Bittrex’s cross-chain recovery service. For any cryptocurrency deposit worth more than USD 5,000 (at the time of being deposited), the exchange will recover the funds if they were accidentally transferred to a wallet of the wrong coin type.

For example, if someone deposits one bitcoin to a bitcoin cash wallet by mistake, Bittrex will recover it for them so long as the request is sent in within seven days of making the deposit. The exchange will, however, charge 0.1 BTC for any recovery of any cryptocurrency it lists on its platform.

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Bittrex Usability

Bittrex Review 2019 usability

Bittrex’s interface is uncluttered and user-friendly. On its main dashboard, there’s a graph charting the value of a selected cryptocurrency against another currency, a trading box each for buying and selling coins, and the order books for the chosen currency. Completing transactions is relatively painless, with deposits and withdrawals being faster than usual thanks to Bittrex’s automated monitoring system. And while it currently doesn’t permit margin trading, there are also the following trade types to engage in:

- Market orders
- Limit orders
- Stop orders
- Good-Til-canceled orders
- Immediate-Or-Cancel Order
- Fill-Or-Kill Order

Despite these plus points, enhanced account verification has been troublesome for some users, with a small minority complaining in Dec 2017 of an inability to withdraw their funds as a result. Similarly, in October 2017, it disabled around 0.1% of total user accounts as part of a systemwide compliance review. In other words, it may be one of the safest large exchanges on the web, but this security can sometimes create inconveniences for individual users.

Deposit and Withdrawal Methods on Bittrex

To deposit funds in their Bittrex accounts, user have to transfer them from an existing crypto wallet they have on an external platform. They can buy tether directly from the exchange, yet the minimum amount they can purchase is currently a whopping 100,000 USDT. Added to this, they need to have an “enhanced verified” account, which requires scans of a valid ID (e.g., passport), a copy of a recent bill or statement, and a recent selfie.

For USD deposits, you have to verify your account and get your bank account whitelisted. Fiat trading is currently permitted only for users outside of the United States and US citizens from the following states: Puerto Rico, AL, AK, AR, AZ, CA, CO, DC, FL, GA, IA, ID, IL, IN, KS, KY, MI, MA, MD, ME, MT, MO, MS, ND, NE, NH, NJ, NM, OH, OK, OR, PA, SC, SD, UT, TX, WA, WI, and WV. A minimum deposit amount is USD 1000. The deposits usually take several business days.

To withdraw coins, users once again need a wallet with an external exchange. To withdraw funds in fiat, you have to have a verified bank account tied to your Bittrex account. A fiat withdrawal straight to your bank account can take up to 10 days. The minimum withdrawal amount is USD 50.

Also, users should note that bigger withdrawals are possible if they have an enhanced verified rather than a basic verified account. If their account is verified, they have a daily withdrawal limit of 100 BTC a day, as opposed to 4 BTC.

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Summary

  • Web address: Bittrex
  • Support contact: Link
  • Main location: Seattle, US
  • Daily volume: 1956 BTC
  • Mobile app available: No
  • Is decentralized: No
  • Parent Company: Bittrex, Inc
  • Transfer types: Bank Transfer, Crypto Transfer
  • Supported fiat: USD
  • Supported pairs: 348
  • Has token:
  • Fees: Medium (Compare rates)

Changes

DateExchangeEventCoin
2019-05-24 Bittrex Delisted Dopecoin (DOPE)  
2019-05-24 Bittrex Delisted Cannabiscoin (CANN)  
2019-05-24 Bittrex Delisted Eboost (EBST)  
2019-05-24 Bittrex Delisted Cashbet Coin (CBC)  
2019-05-22 Bittrex Listed Vodi X (VDX)