Bittrex Review – Exchange Features, Trading Fees and Security

Exchange Reviews / 28.06.2019
Since the rise of cryptocurrencies, several exchange platforms have cropped up, which offers users the ability to convert one cryptocurrency such as Bitcoin to other altcoins. They have been gaining a lot of traction since digital currencies have taken the world by storm, but not every exchange is treated equally. Each exchange has its quirks, which must be understood before entrusting your funds’ security to these exchanges. One of the most popular exchanges out there right now is Bittrex. The following article will evaluate this exchange, providing a full review of their platform, and answer questions like “is Bittrex safe?”

Registration Process

Firstly, we will examine the user experience for Bittrex, which is one of the many things the platform is praised for, in that it welcomes you in and tries to make things as easy as possible. While many exchanges have invested significant resources into perfecting the onboarding process, Bittrex is one of the exchanges that have truly nailed it.

The first thing you’ll have to do is create an account, and for Bittrex, it’s simple.

Once you begin the sign-up process, you’re met with a clean page with simple instructions. It’s as easy as entering your email and password and selecting “Create Account.” You will then be redirected to another page. The next page you see informs you to check your inbox to confirm your email address.

Upon confirming your email address, you’ll be asked to fill in some more information about yourself, like your country of residence and address. These are important steps for Bittrex verifying your identity, as this is a legal requirement for Bittrex to fulfill for each user.
The next step is confirming your identity, where you’ll be asked to provide a photo of yourself holding a piece of paper with some text. Not only that, but you will need to provide photographic evidence of the likes of your driving license or your passport (which is preferred).

Supported Countries

One of the reasons why Bittrex is so popular is that it’s available worldwide, and this, of course, opens the platform up to billions of people. However, it should be mentioned here that even though the platform is accessible worldwide, each country has its own requirements for the user verification process.

Customer Support

The level of customer support compared to other exchange platforms is above average. They operate on Zendesk, where users can read news articles and search through the FAQs and review their customer support tickets by logging into Bittrex support. Bittrex actually integrates the likes of Slack, Twitter, and Facebook to make support even more accessible for users, but some people have complained about slow response times.

Listings

After creating your Bittrex account, you can then start to view the seemingly endless cryptocurrencies marketplace. The trading pairs are listed in such a way that it’s straightforward to select whatever pair you’re looking for. To make things even simpler for you, there’s a search function, so if you’re feeling lazy, you can type into the search box something like BTC or XVG to find those trading pairs.

Fees

With the lure of trading an endless amount of digital currencies on the Bittrex platform, you should know about the fee structure in place. Bittrex has a uniquely simple structure when it comes to fees, in that all trades have a 0.25% trading fee, regardless of volume. But there are no additional fees for deposits or withdrawals besides the network transaction fees.

Transfer Limits

Although it would be nice to withdraw, however much you want from the Bittrex platform, unfortunately, this isn’t the case. Unverified accounts have a withdrawal limit of 1 BTC per day. Furthermore, accounts that have two-factor authentication enabled give you access to the basic level account, where your withdrawal limit rises to the equivalent of 3 BTC per day. And then we have the Enhanced account that allows you to withdraw up to 100 BTC per day.

Security

Two-Factor Authentication: Multi-layered security is becoming a prerequisite for exchanges nowadays, which is why Bittrex has integrated it into its platform. Security is one of their main concerns, and they take it seriously, which is why they strongly encourage users to enable 2FA to secure their accounts further. As the platform has evolved, so has its security. With constant upgrades and testing, Bittrex remains ahead of the curve when it comes to security.

Storage & Security: Many people are cautious about storing their digital currencies, and rightly so. Cybercriminals have upped their game in targeting cryptocurrency exchanges, and unfortunately, many exchanges have fallen victim to these criminals. In recent years, millions have been stolen from exchange platforms, raising constant concern for users who hold funds on these exchanges.

Fortunately, Bittrex has some of the tightest security you’ll come across, not to mention the two-factor authentication. To add an extra layer onto the Bittrex platform, they introduced an IP Verification Procedure back in 2018. This means they require all users to approve each new IP address through an email confirmation, which happens every time you log in from a new IP address.

To add another layer of security on the Bittrex platform, they have introduced IP Whitelisting. By setting one or more whitelisted addresses, you inform the platform only to authorize trades or withdrawals from those IP addresses. Next is Crypto Address Whitelisting, which you can do by setting a withdrawal address on digital currency. You’re telling Bittrex only to allow withdrawals to that specific address.

All of these features work in tandem to provide the most robust security experience for users. When using Bittrex as your exchange of choice, use each of these security precautions to your advantage to keep your funds safe.

APIs

The Bittrex platforms provide a simple yet powerful API consisting of REST endpoints for transactional operations and a complementary WebSocket service providing streaming market, order, and balance updates.

Pros

  • A large number of Coins: On the Bittrex platform, there is an unprecedented number of coins available to buy, sell, trade, and hold. In fact, there are over 450 trading pairs on Bittrex.
  • Availability: Bittrex is available worldwide, which means they are open to business for nearly anyone who wishes to buy or sell cryptocurrencies.
  • Support: Bittrex has some of the best customer support around as they have opened up channels on social media platforms like Facebook and Twitter. Even their normal support platform has been known to have reasonable response times and quick resolutions.
  • Security: The security level on this platform is enough to deter even the most confident of cybercriminals. With their many theft protection and security layers, it’s easy to see why the crypto community is flocking to Bittrex. They are confident in Bittrex’s ability to keep user funds safe.
  • Low Minimum Trade Limits: Bittrex has some of the lowest minimum trade limits in the market. With a minimum trade size of .0005BTC across the board, users with smaller portfolios can still utilize novel trading strategies like rebalancing.

Cons

  • Lengthy Verification Process: Okay, so there are some things that Bittrex can work on, too, such as how long it takes for the verification process. Because there are so many new members, there are only so many people they can process at any one time, so you’ll have to be patient with the process.
  • Small Selection of Fiat Trading Pairs: Unfortunately, the only fiat trading pair on Bittrex is USD. While many cryptocurrency traders believe it’s against the spirit of crypto to keep your funds tied to a fiat trading pair, realistically, many institutions and larger players in the space understand the importance of providing a diverse selection of fiat trading options. Working towards becoming a cryptocurrency on-ramp will require Bittrex to increase the fiat options for their exchange.

Closing Thoughts

There are hundreds, maybe even thousands of cryptocurrency exchange platforms out in the world right now, all of which have their own unique features and benefits. Bittrex seems to be one of the platforms people keep coming back to, simply because it’s an easy platform to use. Their security, UI, asset selection, and customer service make Bittrex the complete package. Few negative things can really be said about this exchange.

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Born in Bucharest, Marius is the founder of Crypto Adventure. Since his first contact with Bitcoin and cryptocurrencies, he never stopped believing that they are one of the most important innovations of our time, which will forever change the way business is done.