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Bittrex Review

Bittrex exchange

Bittrex is a household name in crypto that is easily recognizable and at one point was considered to be the most secure cryptocurrency exchange. The company is based in the U.S. with Bill Shihara as the CEO and one of three co-founders pooling their experience gained at  Microsoft and Amazon to create this brilliant exchange. Founded in 2016, Bittrex provides a high liquidity cryptocurrency exchange for individual traders and institutions.

Bittrex is among the most secure cryptocurrency exchanges and it has never experienced a hack in the past. However, its reputation is not without scars. Some users report having their funds frozen in 2019, when Bittrex gave a two weeks notice for certain nationalities to pull their cryptocurrency out of the platform, due to regulatory uncertainty. Bittrex also may have failed to protect one of their users from a SIM swap hack, who is suing them for damages.

In general, people consider Bittrex Global to be a reliable trading exchange, as it is ranked 10th on the CoinMarketCap exchange list. With over $50 mil USD in regular trading volume, a lot of traders call Bittrex their home.

Trading Fees

30-Day Volume (USD)Maker feesTaker fees
$0 – $50K0.20%0.20%
$50K – $1M0.12%0.18%
$1M – $10M0.05%0.15%
$10M – $60M0.02%0.10%
$60M and more0.00%0.08%

The first thing we always look at are the trading fees that we will have to pay to trade on any particular exchange. They start off pretty high compared to competitors in the space, but they drop off drastically once you hit the first “30 Day Volume” threshold. The opportunity for market makers to trade for free is a motivator for large volume traders to consider Bittrex, home. On the taker side of the market, fees are generally higher compared to competition with the lowest possible commission fee at 0.08%. Naturally, traders make both maker and taker trades, so these are expected to equalize over time.

Experience

We spent 7 days trading Bitcoin (BTC) on Bittrex exchange, and we are pretty happy with how the exchange performed. Market orders were consistently executed within seconds, and getting into a complex financial position on Bittrex is not that difficult. With all the features you would expect from the best cryptocurrency exchanges, Bittrex proved to be a reliable tool for our trading kit.

How To Deposit Money Into Bittrex

Deposit Money Into Bittrex

How to deposit Bitcoin into Bittrex

Depositing crypto in your Bittrex account is extremely simple. Simply navigate to your Holdings and select deposit on the cryptocurrency that you want to deposit. Depending on the crypto you selected, you will receive different instructions. In the case of Bitcoin, the process is simple.

Deposit Bitcoin into Bittrex

Fiat Deposits: How to add USD/EUR to Bittrex

Depositing fiat is also possible on Bittrex Global through SEPA Credit Transfer, International Wire Transfer or a Credit/Debit card. You can deposit USD or EUR, however activating USD trading requires extra steps, while EUR is available globally.

SEPA transfer instructions

Minimum Deposits

Minimum deposit required for coins

This graphic contains all of the cryptocurrencies that have a minimum deposit on Bittrex Global exchange and the corresponding minimum number of coins that will be accepted before the crypto becomes available for trading. If you happen to send less than the minimum, you can just add the difference and your account will get updated. Bitcoin and other cryptos not mentioned in the graphic above, do not have minimum deposits attached to them.

How To Trade in Bittrex Global

Trade in Bittrex Global exchange

Make sure that your account actually holds cryptocurrency before you go to the markets tab where you can start trading.

markets tab

Select the market that you want to trade on the next screen. In our case, we selected BTC/ETH. This will take you to the main trading area.

BTC markets

Once you are there, there is a whole lot of data to unpack, so we’ve made it a little bit easier for you to identify what’s what.

Bittrex exchange trading area

  1. This is your trading pair selection panel. Instead of going back to the market selection page, you can change the active market by finding your trading pair here.
  2. This is the main chart that shows the market data in a chronological way. To the right is the current moment and everything to the left is the past. There are many options to tweak how this chart is shown to you, and if you hover you can see extra details.
  3. Your trading tool, this is where the action happens on your account and where you create your trading orders to be included in the order book (or to take away from the order book).
  4. The order book. It contains market data about currently active maker trades. If the price reaches any one of these orders, they will get fulfilled. These are typically limit orders.
  5. Your trade history. Follow your gains and losses using the history book.
  6. Current market data. It changes when you select another currency and shows the last trade, 24-hour price change, the 24-hour volume change, as well as the highest and lowest prices for the pair in the last 24 hours.

How To Set Stop Loss On Bittrex Global

Stop losses are an important part of all of the greatest crypto exchanges. Without stop-loss orders, traders would experience much higher risks of losing assets overnight. Instead, they create stop-loss orders.

To create a stop-loss order, click on the Stop Limit tab in the trading tool.

Stop Limit

Using stop-limit orders will help you avoid swift negative market changes. They allow you to set a trigger and a condition. You need to specify the quantity and the limit price for which you want the asset to be sold or bought.

Once set up, your stop-limit order, the system will follow your conditions, and only after they’ve been met it will create an additional limit order at the specified price.

Stop Limit if price rises to

How To Withdraw From Bittrex

The process of withdrawing funds is similar to how you deposit them. Navigate to account, and instead of clicking on Deposit select Withdraw. You will be presented with two options, one for the withdrawal address and one for the amount you want to pull off the exchange. Some cryptos may contain additional parameters.

Withdrawal BTC

Bittrex Withdrawal fees

The minimal withdrawal amount is determined depending on the transaction fee charged by the exchange in a 3.01 to 1 ratio. For example, BTC transaction fees cost 0.0005 on Bittrex exchange, therefore the minimum withdrawal allowed is at least 0.00150001 BTC.

«The minimum withdrawal for ALL coins must be greater than 3 times the fee. For example, The minimum withdrawal for BTC is 0.00150001 or greater as the fee is 0.0005.»

CryptocurrencyBittrex withdrawal fee
Bitcoin0.0005 BTC
Ethereum0.01 ETH
Litecoin0.01 LTC
Monero0.0001 XMR
Dash0.05 DASH

Safety and Security

In 2009, Bittrex was sued by angel investor Gregg Bennett, because his cell phone was hacked and this led to the theft of 100 BTC from his account. According to the victim’s lawyers, Bittrex should have had sufficient protection systems in place to prevent such a thing from happening. The investor lives and accesses the website from Seattle, while the hackers accessed the account from Florida. His password was changed (meaning that his email account was compromised as well) and the hackers managed to get away with 100 BTC or about $1 million at the time. Usually, exchanges have a 24-hour withdrawal lock after the password is changed, but not Bittrex.

There are no other notable hacking-related events that affected Bittrex in the past. They’ve been mentioned in another lawsuit against Bitfinex and Tether for market manipulation, as one of the beneficiaries of significant amounts of USDT.

Tests

We ran a security check using Mozilla’s Observatory, which came through graded as ‘C’.

Scan Summary

Also ran an SSL Server Test using SSLLabs, all server IPs came out graded ‘A+’, meaning the servers have great connectivity consistently.

SSL Report

Two-factor authentication

One of the most important parts of any crypto trader’s security toolkit is 2FA. Activating this feature significantly increases the safety of your account and it is naturally available on Bittrex Global.

To activate 2FA, navigate to Account.

account tab

On the next screen, select Two Factor Authentication under Site Settings.

Settings - 2FA

You will need the Google Authenticator application, which is available for both iPhone and Android. Follow the instructions on the screen, or check out the 2FA support documentation for more information.

Supported cryptocurrencies

Bittrex Global Active markets

As mentioned previously, there are 442 trading pairs on Bittrex exchange and many cryptocurrencies are supported. You can easily check if your desired token or coin is supported by going to a market data aggregator such as CoinMarketCap.

Supported countries

Since October 29, 2019, Bittrex stopped providing its service to a some countries because of regulatory uncertainty. Users from these countries were given two weeks to pull their funds from the exchange, and their account trading and access capabilities were removed.

Bittrex Global does not provide a service to the following countries:

  • Afghanistan
  • Egypt
  • Bosnia-Herzegovina
  • Botswana
  • Cambodia
  • Central African Republic
  • Democratic Republic of the Congo
  • Côte d’Ivoire
  • Ethiopia
  • Eritrea
  • Ghana
  • Guinea
  • Guinea-Bissau
  • Guyana
  • Iraq
  • Laos
  • Lebanon
  • Libya
  • Maldives
  • Pakistan
  • Sri Lanka
  • Somalia
  • Sudan
  • South Sudan
  • Trinidad and Tobago
  • Tunisia
  • Uganda
  • Vanuatu
  • Venezuela
  • Yemen
  • Zimbabwe

Create an account

Creating an account with Bittrex exchange is completely free and easy. You can start the registration process here. Depending on who you are you can choose to create either a personal or corporate account. Corporate accounts experience more oversight and take longer to open.

How to verify Bittrex account

For personal accounts you will need a:

  • Valid email address
  • Government-issued ID
  • Decent Password

To unlock the full potential of the Bittrex platform, KYC verification is mandatory. Without KYC your options for withdrawing is limited. Creating the account requires going through a standard email verification process, reviewal of terms of service, basic profile information data work, and going through the KYC ID verification process.

Conclusion

Bittrex Global is a great crypto exchange with a lot of traders to provide consistent action in a market that never sleeps. The trading fees are high compared to the competition, but Bittrex makes up for the fact with 24/7 up-time and great security in general. As long as you have 2FA activated and keep your mobile device and PC safe, you should be able to avoid falling victim to any hacking attempt. Liquidity on the Bittrex market is superb, as well as the choice of cryptocurrency. As a cherry on top, Bittrex is known to regularly add new coins for your trading pleasure.

Zoran

Written by Zoran Spirkovski
Zoran Spirkovski is a freelance journalist, brand strategist, and author published by CryptoBriefing, BeInCrypto, CryptoNewsNet, and NewsBlockchain. He writes about blockchain technology, cryptocurrency, branding, marketing, and productivity, and other stories that brew up in his mind. He writes a daily blog about the same topics at zoransp.medium.com and he regularly contributes to freelance discussion groups.

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