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Bittrex Exchange Review

In this post we give a non biased review of the Bittrex Exchange and share details about features, fees and an overview of their site.

Disclaimer: Under NO circumstance should this review be interpreted as a recommendation to trade or an endorsement of a trading platform, supplier or of a specific cryptocurrency.

This post was last updated on:15 June 2020

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QUICK FACTS – Bittrex Exchange

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Founded

Type: Trading platform/crypto exchange

Founder: Bill Shihara, Richie Lai and Rami Kawach

Headquarters: Seattle, Washington, USA

Bittrex Exchange Review:

Bittrex is a US exchange that’s been around for quite a while and whose main emphasis is security for users. There are two Bittrex versions. The US website is only open for eligible users in the United States. The International version (https://global.bittrex.com/)  caters for non-US based customers. The latter accepts Euro deposits.It has a very sophisticated trading platform that might not be ideal for beginners but it’s still pretty impressive. It has a solid trading platform and stringent KYC procedures.  

The Seattle based exchange was founded in 2013 and has its headquarters in the same Washington city. It was founded by Bill Shihara, Richie Lai and Rami Kawach, who all worked at Microsoft.

> Sign Up to Bittrex here

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Bittrex Exchange Bonuses: Sign up bonus

At the time of writing this review Bittrex does not offer a welcome bonus

Trading on Bittrex exchange

After opening your account and depositing funds, you can start trading on Bittrex. First, you need to choose Your base currency market, if you pick Bitcoin then you may trade agains other altcoins in the Bitcoin Market. 

Buying

To set a buy order, select BUY, to buy Ethereum add the quantity you want to buy of ethereum and set the price ‘bid’ you which to pay for that unit of ethereum. You will now see the total amount of BTC required to buy the volume of Ethereum you wish to bid on.

Selling

The core difference between buy and sell is Bid vs Ask. To sell you would set an ‘ask’ price that you would want from someone per unit of ethereum. The total displayed would be the total amount of BTC you’d receive once you sold this ethereum.

Fees

Bittrex will charge 0.2% commission fee on all trades for standard volume orders. For traders going large the fee goes down respectively. 

30-Day Volume (USD) Maker fees Taker fees
0 – 50,000 0.200% 0.200%
50,000 – 1,000,000 0.120% 0.180%
1,000,000 – 10,000,000 0.050% 0.150%
10,000,000 – 60,000,000 0.020% 0.100%
60,000,000 and more 0.000% 0.080%

Bittrex’s trading fees are somewhat middle of the road neither too high nor too low when compared with the competition.

Withdrawal on Bittrex Exchange

You can withdraw both crypto and fiat assets with ease from Bittrex. To get traded earnings back into your fiat bank accounts, you need to have a bank account tied and verified to your Bittrex account. This will allow the transaction to occur. Even with an approved account this process can still take up to 10 days. 

The minimum withdrawal amount you can convert back to fiat is USD 50 there shouldnt be any charges on this. 

User Experience on Bittrex Exchange

Navigation

It is not that easy to get around Bittrex so the exchange is recommended for the more experienced users.

Charts

Bittrex uses the TradingView option for its charts so these are the best and by far the most easy to use. These are customisable, have dark/light options and are similar for mobile.

Offerings/Markets

There are over 1300 coins and trading pairs with BTC and ETH as well as USDT on Bittrex. Inevitably some dubious coins are listed.

Other products

Bittrex offers a very secure multi sig wallet but has no other products apart from the normal crypto exchange.

Mobile Experience

Very similar to the desktop version

Security

Normal 2 Factor Authentication is provided on Bittrex

Governance

Bittrex is based in Seattle, Washington with an undisclosed number of company employees although it is rumoured to run into the hundreds. They are a relatively standard cryptocurrency exchange licensed in the USA. Wallet security is excellent. The company is a private one and is licensed in the United States.

Support & Social

Whilst support is aplenty, by means of guides, FAQs and documentation, there is no live chat option. You can however reach Bittrex by support desk if you have a specific question. Their team is also available on Slack, Twitter and facebook with all platforms quite active.

Crypto Exchange: Our Rating of Bittrex Exchange

Bittrex is a great exchange for beginners and pro day traders. Their platform is mostly reliable and security is taken serious. Cryptocurrencies to trade upon are plenty.  On the negative side, several customers have reported freezing of customer accounts without explanation. The lack of a live support channel is also an issue. Fees are the middle of the road and the trading engine is pretty good.

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