Bittrex Review & Rating 2022
When it comes to cryptocurrencies, the security factor is the first to consider, in fact the most frequently asked question is, is Bittrex safe? Before answering this question, we must carefully examine this website and understand what levels of security it adopts.
Bittrex is one of the many exchange platforms available on the web. Our Bittrex review will allow you to understand if it is a reality you can trust or if it is better to rely on equally valid alternatives.
As cryptocurrencies became popular, more and more platforms have sprung up offering the ability to trade virtual currencies online.
Each exchange has its own peculiarities which must be understood before entrusting your funds to their dynamics. One of the most famous exchange platforms on the web is undoubtedly Bittrex.
In this Bittrex review, we will talk about the Bittrex opinions to see if this platform is the best for you. We will also learn who Bittrex founders are, the commissions that are applied and much more. Every answer we give will ensure that your question “Is Bittrex legit? " is satisfied.
Products and Features
Another point to the extreme advantage to mention in this Bittrex review is the huge cryptocurrency park that is offered by the platform. At the time of writing, Bittrex supports more than 250 different cryptocurrencies, including all the major ones you would expect such as Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and more along with a huge range of altcoins that is ever increasing.
This means having the ability to choose a single platform to truly invest in all types of cryptocurrency, something that very few exchanges can guarantee you.
User Interface (UI)
Trading platform is a major part of our Bittrex review for 2021. Bittrex also needs to be credited for its usability and well presented layout of both the initial website which looks somewhat different to US and international traders but is easy to navigate either way, as well as their web based trading platform.
Bittrex trading platform is similar to other major exchanges and offers all the tools and graphical indicators you would expect with an excellent degree of functionality, while still being easy enough for newer traders to interpret. While it is not possible to trade on margin with Bittrex, there are a number of order types that can be traded through the platform, including a couple of unique types in the ladder limit order and immediate or canceled order.
Mobile trading is also possible via your iOS or Android device with the Bittrex mobile app. Once again you will find great usability here with no loss of functionality from the web based platform and which will allow you the ability to both manage your account and trade on the go.
There are two types of accounts offered to clients on Bittrex:
- Basic account, easier to verify and activate, imposes as a limit the right to withdraw no more than 3 BTC (once a day).
- Advanced account, has a more accurate verification process and allows you to withdraw up to 100 BTC (once a day).
How to open a Bittrex account?
Registering with Bittrex is very easy and fast and you only have to follow a few simple steps. In addition, you can do it completely free of charge. Below we detail all the steps to open an account in this exchange:
- Create an account: To do this, you must first go to the main Bittrex page and click on the "Register" button. Next, you must provide an email and choose a password.
- Verify your email: Once registered, they will send you an email to verify that the address provided is correct.
- Verify your identity: To verify your identity, you must provide your personal information, such as your name, and upload documentation, such as your driving license.
- Start trading: You can start investing by making a cryptocurrency deposit. To do this, you must fill out a form and wait for it to be approved.
Is Bittrex safe? Unmatched security is Bittrex's most significant selling point.
The founding team, comprised of cybersecurity experts with over 40 years of combined experience, prioritizes security in all of its development decisions.
Three years after launch, Bittrex achieved the rare feat of never having been hacked or lost client funds.
Bittrex has put in place a resilient, multi-stage portfolio strategy that always keeps 80% -90% of offline funds safe.
Another essential feature that makes Bittrex good is the fund recovery service: for any digital currency deposit worth more than $5,000, Bittrex will recover the funds if they have been accidentally transferred to a wallet of a different type of cryptocurrency.
For example, if someone accidentally deposits a bitcoin in a bitcoin cash wallet , Bittrex will recover it for them, provided the request is sent within seven days of the deposit being made. The exchange, however, will charge 0.1 BTC for any recovery.
Meanwhile, on the customer side, two-factor authentication is a must for all withdrawals and API calls; if not activated, a limit is applied to withdrawals for customers without 2FA setup.
Is Bittrex scam?
While Bittrex is reputed to be one of the most advanced platforms in terms of security, it has received more than one complaint from dissatisfied users.
Some investors have encountered some problems with regard to withdrawing money. In fact, some users were not allowed to withdraw the money. Indeed, the latter was required to deposit new sums of money before making the final withdrawal.
In this sense, users who turned to the platform to solve the problem did not receive a timely response from customer support, suffering a disservice and economic damage.
However, Bittrex is not a scam. Why is that so? Read os to find out.
Is Bittrex good when it comes to the cost of trading? Bittrex, like most of the exchange platforms on the web, charges a certain percentage of commission. Which ones are they? And when are they applied?
The Bittrex exchange platform charges a 0.25% commission on all trades that users make. For example, if a trader trades for $12,000 by buying bitcoins, the total he will pay in terms of the commission will be $30.
Bittrex, unlike other platforms, does not require the payment of a commission in case of deposits, even fiat ones.
However, like other realities, it applies a commission percentage in the case of withdrawals. The latter is variable based on the cryptocurrency that has been withdrawn. Here are some examples of cryptocurrency fees:
- Bitcoin: 0.0005 Bitcoin
- Ethereum: 0.006 Eth
- Litecoin: 0.01 LTC
- Monero: 0.04 XMR
- Dash: 0.002 Dash
For example, the fees of Kraken (but also of Coinbase ) are very similar to those applied by Bittrex. In the case of Litecoin the percentage paid will be 0.001%, for the Dash cryptocurrency, on the other hand, 0.005%. Even Spectrocoin has a similar commission system, find out more.
Bittrex offers a very competitive commission system compared to other equally famous platforms. That said, they don't always turn out to be the cheapest. However, most of the time they guarantee lower withdrawal fees than its main competitors.
Considering the entire sector, the trading fees charged by Bittrex are on average higher. Bittrex, like other platforms, uses a tiered commission structure which offers traders discounts if they are trading in high volumes.
Starting from the basic percentage of 0.25%, the commission can be reduced close to zero if the trader makes trades over 60 million dollars.
This scale approach makes the Bittrex platform ideal for both individuals and large companies interested in investing.
Regulation and Fund Security
Is Bittrex regulated? This is perhaps the most important question we would like to answer in our Bittrex review. Although Bittrex is based in the US, it is not regulated under US securities laws.
Bittrex is not regulated by a reputable financial body – such as the SEC in the US or the FCA in the UK.
On the contrary, Bittrex notes that the exchange is licensed under the Bermuda Digital Asset Business Act 2018.
Put simply, this doesn’t really fill us with much in the way of confidence. After all, it remains to be seen what investor protections from you will benefit from when the only regulatory oversight you have is from authorities in Bermuda.
On the Bittrex website, the provider claims that it meets and complies with all relevant laws surrounding anti-money laundering. This means, as noted earlier, when you attempt to deposit or withdraw funds with fiat money – you will first need to go through a KYC process.
Deposits and Withdrawals
Our Bittrex review found that to deposit funds into an existing Bittrex account, you can transfer them from an existing cryptocurrency wallet or make a fiat deposit through the use of a credit card or bank transfer.
To do this, it is obviously necessary to have a "verified" account, that is to have passed the verification phase of your account, by providing a scan of a valid identity document (eg identity card), and proof of domicile (e.g. copy of a recent bill or bank statement).
For fiat currency deposits it is also necessary to verify your account and obtain the whitelist of your bank account by submitting a request through the Bittrex customer service. This process can take a few business days, but can be done on a one-time basis.
The storage costs tend to vary based on bank charges. The minimum deposit amount is in any case $50, while there is no maximum limit for the amount of money deposited. Credit card deposits are much faster, but will cost an additional 3% more than the deposit amount per transaction.
When it comes to withdrawing funds, however, you are free to withdraw both fiat and cryptocurrency. The fee for cryptocurrency withdrawal varies depending on the selected currency, but is quite low.
Withdrawals of fiat money require you to have a verified bank account linked to your Bittrex account. A fiat withdrawal directly to your bank account can take up to 10 days. The minimum withdrawal amount is 50 euros, without commissions (but there may be extra fees from your bank).
Bittrex has a better customer support team than other exchanges. The main support page is on Zendesk, where you can find, store and review support tickets, ongoing inquiries, or learn about all platform-related issues, such as Frequently Asked Questions (FAQs), site information, news and announcements, or news on digital currencies and user guides on mobile applications.
Aside from Zendesk, Bittrex customer support can be reached via Slack, Twitter, and Facebook.
We hope this Bittrex review has cleared up the doubts regarding the platform: While it is an inconvenient exchange for trading cryptocurrencies, Bittrex is certainly not a scam.
Unfortunately, the high commissions, the lack of short selling, the slowness of transactions and the lack of transactions with traditional currencies (Euro or Dollar) make this exchange unsuitable for online trading and more for those who want to buy cryptocurrencies and keep them for a long time. in an electronic wallet.