October 28, 2021

Bittrex Review

Read more about Bittrex
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Bittrex is a crypto trading platform offering a wide range of cryptocurrencies to buy instantly. But is it safe and legit?

Overall Score

4.0

Cryptocurrency Trading

4.5

Mobile App

4.0

Commissions and Fees

4.0

Ease of Use

3.0

Research

4.5

Safety

4.0
5-point scale (the higher, the better)

Pros and Cons

  • Extensive Selection of Cryptocurrencies
  • Low Fees
  • Research and Analytical Tools
  • Not Beginner-Friendly
  • Limited Features

Bottom Line

Time-tested cryptocurrency exchange with extensive buying options and low fees but limited features

If you're looking for a no-frills crypto exchange, you may want to consider Bittrex.

While other platforms are branching out into a laundry list of features like interest accounts and NFTs, Bittrex keeps it simple. It only offers a crypto exchange.

But is it a safe choice for trading? And are the fees too high?

Read our detailed review of Bittrex to decide if it's the right platform for you. Plus, see how it compares to popular competitors like Coinbase and Binance.

What is Bittrex?

Bittrex is a U.S.-based cryptocurrency exchange founded in 2014, making it a relative veteran in the crypto space.

It was founded by a trio of cybersecurity experts, Bill Shihara, Richie Lai, and Rami Kawach, all formerly employed at Amazon.

One of their unique features is their dedication to fostering development of new blockchains. This means you'll be able to find established coins like Bitcoin and Ethereum as well as potentially lesser-known currencies.

Bittrex also has a focus on security and regulatory compliance, which may put them in good standing if the U.S. government starts imposing tighter restrictions on crypto trading platforms.

They have received some complaints online regarding account closures and slow or ineffective customer support, but the number of accounts affected appears to be small.

Bittrex has a relatively high trading volume, coming in at #11 worldwide at time of writing. Their longer history means you won't have to deal with the growing pains of a new company

Where is Bittrex Available?

Bittrex is based in the U.S., and available in all states except the following:[1]

  • Nevada, Nebraska, New York, Vermont, Connecticut, Hawaii

Bittrex is available worldwide, except the following countries:[2]

  • Afghanistan, Belarus, Bosnia and Herzegovina, Botswana, Burundi, Cambodia, Central African Republic, Crimea, Cuba, Democratic Republic of the Congo, Egypt, Eritrea, Ethiopia, Guinea, Guinea-Bissau, Guyana, Iran, Iraq, Ivory Coast, Laos, Lebanon, Libya, Maldives, Mali, Myanmar, Nicaragua, North Korea, Pakistan, Panama, Somalia, South Sudan, Sri Lanka, Sudan, Syria, Trinidad and Tobago, Tunisia, Uganda, Ukraine, Vanuatu, Venezuela, Yemen, Zimbabwe, or any region currently sanctioned by the United States

Bittrex Supported Cryptocurrencies

Bittrex offers a wide range of cryptocurrencies and stablecoins, 68 at time of writing:

  • 0x Protocol, Algorand, Ardor, Ark, Basic Attention Token, Bitcoin, Bitcoin Cash, Bitcoin SV, Cardano, Celo Native Asset, Chainlink, Compound, Cosmos, Decentraland, Decred, Digibyte, DigitalNote, Dogecoin, EOS, Einsteinium, Enjin, Ethereum, Ethereum Classic, Filecoin, GameCredits, Golem Network, Haven Protocol, Hedera Hashgraph, Hive, Horizen, IOTA, Ignis, Komodo, Lisk, Litecoin, Loopring, Lumen, Myriad, NEM, Neo, Numeraire, OMG Network, Paxos Standard, Polygon, RavenCoin, Redd, Ren, STEEM, Siacoin, Signum, Solve.Care, Stratis, Strike Finance, Synthetic Network Token, SysCoin, Tether, Tezos, The Graph, Tron, TrueUSD, UMA, USD Coin, Uniswap, Verge, Vertcoin, WAXP, Waves, Zilliqa

Bittrex Features

Compared to other trading platforms, Bittrex is uniquely dedicated to trading. As such, it doesn't really have much to offer besides its exchange.

The Bittrex Exchange features 68 different cryptocurrencies and 250 trading pairs at time of writing, a relatively high variety compared to other popular exchanges. It's accessible through a desktop site and their mobile app.

The trading platform on Bittrex is clearly expert-oriented, even at first glance, with a full range of charting features, order books, trade history and more. They offer a wide range of buying and selling options including:

  • Limit orders
  • Market
  • Stop Limit
  • Trailing
  • OCO
  • Ladder Limit

Their trading space will likely prove intimidating for newer users, who may opt for a platform with a bit more handholding. That said, they do have an Instant Buy and Sell page, which is much more accessible.

Simply select the currency you want to buy from their drop-down list, choose what you want to spend (the trading pairs vary by currency; for Bitcoin, you can purchase with USD or Tether), add an amount, and pay using a debit card or existing USD balance.

Also, with the Bittrex Referral Program, users can earn 10% of all commissions on trades made by friends they refer.

Fees to Look Out For

Bittrex has a straightforward Maker-Taker fee structure based on 30-day trading volume:

30 Day Trading Volume (USD)Maker FeesTaker Fees
<$25k0.35%0.35%
$25k - $50k0.25%0.30%
$50k - $100k0.15%0.25%
$100k - $1m0.10%0.20%
$1m - $5m0.06%0.16%
$5m - $10m0.05%0.15%
$10m - $60m0.02%0.10%
$60m - $100m0.00%0.08%
$100m +0.00%0.05%

These rates are charged in addition to an undisclosed bid/ask spread, which varies depending on market conditions. While these aren't the lowest rates available on non-commission-free exchanges, they are on the lower end of the spectrum.

Crypto deposits do not incur fees on Bittrex. However, crypto withdrawals will incur network fees unique to each coin. You can view them through the app when making a withdrawal.

Fiat deposits and withdrawals are free on Bittrex.

Security

With the dangers of hacking or theft inherent in cryptocurrency trading, security is a vital feature for any trading platform.

Bittrex employs several security features in order to keep your crypto, your cash, and your data safe, including the following:[3]

  • Multi-stage Wallet
  • Two-Factor Authentication via Google Authenticator or SMS
  • Cold Storage
  • $300 Million Digital Asset Insurance

How It Compares

Bittrex vs Binance
Binance is one of the largest exchanges in the world. Binance.US is the offshoot made specifically for citizens in the United States.

Whether you're in the U.S. or abroad, Binance offers some of the lowest fees in the industry, and in either case it proves cheaper to trade on Binance than Bittrex.

While Bittrex does excel in the amount of data they offer, Binance has a lot to offer for expert traders as well, including futures, trading on margin, P2P trading, a smart pool to facilitate cooperation between crypto miners, and liquid swap for large transactions.

Overall, while Bittrex is a solid trading platform, Binance may have more to offer.

Read more: Binance Review

Bittrex vs Coinbase
Coinbase is one of the premier cryptocurrency exchanges targeting those new to the space with a particularly easy-to-use, beginner-friendly interface.

It offers a range of features that Bittrex doesn't, including staking rewards on popular coins, educational resources, and a forthcoming rewards Visa debit card.

Where Bittrex does better than Coinbase is its lower fees and its research and analytical tools, which may appeal to more experienced traders.

Read more: Coinbase Review

Bottom Line

Bittrex is a security and compliance-minded exchange that has been around longer than many of its competitors.

While it doesn't offer the same level of flash that some trading platforms do, it seems to have proven fairly stable and reliable over the long term.

They offer a good range of cryptocurrencies for trade, at prices that fall slightly below average. It is not the largest or the best exchange by any means, but for those interested in a straightforward approach to trading crypto, it may be what they're looking for.

References

  1. ^ "Eligible U.S. States": Bittrex, 2021
  2. ^ "List of Jurisdictions": Bittrex, 2021.
  3. ^ "Why Bittrex?": Bittrex, 2021.
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Jeremy Harshman is a creative assistant at CreditDonkey, a crypto comparison and reviews website. Write to Jeremy Harshman at jeremy.harshman@creditdonkey.com. Follow us on Twitter and Facebook for our latest posts.

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