- Extensive variety of cryptocurrencies
- Advanced and user-friendly trading platform
- Highly secure
- High liquidity
- No fiat currencies supported
- Customer support is slow
Bittrex is a US based cryptocurrency exchange which has gained substantial growth and popularity since their establishment in 2014. The exchange prides themselves on being a premier blockchain exchange who provides lightning fast trade execution, secure and dependable digital wallets, and employing industry leading security practices. The Bittrex exchange has gained a viable reputation and is among the top cryptocurrency exchanges in the world. The exchange is based out of Seattle, Washington, United States and is often among the top 3 cryptocurrency exchanges by trading volume with an average 24 hour trading volume of $300 million. The exchange features a wide array of cryptocurrency assets including the most popular ones and many altcoins. Like most cryptocurrency exchanges, Bittrex is not yet regulated. However, the exchange is committed to complying with all the US regulations that help prevent fraud and protect their customers. Though Bittrex is one of the leading cryptocurrency exchanges in the world, are they right for you? Find out in the following review where we’ll delve deep into the aspects that make up this cryptocurrency exchange and see what sets Bittrex apart from the competition and whether or not they can be trusted.
Bittrex features their very own proprietary web-based trading platform which has been designed from the ground up. The platform is highly sophisticated and accomodates the needs of both beginner and advanced traders. The trading engine was designed to be scalable with the implementation of elastic computing which facilitates lightning fast order execution in real time as soon as the order is placed. Also, the Bittrex platform supports third-party trading platforms and algorithmic trading with the use of an extensive range of APIs. Therefore, Bittrex can confidently accommodate every type of trader and provide all the tools and resources they need. The trading platform is also user friendly and intuitively designed for a seamless trading experience. Upon logging in, it’s very clear on what you need to do and where to go to begin trading. The trading interface is advanced yet organized. Traders have access to sophisticated charts that come complete with numerous technical indicators, drawing and analysis tools, time frames, and chart types. As well traders can place various order types and can view the order book, trade history, trade volume, and more. All in all, the Bittrex trading platform is very well designed and sophisticated.
One of Bittrex’s major strengths is the sheer number of cryptocurrencies available to trade. The exchange currently lists over 250 cryptocurrencies and hundreds of trading pairs. However, Bittrex does not support fiat currency to crypto trading and therefore the cryptocurrencies are traded for either Bitcoin (BTC), Ethereum (ETH), or Tether (USDT). Bittrex is constantly reevaluating which coins they offer and add new coins regularly and delist inactive coins as well. Though Bittrex features many altcoins, they do make an effort to add quality altcoins rather than pump and dump coins or scam coins. Often times a new cryptocurrency fresh out of its ICO will be listed on Bittrex. This is one of the reasons why Bittrex is so popular and successful, traders want access to a new coin as soon as possible, and Bittrex is often the place to do that.
Fees and Commission
The trading fees on Bittrex are comparable with other exchanges, or maybe even slightly higher than the industry standards. All trades have a 0.25% commission applied to them and there are no incentives for higher trading volumes or different fees for takers or makers. As for fees regarding deposits and withdrawals, deposits are absolutely free as only cryptocurrencies can be deposited onto Bittrex. Withdrawals on the other hand incur a small fee which vary from crypto to crypto. This fee is clearly stated upon making a withdrawal. All in all, the fees and commissions are slightly higher than the cryptocurrency exchange industry standards.
Security and Fairness
Security is of the utmost importance for Bittrex. The exchange employs the most reliable and effective security technologies available. For instance, Bittrex uses an elastic multi-stage wallet strategy to ensure the majority of user funds are held in cold storage. As well, Bittrex employs multiple layers of protection for their clients such as two factor authentication and SSL encrypted servers for the protection of user data transmission. Also, Bittrex treats all their clients fairly by offering the exact same markets to participate in, same platform and tools, and the same fees are imposed on traders regardless of their trading volume. Bittrex is also compliant with all the rules and regulations laid out by US regulatory authorities.
Bittrex’s biggest letdown is their level of customer support. The exchange uses a support ticket system which can easily identify your problem, but often takes a long time to receive a response. Bittrex is a popular exchange and they receive a ton of support tickets which is why they are slow to respond. Users can review past support tickets from users which can be helpful, and the support page organizes these very well. However, for specific issues a user has they will need to wait days or even weeks to receive support.
Bittrex is a very popular cryptocurrency exchange with one of the highest daily trading volumes. The exchange is based out of the United States and offers an extensive variety of cryptocurrencies to trade. The platform offered by Bittrex is highly sophisticated and accomodates both beginner and experienced traders. The exchange has a good reputation and is highly secure, their one downfall is their level of customer support and their lack of support of fiat currencies. Other than that, Bittrex is an excellent cryptocurrency exchange with lots to offer.
The following are the common questions that customers inquired about Bittrex.
Is Bittrex regulated?
No, it is not regulated but is compliant with US regulators.
Is Bittrex a scam?
No, Bittrex is not a scam and has a good reputation.
Where is Bittrex based?
Bittrex is based out of Seattle, Washington, United States.