Bittrex Exchange ReviewExchange with fiat deposit option
Bittrex is a cryptocurrency exchange based in the United States. What does Bittrex offer? Our Bittrex exchange review will help you understand a number of different aspects of Bittrex, such as how high are Bittrex fees, how good is they crypto selection, payment options and much more.
Bittrex exchange details
|Exchange||Payments & fees||Account|
|Exchange name||Bittrex||Payment options||Crypto, Credit/Debit Card, SEPA, WIRE||KYC||KYC required|
|Website||bittrex.com||Fiat deposits||yes||Accepted countries||Around 200 countries|
|Established||2014||Min deposit||20||Restricted countries||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|
|Nr. of active accounts||500 000+||Min withdrawal||10||Mobile app||Yes|
|License||No license||Fees||Maker 0.75%, Taker 0.75%.||Features||No special features|
Bittrex review – easy-to-use, no-frills exchange with good coin selection
In this Bittrex review we will try to give you a good idea about what is Bittrex and what is Bittrex Global, what's good and what's bad about it. We will look into Bittrex security, Bittrex sign up process and also many other aspects related to Bittrex crypto exchange.
Bittrex is an exchange that was founded back in 2014.
After starting as a crypto-to-crypto only trading site, Bittrex has now grown into a fully featured, one of the most diverse crypto exchange, which offers something for everyone – new people in the crypto world as well as experienced traders.
Bittrex crypto selection is not the biggest in the market, but they have also included many cryptos which aren’t available in most other exchanges.
In addition to other markets, Bittrex exchange can be used in the U.S. and their headquarters are actually located in Washington.
Bittrex Global vs. Bittrex - what's the difference between the two?
Bittrex and Bittrex Global exchange are two different platforms.
Bittrex Global is the platform with the most cryptocurrencies, but that one does not accept U.S. traders.
Bittrex or Bittrex US (as it caters to US customers), on the other hand, is the platform that accepts US customers, but has a bit lower amount of currency pairs.
You are currently reading Bittrex review not Bittrex Global review, but at the same time, except for the number of currencies, these two are not very different besides the aforementioned.
Bittrex US customers can just go to Bittrex main website here and sign up.
Most other Bittrex reviews you can find around don't even mention that there's any difference between the two.
Bittrex safety and regulation
While Bittrex is not a regulated exchange (as is the case with most cryptocurrency exchanges), Bittrex does comply with all US laws and according to our information also reports to the Financial Crimes Enforcement Network (FinCEN).
Is Bittrex safe to use?
Bittrex might not be among the top 3 exchanges in the world, but they still employ top security for their users to keep the accounts safe.
Bittrex keeps most of the crypto assets in cold storage like most other exchanges.
So when it comes to Bittrex safety, your assets should be as safe with Bittrex as with most other exchanges.
Bittrex Account security options
Bitrex has a number of advanced security features in place to protect your assets.
Among the features are:
- Two-factor authentication with Google Authenticator
- Whitelisting wallets feature. You can set up Bittrex wallet whitelisting. This means that funds can be withdrawn only to accounts you have previously approved.
- IP Address whitelist feature. You can also whitelist only specific IP addresses from where your account can be accessed.
- Automatic “Disable Account” Link in email. Whenever someone logs in to your account from a new IP address you receive an automatic email about it. And if it wasn’t you, you can disable your account with a single click.
Which countries does Bittrex accept people from?
Bittrex supported countries list more than 200 countries long, so they accept traders from pretty much everywhere.
Can people from USA use Bittrex?
Bittrex accepts users from 46 U.S. states.
The states that are currently not accepted by Bittrex USA platform, are Connecticut, Hawaii, New York, and Vermont.
Countries where Bittrex is banned
Currently Bittrex can not be used in the following countries:
Bosnia and Herzegovina
Central African Republic
Democratic Republic of the Congo
Trinidad and Tobago
Bittrex exchange details
Where is Bittrex located? Let’s look at that and other details below.
Year established: 2014
(Co-)Founder and CEO: Bill Shihara
Number of Cryptos: 200+
Number of Employees: 250+
Headquarter: Seattle, Washington, United States
Number of accounts: Over 500 000 active users
Where can I find Bittrex coin listing?
While not 100% of all Bittrex exchange coins might be available here, you can see our Bittrex crypto list here.
That Bittrex list of coins should have at least most if not all Bittrex listings. Also, keep in mind that Bittrex coins list is different depending on whether you are on Bittrex or Bittrex Global website.
You can also see all Bittrex new coin listings below.
Top 25 Bittrex new listingsAll prices are in EUR.
|Cryptocurrency||Current Price||Week Change %|
Bittrex Deposits & withdrawals
Bittrex offers different options for funding your account, including fiat. There is no maximum deposit or withdrawal for wire and SEPA transfers.
How to deposit money on Bittrex
Let's take a look at how to add money to Bittrex.
Funding your Bittrex account using fiat is rather straight-forward:
- Log in to your account. Bittrex log in button can be found in the most top-right corner.
- Go to "Holdings"
- Choose the payment method
- Choose currency
- Read the fineprint and accept the terms
- Enter the amount to deposit
- Enter account info (for example, card info in case of credit card deposits)
- Click pay
- And now follow any other instructions
Obviously, you can also deposit cryptos.
In order to do that just go to your account area, click Holdings, choose crypto, click deposit and follow the instructions.
Additionally you can also use Bittrex Instant Buy and Sell option, which allows you to buy cryptos directly with fiat without first depositing the fiat to your account.
Things you should know about Bittrex USD deposits
What should you know about USD deposits?
- USD deposits can be done via wire transfer.
- Minimum deposit is $50, no maximum deposit.
- Deposits are usually credited the same or next day.
Things you should know about Bittrex EUR deposits
You can use the following options to deposit EUR:
- SEPA Credit Transfer
- International Wire Transfer
- Credit/debit card
Minimum deposit is 20 euros.
What is Bittrex minimum deposit amount?
As you read above, Bittrex minimum deposit amount for fiat is $50 for USD and EUR 20 for EUR.
Minimum crypto deposit amounts depend on the exact currency.
How to withdraw money from Bittrex
Bittrex exchange has made it possible to withdraw money using both using fiat and cryptocurrencies.
However, keep in mind, that for newly created accounts, Bittrex puts a 10-day hold for EUR and USD withdrawals and you also need to keep in mind Bittrex minimum withdrawal amounts.
And Bittrex withdrawal fees depend on the exact withdrawal option used.
Details for Bittrex USD withdrawals:
- Bittrex withdrawal minimum for USD is $10.
- Withdrawals initiated before 9AM PDT are normally sent to your bank account same or next business day
Details for Bittrex EUR withdrawals:
- Bittrex withdrawal minimum for EUR is 10 euros.
How much does Bittrex charge for deposits and withdrawals?
Bittrex withdrawal fee from all credit card payments is 3%. Bittrex withdrawal fees for SEPA payments are generally lower.
Bittrex crypto withdrawal fees depend on the currency.
We’ll talk about Bittrex fees further in the Bittrex fees paragraph.
Trading on Bittrex platform
While some might say that Bittrex UI is slightly too advanced for new crypt traders, we don’t agree with that.
Having created a Bittrex account ourselves, we can honestly say that it’s not complicated at all.
Bittrex offers pretty simple interface making it easy to buy or sell cryptos even for the newbies.
Currently it is possible to trade more than 200 crypto trading pairs in Bittrex.
Creating Bittrex Account
So how would you go about creating yourself an account on Bittrex?
- Start by going to Bittrex website
- Then click “Sign up” button in the top right corner
- Choose account type
- Enter your email address
If the referral code field hasn’t been filled automatically, we would appreciate if you used Cryptolorium’s Bittrex referral code.
Our Bittrex referral code is YOA-UF3-TWZ.
Note that using our referral code does not take anything away from you. Sometimes actually vice versa.
After you have signed up, you will need to verify your email address and log in to your account.
After that set up two-factor authentication to secure your account.
After that you are also asked to verify your identity and go through Bittrex KYC process.
Bittrex KYC – how to verify your Bittrex account?
KYC verification process is required to prevent fraudulent or criminal activity and that’s the reason why Bittrex asks all users to verify their account.
During the account verification process you are asked to provide your ID, your SSN and some other information, depending where you are based.
Bittrex identity verification process - how to verify?
After your account has been created and you have verified your email account, you’ll be taken to a page where you can edit your profile.
You’ll need to fill the page with correct data, including but not limited to:
- Country of residence
- ZIP Code
- Date of birth
One this is done, the actual Bittrex account verification starts and you go through Bittrex ID verification process.
You need to take a photo of your ID and also a selfie. You don’t need to take photos yourself, just make sure your computer has a webcam.
How long does Bittrex account verification take?
From the time you start uploading your documents until the time the documents have been verified shouldn’t take more than 10 minutes.
So Bittrex verification time is pretty much as fast as you'd expect from a good exchange.
Why and when should you verify your Bittrex account?
You need to verify your Bittrex account right before you can deposit or trade on Bittrex platform.
Bittrex mobile app
As with most other exchanges, you can buy and sell cryptocurrencies using Bittrex global app as well.
Depending on the mobile you have, you can use Bittrex app for Android or Bittrex app for iOS.
Bittrex mobile app works the same way on both operating systems.
Bittrex app allows you to make deposits, make withdrawals as well as make instant crypto buys for USD or EUR.
For USD you can instantly buy BTC, ETH, ADA, BSV, BCH, DGB, HBAR, LINK, LTC, USDT, and XRP.
For EUR you can instantly buy BTC, ETH, and USDT.
Is Bittrex app good?
Based on the online reviews, Bittrex mobile version might not be as good as many users might expect it to be.
Very soon we intend to try Bittrex app ourselves as well and write as thorough Bittrex app review as possible.
Bittrex Fees – how high are Bittrex exchange fees?
There are three types of fees you should pay attention to:
- Bittrex deposit fees
- Bittrex withdrawal fees
- Bittrex trading fees
Bittrex deposit fees
If you are using a credit card (Visa or Mastercard) to make a deposit, the Bittrex fee for deposits is generally 3%.
SEPA and ACH deposits are normally free.
Bittrex withdrawal fees
- ACH withdrawals are free.
- SEPA withdrawals *should* be free as well.
- Wire transfer withdrawals fee is $25.
- Crypto withdrawal fees depend a lot on the specific coin.
Bittrex trading fees
Bittrex trade fees depend on your trading volume. If you’re a Sunday-trader who doesn’t trade too much within any 30-day period, Bittrex trading fee can be rather high, as high as 0.75%.
However, if you trade more, for $25 000 - $100 000 a month (and keep in mind, it’s the total trading volume, not the money you are expected to deposit), your trading fees go down to 0.20% (Maker)/0.25% (Taker).
And based on the volume, the fees go down more.
30-day trading volume
$0 - $5k
$5 - $10k
$10 - $25k
$25 - $100k
$100k - $1m
$1m - $10m
$10 - $60m
$60m - $100m
How do Bittrex fees compare with other crypto platforms?
Overall, it really depends on which Bittrex fee we are talking about.
Bittrex trading fees for low-volume traders are a lot higher than in other platforms.
Kucoin and Binance base fees are 0.1%, Gate.io fees 0.2%. Even Coinbase offers lower fees compared to the 0.75%.
So for so-said low-volume Sunday traders the fees are pretty high compared to other exchanges.
However, based on your trading volume the fees do go closer to what other cheaper exchanges are offering.
Can you earn money from your crypto in Bittrex?
While Bittrex Earn section is not as big as in case of many other exchanges, they do offer a staking options.
At the moment of writing this review you Bittrex staking page lists just one crypto – Cardano (ADA).
Bittrex offers you up to 5.5% staking rewards.
Can you lose money by staking ADA in Bittrex?
Staking is generally quite safe and you should not suffer any losses. However, keep in mind two things:
- Before staking, make sure you read all the terms and conditions, just in case
- The 5.5% staking reward is not guaranteed and can vary
Bittrex customer support
You can contact Bittrex using any of the following options:
- Automated chatbot
- Zendesk - https://bittrexglobal.zendesk.com/hc/en-us/requests/new
- Telegram - https://t.me/s/bittrexglobal
- Twitter - https://twitter.com/bittrexsupport
- Facebook - https://www.facebook.com/BittrexGlobal/
Additionally, Bittrex has a pretty extensive knowledge base, which should answer most of your questions without the need to actually get in touch with Bittrex customer service.
This knowledge hub can be found here - https://bittrex.zendesk.com/hc/en-us
Pros and cons of using Bittrex
Accepts traders from more than 200 countries
Support can be slow
More than 200 cryptos
Not accessible in all U.S. states
Direct fiat deposits available
Potential Bittrex issues and questions you might have about Bittrex
What else might you want to know about Bittrex? Let’s look at couple of problems users have had in the past.
My account has been disabled! Why is that?
There can be different reasons for that. Here are a few most common ones:
- At some point in the past you asked Bittrex to disable your account
- Your account had been compromised or Bittrex thought it was, and disabled it
- You tried to verify your account with documents that have been used for another account
- You violated Bittrex Global exchange terms
- Bittrex noticed irregular trading activity (whatever that might mean)
In order to reopen your account, you need to start a request ticket and use the “Account Disabled” form.
What does “Device Verification Failed” mean?
When doing any kind of verification on your Bittrex account ,which asks you to click a link in an email they have sent you, you might get this or similar error.
“Device Verification Failed” error means that you have tried to verify a new device.
However, for one reason or another, you are clicking the link on a different browser, for example.
Let’s say you are trying to verify the device on Google Chrome, but your email account is currently open in Firefox. Clicking the link in Firefox will result in this error.
If you face such an issue, just copy the url the verify button is supposed to take you to and paste it in the browser you started the verification in.
Conclusion – is Bittrex a good exchange?
Bittrex is a nice exchange with a decent enough amount of altcoins to trade. It’s an exchange that can easily be used by both – new and experienced traders, as they do offer something for everyone.
While Bittrex is definitely not the largest exchange around, the average Bittrex trading volume is rougly 80 million a day.
When it comes to fees, Bittrex is definitely not the cheapest exchange out there, but in general, they are not the worst either.
Bittrex account security is comparable with all other exchanges, as it features two-factor authentication as well as IP address and device whitelisting.