Bittrex Global is one of the most popular platforms today for the exchange of cryptocurrencies, including bitcoin. It has its advantages and disadvantages, and we will describe them in this Bittrex review. If you want to know more things about Bittrex exchange, its services, and its trading strategies, read this post and ask your questions in the comments. This Bittrex review will help you avoid losses during cryptocurrency trading and provide practical tips about using this platform.
Small Bittrex Review
Even though the Bittrex exchange was not so popular in the past, it is a veteran in the sphere of a cryptocurrency exchange in the USA. The main principle of their work is the security of users’ identity and finances. There were no hacking cases on Bittrex for the whole period of its functioning, which is why people prefer it instead of other platforms. Moreover, the speed of all operations and stable services attract more and more users every year.
Of course, no company provides perfect services, and Bittrex has some drawbacks in its work. The first one is that Bittrex denies access to accounts for some users and does not notify them about the reason for suspending them. Another issue is in the quality of customer support — Bittrex exchange provides a low level of customer services and help. So, as Bittrex exchange has both pros and cons in its work, you should pay attention to all the detail before using it.
We recommend you to continue reading this post because it will clarify all the factors that can make you trade with Bittrex or never start to work with it. In this review, we will cover these topics:
- General overview of Bittrex
- Available services on Bittrex
- Payment methods and types of currencies
- Supported geographical area
- Commissions and fees of Bittrex
- Reviews of users and customer support system
- Comparison of Binance and Bittrex
- Additional characteristics of Bittrex
General overview of Bittrex
The history of Bittrex started in Seattle, Washington, the US in 2013, and Rami Kawach, Bill Shihara, Richie Lai were founders of this company. By the way, all of them had worked in Microsoft before they decided to base a cryptocurrency exchange platform.
Bittrex confidentiality
As we have already said, Bittrex is trying to develop the best security system for crypto exchange, among others, and the main tools to achieve this goal are the latest technologies in the sphere of cryptocurrency trading. You may rely on Bittrex because the core team of developers consists of experts in computer science with 40 years of experience in Internet security.
Bittrex is following a wallet strategy that is multilevel and elastic, so it keeps more than 80% of finances offline. However, if you want to trade with the full security of your data and bitcoin, you should go through several steps of two-factor authentication. You will not be able to withdraw money or make API calls without confirmation of your identity with 2FA.
Besides, few companies have as high a level of security as Bittrex provides. The fact is that it was never attacked, and it has never lost the funds of customers.
Available services on Bittrex exchange
The central purpose of Bittrex is to provide a stable and reliable exchange platform for trading. You can choose the currency you need for fiat trading pairs from the huge list of available ones to trade crypto you want and withdraw bitcoin to a credit or debit card.
Like plenty of other platforms, Bittrex provides an extensive trading engine: instant trades, stop-loss, GTC (good ’til canceled), and several charting tools and analytics of the market and current price that helps make the most beneficial trades.
As regards customers’ opinion on the Bittrex, most of them noticed the high speed of all operations, absence of lags, and system failures. However, you can make margin trading with this platform.
Payment methods and types of currencies
You should verify your identity with a scan of your ID to have access to all services of Bittrex. If you have completed the registration process and you are a verified trader, and you live in some states of the US or outside this country, you can make transactions in US dollars. Here is the list of states in which you can use the US dollar as the currency for your financial operations:
Alabama, Alaska, Arizona, Arkansas, California, Colorado, Florida, Georgia, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Maine, Maryland, Massachusetts, Missouri, Mississippi, Michigan, Montana, Nebraska, New Hampshire, New Jersey, New Mexico, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Puerto Rico, Rhode Island, South Carolina, South Dakota, Texas, Utah, Washington State, Washington, D.C., Wisconsin, West Virginia.
Pay attention to the fact that you can withdraw dollars or transfer them only via the bank’s wire system. Of course, there is an opportunity to make exchange also for those who cannot use USD trading. You can do trading pairs with Tether (USDT) and other stablecoins. If you are interested in altcoins, there are more than 400 of them available for trading and deposits, including Ethereum, Bitcoin, USDT, and others.
Bittrex is a developing company that is trying to add more altcoins to the system. Besides, they do not provide altcoins for trading pairs that have a suspicious reputation, and they check the activity of all the coins before making them accessible for customers. However, there are some cryptocurrencies in the system that avoid this checking procedure, but Bittrex is doing its best to provide security of funds for users.
Hard Fork Coins
The team of Bittrex does not allow all the coins to be used in the system, and they prevent airdrops and hard forks for the cryptocurrencies presented on the platform. They add only those coins that went through the hard work with a stable network.
Supported geographical area
There are only a few countries where Bittrex does not provide its services — Iran, Crimea, Cuba, North Korea, and Syria. Moreover, this exchange platform is not available for people who violated laws of the US and was sanctioned by the US federal agencies.
Commissions and fees of Bittrex
There is a commission that Bittrex always withdraws from all the transactions of their clients — 0.25%.
As regards transaction fees, Bittrex offers higher fees than other platforms and does not propose any discounts for big transfers and stimulations for buyers and sellers. The price of the services provided by this trading platform alienates a big part of traders.
Reviews of users and customer support system
Do not be surprised if you find negative reviews about the Bittrex because it has disadvantages in the customer support system. There are plenty of clients who had a poor experience using this platform. One of the most popular user complaints about this exchange platform is that it blocks users’ accounts without prior warnings and explanations of the reason. Sometimes you should not worry if your account was suspended because they will check your data and unblock you after that.
However, there are a lot of users who lost their accounts with funds and uncompleted transactions for a long time. They shared their opinion on special trading forums complaining about the Bittrex. As we know, the problem with frozen accounts occurs even after several negative messages to the support team of the Bittrex. The team did not provide a comprehensive answer and solution to this issue.
According to statistics of Bittrex, they froze only 0.1% of accounts because of system failures or violations of the conditions. Even though they presented such a small number, there are much more posts with critiques on this topic in bitcoin groups and forums.
You should save all the info about your account and funds from being able to solve such a problem if it happens to you and keep the security of your bitcoin. The trend is that people use developing markets and then face user accounts block on Bittrex. It may happen because of the not strict requirements of Bittrex to exchange operations and traders.
You can always use the FAQ page on Bittrex but do not wait for a response soon because the reputation of their support team is poor. The only solution is to post support tickets and wait for help from the system itself.
Reviewers of Bittrex marked low speed of response by the support team to questions connected with two-factor authentication, user verification process, trading fees, and all other topics that may concern you.
Comparison of Binance and Bittrex
The variety of altcoins makes traders more interested in Bittrex, and they often compare trading on Bittrex with trading on Binance. However, Binance is a more convenient platform because of lower withdrawal fees, easier registration process, and an excess number of cryptocurrency traders.
The only thing that can make Bittrex more beneficial is the option of deposits and withdrawals in US dollars for accounts that pass two-factor authentication. So, if you cannot trade without this service, you should pay closer attention to Bittrex. Otherwise, Binance offers better conditions for their users, including margin trading, a variety of supported countries, and plenty of operations with crypto.
You can learn more about Binance and other trading platforms on our website.
Additional characteristics of Bittrex
If you are interested in law regulations connected with transactions via Bittrex — the government does not track any transfers and other operations with cryptocurrencies made on Bittrex.
Moreover, Federal Deposit Insurance Corporation (FDIC) does not cover trading made on the Bittrex platform.
Summing up
Bittrex is one of the most secure platforms for crypto trading because they created an environment where no one will hack your account and lose your crypto. Moreover, the variety of cryptocurrencies available on Bittrex allows you to start trading even with rare coins. If you are a beginner in the trading sphere, you can start with Bittrex Global. Be ready for negative consequences of usage of this platform because their support system does not work properly, and sometimes they froze users’ accounts.
Bittrex is one of the platforms that neglect customer support and analysis of user experience because they want to develop their crypto space and security of funds. However, such things always lead to clients’ dissatisfaction, poor reputation, and negative reviews about the services on the Internet. However, you can not worry about the security of your crypto, account, and IP addresses using Bittrex because their protection system is highly developed.
We recommend you to make only reasonable investment decisions and put only the part of the money to Bittrex. Be prepared for accidental blockage of your account and make sure you have enough money outside this platform to live. This advice applies to all of the platforms and cryptocurrency exchanges.
FAQs
Is Bittrex shutting down?
There was information that Bittrex would stop its work in several countries, but nowadays, it is available for users from almost all places of the world. Check info about supported countries and the work of this exchange platform on the official page of Bittrex to avoid fake news about this Bittrex exchange.
Can US citizens use Bittrex?
Generally, yes, US residents can make exchanges with Bittrex but not in all the states. We provided a list of states that can trade with Bittrex for cryptocurrency trading in this Bittrex review. Besides, some cryptos are not available for some states. Pay attention to the terms of Bittrex when you start using it to perform crypto exchange without extra problems.
Can I withdraw cryptocurrencies from Bittrex to a bank account?
Withdrawal of money to bank accounts and depositing from debit or credit cards is possible with Bittrex. However, they will take a 3% withdrawal fee for operations connected with personal bank accounts. This option makes Bittrex convenient to trade because all the transactions with the bank are made instantly.
How do I withdraw money from Bittrex?
The procedure of withdrawal is easy, and it will take several minutes for you to do this. You can withdraw funds in any crypto you want but make sure your bank supports the crypto of a particular type. If you skip this step, you will lose all the amount of transactions. You need to enter your account, click the button “Holdings” on the home page, choose the crypto and click the “Withdraw” sign. The platform will ask you to go through the verification process of the transaction, and then money will come to your bank account as soon as possible.
