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Bittrex Review: Is it Safe Exchange? Trading & Withdrawal Fees
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Overview
Bittrex originated in 2014 in the USA and is one of the most popular cryptocurrency exchanges in the world. In this Bittrex review, you can get a peek at the features this exchange has to offer and whether it is the right choice for you or not.
What is Bittrex?
Bittrex is an advanced platform that allows you to buy, sell or trade cryptocurrencies without running into any inconvenience. The exchange is currently operating from Lichtenstein and Bermuda but was originally established in Seattle in 2014. It was founded by three former security managers from Amazon, Bill Shihara, Richie Lai, and Rami Kawach. All three founders also spent some time at Microsoft in different positions and have a lot of experience with computer securities.
Over the course of years, Bittrex has attracted customers from across the globe and has over 500,000 active users. The exchange is widely available to users from all countries except a handful of regions, including North Korea, Iran, Syria, and Cuba.
Bittrex initially started as a crypto-to-crypto exchange company but later introduced 2 FIAT markets to make the exchange more accessible. FIAT currencies you can deposit on Bittrex include Euro and the US dollar.
If you are looking for a reliable exchange to invest in cryptocurrency, you can sign-up on Bittrex today and start trading.
Is Bittrex Safe?
Bittrex is one of the best crypto exchanges in the world in terms of security as it follows the most advanced security practices and has never suffered any losses in the past.
All three founders of the company have a solid background and a combined experience of over 40 years in computer securities. Their aim for Bittrex was to build a centralized cryptocurrency platform where crypto holders can keep their assets secure without having to worry about any cyber-attacks.
The exchange follows the following practices to keep their customers’ assets secure:
- Elastic multi-stage wallet strategy (Storing Funds offline)
- Two-Factor authentication for withdrawal
- Full SSL encryption
The two-factor authentication is mandatory for withdrawal and API calls, and if the customer has not enabled it, their withdrawal limit will be decreased to a certain value.
Bittrex is also one of the very few exchanges that have never been hacked in the past, which is a huge feat considering the exchange has been around for over seven years.
Bittrex Review on Trading Platform
The trading platform and the matching engine offered by Bittrex are second to none. The exchange upgraded its user interface in 2018 to make the site more user-friendly. The former trading interface was not too complicated either, but the update made it easier for new crypto investors to trade.
Apart from the interface, the trade matching engine used by Bittrex is also very powerful and executes trade quickly. The engine was custom-built and can execute trades in nanoseconds while simultaneously matching the market makers and takers.
Here is how the main trading platform for Bittrex looks like:
How to Use Bittrex Exchange?
The Bittrex exchange is quite easy to use and is ideal for all kinds of traders. You can start trading crypto on Bittrex by following these simple steps:
Open an Account
The first thing you need to do is visit the sign-up page on Bittrex.com and make a new account. You will be asked to provide your email address and a password, so make sure you enter the right information.
You will receive a confirmation email shortly after you have filled the form and can use the link in that email to activate your account.
After the account has been activated, go to Settings, click on “Basic Verification” and verify your account by providing your phone number. You can also turn on Two-Factor authentication login by clicking on the option given in the same menu. Bittrex uses Google Authenticator for a two-factor authentication system, so make sure to install it first.
You will also have to complete the KYC (Know Your Customer) verification process because you won’t be able to deal in FIAT without it, and your withdrawals will be limited.
Deposit Funds
Once you have got your account ready, the next thing you need to do is deposit some funds. You can do this by sending cryptocurrencies to your newly generated Bittrex address, or you can simply deposit FIAT through other payment methods.
Currently, Bittrex only supports US dollar and Euro, and you can deposit them with the following payment methods:
- Credit/Debit Card
- Wire Transfer
- SEPA (Single Euro Payments Area)
Note: You might have to go through a few additional steps if you are depositing US dollars into your Bittrex account.
Bittrex Review on Trading
Once you have got the funds, you can purchase or trade any cryptocurrency you want to invest in. There are two ways to acquire new crypto on Bittrex.
Purchase Directly: You can purchase any cryptocurrency you want to hold directly from the exchange instantly and can withdraw or sell it at any time you like. This is the simplest way of buying cryptocurrency and is ideal for new users. However, you will also have to pay a small premium on these purchases for the convenience it offers.
Trade on Spot-Market: The other way of acquiring crypto is to simply trade it on the spot market. You will need to hold EUR, USDT, BTC, ETH and you will be able to trade them directly for any crypto of your liking. With spot trades, you can purchase and sell the asset at a set price and won’t have to pay any premiums.
How to Withdraw from Bittrex?
When it comes to withdrawals, Bittrex allows you to withdraw both cryptocurrencies and FIAT directly.
Cryptocurrency Withdrawal and Fee
The Bittrex withdrawal fee for withdrawing a digital currency is different for all cryptocurrencies. The network fee varies from blockchain to blockchain and can fluctuate depending on the traffic on that network. You can view the withdrawal fee for your crypto by clicking on the withdraw button on the withdrawal window. Check our list of lowest fee crypto exchanges.
Bittrex FIAT Withdrawal and Fee
You can withdraw FIAT through wire transfer, and it might take up to ten days for the transaction to go through. The minimum amount for withdrawal is $50, and the exchange does not charge any fee for these withdrawals.
However, you might still have to pay a fee to your bank, depending on their policies. Make sure to check with your bank before submitting any withdrawal requests.
Bittrex Trading Fee
The trading fee on Bittrex can vary from trader to trader, depending on their 30-Day trading volume. The exchange follows the maker and taker fee model and charges a percentage accordingly. Check our list of biggest crypto exchanges.
The fee for market makers ranges between 0.00% to 0.75% and is inversely proportional to the trading volume. Similarly, the trading fee for market takers ranges between 0.05% to 0.75%. You can see the fee for different trading volumes below as well.
Can You Do Margin Trading on Bittrex?
If you are looking to trade crypto with leverage, unfortunately, Bittrex is not the right exchange for you. The platform does not support margin trading currently, and you can only trade assets on the spot market.
If you are interested in margin trading, you can consider signing up on ByBit, Phemex, or PrimeXBT, as they are some of the top margin trading cryptocurrency exchanges out there.
Bittrex Pros and Cons
Bittrex offers great benefits, but it also has some drawbacks that might not sit well with some of the traders. The good and the bad about Bittrex is as follow:
Bittrex Pros
- Excellent Security
- Fast withdrawals and transactions
- Offers over 200 different cryptocurrencies
- Supports FIAT deposits and withdrawals
- Offers stock-backed tokens
Bittrex Cons
- Does not support Margin Trading
- Suspends accounts without warning
- Some users have complained about poor customer support
Bittrex Tokenized Stocks
Tokenized stocks are modern digital assets that are offered by only a handful of exchanges. Bittrex offers you stock-backed digital tokens for some of the top companies in the world. This allows you to trade stocks on cryptocurrency markets without having to worry about any rules and regulations associated with the stock market.
Bittrex offers you tokenize stocks for some of the major companies, including:
- Tesla
- Amazon
- GameStop
- Nokia
Bittrex Customer Support
Compared to other cryptocurrency exchanges, Bittrex has a very decent customer support team. You can visit their support page on ZenDesk, where you can find new files, feature requests, and review support tickets. You will also have access to the frequently asked questions, and you will be able to find quick solutions to the problems users typically face on this platform.
Apart from that, you can also reach out to the support team directly through the following channels:
- Slack
Despite having a great customer support structure, some users have complained about running into issues with the exchange while withdrawing their assets back in 2017.
Conclusion: Is Bittrex a Good Exchange?
Bittrex is a high-quality exchange that has been around for quite some time now. The exchange has improved dramatically over the years and is slowly turning into one of the top cryptocurrency exchanges in the world.
Bittrex might not offer services like margin trading, but it is still an excellent exchange for newbies and traders who prefer to trade with no leverage. The direct buying and selling features are what make it an ideal exchange for someone who is new to the crypto space.
If you are looking to put some money into Bitcoin or altcoins, you can never go wrong with Bittrex. Check our list of best crypto exchanges in USA.
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