header banner
Default

Examine Bittrex


Unlike traditional brokerage firms, cryptocurrency exchanges are not members of the Securities Investor Protection Corp. (SIPC). Therefore, unless user terms specify otherwise, investors with cryptocurrency assets commingled on a custodial cryptocurrency exchange could potentially lose their funds as unsecured creditors.

Pros Explained 

  • Large selection of cryptocurrencies: There are over 250 cryptocurrencies available on Bittrex, a large number compared to what some competitors offer.
  • Low fees: The platform offers relatively low maker/taker fees compared with other large exchanges, though its fees are not the lowest available. 
  • Widely available: Bittrex is available in 45 U.S. states, excluding Connecticut, Hawaii, New Jersey, New York, and Vermont.

Cons Explained

  • Relatively limited customer support: Bittrex offers a chatbot and the option to open a ticket if you need assistance. Through the chatbot it's also possible to connect with a live person for chat support. It does not offer phone support though, which could make assistance with some issues difficult.
  • Poor user feedback: Like many other crypto exchanges, Bittrex has received several negative reviews from users. Many are related to issues with account lockouts and identity verification. 
  • No margin trading: If you want to trade on margin, you’ll need to consider a different exchange. Bittrex does not offer margin trading, although the exchange says it is working on providing users with the feature soon.

Introduction

Bittrex is a global cryptocurrency exchange offering over 250 cryptocurrencies to buy, sell, and trade. Users can benefit from relatively low fees, multiple order types, and a range of security features to help keep their funds safe.

While Bittrex is fairly user-friendly, beginners may be overwhelmed by its trading platform and the number of assets it supports. Thus, it could be better suited to more experienced crypto traders and investors.

Investing in cryptocurrencies, Decentralized Finance (DeFi), and other Initial Coin Offerings (ICOs) is highly risky and speculative, and the markets can be extremely volatile. Consult with a qualified professional before making any financial decisions. This article is not a recommendation by Investopedia or the writer to invest in cryptocurrencies nor can the accuracy or timeliness of the information be guaranteed. 

Company Overview

Bittrex was founded in 2014 by engineers Bill Shihara, Richie Lai, and Rami Kawach, and is headquartered in Seattle. This exchange initially offered only crypto-to-crypto trading, but it recently introduced fiat-to-crypto trading as well. However, it’s worth noting that its fiat trading program is relatively new, so trading pairs are limited and fiat trading isn’t available everywhere. 

Bittrex does offer a great selection of cryptocurrencies and stablecoins. Not all are available for fiat purchase, but a decent amount of them are offered. This exchange is available in 46 U.S. states, excluding Connecticut, New Jersey, Hawaii, New York, and Vermont.

Cryptocurrencies Available on Bittrex

Bittrex supports over 250 cryptocurrencies and stablecoins. This wide selection makes it an attractive platform for those looking to trade popular coins as well as lesser-known options. Here’s a partial list of assets available on Bittrex.

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Cardano (ADA)
  • Chainlink (LINK)
  • Dogecoin (DOGE)
  • Polkadot (DOT)
  • Polygon (MATIC)
  • Tether (USDT)

Trading Experience

The trading experience on Bittrex is fairly straightforward. Users can log in to their trading dashboard on desktop or through the Bittrex mobile app, available for Android and iOS. The desktop interface offers a simple “Instant Buy/Sell” option where users can quickly make trades or purchase crypto with a debit card, credit card, bank account, or Bittrex account balance.

In addition to a straightforward trading experience, users can also benefit from a real-time view of the markets available on Bittrex. The platform also supports advanced order types, including stop, stop limit, trailing stop, and ladder limit orders. Those interested in staking can earn up to 5.5% in Cardano (ADA) rewards by staking ADA on Bittrex.

Fees

Bittrex offers a simple maker/taker fee structure, which is useful for those interested in cost transparency. As with many other crypto exchanges, fee discounts are available for higher-volume traders. Overall, Bittrex’s fees are on par with fees of other major exchanges like Kraken, though some exchanges do offer lower fees.

Here’s a look at Bittrex’s fee structure:

30-Day Volume (USD) Maker  Taker 
Less than $25,000 0.35%  0.35% 
$25,000 – $50,000  0.25% 0.30%
$50,000 – $100,000  0.15%  0.25% 
$100,000 – $1 million  0.10%  0.20% 
$1 million – $5 million  0.06%  0.16% 
$5 million – $10 million  0.05% 0.15% 
$10 million – $60 million  0.02%  0.10% 
$60 million – $100 million  0.00%  0.08% 
$100 million +  0.00%  0.05% 

Security

Bittrex has several security features designed to help protect users’ funds and suggests some account security best practices. The platform keeps the majority of user funds in cold storage. It also employs measures like two-factor authentication, and wallet and IP address whitelisting. 

In addition to these features, Bittrex offers some helpful guidance for users on security best practices. This guidance includes tips for avoiding phishing attempts, keeping phones secure, creating strong passwords, and disabling your account in the event of a hack. 

Using a unique password and setting up two-factor authentication on a crypto trading platform can help keep your digital assets secure.

Opening a Bittrex Account

It’s simple to open a Bittrex account, and you can do so through desktop or mobile. To get started, you’ll need to provide your email address and a password, as well as some basic personal information. 

Like many other crypto exchanges, Bittrex follows know-your-customer (KYC) standards, which are in place to help prevent fraudulent activity. Once you verify your email, you’ll need to go through Bittrex’s identification process, which requires that you upload a government-issued photo ID like a driver’s license or passport. You’ll then be required to share a selfie to verify that your likeness matches the image on your ID. After your identity is verified, you can begin trading on the Bittrex platform.

Customer Service

Bittrex has limited options for customer support, and you likely won’t be able to get immediate help on the platform if a major issue arises. Options for support include submitting a ticket through the Bittrex website and engaging with its chatbot, Trexie. Through the chatbot you can connect to a human for chat support too.

While support options lack phone, Bittrex does offer a relatively useful help center where users can get answers to common questions. Its help center is broken down into different categories and also has a useful search bar. For example, you can learn about the order types Bittrex offers by searching for "orders". 

Customer Satisfaction

Bittrex receives negative feedback overall from its users, and it has an average rating of 1.3 out of five stars across over 490 Trustpilot reviews. Users report issues with account lockouts, frozen assets, and problems with identity verification. Unfortunately, these concerns are common across many cryptocurrency exchanges and aren’t unique to Bittrex.

Despite the negative feedback Bittrex has received, some users have positive things to say. Customers appreciate its wide selection of assets and its security features.   

In October 2022, Bittrex settled charges alleging it inadvertently violated federal sanctions with the U.S. Treasury Department, agreeing to pay just under $30 million in fines and keep a closer eye on its compliance program.

Account Management

Bittrex users can manage their accounts through desktop or mobile. The online dashboard and mobile apps offer similar functionality, and users can easily buy, sell, or trade crypto and access real-time market data and price charts on both platforms. 

But given Bittrex’s lack of phone support, account management will likely be mostly self-service. 

How Bittrex Compares to Other Cryptocurrency Companies

Those interested in a wide selection of crypto trading pairs, real-time market data, and advanced order types may appreciate what Bittrex has to offer. It’s also a fairly secure exchange, with multiple tools in place to protect user funds. Here’s a look at how Bittrex compares to another popular exchange, Kraken:

Bittrex vs. Kraken

  • Bittrex supports over 250 cryptocurrencies, while Kraken supports 220+.
  • Bittrex has slightly higher maker/taker fees than Kraken. Fees range from 0.00% to 0.35% on Bittrex and 0.00% to 0.26% on Kraken.
  • Kraken offers phone support to address urgent or challenging issues, while Bittrex does not offer this option. 

Read our full Kraken review.

Final Verdict

Overall, Bittrex could be a good choice for experienced crypto traders. The platform has hundreds of supported assets, with a focus on crypto-to-crypto trading pairs. Users will also appreciate its robust security features and the option to place advanced orders.  

However, its trading interface and the large number of supported currencies may be overwhelming to beginners. Bittrex also offers relatively limited customer support, so novice traders may be better off with an exchange like Kraken, which provides phone support for urgent issues.

Methodology 

Investopedia is dedicated to helping those interested in cryptocurrency investing make informed and safe decisions. We are committed to providing our readers with unbiased reviews of the top cryptocurrency exchanges for investors of all levels.


Exchanges were reviewed on points including security, fees, number of cryptocurrencies available, and more. We also considered if the exchange is regulated by a proper agency or entirely decentralized. Our full cryptocurrency exchange methodology, including the review process and weighted data points, is available for review.

Sources


Article information

Author: Angela Davis

Last Updated: 1700060042

Views: 1123

Rating: 4.3 / 5 (97 voted)

Reviews: 92% of readers found this page helpful

Author information

Name: Angela Davis

Birthday: 1958-12-11

Address: 6948 Richard Pine Suite 049, East Brenda, VT 78503

Phone: +4238981451872348

Job: Article Writer

Hobby: Bird Watching, Geocaching, Gardening, Swimming, Fencing, Card Games, Beekeeping

Introduction: My name is Angela Davis, I am a strong-willed, skilled, daring, dear, cherished, candid, Colorful person who loves writing and wants to share my knowledge and understanding with you.