Bittrex Review- Is It Safe? (2020 Update)

Bittrex is a cryptocurrency exchange based in Seattle, USA and this is my all-inclusive review

It has been in business for over 7 years now since its inception in 2013 and is considered to be one of the largest exchange at the moment, currently ranked among the top 10 best exchanges in the world.

After reading this post the question is it safe? will be answered.


Review Summary

To quickly get you you through this review.

I have made a list of what we shall be looking at concerning this exchange;

  1. Bittrex Overview
  2. Services Offered
  3. Registration process
  4. Bittrex fees/Payment methods
  5. Benefits and Flaws
  6. Supported CryptoCurrencies
  7. Supported Countries
  8. Customer Support
  9. (9) Reasons Why You Should Use Bittrex 
  10. Conclusion- is it safe?

1. Bittrex Overview

Bittrex

The Bittrex is a crypto-to-crypto exchange company that was founded by Bill Shihara, Richie Lai and Rami Kawach, all three previously worked at Microsoft.

It’s CEO and co-founder Bill Shihara created the platform from the experience he had working as a security engineer for Blackberry and Amazon. With his wealth of experience tackling the menace of cybercriminals, complimented by an astounding team with a combined experience in security and development of over 50 years, Bittrex remains one of the most secure platforms in the world.

The exchange’s trading platform is highly exalted for its stability, speed, and the fact that the exchange has never been hacked in all of its existence.

Now let’s look at the services offered by Bittrex.


2. Services Offered

Bittrex has one major service which it provides that is its trading platform.

The platform offers a lot of currencies and allows for standard spot trading orders to be executed. with all the standard technical charting tools a trader needs.

That’s it on the services offered

let’s look at the registration process.


3. Registration Process

In registering on Bittrex, all you have to do is Visit Their website or download the app.

I found the registration Process on Bittrex quite stressful as it requires an ID or passport. Also trying to access the registration form was quite tasking, as it kept displaying Error 404 “We have a problem”.

But after trying and trying it finally Opened and I started the registration process

But from this stage of Verification, you’re home free.

Now let’s also take a look at Bittrex fees and payment methods.


4. Bittrex Fees and Payment Methods

Fees

  • Trading fee: 0.25% – 0.08% depending on your 30 days trading volume.
  • Deposit fee: 0 (zero)
  • Withdrawal fee: Standard blockchain network fee. It varies from crypto to crypto, it does not go to Bittrex but to miners of the coin.

Payment Methods

  • All supported crypto pairs
  • Bank wire Transfer

Since Bittrex is a crypto-for-crypto trade it supports mainly crypto pairs payment.

But however, enhanced verified accounts are permitted to perform a wire transfer.


5. Benefits and Flaws

Here are some benefits and flaws of Bittrex

Benefits

  1. It’s very secure and has never been breached
  2. Offers a lot of CryptoCurrencies
  3. An Ok trading Volume
  4. 2FA authentification
  5. Fast loading time.

Flaws

  1. Stressful registration process
  2. High Transaction Fee
  3. Only allows Crypto for crypto trade ( No fiat trade)

6. Supported CryptoCurrencies

Bittrex supports hundreds of digital currencies and has a vast array of cryptocurrency trading pairs; with over 450 available trading pairs for BTC alone.

Trading with Bitcoin and Ethereum in Bittrex is quite convenient but the major drawback here is that it doesn’t support trades with fiat currencies (E.g Naira, USD, EUR, etc).

That means it only allows Crypto for crypto trade. The more popular cryptos like Bitcoin and Tether have the most available crypto pairs.

What pair entails;

1 BTC (Bitcoin) = 13.42 ETH (Ethereum)

1 BTC (Bitcoin) = 8650.059 USDT (Tether)

Let’s take a look at the supported countries below


7. Supported Countries

Bittrex is live in many countries worldwide with the exception of:

  • Cuba
  • the Crimean region
  • Iran
  • North Korea
  • Syria.

8. Bittrex Customer Support

On Bittrex there are two major Customer support Channels which are;


9. (9) Reasons Why You Should Use Bittrex

Bittrex is considered by many to be a decent exchange and it is not hard to see why. The platform prides itself on the fact that

  1. Its security framework seems flawless and has never been breached.
  2. It utilizes a multi-stage wallet that is elastic in nature, this wallet stores 80%-90% funds offline, keeping them safe from cybercriminals.
  3. Bittrex has a custom-built trading engine that ensures trades are executed within the shortest possible period of time, eliminating delays in the processing of trades.
  4. Bittrex executes Deposits and Withdrawals via an automated monitoring system, which ensures a high transaction speed.
  5. It has a responsive customer support team.
  6. It allows quick access to a vast variety of cryptocurrencies.
  7. Bittrex charges decent trade fees.
  8. It is a great platform for arbitrage traders.
  9. 1-minute charts are available.

However, in 2017/2018 most traders on Bittrex moved to Binance as it offers lower transaction fee and equal security.


10. Conclusion- Is it safe?

In terms of security, Bittrex can be likened to Fort Knox

which means that it is very secure and safe.

…and that’s it on this review and its time for you to give me feedback.

so tell me…

Do you have an account on Bittrex? If not, will you create one?

Do you think Binance is a better platform? …or maybe you have a question for me

Whichever it is, I would love to hear from you in the comment section.

Don’t forget to hit the share button below… cheers


You can also read a review of Bittrex alternatives below.

Bittrex

0.00
7.4

Reputation

9.0/10

Transparency

7.0/10

Ease of Use

8.0/10

Payment methods

7.0/10

Transaction fee

6.0/10

Pros

  • Very secure
  • Ok trade volume
  • Offers a lot of Cryptocurrencies

Cons

  • High transaction Fee
  • Stressful registration process
  • Only crypto for crypto trade

1 thought on “Bittrex Review- Is It Safe? (2020 Update)”

  1. Warning for all!
    Bittrex will allow you to deposit altcoins and will then disable your account not even letting you withdraw.
    They Has disable thousands of accounts without any prior warning, nor any proper explanation afterwards.
    And they had liquidity problems recently
    Take your money out of the Bittrex before it’s too late or you get nothing.

    Reply

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