Bittrex Review (2021 Update) – Is It Safe?| How To Trade Profitably

Bittrex (also called “Trex”) is one of the popular worldwide crypto exchange with gluts of trading pairs.

It has been in the industry for over 7 years, and it is currently a major competitor of Binance.

In this review, I will walk you through the Bittrex trading platform and how to trade profitably on the exchange.

You ready? Let’s get started!


Post Summary

To quickly get you you through this review, here are the things I will discuss;

  1. Bittrex overview
  2. Features
  3. Services Offered by Bittrex
  4. Supported Currencies, Payment Methods, and Supported Countries
  5. Transaction Fees, Limits, and Verification Requirements
  6. Customer Support/Public Opinion
  7. Bittrex Vs Other Exchanges
  8. FAQ
  9. Conclusion

All set?

Now, let’s power up the grit and take a deep dive into Bittrex!


1. Bittrex Overview

Bittrex

Bittrex is a fully registered and licensed company under the financial regulatory body – Bermuda Monetary Authority.

The company launched in 2014, and it is currently headquartered in Liechtenstein and Bermuda.

It is a crypto exchange founded by three cybersecurity experts; Bill Shihara, Richie Lai, and Rami Kawach. All previously worked as security engineers in Amazon.

Bittrex is a world class crypto exchange built with multiple layers of security.

It offers a very advanced trading platform and secured wallets for a range of cryptocurrencies.

As it is always the pinnacle of every crypto exchange, Bittrex was designed to be highly scalable; providing 24hr uptime transactions without delay.

Today (Feb 4, 2020), Bittrex ranks #11 on “Coinmarketcap” with 24hr volume trade of $273,598,621; making it one of the biggest players in the crypto-verse.

Bittrex started off as a crypto-to-crypto exchange but introduced support for fiat in 2018.

Want to learn more about Bittrex? Scroll down.


2. Features

You may ask, what makes this Bittrex exceptional?

See below!

  • Intuitive UI
  • Mobile app
  • A plethora of trading pairs
  • Range of cryptocurrencies
  • Highly secure
  • High trade volume
  • Multiple payment methods

Visit Site


3. Services Offered by Bittrex

Bittrex offers these four services;

  • Instant Buy/Sell
  • Market
  • Wallets
  • Bittrex API

Instant Buy/Sell

Bittrex now offers brokerage services. You can instantly buy or sell a range of cryptocurrencies for fiats.

To buy/sell on Bittrex;

  • Go to Bittrex.com and click on “Instant Buy & Sell”
  • From the dropdown menu; select the crypto you want to buy or sell, and the fiat you want to pay with.
  • Review your purchase
  • Click on “purchase (your desired crypto) now”.

Market

Bittrex has a very solid platform for spots trading of varieties of crypto assets.

The trading pairs on the exchange include;

  • 3 crypto markets (BTC, ETH, USDT)
  • 2 fiat markets ( EUR, USD)
  • Tokenized Stocks
  • Recently Added (for newly listed coins)

You can trade a host of assets against these markets above.

Wallets

Bittrex offers users highly-secure custodial wallets – users’ funds are stored in a cold storage multisig wallet.

Bittrex API

In addition to the services provided on the platform is the Bittrex API.

Bittrex allows algorithmic traders and third-party platforms to build their own exchange using its API.

Taking a further dive, let’s get to the next subheading!


4. Supported Currencies, Payment Methods and Supported Countries

Supported Currencies on Bittrex

Bittrex supports hundreds of digital currencies and 2 fiat currencies (EUR, USD). It also has a vast array of cryptocurrency trading pairs.

A unique feature on the list of Bittrex supported currencies is the “Tokenized stock“- digital coins representing equity shares of a company.

This is not typical of what we have in most popular exchanges like Binance.

Take a look at the supported currencies below;

Payment Methods

  • Bank Transfer
  • Wire Transfer
  • SEPA Transfer
  • Cryptocurrencies

Bittrex has restrictions on the deposit of fiats based on countries.

The table below shows a list of countries not qualified to deposit EUR.

You can deposit USD, if you are in the US region listed in the table below;

Supported countries

Bittrex is a Global exchange and it supports every country around the globe.

However, it placed a ban on some countries due to certain regulatory requirements.

These are some of the restricted countries on Bittrex;

  • Ghana
  • Guinea
  • Guinea-Bissau
  • Guyana
  • Iraq
  • Lao People’s Democratic Republic
  • Lebanon
  • Libya
  • Maldives
  • Mali
  • Myanmar
  • Nicaragua
  • Pakistan
  • Panama

See the rest here.

Let’s talk about Bittrex fee below…scroll down!


5. Transaction Fees, Limits and Verification Requirements

Transaction Fees

Bittrex Trade fees | Bittrex Deposit/Withdrawal fee

  • Bittrex Trade fees

Fees on Bittrex vary by the pair of currency being traded, your 30-days volume trade, and whether you are a “maker” or “taker”.

Who is a Maker and Taker?

  • A Maker is someone who brings liquidity to the exchange by placing an order to buy below the market price or sell higher than the market price. A Maker and a taker can be a buyer or a seller.
  • A Taker is one who buys or sells from the given prices on the order book.

Bittrex charges a trading flat fee of 0.35%.

You can see the rest of the fees based on your 30-days volume trade in the table below.

Bittrex
  • Bittrex Deposit/Withdrawal fee

0% deposit/Withdrawal fee

Bittrex does not charge a Deposit/Withdrawal fees, but network fees and bank charges may apply.

Limits

The limits on Bittrex are as follows;

  • Trade Limit: This limit applies to the currency value (either fiat or crypto) for placing each trade.
  • Deposit and Withdrawal Limit: This limit applies to the amount of crypto or fiats, that you can transfer into or out of your Bittrex’s wallet.
Deposit &
Withdrawal Limit

(per transaction)
(For Cryptos)
Min: Varies from crypto
to crypto but should be enough
to cover for transaction fee.
Max: None
(For USD)
Corporate account –
Min. Deposit: None
Min. Withdrawal: $10
Max (for both): None
Personal account –
Min. Deposit: $50
Min. Withdrawal: $10
Max. (for both): None
(For EUR)
Min. Deposit: 20 Euros
Min. Withdrawal: 10 Euros
  • Order Limit: This limit applies to orders that affect the current price of an asset, and also, the number of trades you can place in a day.

Bittrex Verification Requirements

Verification on Bittrex is compulsory, and every user must verify their account before they could be given access to their dashboard.

Users operating a Personal account are verified with the following;

  • ID Cards, Passport, Drivers License
  • Selfie

You can find how to go about your account’s verification here if you are opting for a corporate account.

Next, I will be talking about Bittrex customer support…keep reading!


6. Customer Support and Public Opinion

For further enquires or issues, the team at Bittrex can be contacted via,

  • https://t.me/s/bittrexglobal
  • https://twitter.com/BittrexGlobal
  • https://www.facebook.com/BittrexGlobal/
  • https://bittrex.slack.com/

You can equally send a support ticket using the website or your mobile app. By doing so, Bittrex will get back to you within 24hrs or in 48hrs.

  • Public Opinoin

Trustpilot is one of the commonly used parameters for judging a companies performance via users’ reviews. Bittrex has a “Bad” star rating of 1.7 on Trustpilot.

So far, users’ review of Bittrex is not that encouraging!

The bad reviews of Bittrex by users are prominent on 2 social media platforms; Trustpilot & Facebook.

On these two social media, users complained heartedly about the terrible (or no response) support system, loss of funds, and account disabling.

A thing to note about the support system is that Bittrex is a big exchange. And typical of such big exchanges, it’s a bit overwhelming to respond to every support ticket immediately.

But then, these complaints are denting, and I think Bittrex should look into them squarely for a better user experience.

However, Bittrex can still improve on that by integrating live support (just like OKEx) for immediate response to users queries.


Bittrex Vs Other Exchanges

Bittrex Vs Binance

These two exchanges are popular global exchanges with good repute, high level of liquidity and trade volume.

However, Binance is beyond compare when it comes to trade volume as it currently does over $50 billion on daily trade volume (Coin Market Cap).

Binance was launched in 2017 by Changpeng Zhao.

Although Bittrex was launched earlier, Binance soon rose to become the largest crypto exchange in the world.

Binance has a lot of advanced crypto trading services not offered on Bittrex, including, Derivative Market, Smart chain, Binance Earn, and so many others.

Also, Binance supports more coin and has a much lesser trading fee than Bittrex.

Nevertheless, these exchanges are counted big in the global market and each has a unique functionality.

Read the full comparison here.

Bittrex Vs OKEx

OKEx founded by Star Xu in 2014 is also one of the biggest exchange in the world.

It is currently (Feb. 15, 2021) placed at no.15 as the “Top Cryptocurrency Spot Exchanges” with over $4 billion daily trade volume on Coinmarketcap.

OKEx is a very user friendly exchange with a range of advanced trading tools, unlike Bittrex.

To make it more pleasing, OKEx has an active support channel and has support for over 29 fiat currencies.

Bittrex, however, has more markets and more trading pairs than OKEx.

Read the full reiew of OKEx here.

Still here? Let’s check out the FAQ section.


7. FAQs

1. How do I get started on Bittrex?

To get started on Bittrex, you have to create an account. You can do this via the website or on your mobile device.

Here is a step by step guide of how to get started on the Bittrex website.

1. Go to Bittrex.com and click on “sign up”
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2. Select the type of account you want to operate; either “Personal or Corporate”. If it is the personal account, fill in the form beneath it and click on “Create Account”.
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3. A mail verification will be sent to your email address, open your inbox and click on “Verify Email”.

4. Verify your account by clicking on “Start Verification”.
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– When your verification is approved, you can now go-ahead to fund your account and start trading!
Note: If you are opting for a “corporate account”, click on “Learn about corporate accounts”, then, follow the rest of the instructions.
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2. Is Bittrex Safe?

Bittrex could be considered a safe exchange because of the following reasons.
– Its security framework is highly solid and it was created by high-profile cybersecurity experts.
– It utilizes a multi-stage wallet that is elastic in nature, this wallet stores 80%-90% of funds offline, keeping them safe from cybercriminals.
– Its trading engine ensures that trades are executed within the shortest possible period of time.
– It is a great platform for arbitrage traders, and it offers a quite range of cryptocurrencies.
On the bad side, it seems that the exchange equally has some security gaps which can be exploited by hackers.
In 2019, the Bloomberg blog reported a lawsuit against Bittrex for allegedly allowing hackers to make away with 100BTC from a user’s account.
Another point is that Bittrex has a poor support system; users do not get responses on time
So if you (as a user) discover a breach in your account, it might as well be that the hacker has wiped off your entire account before Bittrex could do a thing about it.
Nevertheless, it is still safe to trade on this exchange, but you should ensure that you deposit only your trading capital into its wallet, and properly safeguard your account as well.

3. What typesof orders can I place on Bittrex?

Bittrex currently has more than 7 order types available on its exchange. Some of these order types are;
1. Limit Order: By setting this order type, you are placing your trade to buy or sell at a specific price.
2. Market Order: By setting this order type, you are placing your trade to buy or sell at the current market price.
3. Stop Order: This order type triggers a buy or sells order at a specified price below or above the market price.
4. Stop Limit Order: This triggers a buy or sells order at the limit price when the price of an asset reaches the stop price.
5. Trailing Stop/Stop Limit Order: A Trailing Stop is a directive to place a buy or sell order at a certain percentage, or at the difference between a specified amount.
6. Ladder Limit: This type of order allows you to place an order to buy and sell at multiple stipulated prices.
8. Good-Til-Cancelled: This simply means that your orders will remain active on the exchange until it is cancelled by you, Bittrex or automatically cancelled after 28 days ( as specified on the platform)
8. Fill-or -Kill: The order places a trade to be filled immediately or cancelled completely without being filled at all
9. OCO Order: This order stands for “One cancels the other”. It places 2 trades order at a time but cancels one when the other order is filled.
10. Post Only: This applies to limit orders; it sets an order to be placed on the book or immediately cancelled.

4.How do I safeguard my Bittrex account?

These tips would be very useful;
– Use a very strong password: Endeavour that your password has a mix of; capital and small letters, numbers, and symbols. Do not use a common password and make sure your password is up to 6 or 12 characters in number.
– Enable 2-factor Authenticator
– Make sure you are in the right Bittrex account (always check the URL of the website you want to log into)
– Protect your account with IP & Crypto Address Whitelisting: this is a feature on Bittrex. By setting one or more whitelisted addresses, you are telling Bittrex to only authorize trades or withdrawals from those IPs.

4. How to Trade Profitably on Bittrex

It is always the best interest and priority of every crypto trader to make gains from every market they enter.
What I will do in this part is to give you 2 top tips on how to trade profitably on Bittrex.
Market and Price Analysis
Conducting market and price analysis are 2 great ways to start your crypto trading.
Not only are they essential, but they also give you a benchmark in determining the direction of the trade you are entering ( whether bullish or bearish).
Most traders, especially newbies jump into the market trend without first carrying out proper analysis.
While this may work in their favour, it might as well ruin their trading experience drastically.
If you are interested in trading profitably, the first thing you should probably do before trading any crypto pair is to first look closely at the price chart.
You can do this by clicking on the Bittrex chart view.
In this way, you will get to know how a coin has performed over the last few days or so ( by reviewing the price history).
Another thing you necessary need to do is to look at your technical indicators to figure out the support and resistance level of the coin you are about to trade.
This will help you to determine the points at which to enter or exit the market.
Moreover, your ultimate target when placing your trade should be; to buy at a low price and sell at a high price.
Trade coins with good potentials
There are over 500 cryptocurrencies tradable on Bittrex, most of these cryptos do not have good potential and merely operate a pump and dump scheme.
You may not want to invest in such coins because you will lose a walloping sum if you do.
To avoid being a victim of such, make sure you DYOR about a particular coin ( most especially, the newly listed coins) before trading them.


P.S
If you want to learn how to trade cryptocurrencies profitably, we developed a perfect course to help you master Cryptocurrency Trading.
Go to www.ctmastery.com to enrol.


8. Conclusion

Bittrex is one of the famous exchanges in the crypto-space that can boast of near-flawless security and a great number of asset pairs.

Now, that’s it on this review, its time to get your opinion.

So tell me…

Have you used Bittrex before? If yes, let me know what you think about it in the comment box?

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


Also read;

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
  • High trade volume
  • A variety of trading pairs

Cons

  • High transaction Fee
  • Stressful registration process

Paschaline Anagor

1 thought on “Bittrex Review (2021 Update) – Is It Safe?| How To Trade Profitably”

  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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