The Bittrex Exchange is a next generation US based crypto exchange that has been making waves in the industry since its launch in 2013. Based in Seattle, Washington, Bittrex is one of the most advanced and secure platforms for trading cryptocurrency, including Bitcoin, Ethereum, and Litecoin.
In this in-depth Bittrex review, we will take a closer look at the key features and benefits of Bittrex and how it compares to other cryptocurrency exchanges on the market.
Bittrex Exchange Founders
The founders of Bittrex are Bill Shihara, Richie Lai, and Rami Kawach.
Bill Shihara is the current CEO of Bittrex, he has over 20 years of experience in security and development, including a background working on security for the Amazon and Blackberry products. Shihara graduated from University of Central Florida with a degree in computer science.
Richie Lai graduated from University of Southern California and is currently the CIO of Bittrex. Lai has more than 20 years of experience in security and network engineering. Including several years working on Threat Analysis/Security Engineering at Blackberry.
Rami Kawach is the CTO of Bittrex, he has over 15 years of experience in software development and architecture, including a background working on security for Amazon and Microsoft.
All three founders of Bittrex bring considerable expertise in the field of cyber security. It is no wonder then that Bittrex has a reputation for advanced security.
Bittrex Review – Industry Leading Security
One of the key features of Bittrex is its industry leading security. The exchange uses cutting-edge security measures to protect users’ assets, including multi-stage wallet architecture, two-factor authentication, and IP and email whitelisting.
The exchange also employs a robust anti-fraud system that monitors suspicious activity and quickly responds to potential security threats. When opening a Bittrex account you will expect to provide 3 forms of identification.
Bittrex Review – Privacy
Bittrex is required to provide a client with personal information which will then be shared in a private database. In addition, the company will share the data voluntarily with vendors and other governmental agencies that provide services for the company.
Bittrex provides customers a way to verify your identity using documents like your Social Security number and other recognized government identification documents. By verifying their identities, customers can receive greater rewards, including higher withdrawal limits.
User-Friendly Interface
Another major advantage of Bittrex is its user-friendly interface. The platform is designed to be easy to use for traders of all experience levels. The website is clean, simple and easy to navigate, allowing you to quickly find the information they need. The platform also offers a wide range of trading tools and resources, including a trading calculator, real-time market data, and detailed charts, which can be used to make informed trading decisions.
Bittrex Fees
Bittrex charges a graduating taker maker fee schedule based on monthly trade volume. The rates start at 0.35% for all trades on the exchange. This fee applies to both buy and sell orders and is calculated based on the total value of the trade.
The exchange also charges a small fee for deposits and withdrawals, which vary depending on the coin or token being deposited or withdrawn. Additionally, some coins or tokens may have higher or lower withdrawal fees, so it’s important to check the fee schedule for specific assets before making a deposit or withdrawal.
At this time Bittrex does not have the ability to accept deposits in USD or other Fiat currencies directly from your bank. You will need to deposit some coins in a Bitcoin wallet and fund your account from that Bitcoin wallet.
Bittrex also offers a trading fee discount for investors who hold Bittrex’s own token, Bittrex International Token (BITT), on the platform. This discount is applied automatically and can be combined with other discounts, such as, those earned through the referral program.
Bittrex has a withdrawal limit based on the level of account verification. The higher the level of verification, the higher the withdrawal limit. The basic account level allows for a withdrawal limit of 3 BTC per day, but with enhanced account verification, the withdrawal limit can be increased to as much as 100 BTC per day. As part of the verification process, Bittrex may request documents such as a government-issued ID, utility bill, and selfie with ID.
Bittrex Review – Instant Buy and Sell Technology
Bittrex’s trading platform features an Instant Buy and Sell feature. This technology is designed to make it easy for investors to enter or exit a position in the market. It allows you to buy or sell your cryptocurrencies at the best available market price, with the option to set a limit price or a stop-loss order.
This feature can be especially useful for users who are new to trading or who want to quickly take advantage of market movements. The instant buy sell allows you to make trades with a minimal amount of slippage. This is an important consideration for traders as slippage can have a significant impact on the profitability of a trade. Scalping traders will find this feature invaluable!
Bittrex Instant Buy and Sell feature provides a fast, easy and secure way for users to trade digital assets.
Additional Services and Features
In addition to its exchange capabilities, Bittrex also offers a range of other services and features to its users. Bittrex offers a mobile app for iOS and Android, which allows users to trade on the go. The platform also offers a referral program, which rewards investors when you refer friends and family to the exchange.
Drawbacks
Despite its many benefits, the platform is not without its drawbacks. The platform has been criticized in the past for its lack of customer support, with some users reporting long wait times for assistance. The platform has also been criticized for its limited payment options, as it currently only accepts deposits in crypto-currencies.
Bittrex Review FAQs
Can US Residents Use This Exchange?
Yes, US citizens can use Bittrex. The platform is available to users in most states within the US, with some exceptions. However, US citizens should be aware that there are certain restrictions and compliance requirements that they must adhere to when using the platform.
These include, but are not limited to, know-your-customer (KYC) and anti-money-laundering (AML) regulations. Users may also be subject to state-specific regulations depending on their location. It is important for US citizens to familiarize themselves with these regulations before using Bittrex.
Does Bittrex Offer Margin Trading
Unfortunately, you will not be able to trade margins on Bittrex currently. As of the time of this publication, the exchange does not offer margin trading on cryptocurrencies. However, there has been talk of margin trading being made available in the future. This is a feature that may cause advanced users to look at other exchanges.
What Coins are Supported on the Bittrex Exchange
There are over 400 coins supported on the cryptocurrency exchange. Among the diverse range of supported tokens, you will find all the big names such as Bitcoin, Litecoin, and Ethereum, along with a host of lesser known coins!
What is the Difference Between Bittrex and Bittrex Global
Bittrex Global uses there own custom trading engine. Additionally, it has a different fee structure than the Bittrex fees structure.
One big difference is that Bittrex Global is not available for USA residence.
Which is better Bittrex or Coinbase
Whether Bittrex or Coinbase is better for you depends on your specific needs and preferences as a trader. Both platforms are popular and reputable, but they have some key differences.
Coinbase is considered a much more user-friendly cryptocurrency exchange. Additionally, it is worth noting that Coinbase is used by over 13 million users while Bittrex has around 500K. In all fairness, Coinbase was founded in 2012 giving them almost 2 years longer in business.
Based on my personal experience I prefer Coinbase largely due to its stellar customer support and low fees.
How Does Trading Volume on Bittrex Compare to Coinbase
Coinbase’s volume currently is about 3.5 Billion in USD Dollars. While Bittrex currently has about 20 million USD Dollars in trading volume. If you are concerned about liquidity, especially in some altcoins the lower transaction volume could impact the available liquidity.
Does Bittrex Offer Trading Volume Discounts
Yes, your fees will be rated bast on your last months exchange activity volume.
Do They Report to IRS
Bittrex will file a 1099 when your transaction volume reaches $10,000.
How Can I Fund My Account
Unfortunately, the exchange does not allow you to fund your account directly via bank wire transfer, credit card, or fiat money. You will need to deposit crypto into your Bitcoin wallet.
Final Thoughts
Overall, Bittrex is a powerful and advanced crypto-currency exchange that offers a wide range of features and services to meet the needs of both novice and experienced crypto users. Its security, user-friendly interface, and wide range of trading pairs make it an attractive option for those looking to trade crypto. However, the platform’s lack of customer support and limited payment options may be a concern for some users. As the crypto-currency market continues to evolve, Bittrex will likely continue to be a major player in the industry, and it is definitely worth considering as a choice of exchange for trading digital assets.
