Since its launch in December of 2014, Bittrex has grown to be one of the most popular cryptocurrency exchanges used by crypto traders, consistently ranking as one of the top three exchanges in the world. The focus of the Bittrex team on simplicity, reliability, security, and speed of use has resulted in an altcoin exchange that draws users from across the globe. Unlike so many exchanges that have come and gone, Bittrex has held strong—and allowed crypto traders to buy and sell in relative safety.
Bittrex is located in Seattle, WA. It was co-founded by Bill Shihara, a former security engineer at Blackberry and Amazon. At the time of this writing, Bittrex processes around $300 million in trading volume over a 24-hour period. Thus far, there have been no reported hacks of Bittrex. The goal of the site is to be the premier exchange for cryptocurrency, faster, more reliable and safer than the competition.
Security is one of the main selling points of Bittrex. Because it was founded by security experts who were employed by some of the world’s most well-known tech firms, Bittrex was built from the ground up with security in mind. By storing the vast majority of funds offline, Bittrex protects user funds from security risks. To make things even more secure, the site requires two-factor authentication for every withdrawal and for any usage of the API.
Trade in a secure environment on Bittrex!
Because Bittrex is one of the most popular crypto exchanges, the site must process a large number of customer inquiries each day. The massive volume of customers does lead to slow response times occasionally. However, Bittrex is highly active on social media and offers a dedicated support page that answers most questions.
Bittrex allows just about every country to participate in its exchange. However, there are certain countries that are prohibited—namely any country that the US has placed economic sanctions on. Currently, the list of prohibited countries is quite small:
Keep in mind that the list of prohibited countries can change over time and that Bittrex reserves the right to deny service to anyone at its discretion.
Bittrex signup is about as easy as it gets. You only need to provide an email address, create a password and go through a Captcha security verification to get started. The final stage of Bittrex signup involves a verification email. After you have clicked the link in the email, you can log in and get started with Bittrex.
One small hurdle that might surprise first-time users is the way Bittrex monitors your IP. The first time you use Bittrex you will be denied access because the site does not recognize your IP. You will need to click a link in an IP verification email to log in to the site. Every time your IP changes, Bittrex will require another email link on your end before you can log in.
The limitations on trading for users are fairly minor. With an unverified account, you can trade around 1 BTC a day. A basic account with 2FA verification allows you to trade around 2 BTC a day.
While it may take some time to get used to, learning how to use Bittrex is something anyone can do.
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Bittrex has a great reputation among crypto traders, primarily because of its ease of use and stellar security features. When you use Bittrex, you can trade in relative safety with minimal intrusion.
Although Bittrex states that it has never been hacked, there was a security breach in 2016. Hackers managed to steal currency from users who did not have 2FA verification turned on. Bittrex stated that it was not responsible for user accounts that did not enable full security measures, and thus does not consider the breach an actual security breach of the site.
"Bittrex is by far the best exchange I have used. Don't get me wrong, I only have accounts on about 10 different exchanges so my experience is limited. One thing for sure is that I have full trust in using this exchange."
It could be argued that Bittrex was responsible for the hack because it happened to the site itself, but the Bittrex team has a point when it says that it was not responsible. If you really want a secure exchange, you need to utilize the security tools available to you. 2FA verification is pretty standard across all types of sites, and it makes sense to use it when you are dealing with real money like you are on Bittrex.
Aside from the 2016 hack, Bittrex has managed to avoid any significant security breaches year in and year out—not something that every crypto exchange can claim.
The fees at Bittrex are average for most crypto exchanges. The site charges a flat fee of 0.25% for each trade. As soon as the trade is completed, the fee is deducted from your account. In comparison, the fees at Coinbase are higher than Bittrex. At Coinbase you can expect a 1.49% fee when buying or selling crypto.
Now is the time to start buying cryptocurrencies!
There are some challenges when it comes to depositing funds into your Bittrex account—primarily because regulations make fiat transfers quite complex and difficult. This means that you will need to already have cryptocurrency to trade on Bittrex. There is one exception to this rule, however. If you have gone through enhanced verification and you are going to make a trade valued at $10,000 or more, you can purchase crypto with fiat currency.
If you need to purchase cryptocurrency with fiat, you will first need to use a different exchange such as Coinbase or Kraken. These sites allow you to purchase crypto with bank transfers, credit cards, debit cards and PayPal.
Sending crypto from Bittrex is easy and straightforward. Simply click on the Wallets tab at the top right of the screen and you will see your current wallets and balances used with Bittrex. If this is your first time sending currency to a wallet, be sure to use the wallet for a transaction first—otherwise Bittrex will not recognize the wallet.
Click on the red icon next to your wallet for “Make a Withdrawal” and indicate how much you want to withdraw. Click the blue Withdraw button to finalize the withdrawal.
Receiving crypto to your Bittrex account is also easy to do. Navigate to the Wallets screen again and click on the green “Make a Deposit” icon. You can indicate how much to deposit to your account, then click on the Done button to finalize the deposit.
There is a reason why Bittrex has held its place as one of the top 3 crypto exchanges since it opened for business in 2014. Bittrex works and it works well. You can use it to exchange over 250 different types of cryptocurrency. Not only do you have a lot of options for what to trade, you also have the security that is so important when dealing with crypto. Bittrex is known for protecting its users, something it has done and continues to do quite well.
When it comes to learning how to use Bittrex, there is a learning curve, but there is with all exchanges. Signing up is easy enough, but learning to trade on the platform requires focus and practice. Fortunately, Bittrex has a robust FAQ section and a support team that is happy to help if you need them.
You don’t have to take our Bittrex review at face value, though. The best way to see what all the fuss is about is to sign up and use Bittrex yourself. Signing up only takes a few minutes. Once you get past verifying your account, you can get trading right away.
Try out Bittrex today and see what we mean when we say it is one of the better crypto exchanges out there.
You can check out all of the most popular cryptocurrency exchanges in one article here.
Have you traded on Bittrex? Do you have any advice or suggestion for the other readers? Let us know in the comment section below!
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