Bittrex is the internet’s largest exchange for cryptocurrency. This Seattle based exchange has often ranked in the world’s top crypto exchange list on the basis of the trading volume. The site was launched way back in 2014 and since then has gained quite a reputation. Currently, Bittrex experiences trading volumes of $300M on a daily basis.
This quick guide will touch upon the pros and cons of Bittrex while detailing its background, trading fee, funding options, and other features.
Why Should Beginners Choose Bittrex?
Best security credentials in the industry
Over 200 currencies are supported
Fiat funding option for verified accounts
What’s not to like?
No margin trading
No mobile app
In the past, strict security measures have left many accounts suspended
Brief Background of Bittrex
This US-based cryptocurrency exchange specializes in paired trades. It was founded in February 2014 by former employees of Amazon, BlackBerry, and Microsoft. The cumulative experience of these former cybersecurity experts has enabled Bittrex to become one of the safest exchanges.
What is the Trading Fees on Bittrex?
There is a 0.25% commission fee charged by Bittrex on all trades. This includes both buying and selling. So, if you purchase 1 BTC for $12,000, you would have to pay $30 as commission. You should know that the trading fee charged by Bittrex is 0.15% more as compared to what Binance charges.
There are no charges for deposits even if you deposit fiat currency. However, withdrawals are charged to compensate for network transfer fees that are usually built into the coin. Withdrawal charges vary as per the cryptocurrency.
How to Deposit Funds?
You need to transfer funds from an external crypto wallet to your Bittrex account. You cannot trade using fiat currency. However, you can purchase Tether, Ethereum, and Bitcoin if you have an enhanced verified account. This requires a recent picture (or selfie), a copy of a recent statement or bill, and scans of a valid ID (like a passport).
If you want to deposit USD directly to your Bittrex account, you would have to get the bank account whitelisted. Deposits can take several business days with the minimum amount pegged at USD 1,000.
Fiat trading is not permitted in the following states – Nevada, Minnesota, New York, New Jersey, Vermont, New Hampshire, Massachusetts, Rhode Island, Maryland, Connecticut, Delaware, Washington D.C., Virginia, Tennessee, Louisiana, and Hawaii.
How to Withdraw Funds?
For withdrawing coins, you would again need a wallet with another external exchange. In case you want to withdraw your funds in fiat currency, you would have to get a verified bank account linked to your Bittrex account. Fiat withdrawals can take anywhere from 5 to 10 days with the minimum withdrawal amount pegged at $50.
Larger withdrawal amounts are possible if you have upgraded to an enhanced verified account from a basic verified account. This way you would have a daily withdrawal limit of 100 BTC a day instead of just 4 BTC.
Is Bittrex Versatile in Terms of Trading?
Bittrex has a depth of variety when it comes to listings. This is one of the major strengths of this site. There are hundreds of coins with a higher number of crypto trading pairs. The exchange shows over 450 pairs for BTC alone. You can get great options for trading by using ETH and BTC. However, the exchange doesn’t offer fiat trading pairs as of now.
The only way to trade using fiat currency is to purchase USDT, BTC, or ETH through bank wire transfers and use them as trading pairs instead. You would need an enhanced verified account to avail of this feature, which involves a minimum purchase amount of $10,000.
The exchange doesn’t currently permit margin trading. However, it does allow the following trade types:
How User-Friendly is Bittrex?
The API is user-friendly and allows for easy and quick trading. At the same time, its automated monitoring system is great for quick deposits and withdrawals. The interface is uncluttered perfect for beginners looking for easy trading.
There is a very helpful graph on Bittrex’s main dashboard that charts the value of selected crypto against another. There are also individual trading boxes for purchasing and selling coins with their chosen order books next to the graph. These tools along with Bittrex’s automated monitoring system make transactions completely painless and really quick.
Bittrex Customer Service
Bittrex has a great customer service response center in place despite its high trading volume. On average, the exchange responds to queries within a day or two. They are also known to keep communication lines open on most social media channels. They have a dedicated support page to help beginners with a clearly detailed FAQ section that should take care of all common problems.
The Bottom Line
To wind down, Bittrex is the safest exchange on the web in the large trade volume category, but its security is also known to inconvenience users. As a beginner, Bittrex may be the best option for you if you prioritize crypto security over everything else. It offers great trade pairing options and while the trading fees are not the lowest, it is still better than most exchanges.