Bittrex Review 2022: Key Features, pros & Cons

Cryptocurrencies have garnered unprecedented popularity in the past few years. Even though this awareness came late, the impact of this enhanced awareness is genuinely appreciable. As a result, more and more people are now interested in investing in cryptocurrencies and better understanding their working principle. 

But before you set out to start trading in cryptos, it is imperative to ensure you find the suitable crypto exchange that serves your requirements. Unfortunately, there are a vast number of crypto exchanges currently operating across the globe. One would think this increased number of choices would make it easier to find a suitable exchange. 

But unfortunately, the reality is entirely different. With so many choices, people often fail to find the ideal trading platform to suit their requirements. Yet certain crypto exchanges manage to stand out with their offerings for traders. Bittrex is also one of those crypto exchanges with many of its traders. 

The platform has been offering unmatched crypto trading services for years attracting traders from different regions across the globe. But gossip is not enough when looking for the right crypto platform. Before investing your money, you need to know and understand all the platform offerings. With that said, this Bittrex comprehensive review 2022 will walk you through all the platform’s nuances.

Pros & Cons Of Bittrex

Bittrex At a Glance

Bittrex: Company Overview  

Bittrex is one of the leading crypto exchanges currently available in the market. The platform was established in 2014, with its headquarters based in Seattle, Washington. Three cyber security experts, Richie Lai, Bill Shihara, and Rami Kawach, got their brains together to make this crypto trading platform. 

In its initial days of operation, the platform only offered crypto-to-crypto trading services to traders. But this changed after Bittrex became a “fiat onramp,” allowing traders to reap the crypto to fiat trading. As a result, Bittrex is now available to many traders across 46 different states in the US. Four states that miss out on Bittrex’s offerings include New York, Connecticut, Vermont, and Hawaii. 

The security of traders and their assets is essential for Bittrex. This becomes evident looking at the security measures the platform has in place. But apart from that, low trading fees are another significant reason the platform has managed to attract traders from many areas. This is because the platform’s features and functionalities align with the highest industry standards. 

One of the best things about trading your cryptos on Bittrex is the platform offers an extensive selection of cryptos. According to its website, Bittrex allows traders to choose from more than 250 different cryptos, including some of the most popular ones, such as Ethereum (ETH), Litecoin (LTC), Bitcoin (BTC), and more. This gives traders the much-needed flexibility to diversify their portfolios and mitigate risk.   

        

Cryptocurrencies Supported By Bittrex

Bittrex is best known for offering traders an extensive range of crypto selections. The platform supports more than 250 cryptos, allowing you to choose the best crypto to enhance your returns. 

To give you a better idea of the projects, here’s an overview of some of the most prominent tokens listed on the exchange:

Cryptocurrencies Supported By Bittrex

In addition, the exchange is also open to the idea of listing new and potential crypto projects that give out massive returns. So if you’re one of those investors or traders who like to take their chances with new and potential projects, Bittrex is the platform for you! 

Trade with Bittrex

Key Features Of Bittrex

Many reasons allow Bittrex to stand out in the crowd, but its essential features play a crucial role in attracting traders. In addition, the platform has some of the most delicate key features that play a crucial role in enhancing your overall crypto trading experience. 

So let’s check out some of these critical features and understand how they benefit you. 

Unmatched Trading Services

There is no shortage of crypto trading platforms that offer excellent services. But most of these platforms fail to address the basic needs and requirements of traders on the platform. Fortunately, this is not the case with Bittrex, as the platform has features that effectively cater to traders’ requirements. 

The platform’s trading services are ideally curated to serve all your requirements with the utmost efficacy. You can use the instant buy and sell function and the automated trading functions while accessing valuable charts. All of this combined help you make better and informed trading decisions ensuring you maximize your returns with minimal effort. 

Mobile Application 

Gone are the days when you had to sit on your desk for an entire day to trade your cryptos favorably. Times have changed, and everyone now needs mobility with whatever they might be doing. This is where Bittrex’s mobile application comes in as a handy tool to help you trade cryptos even when on the go.    

The Bittrex mobile application is available for Android and iOS devices, so everyone can access it. Moreover, even the mobile application can offer you all the features and functionalities you generally expect to get from Bittrex’s desktop version. But most importantly, the Bittrex mobile app offers unmatched usability, further helping enhance your experience.   

Uncompromised Security

One of the primary factors fueling people’s reluctance toward crypto trading is the security risks. Unfortunately, there is no shortage of instances where people have lost many of their fortunes through crypto-related frauds and hacks. But Bittrex is not one of those platforms that cut any type of slack regarding security. 

The platform has numerous security features that ensure you trade your cryptos in a safe and secure environment. However, one must not undermine the fact that Bittrex is the brainchild of former cyber security experts. So security should be the least of your concerns when trading your cryptos on Bittrex.  

Massive Crypto Selection 

Most crypto trading platforms currently available in the market will provide you with great features and functionalities. But one area where even some of the most crypto exchanges lack is the crypto selection they have to offer. Traders need a huge crypto selection because investment diversification is key to better returns. 

Bittrex is one crypto trading platform that offers an extensive range of crypto selections. In addition, the platform currently supports more than 250 different cryptos, which means you have the unmatched flexibility to diversify your portfolio. As a result, your investments are less likely to succumb to the crypto world’s volatility risk.               

Additional Features Of The Platform

The features mentioned above are some of the key offerings of the Bittrex crypto trading platform. But the platform’s offerings are not just limited to four key features, as Bittrex has many more. So let’s check out some of the additional features Bittrex offers. 

1. Withdrawal And Deposits in USD and EUR: Not many crypto trading platforms in the market support fiat deposits and withdrawals. But fortunately, Bittrex is one of the few crypto trading platforms that do support fiat withdrawal and deposits. You can make withdrawals and deposits in USD and EUR helping you enjoy better convenience. 
2. Low Trading Fees: Trading fees have long retained the reputation for eating into the returns of crypto traders. But this is not a matter of concern with Bittrex, as the platform charges the lowest trading fees. Compared to most other prominent crypto exchanges in the market, Bittrex’s trading fees are as competitive as possible. 
3. Amazing User Interface: The other significant aspect of trading your cryptos on Bittrex is you get access to a fantastic user interface. Both the desktop and mobile version of the Bittrex platform offers an amazing user interface. This plays a crucial role in simplifying your overall crypto-trading experience.  
4. Appreciable Customer Support: Crypto trading is never easy, and it is not uncommon for people to encounter issues while trading their cryptos. This is the reason Bittrex provides traders with unmatched customer support. Be it user guides, FAQs, or any other customer support form, Bittrex has it all. 
5. Many Ways To Deposit Funds: Depositing your funds into your account can be a hassle with even the most prominent crypto platforms. But Bittrex is different as the platform allows you to make deposits through many different methods. You can leverage bank transfers, deposit funds using credit and debit cards, and even transfer cryptos from other wallets and exchanges.                      

Trading Experience 

Regarding the trading experience, Bittrex offers a simple and convenient platform to all its beginner and advanced users. Moreover, the trading console of the platform is open to all, as the platform doesn’t believe in charging any additional sum for users to access advanced charting and trading.

The console provided by the platform is clean and has access to all the prominent charting tools and graphs while giving access to the market information in real-time. Overall, every platform aspect focuses on providing users with a reliable trading experience. 

Fee Structure

Bittrex has long retained the reputation for charging among the most competitive trading fees. Bittrex charges minimal fees from its traders through the maker and taker model compared to most leading crypto exchanges in the market. So refer to this table below to better understand Bittrex’s trading fees. 

Like any other crypto trading platform available in the market, even Bittrex charges a nominal withdrawal fee from its traders. However, this withdrawal fee is variable based on the cryptocurrency you are withdrawing. So refer to the table below to get a simplified view.

Even though Bittrex accepts deposits through many different methods, the platform does not charge any deposit fees. This is ideal for traders just starting with crypto trading and who need to make deposits in fiat currencies. In addition, Bittrex accepts fiat deposits in USD and EUR, which is always a plus point when trading cryptos on the platform.

Trade with Bittrex

Is Bittrex Safe?

Regarding security, Bittrex is a platform you can always trust. The platform takes numerous proactive measures to ensure the safety and security of its traders and their assets. So let’s check out some of the best security measures when trading cryptos with Bittrex. 

1. Whitelisting Approved Wallets: One of the best security measures in Bittrex is the platform allows you to set up wallet whitelisting. This means you can only withdraw to the wallets you have already approved. This is ideal for preventing scammers from accessing and stealing your funds. 
2. Two-Factor Authentication (2FA): The other notable security feature you can get with Bittrex is two-factor authentication (2FA). This means you will need two verifications every time you log into your account or withdraw funds. The first will be through your password and the second through SMS or email.       
3. Cold Storage: Unauthorized access to crypto assets is one of the biggest threats for traders in the crypto industry. Thus, Bittrex stores most of its digital assets in cold storage without access to the internet. This makes it impossible for hackers and scammers to access your digital assets. 
4. IP Address Whitelisting: Bittrex is one crypto exchange platform that allows you to whitelist IP addresses. This means you can only access your account through the IP addresses you have already approved. It’s a great feature for keeping hackers and scammers at bay. 

The platform is also open to adopting new and better security measures that ensure the safety and security of its users’ funds and private information. Therefore, if you’re one of those users with a significant impact on security and safety, Bittrex would be an ideal fit

How To Get Started With Bittrex

Getting started with Bittrex is very easy compared to most other crypto exchanges in the market. However, the platform requires you to follow a couple of simple steps before you can start trading your cryptos on the platform. So let’s check out what these steps are. 

Step 1: Open the Bittrex official website or use the mobile application 

Step 2: Click on the “Sign Up”

Step 3: Enter all the necessary details, such as email address and password. 

Step 4: Verify your email address  

Step 5: Set up the two-factor authentication mechanism

Step 6: Fill up the KYC form

Step 7: Verify our credentials and deposit funds to trade cryptos in no time.

Once done, you’ll have access to all the trading features of the platform. All you need to do is add funds and trade your tokens. 

Customer Satisfaction

Bittrex takes numerous measures to ensure its customers are completely satisfied with its offerings. However, the platform does need to make more efforts to win over customers as there have been some customer complaints. But Bittrex is undoubtedly working on resolving those issues and delivering a better customer experience. 

Barring a couple of issues here and there, most customers of Bittrex are completely satisfied with the platform’s offerings. For instance, security is an area where Bittrex has managed to excel greatly and provide customers with customer satisfaction. In addition, many traders have time and again appreciated the security measures offered by the platform. 

Also, Bittrex provides traders with amazing user interfaces both in the desktop and mobile versions of Bittrex. This further enhances customer satisfaction along with the amazing customer support the platform has to offer. As a result, customers enjoy an unmatched crypto trading experience, further boosting the overall customer satisfaction of traders.     

Trade with Bittrex    

Bittrex Vs. Competition

There is no debate about Bittrex being one of the current leading crypto exchanges. But a reality check on the markets depicts that many other crypto exchanges offer great features to compete with each other. Therefore, as a crypto investor, it is imperative to ensure you are well aware of the offerings of these platforms to make an informed decision. 

So let’s compare Bittrex with one of its competitors Binance and see how they differ from each other. 

Bittrex Vs. Binance        

Both Bittrex and Binance have established themselves as thought leaders in their field. The platforms share similar security and trading features. However, they’re both unique too. 

Here’s an overview of the difference between Bittrex and Binance in the following section: 

Looking at this short but comprehensive review, it’s evident that both the platforms share similar features, however, Binance takes the lead over Bittrex with its low trading fees. But, not to forget, Binance shares a history of being hacked on several occasions. Read the full Binance review. 

Final Verdict 

Bittrex does have some of the most impressive features and functionalities one could expect from a leading crypto exchange. However, there are also specific areas where Bittrex could benefit from some enhancements. Every investor must know and understand these strong points and shortcomings to determine if this is the right crypto trading platform for them. So let’s check out the strong points and weaknesses of Bittrex. 

Should You Consider Using Bittrex?

1. Uncompromised Security: One of the best things about trading your cryptos on Bittrex is that the platform has many security measures in place. Everything from cold wallet storage, two-factor authentication (2FA), IP address whitelisting, and more are available on Bittrex. As a result, you get a safe and secure platform for your crypto trading endeavors. 
2. Huge Crypto Selection: Not many crypto exchanges in the market can offer you such an extensive selection of cryptos. Bittrex is one of those few platforms that supports more than 250 different cryptocurrencies. The platform allows you to choose from a huge number of crypto trading pairs ensuring you can make the most of every opportunity that comes your way. 
3. Low Trading Fees: Bittrex is known for charging minimal trading fees compared to most other crypto exchanges in the market. The platform charges 0.35% as trading fees, and even this percentage will decrease further with an increase in your 30-day trading volume. Bittrex does not charge any kind of fee for making deposits on the platform, but it does charge withdrawal fees based on the crypto you are withdrawing. 
4. Accepts Fiat Deposits: Bittrex accepts deposits from its traders in fiat currencies such as the USD and EUR. This makes crypto trading very convenient for beginners just starting with crypto trading. This is important because not everyone can make deposits using cryptos. 

Shortcomings of Bittrex

1. Does Not Support Margin Trading: Crypto trading has evolved a great deal over the years, and one result of this evolution is margin trading. Most prominent crypto trading platforms now support margin trading. This allows traders to generate more significant revenue with minimal effort. 
2. Not Available In Every State of The US: Bittrex is based in the US, but despite this fact, the platform does not offer crypto trading services across every state. The platform is available in 46 different states across the country. However, residents in states such as New York, Hawaii, Vermont, and Connecticut cannot access the services offered by Bittrex.                

This brings us to the end of our comprehensive review on the Bittrex platform! Looking at this comprehensive review, it’s evident that the platform is excellent in terms of its overall features, security, and fee structure. However, it does come with its drawbacks too. 

Therefore, if you want to emphasize signing up with a platform that would enable margin trading, Bittrex isn’t the platform for you. Instead, we suggest you look for some other alternative. All the best! 

Trade with Bittrex

FAQs

Q1. Does Bittrex provide its traders with a demo account?

Bittrex provides its traders with a wide range of features and functionalities, but a demo account is not one of them. This obviously presents many challenges for beginners who could benefit from some practice before trading their cryptos in reality. So beginners who need a platform that comes with a demo account must use another trading platform. 

Q2. How do I deposit funds into my Bittrex?

Bittrex is one of those few platforms that provides traders with numerous ways to deposit funds into their accounts. For starters, the platform supports deposits in fiat currencies such as USD and EUR. Besides that, traders can make deposits using credit and debit cards. Bittrex also accepts fiat deposits made through bank wire transfers. 

Q3. Can every US citizen access the crypto trading services offered by Bittrex?

Bittrex is a crypto trading platform based in the US, yet not every US citizen can leverage the platform’s services. Bittrex offers its services in 46 states across the US, but four states cannot access its services. The four states include New York, Vermont, Hawaii, and Connecticut.