Bittrex allows users to trade, buy and sell supported cryptocurrency. Bittrex currently has over 300 cryptocurrency trading pairs, such as ETH-BTC. However, not all cryptocurrencies can be purchased directly with fiat currency (such U.S. Dollars).

To determine if Bittrex is a good choice for crypto traders and investors, we’ve looked at Bittrex’s platform, fees and user experience.

Cryptocurrencies at Bittrex 

Bittrex offers support for over 440 cryptocurrencies as well as stablecoins. This large selection makes Bittrex a popular platform for traders who want to trade both well-known coins and lesser-known ones.

Here is a partial listing of assets that Bittrex offers:

Trading Experience

Bittrex makes it simple for users to purchase or sell crypto. You can purchase crypto using your Bittrex account balance, checking account or debit card. These purchases are free of additional fees.

Bittrex users can trade crypto with more than 300 trading pairs, such as ETH/BTC. You can also access advanced charting tools and live order books. There are many order types. These include limit, stop and OCO orders as well as trailing and laddered orders. This feature can be a great option for traders who are experienced.

Bittrex Fees

Bittrex has a simple fee structure that allows you to make/taker transactions. This is a great option for anyone who wants cost transparency. Higher-volume traders can get fee discounts, just like many crypto exchanges. These fees are comparable to those of Kraken and other major exchanges, but some exchanges charge lower fees.

Here is a look at Bittrex’s fees structure:

30-Day Volume (USD)MakerTaker
Below $25,0000.35%0.35%
$25,000 – $50,0000.25%0.30%
$50,000 – $100,0000.15%0.25%
100,000 – 1 Million0.10%0.20%
$1 million – $5 million0.06%0.16%
$5 million – $10 million0.05%0.15%
$10 million – $60 million0.02%0.10%
$60 million – $100 million0.00%0.08%
$100 Million +0.00%0.05%

Features

Instant Buy and Sell

Bittrex’s Instant Buy and Sell feature may be a big help for newbies. Investors can buy many of the most popular cryptos through Instant Buy and Sell. This feature allows them to use money they already have in their accounts, a debit card, or a linked bank account.

Although you won’t be charged fees at the start of the process, spreads will appear before you place an order. These fees will be more costly than if Bittrex used its trading platform to make your purchase, especially if you use a debit or credit card.

Debit transactions are subject to an additional 3% fee and any bank fees. Most investors will benefit from free ACH transfers, as well as learning how to use a trading platform.

Bittrex Security

Bittrex keeps the majority of its cryptocurrency assets offline, in cold storage, to reduce the chance of major hacks resulting in the loss of customer assets. Bittrex also has a policy that covers up to $300,000,000 in customer assets.

Two-factor authentication, wallet and IP address whitelisting are other Bittrex security features. These security features reduce the possibility that someone could impersonate or hack your account. They increase the number of steps required to log in and perform transactions, as well as the locations and wallets that can access your coins.

Open a Bittrex Account

Opening a Bittrex account is easy. You can do it via desktop or mobile. You will need your email address, a password and some basic information to get started.

Bittrex, like many other crypto exchanges follows know-your customer (KYC), standards that are designed to prevent fraud. After verifying your email, you will need to go through Bittrex’s identification process. This requires you to upload a government-issued ID such as a passport or driver’s license. To verify your identity, you will need to upload a photo. Once your identity has been verified, you are able to trade on the Bittrex platform.

Account Management

Bittrex users have the option to manage their accounts via desktop or mobile. Both the online dashboard and mobile apps provide similar functionality. Users can trade, buy, or sell crypto, as well as access real-time market data, price charts, and other information on both platforms.

This platform has limited customer support options so account management will be largely self-serve.

Pros and Cons

ProsCons
Low feesSome cryptocurrencies cannot be purchased instantly with U.S. Dollars.
More than 100 countries are availableNew users may find the trading interface difficult
Secure featuresIt is not available in all U.S. States
Over 300 trading pairs available

Conclusion

Bittrex is a great choice for crypto traders who are experienced. There are hundreds of assets supported by this exchange, with a particular focus on crypto-to-crypto trading pairs. Its robust security features will be appreciated by users as well as the ability to place advanced orders.

Its trading interface and large selection of currencies supported may prove overwhelming for beginners. Bittrex has limited customer support. This means that novice traders might be better off using Kraken or Kraken Live Chat Support for urgent issues.

Leave a Reply

Your email address will not be published.