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Bittrex Exchange Review 2021 – Details, Trading Fees and Features

Bittrex Exchange Review 2021 – Details, Trading Fees and Features

Introduction

This Bittrex exchange review discusses most of the things about the exchange and its features. However, this article should not be taken as financial advice. Instead, we urge the traders and investors to do their own research before getting involved in cryptocurrencies.

The Bittrex exchange is one of the top crypto exchanges in the United States of America. Best of all, the exchange was founded in 2013 by a group of people that previously worked for Microsoft. These experts shared their ideas about crypto, which resulted in the creation of the Bittrex exchange.

In addition, the exchange is also available for use in mobile devices. In other words, the Bittrex exchange can be found and downloaded in Android Play Store and Apple App Store. Through this, crypto traders and investors can easily buy, sell and trade cryptos wherever they are 24/7. Indeed, this is a very convenient way to transact different kinds of crypto listed on the Bittrex exchange.

Regarding its security, the Bittrex exchange features a multi-stage wallet strategy that protects its funds safely offline. In addition, the exchange headquarters is based in the USA. For this reason, the Bittrex follows strict rules set by the American government. With this, we can be sure that the funds inside the exchange are secured and complied with the anti-money laundering law.

Moreover, the platform remains one of the crypto exchanges with no record of losing customer funds. As a result, Bittrex continues to attract traders and investors into its platform. At the time of writing, the Bittrex exchange has an estimated trading volume of over $75 million.

Now that we already have some background about the Bittrex exchange, do you want to know more about the platform? Therefore, what are you waiting for? Come and together, let us discover more things about Bittrex in this Bittrex exchange review article.

Bittrex Exchange Details

Websitehttps://global.bittrex.com/
Available on mobileYes
Number of supported coins/tokens394
Number of supported trading pairs880
Native tokenNA
Supported fiat currenciesUSD, EUR
CEOStephen Stonberg
HQ LocationSeattle Washington, US

History Overview

In 2013, the Bittrex exchange was founded by Rami Kawach, Bill Shihara, and Richie Lei. Also, these professionals who built the exchange are all previous employees of Microsoft. Furthermore, the exchange headquarters is located in Seattle, Washington, US. As a result, traders and investors in the US can fully experience the Bittrex exchange and its features.

To expand its marketing reach, the Bittrex exchange applied for a Bitlicense in New York in 2015. Specifically, this license enables the exchange to fully operate its business transactions in the city. However, in 2019, the application was rejected.

As per the New York State Department of Financial Services, the exchange has seriously deficient customer identification programs. For instance, the authorities found out that some of the users using the exchange did not provide proper names, tax information and birthdates.

Furthermore, in 2018, three years after the filing of Bitlicense in New York, the exchange decided to list XRP/USD and ETC/USD. Hence, all users in the platform can now directly trade USD against XRP and ETC, vice versa. Truly, this feature of the platform brings joy to traders using USD, mostly the people in the US.

Moreover, the Bittrex exchange announced on December 29, 2020, that it would delist XRP on its exchange this coming January 15, 2021. This movement by the exchange is due to the lawsuit filed by the Securities and Exchange Commission to Ripple on December 17, 2020. What’s more, the exchange added privacy coins such as Monero, Zcash and Dash to the list of cryptos that would be delisted on January 15, 2021.

Bittrex Security

Bittrex is one of the exchanges that offer a high level of security when it comes to guarding its users’ funds. In short, the platform enables a multi-stage wallet strategy that guides the platform’s funds to safety.

Furthermore, the platform also has SSL encryption in their domain which secures all the data sent to the exchange. With this, traders can confidently access the website without worrying about any possible threats. Of course, users of the exchange must also practice due diligence since it is still connected to the internet, where nothing is 100% safe.  

Moreover, the network employs whitelisting security into its platform: IP whitelisting and wallet whitelisting. The IP whitelisting enables the users to authorize Bittrex in whitelisting specific addresses. As a result, the Bittrex network will remember these addresses and will only authorize activities using these addresses.

Meanwhile, the wallet whitelisting allows Bittrex to restrict transactions only to specific crypto wallets. Truly, this whitelisting feature that Bittrex adds to its network increases its security level.

Last but not least, the Bittrex platform also has a cross-chain recovery service. Specifically, this feature of Bittrex enables the network to recover accidental deposits made by the users. For example, if the user by chance deposits a crypto to a wallet with the wrong coin type, Bittrex can reverse and recover the funds.

However, this feature is only valid to transactions higher than $5000 and the request must be within 7 days.

Platform Interface

The Bittrex exchange remains one of the platforms in the crypto space that offers huge trading pairs. In fact, the platform supports over 880 trading pairs with 394 listed tokens. For this reason, traders and investors can have more options to choose from buying, selling, and trading crypto assets.

Bittrex website
Source: Bittrex website

Key Features and Functions

  • The exchange can be found on App Store and Play Store
  • Whitelisting security
  • Support USD and EUR
  • Wide list of supported crypto assets
  • Customer support
  • A cross-chain recovery service that enables crypto recovery for wrong fund deposits

Supported Cryptocurrencies

The Bittrex exchange supports various kinds of virtual assets. Hence, this part of the article will discuss and enable its readers to identify the different types of crypto assets that Bittrex has inside its platform. Therefore, what are you waiting for? Come and let us see the supported assets of Bittrex in this Bittrex exchange review article.

Bitcoin (BTC)Polkadot (DOT)
Ethereum (ETH) Tether (USDT)
TRON (TRX)      Dogecoin (DOGE)
ENJIN (ENJ)      USD Coin (USDC)       
Qtum (QTUM)Ravencoin (RVN)  
Litecoin (LTC)Quant (QNT)
Cardano (ADA)   Verge (XVG)
Stella (XLM)Bitcoin Cash (BCH)     

Note: The virtual assets shown above are just some of the digital assets supported by the Bittrex exchange. Hence, for a full list of supported crypto’s you can click the link in this Bittrex exchange review.

Deposit/Withdrawal/Trading Fees

The Bittrex exchange offers great deals when it comes to trading fees. Above all, the exchange allows its users to benefit from a fee schedule that improves as users increase their trading activity. In short, the more trading transactions the users do, the more fees that users can save.

Source: Bittrex website
Source: Bittrex website

Accepted Payment Methods

The Bittrex exchange supports various payment methods. For this reason, traders and investors around the world have the flexibility to purchase crypto at their convenience. However, the exchange also follows the rules set by different countries worldwide. As a result, the user’s account and its funding still vary depending on the residence of the user.

The places that are supported by Bittrex and can perform withdrawal and deposits include Alabama, Alaska, and Arizona. These places are just some of the states in the US that are eligible to transact US dollars in Bittrex.

However, for some states and countries that are not included in the list of Bittrex exchange supported countries, users can still use stable tokens. For instance, the Tether (USDT) crypto, this crypto is paired to over 400 cryptos in the Bittrex exchange. Hence, traders and investors in the countries not supported by Bittrex can still fund their accounts using USDT.

Pros and Cons

Pros

  • US law compliant
  • USD deposits and withdrawal for US-supported states
  • Competitive rates and fees
  • Supports almost 400 crypto assets
  • User-friendly platform
  • Over 880 trading pairs

Cons

  • Strict KYC process
  • Limited trading features, no margin trading

Final Score

Finally, the final score of the Bittrex exchange. As a result, this final score is based on the analysis and personal view of Coin Quora. Meanwhile, this rating does not serve as financial advice. In other words, traders and investors must do their own research before investing money in crypto exchanges.

  • Services offered: 3/5
  • Cryptocurrency support: 3/5
  • Fees: 3/5
  • Security: 4/5
  • Review Score: 3.2 / 5

FAQ

Is Bittrex a good exchange?

The Bittrex exchange offers great features such as decent fees and support to over 400 crypto assets. Therefore, we can say that Bittrex is a good exchange.

Can you trust Bittrex?

The headquarters of the Bittrex exchange is headquartered in the US. For this reason, Bittrex complies with the strict rules set by the country in terms of crypto assets.

Is Bittrex shutting down?

As of now, there is no official statement about the Bittrex shutdown. Therefore, it is clear to say that there is no such thing as Bittrex shutting down.

Is my money safe with Bittrex?

The Bittrex exchange employs high-security measures in its platform. Furthermore, the country is protected by the anti-money laundering law in the US. With this, it is up to you to decide whether your fund is safe in Bittrex or not.

Disclaimer: This material must not be used as the basis for making any investment decisions. This serves only as helpful material about the crypto exchange. Trading digital assets involve risk and can result in the loss of investment capital. Hence, always make sure to do in-depth research before engaging or investing in any crypto assets

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A dedicated market analyst focused on the highs and lows of the cryptocurrency market. With a background in Business Administration, he tries to unfold his financial perspective to global readers.