Bittrex Review: Is It Safe To Use In 2024? Updated

bittrex review

Bittrex is a blockchain crypto platform offering trading, digital wallet services, advanced account security, and more. Its counterpart, Bittrex Global, specializes in international trading services. Trading fees on Bittrex start at 0.35%, and they can get lower depending on how much crypto you trade. It doesn’t quite have the lowest fees we’ve seen, but it’s definitely one of the more affordable crypto exchanges. However, its trading interface and the large number of supported currencies may be overwhelming to beginners.

bittrex review

They will also require all persons with more than 25% shareholding in the company to complete a “significant persons” KYC. This could have been as a result of the massive influx of new users that they were getting. In fact, there was a period in which they actually had to halt new users due to the influx. While anonymous accounts can be great for the privacy of the user, they are viewed with a great deal of skepticism by international regulators. Given that Bittrex is now trying to expand, they have decided to eliminate all anonymous accounts.

Bittrex Review: A Fast, Secure Exchange With a Massive Lineup of Cryptocurrencies

The most notable gap in this exchange’s lineup is Solana (SOL), one of the most popular altcoins. While many other crypto exchanges list Solana, you won’t find it on Bittrex. In addition to these features, Bittrex offers some helpful guidance for users on security best practices. This guidance includes tips for avoiding phishing attempts, keeping phones secure, creating strong passwords, and disabling your account in the event of a hack. In 2019, Bittrex updated its trading engine to make the platform up to 20 times faster, more scalable, and enable support of new features and upgrades like USD and EUR markets. Besides, it also launched a new branch of its exchange, Bittrex Global, which is located in Lichtenstein.

If all is good, you should be approved within half an hour, but in our experience, it takes much less time. This will then be used to determine which products you can access and which other verification requirements bittrex review you need to complete. If you’re just going to be trading for yourself, then personal account is the right choice. Fill in your email address and select whether it’s a personal account or for a business.

Bittrex Fees Structure

Many traders still feel uncomfortable providing extensive personal documents to centralised exchanges. However, this is probably less of a determining factor nowadays as most exchanges usually require identity verification. Firstly, while the Fiat funding option is a great way for a whole host of traders to start using the exchange, it is quite involved to set up.

bittrex review

You have no way of knowing whether these applications are safe. Given that you are handing them the write access to the API interface, they could easily steal your API keys and use them to run pump and dump schemes on the exchange. In both of these cases, they will give you their bank account information once you have completed the fiat account request form. When it comes to withdrawing your funds, you will follow a similar process. You will hit the red up arrow which is to withdraw and then you will be presented with the below box.

Bittrex review 2024

This allows traders all the benefits of leveraged trading but in a simplified asset. Traders are able to buy crypto and hold it until the value increases or use it to buy other altcoins that will rise in value. That’s one of the largest selections we’ve found, and it includes both the largest digital currencies and plenty of smaller tokens. Unless your referrals are some serious crypto whales, this won’t exactly be a lot on most trades, since Bittrex’s highest trade fee is 0.35%. Still, it’s nice that Bittrex has a referral program — and that you’ll get a cut every time your referrals make trades. Bittrex has a custom-built trading engine designed for executing trades quickly, even under heavy demand.

Bittrex, on the other hand, has far less complaints from the community. We’ve personally also never had an issue with Bittrex support. They are also far more active on social media, quickly posting updates and relevant news for users. The Better Business Bureau has given Bittrex an NR (“No rating”) since the business is currently responding to previously closed complaints. Note that BBB ratings usually range from A+ to F and reflect the bureau’s opinion of how the company interacts with its customers.

Will Bittrex list more currencies?

As Bittrex handles hundreds of millions worth of transactions and the data of countless customers, it’s a must that the exchange offers excellent security for its users. Bittrex has implemented a variety of account settings that investors can utilize to secure their accounts better. Although not a strict requirement as it is on many cryptocurrency exchanges, customers are heavily advised to set up Two-Factor Authentication (2FA) using an app like Authy. However, if you would like to trade cryptocurrency with leverage, you’ll have to look elsewhere. Bittrex is a global cryptocurrency exchange offering over 250 cryptocurrencies to buy, sell, and trade.

  • Investopedia is dedicated to helping those interested in cryptocurrency investing make informed and safe decisions.
  • To start with, you’ll want to make sure that you’ve got a wallet all set up and ready to go.
  • Completing transactions is relatively painless, with deposits and withdrawals being faster than usual thanks to Bittrex’s automated monitoring system.
  • In 2018, Bittrex made an update that permitted users from countries such as North Korea, Iran, Syria, Cuba, and some others to use Bittrex exchange.
  • You will want to make sure that you access the site directly (don’t follow links from other sites).

Bittrex has put a good deal of effort into the security of customer assets. Bittrex does not charge fees for USD deposits and withdrawals. You will want to check with your bank as they may charge a fee to send your wire transfer as well as receive a wire transfer at your bank. Also, if your bank uses an intermediary bank, you will want to check with them to see if they charge a fee.

How to Use Bittrex to Trade Cryptocurrency

2023 Update – There are many better exchanges out there such as Binance, Bybit, or even Kraken. You should not use Bittrex anymore, as the liquidity is not there, and the management keeps changing the rules, which is not ideal for traders or investors. One of the leading crypto exchange platforms in the current industry. By the time you finish reading, you’ll know whether Bittrex is the crypto exchange for you. If you are looking to develop your own trading scripts then you will need to get your API key generated. You can only generate an API key once you have activated two factor authentication on your account.

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