Bittrex Review and Comparison

Last updated: 7/3/19

Bittrex is a US based cryptocurrency exchange that has grown in popularity in recent years. In the following post, I will review the exchange, its services and also the main issues you should be aware of.

Bittrex Review Summary

Bittrex is a veteran US exchange that has put an emphasis on the security of its users. The exchange’s trading platform is highly praised for its speed and stability, and indeed the exchange has never been hacked in all of its existence.

On the downside, Bittrex seems to be suspending user accounts without prior notice and offer minimal customer support. While the trading platform is solid, I would use it with caution.

That’s Bittrex in a nutshell. If you want a more detailed review about Bittrex keep on reading, here’s what I’ll cover:

  1. Bittrex Overview
  2. Bittrex Services
  3. Currencies and Payment Methods
  4. Bittrex Fees
  5. Supported Countries
  6. Customer Support and Reviews
  7. Bittrex vs. Binance
  8. Frequently Asked Questions
  9. Conclusion – Is Bittrex Legit?

1. Bittrex Overview

Bittrex is a US based exchange founded in 2013 and headquartered in Seattle Washington. The company was founded by Bill Shihara, Richie Lai and Rami Kawach, all three previously worked at Microsoft.

Bittrex Security

Bittrex claims to put an emphasis on security by employing the most reliable and effective technologies available. The founding team, which comprises computer security experts with over 40 years of combined experience, prioritizes security in all its development decisions.

Bittrex has in place an elastic, multistage wallet strategy that always keeps 80%-90% of funds safely offline.

Meanwhile, on the customer side, two-factor authentication is a must for all withdrawals and API calls; if it’s not activated, a limit on withdrawals is enforced for customers without 2FA set up.

Bittrex has achieved the rare feat of never having suffered any breaches or having lost any customer funds.


2. Bittrex Services

Bittrex has one main service it provides which is its trading platform. The platform lists a wide variety of currencies and allows for standard spot trading orders to be executed.

The current trading engine seamlessly glues together automated trading features, such as stop loss, good ’til canceled (GTC), and instant buy or sell, with all the standard technical charting tools a trader needs.

Clients continually commend the exchange’s trading interface for its quick loading times, with no incidences of hanging or lags. There is no option for margin trading on Bittrex.


3. Currencies and Payment Methods

Identity verified customers (personal or corporate) operating outside the United States or in one of the following US states/territories are eligible for US Dollar trading, deposits, and withdrawals:

Alabama , Alaska, Arizona, Arkansas, California, Colorado, Florida, Georgia, Idaho, Illinois, Indiana ,Iowa, Kansas, Kentucky, Maine, Maryland, Massachusetts, Missouri, Mississippi, Michigan, Montana, Nebraska, New Hampshire, New Jersey, New Mexico, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Puerto Rico, Rhode Island, South Carolina, South Dakota, Texas, Utah, Washington State, Washington, D.C., Wisconsin, West Virginia.

USD deposits and withdrawal are done through wire only. Accounts that aren’t eligible for USD trading can still use stablecoins like USDT (Tether). Over 400 altcoins are available for trading against Bitcoin, Ethereum, USD and USDT.

Bittrex makes an effort to add up-and-coming altcoins after carefully vetting their source codes and delisting inactive coins. While some pump-and-dump coins have managed to slip past the vetting process, Bittrex’s goal is to raise the quality of the overall coin listings.

Hard Fork Coins

Bittrex carefully reviews all coins from impending hard forks or airdrops before providing full support and debiting customers’ accounts. Often, as soon as the networks are stable enough, several coins birthed from hard forks are made available to trade.


4. Bittrex Fees

A 0.25% flat commission is applied to all trades.

Trading fees are slightly higher on Bittrex compared to the industry average. Additionally, there are neither rebates for higher-volume trades nor incentive models for takers and makers.


5. Supported Countries

Bittrex is opened to customers worldwide except for North Korea, Iran, the Crimean region, Syria, and Cuba as well any person with economic sanctions levied against them specifically by the US federal government.


6. Customer Support and Reviews

Bittrex does fairly poor when it comes to public opinion, mainly on issues dealing with suspended accounts.  Occasionally, certain accounts will be temporarily suspended pending completion of a review.

The process has drawn sharp criticism from the owners of the frozen accounts, who have taken to web forums to air their grievances online. Apparently, this situation has been going on for some time, with only minimal response from the Bittrex team.

Overall, according to Bittrex, only about 0.1% of accounts are affected by suspensions, closures, or outright bans. However, many threads have been opened in various BTC forums regarding this matter.

If you want to avoid such an inconvenience, it’s best to have your credentials on hand in case your account is flagged. Most complaints found online are from users in emerging markets. Bittrex’s low-tier requirements seem to appeal to unserved markets.

The exchange offers a standard FAQ page and a ticketing system for support. However, contrast to its top-notch security rating, Bittrex’s biggest letdown is its customer support.

Public opinion on the speed of response to support tickets is dismal when it comes to verification, customer service issues and follow-ups on accounts that are under review.


7. Bittrex vs. Binance

Due to the amount of altcoins offered by Bittrex, it is often compared to Binance as an alternative. However, the strict verification process and relatively high fees (0.25% vs. 0.1% on Binance) quickly point out that Binance is a more appealing option.

It seems that other than the fact that Bittrex can offer USD deposits and withdrawals for verified accounts, there’s no real edge over Binance. If this is important to you then, by all means, stick to Bittrex, but if not, perhaps the latter is a better option to consider.

You can read my complete Binance review here.


8. Frequently Asked Questions

Is Bittrex Regulated?

Bittrex is not regulated under US securities laws.

Is Bittrex FDIC Insured?

No. Bittrex is not FDIC insured.


9. Conclusion

Although Bittrex can be considered an excellent exchange for beginners and traders looking for a robust, secure platform on which to trade multiple cryptocurrencies, its lack of customer support and freezing of accounts make it a questionable choice.

Too often, exchanges sacrifice customer support and satisfaction to continue operating and expanding in the ever-evolving crypto space. In this case, the public outrage seems too loud to ignore.

Use Bittrex with caution for now, and don’t deposit any amount you can’t afford to have frozen for a certain period of time. That, however, is an unfortunate truth for almost every Bitcoin exchange out there.

Bittrex

7.9

Cryptocurrency variety

9.0/10

Team and reputation

8.1/10

Liquidity

8.8/10

Support

5.0/10

Fees

8.5/10

Pros

  • Wide variety of currency pairs
  • Compliant with US laws
  • Decent trading volumes
  • Easy sign up process

Cons

  • Poor customer support
  • No leveraged margin trading
  • Unexplained closure of accounts

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Yent
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Yent

I want you to know that if you send your unsplited BCH to Bittrex by also sending BSV, Bittrex will not return it. It happened to me. Support said that these coins are lost (198 BSV coins), but recently I saw that they have withdrawn coins from my address. Now They ignore my messages. Scammers!

Zack
Guest
Zack

I’m desperate and all I want is to warn users. It seems to me that Bittrex is a scam. I used them for a long time, but recently they blocked my account (several thousand dollars) and now I do not know what to do. They have not explained the reason and have ignored my support appeals for several weeks already (ticket 1532649). This is big money and it’s terrible. I think they are scammers.

Rob H.
Guest
Rob H.

someone accessed my account,changed us dollar to BTC and withdrew the balance.not sure how yet. I was actually trading at the time! Got a pop-up about my transaction completing but couldn’t read it fast enough. Went to see what pending thing I forgot about only to find my balance at .0012 us dollar and a “recent withdraw”. Guess I’m done with crypto.

bota5
Member
bota5

Nothing but thieves Claim they can’t confirm my identity, even though my bank and many other businesses have no problem doing so. Did not warn they will accept deposits without providing proof but will refuse to let you withdraw without proving your identity to them first, which they make no effort in doing even when you give them all them all the information they need to do so. The only warning about this policy is buried in the help section, where one goes AFTER the problem happens, not before. They also have a policy that states they will claim coins… Read more »

PlayeronCurrency
Guest
PlayeronCurrency

I have been register with bittrex for 6 maybe 8 months now . I deposit $1k or maybe 2k in total then withdraw it and stop with trading but i left some money here and i want get it back and also use bittrex ofc because here is a ton of altcoins etc.. (MY DEPOSIT WAS IN BITCOIN OFC ) The problem is I have upload my Russian Passport few times they did not accept it then i upload International passport on English , still the same and small issue i type on russian keywords my name and some other… Read more »

K K
Guest
K K

original issue started three months ago. Took 6 weeks to get an auto response, followed the directions to resolve the issues, bam locked down my accounts. Now I have three tickets in, dating back over three months. Still no response. DO NOT USE BITTREX. Seriously people. Stay away. It is not worth the sleepless nights.
Its funny how this site gives them a 7.9 rating. Let them be the ones that are unable to access their tens of thousands of dollars and see how they feel then. Again STAY AWAY FROM BITTREX

paolo
Guest
paolo

indeed customer support is delinquent. 40 days waiting for response from support. In the meanwhile I can’t move more than 3 btc per day. Now they downgraded me to 0.4 btc per day. Why? I’m not a bit suspicious or belong to any generalization: I’m white, born and raised in Europe, can and do travel to US, present in lots of online places so easily verifiable. 40 days makes no sense – how long should one wait? 2 months? a year? 2 years? what’s the standard for customer support response time of a cryptoexchange? And why are they doing this?… Read more »

jhonny honest
Guest
jhonny honest

power ledger POW price/ 5859—- Bittrex—- 5329 POW is up 25% not 0.9 neg….11/21/2017 12:18 AM….

Jean-Pascal LELIEVRE
Guest
Jean-Pascal LELIEVRE

Worst customer support I have ever seen. It’s been more than one month I opened a ticket and still no answer. 252 PAY tokens just disappeared from my wallet. I have accumulated PAY token from month without selling one of them and I keep all my buying in blockfolio to be sure of how many token I hold. One day I just realised my bittrex PAY wallet does ot match what I got in blockfolio, I double checked all my buying history on bittrex and it look like one order went wrong. They debit me my BTC but didnt not… Read more »

amir
Guest
amir

hello all
bittrex disabled my account for 40 days ago to now…
my positions are open and in lost…