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Bittrex Review and Comparison

By: Ofir Beigel | Last updated: 5/4/20

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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Luis Giovanni Y. Gonzales
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Luis Giovanni Y. Gonzales

I was amaze of ypur company in google review i met this guy and invest in your good platform..i am new in trading coz i talk to him explain all the process how i make my profit..i start last Sept 1 2020 till now i need help. Pls give a considerstion with this chat. Cryptocurrencyinvestor BITTREXINVEST of mr. ROBERTS is this Legit part of your company? Pls help !!! Recover my funds. Thank tou.

Martimer
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Martimer

Bittrex is known Scams team! ))
Trade your with Binance.

Carl
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Carl

Bittrex suspended my account without notification or explanation over 2 months ago and have not responded to customer service tickets since then except to say that my account is “under review”. Absolutely no other communication, still no idea why it was suspended in teh first place or how long this “review” process will take. In the meantime I cannot access my crypto. I had already jumped through all the hoops with verifying my identity, activating 2FA, etc., and have no idea at all why my account was suspended. I am a US citizen. Don’t use this site, it seems like… Read more »

Margo
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Margo

Im agree with Nick.
Don’t use Bittrex! They’re cheating!
Your account could become Deasabled at any time.
You will lose everything you have.
Their strategy is simple: Don’t let the money out… .
They are Scamers

Greg
Guest
Greg

I live in Washington State so crypto options are few. I have a Coinbase acct but they don’t trade all the coins I would like. Bittrex gives me more options and am willing to give them a try.

nick
Guest
nick

Bittrex claimed they never received my deposit of $9000. I tried working with them over the course of six weeks. This was the most infuriating customer ‘support’ process I have ever been through in my entire life. They essentially told me the transaction was ‘lost’. At that point I hired an attorney. Less than one week later, Bittrex miraculously found and returned my money. They are unethical and dishonest. Don’t use Bittrex, you’ve been warned.

Adam
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Adam

I read a lot of horrific comments here, and also I have a friend from Iran that had her account frozen with 15 BTC in her Bittrex account. I feel bad, because she asked me which exchanges I used. I told her I like Bittrex. We chat a lot back then.. She is a good honest person and this was from years working hard and saving. I personally have been using Bittrex a lot with countless withdrawals and thousands of trades and it has always been fast and reliable… I was doing a lot of arbitrage of ZCL when the… Read more »

john f
Guest
john f

Coinbase is .5%

DNS over HTTPS
Guest
DNS over HTTPS

Warning for all!
Bittrex will allow you to deposit altcoins and will then disable your account not even letting you withdraw.
They Has disable thousands of accounts without any prior warning, nor any proper explanation afterwards.
And they had liquidity problems recently
Take your money out of the Bittrex before it’s too late or you get nothing.

Vadim
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Vadim

Typing this shit…they are not worth it…but every one must understand that this is the worst company that you can find! Never deal with them, these scammers based in Las Vegas, are total e-bandits! And looking at their rating on this site suggests that this is payed for!! In real no one would give them a good score – they are fully swindlers, verification problems, account blockage, funds disappearing, you will get all types of problems! The support team just makes fun out of you and never help, they will make you photo your ass and send them, but it… Read more »

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