What comes to mind when you hear Bittrex? As a beginner, Bittrex might be new in your ears especially if you are not on the US soil so today we will take you through what they stand for and an in-depth Bittrex Review.
Bittrex Review Summary
Bittrex belongs to the cryptocurrency industry located in the United States, Seattle. They pride themselves as another veteran exchange oriented-towards more experienced traders.
Bittrex is simple as an exchanger that allows users to make direct purchases of cryptocurrencies using US dollars. For the records, Bittrex has extended its services to more than 220 cryptocurrencies through its powerful trading engine with a sleek interface.
Noted as one of the oldest and experienced Crypto exchanges in the industry, Bittrex has developed several APIs that are compatible with several platforms to boost business transactions on websites, mobile apps, and more.
The reason many people trust them is because of their hard-core guaranteed security and reliability. We have heard of many exchangers being hacked and having vulnerabilities but nothing as such can be said of Bittrex.
That being said, they are complaints of clients’ accounts that get terminated without prior notice, making people question the authenticity of their service mud with average customer support.
Now let’s delve step by step of Bittrex Review. We shall weigh the pros and cons of Bittrex services.
Advantages of Bittrex.
Supported CryptoCurrencies.
Bittrex has proven to be a leader in the crypto business with diverse cryptocurrencies credited to their chest. As of 2020, Bittrex is reported to have supported more than 220 currencies and still adding up more and a daily volume of 6505 BTC. Here a few lists of Supported Currencies by Bittrex:
- Bitcoin
- OMG Network
- Ethereum
- Ocean Protocol
- Numeraire
- XRP
- DigiByte
- Waves
- ChainLink
- TRON
- Cardano
- Stellar
- Tether
- Litecoin
- Bitcoin SV
- Cardano
- Ravencoin
- Litecoin
Click here to see full lists of currencies supported by Bittrex Coingecko. As if that is not enough, Bittrex is making more efforts to add more coins to their lists of cryptocurrencies. As a measure to ensure quality, Bittrex keeps vetting their source codes and decline many others that are not making meaningful impacts.
Payment Methods
One thing that a lot of people consider before doing any online business is payment methods and how secured they are.
Though people argue that in terms of deposits and withdrawals methods, Bittrex hasn’t done enough, they at the moment serve more than 200 countries worldwide.
Yes we can agree their terms on deposits and withdrawals via cryptocurrencies within their channel only are a bit headache but your security is guaranteed.
Fees and Charges
What every business person thinks of is to bid down cost whiles maximizing profits and Bittrex does all for us. Bittrex is applauded for its low fees or charges on all transactions though they are flat rates.
A standard of 0.25% commission is charged on any trade activity you undertake which seems fair compared to other platforms.
| 30-Day Volume (USD) | Maker fees | Taker fees |
|---|---|---|
| 0 – 50,000 | 0.200% | 0.200% |
| 50,000 – 1,000,000 | 0.120% | 0.180% |
| 1,000,000 – 10,000,000 | 0.050% | 0.150% |
| 10,000,000 – 60,000,000 | 0.020% | 0.100% |
| 60,000,000 and more | 0.000% | 0.080% |
Daily Volume of Cryptocurrencies
Bittrex offers you the opportunity to trade many currencies across the board with very serious people in charge. That’s not all, they keep adding more coins which keep their platform very active and useful. The user is given a variety of options to choose from and make decisions.
We can conclude that what makes them unique in all spheres of cryptocurrency trading is the over 200 currencies supported and counting with a large volume of purchase and sale for each currency. It also provides pairs for BTC, USDT, XMR, and other important currencies such as USDC.
Bittrex Security
Obviously, nobody will love to save his huge money with a platform with no tried and tested security guaranteed. Bittrex provides a lot of security options for traders that are difficult to bypass by hackers even if you have the password of your victim.
They provide top record security and safest way to trade with a system that detects IP changes and notify the account holder of a potential security breach.
That is not all, they are also have 2-factor authentication which requires a user to enter a second code either via text messages all Google Authentication app. You are highly safe with these are your disposal.
Also Read: BTSE Launches Tron TRX Token But What is Tron TRX (Coin)
Disadvantages of Bittrex
Every business has a downside but what makes them stand out is their advantages outweighing their disadvantages, the same can be said about Bittrex. During our review, we noticed a few but severe cons.
Bad Customer Support
No disrespect but Bittrex’s customer support team seems not to be well trained. Many have complained about their abysmal performance in handling clients. Whiles, we can’t entirely push the blam on Bittrex, we hold them responsible for employing a horrible support team. It’s a concern for everyone unless of course, you haven’t got yourself in mess yet.
In most cases, they suspend the accounts off customers without prior notice and takes years to release. If you are unlucky, they will ban your account before you wake up in the morning. That’s very bad of a lucrative business of their standard.
Let’s see a few comments from users who have encountered this company, their Bittrex review and what they got to say. Image Credit: 99bitcoins
You Might Want Bittrex Alternatives
Like any other business, Bittrex might be your favorite but not everyone will love them irrespective of the outstanding services they offer. In business-wise, it’s good not trading with only one platform especially unregulated online businesses such as this one. Here are Top 6 Bittrex Alternatives and Competitors to choose from:
Binance
Binance is arguable the best in the industry according to most online traders. Beyond operating the world’s leading cryptocurrency exchange, Binance spans an entire ecosystem.
Kucoin
Kucoin aims to provide users with even more secure and convenient digital transaction and exchange services, integrate premium assets throughout the world, and build up state-of-the-art transaction platforms.
UPHOLD
Digitalization of money, instant, and safe financial services. Uphold currently trade more Currencies serving more than 200 countries within more than 30 cryptos.
Coinbase
Coinbase is a digital wallet that allows merchants and consumers to deal with new digital currencies such as Bitcoin, Ethereum, and Litecoin.
Poloniex
Poloniex is a leading cryptocurrency exchange offering a wide variety of digital assets.
Kraken
“Kraken is the largest Bitcoin exchange in euro volume and liquidity and also trading Canadian dollars, US dollars, British pounds, and Japanese yen”
Conclusion on Bittrex Review
As you can see no Crypto exchanger can guarantee you 100 percent safety and security whether in your investment or any form.
We do agree that some offer more convenience than others and recommend that whiles trading, invest only amounts you can loose. Just like in the case of gambling, anything is possible and you must not put in all your eggs.
Spend time to read their legal documents, terms, and conditions, and be sure of what you are doing before proceeding.