Founded in 2014 by four security professionals, Bittrex has rapidly risen to become the No. 1 cryptocurrency exchange, with more than $1.0 billion worth of daily trading volume.
This Bittrex exchange review for 2018 will give you a glimpse into topics like the Bittrex pros and cons, security, fees, services, and how to trade on Bittrex.
Being the largest cryptocurrency exchange, Bittrex attracts a lot of new users who want to know things like:
- How to buy on Bittrex with USD.
- How to buy on Bittrex with Bitcoin (BTC).
- How to buy on Bittrex with Ethereum.
- How to deposit USD to Bittrex.
- How much time Bittrex takes to deposit money.
- How to deposit money in Bittrex using wire transfers.
- How to withdraw money from Bittrex.
- How to withdraw BTC from Bittrex.
Many new Bittrex users also have questions like:
- What is the minimum deposit required on Bittrex?
- What is the Bittrex withdrawal limit?
- What is the Bittrex withdrawal time?
- What are the deposit fees on Bittrex?
- What are the withdrawal fees on Bittrex?
- Is Bittrex safe to trade on?
Bittrex Pros and Cons
Just like any other cryptocurrency exchange, Bittrex has certain advantages and disadvantages.
- Fully regulated and legally compliant in the United States.
- Very secure, with two-factor authentication (2FA). Has never been hacked.
- Requires minimal personal information for verification.
- Verification process faster than other exchanges.
- Allows withdrawals of up to $3,000 per day.
- Easy-to-calculate fee.
- Supports over 250 cryptocurrencies.
- Available in most countries.
- Does not support deposits or withdrawals of fiat currencies.
- Does not support margin trading and lending.
- Wait times high because of low liquidity.
- Slow customer support.
What Cryptocurrencies Can You Trade on Bittrex?
Bittrex supports trading of over 250 cryptocurrencies, including Bitcoin, Ethereum, Litecoin, Ripple, Dash, Bitcoin Cash, Ethereum Classic, Stellar, NEO, Monero, and ZCash. (Source: “Cryptocurrency Market Capitalizations,” CoinMarketCap, last accessed January 30, 2018.)
List of Countries Bittrex Supports
Bittrex supports more than 180 countries, spread out across the Americas, Europe, Africa, Asia, and Australia. (Source: “Supported Countries,” Jumio, last accessed January 30, 2018.)
How to Trade on Bittrex
The first thing to do is to go Bittrex.com, fill in your information, and sign in. Once you confirm your e-mail address and you log in, you’ll come to the main page and you can start trading.
How to Buy on Bittrex With USD
Since Bittrex does not support fiat currencies, one cannot use USD to buy on Bittrex.
How to Buy on Bittrex With Bitcoin
- Log into your account.
- Deposit your Bitcoin.
- Click on “Wallets.”
- In the wallet, search for “Bitcoin” on the right-hand side.
- Click the + button that is in the same row as “Bitcoin.”
- You will now see your “BTC Deposit Address.” Select this address and copy it.
- Paste this address into the “Send” address box in the Bittrex exchange.
- On the main page, click on “Markets,” select the coin that you want to buy, and click on it. The coin’s information will pop up on the right-hand side, along with a graph.
- The middle of the page is devoted to trading. Select a price from “Last Price,” “Bid Price,” or “Ask Price.” Ideally, go with either “Last Price” or “Ask Price.”
- Place your order.
How to Buy on Bittrex with Ethereum
The process of buying on Bittrex with Ethereum is similar to buying with Bitcoin. The only difference is that, in the wallet, you search for “Ethereum” instead of “Bitcoin.”
How to Deposit Money on Bittrex
How to add USD to Bittrex
It is not possible to directly add USD or any other fiat currency to Bittrex.
How Much Time Bittrex Takes to Deposit Money
Since fiat money cannot be directly deposited into Bittrex, there is no question of how long it takes.
How to Deposit Money in Bittrex Using Wire Transfers
To send wire transfers to Bittrex, your account has to go through enhanced verification. Once the enhanced verification is done, fill in the form to submit a request to purchase USDT by wire transfer. Once your account is credited, you’ll get a response in your ticket with the details.
What Is the Minimum Deposit on Bittrex Using Wire Transfers?
The minimum deposit on Bittrex by wire transfer is $100,000.
How to Withdraw Money from Bittrex
Since Bittrex does not support fiat currency, nor does it store fiat currency, you cannot withdraw traditional money from Bittrex, You can, however, withdraw your funds in the form of Bitcoin.
How to Withdraw BTC from Bittrex
- Set up a Bitcoin wallet.
- Log into Bittrex.
- Click the “Wallet” button on your homepage.
- In the list of coins, search for “Bitcoin.”
- Next to the word “Bitcoin” will be + and – signs. Click on the – sign and a Bittrex.com “Withdrawal” window will pop up.
- Open your Bitcoin wallet and click on “Receive.”
- A lengthy code will appear. Cut and paste this code into the top “Address” line in the “Withdrawal” pop-up on Bittrex.com.
- Fill in the amount of Bitcoin you would like to withdraw.
- When you’re ready, click “Confirm”. (Remember to take the transaction fee into account).
- Check your e-mail for a link from Bittrex.com.
- Click on the link to confirm your request and return to your homepage on Bittrex.com.
- To check whether your transaction was completed, scroll to the bottom of your homepage on Bittrex.com. Your withdrawal history should reflect your recent transaction.
(Source: “How to Withdraw Bitcoin from Bittrex,” Steemit, last accessed January 30, 2018.)
What Is the Bittrex Withdrawal Limit?
Bittrex enforces withdrawal limits in compliance with U.S. federal and state laws and regulations.
When a Bittrex account’s password has been changed, Bittrex does not allow any withdrawals from that account for the next 24 hours.
At present, basic accounts have a withdrawal limit of four bitcoins (or equivalent) per day.
Enhanced accounts without 2FA have a withdrawal limit of one bitcoin (or equivalent) per day. Enhanced accounts with 2FA have a withdrawal limit of 100 bitcoins (or equivalent) per day.
Unverified accounts cannot withdraw any bitcoins.
What Is the Required Bittrex Withdrawal Time?
The Bittrex withdrawal time varies from cryptocurrency to cryptocurrency and from wallet to wallet.
One factor that can delay withdrawals is the withdrawal traffic volume, which is usually heavier during weekends.
What Are the Bittrex Transaction Fees?
All transactions are charged 0.25% of the profits of the trade. The Bittrex exchange price and Bittrex transfer fees are subject to change, however.
What Is the Deposit Fee on Bittrex?
All Bittrex deposits are free. However, some cryptocoins require Bittrex to move your funds to another address before Bittrex can credit them, so you might have to pay a normal transaction fee to the cryptocoin’s own network.
What Is the Withdrawal Fee on Bittrex?
The withdrawal fee varies from coin to coin, since each coin has a network transfer fee that is built into the coin. Clicking on the – sign that is next to each coin will open up the withdrawal window, which shows the withdrawal fees.
Bittrex vs. Poloniex vs. Kraken
There are few differences between the three popular cryptocurrency exchanges Bittrex, Poloniex, and Kraken—as the below comparison table shows. The biggest advantage that Bittrex has is that it trades in over 270 altcoins.
(Source: “Kraken vs Bittrex Comparison,” CoinCentral, October 2, 2017.)
Bittrex Wallet Review
As with any other cryptocurrency exchange, the Bittrex wallet is good for
enabling transactions but is not a safe option for storing your cryptocurrencies.
First, you don’t own the private keys to the wallet. Second, since the wallet is online, it faces the risk of being hacked. It is always advisable to move funds from the Bittrex wallet to a cold (offline) wallet.
Is Bittrex Safe to Trade On?
Yes, Bittrex is safe for trading on, but it’s always good to have an enhanced account with 2FA for added safety of your funds.
Bittrex Exchange Rating: