Bittrex Review: A Trustworthy Crypto Trading Platform
Bittrex is one of the pioneering crypto exchanges in the market. The platform started its journey in 2014 based in the US when crypto trading platforms were very few in number. The exchange was floated by cybersecurity experts Rami Kawach, Richie Lai, and Bill Shihara. The three guys worked at leading companies like Amazon and Microsoft and brought years of IT experience. You can learn the complete Bittrex review.
Over the years, Bittrex grew to become a popular cryptocurrency trading platform. It improved its services and beefed up the website to offer more than 220 crypto coins.
In 2019, the owners decided to introduce Bittrex Global to serve international customers in a better way. The new platform set up its base in Liechtenstein, Europe, and allowed people from all countries to trade safely. Along with that, the platform also secured approvals from key regulatory bodies.
Today, Bittrex is a great place to trade in a range of tokens. You can even discover new coins backing innovative projects from around the world.
How to Deposit Money to Bittrex
Bittrex exchange offers a range of ways to make deposits. You use cryptocurrencies, cards, and wire transfers to add money to your account. Of course, first, you will need to sign up on the platform.
Depositing Bitcoins (BTC)
You can make deposits on the platform directly from your crypto wallet. This is by far the easiest and quickest method if you have a wallet and funds in Bitcoin (BTC).
The best of all, there are no fees, and you don't have to deposit any minimum amount. Also, there is no maximum deposit limit.
Adding Euro and USD
You can use your credit and debit cards to add fiat funds to Bittrex exchange. The site also accepts USD and Euro through bank transfers, including SEPA. Bittrex charges a fee of 3% on deposits made using debit and credit cards.
For wire transfers, you have to make a minimum deposit of $50 for personal accounts. In the case you choose Euro, the minimum you need to deposit is 20 Euros.
Bank transfers need you to provide your KYC details to Bittrex. You will also have to submit documents to show you control your bank account. Wire transfers can take a few days to be processed and credited to your Bittrex account.
For depositing via SEPA, make sure your bank account's name is the same as your Bittrex account. You can refer to the instructions on your SEPA deposit section by logging into your Bittrex account.
If your names don't match, whitelist your bank by contacting the customer service.
How to Trade on Bittrex
Bittrex improved its platform to make trading easy and hassle-free for everyone. You can quickly create your account, deposit funds, and start trading. We will take a closer look at the process.
You can go to the trading view by logging into your account. The interface will list all the markets with several details to help you make solid deals. You will find everything you need to buy or sell crypto coins from the single screen.
The window on the extreme right on the top part of the screen lets you trade quickly. You also get an overview of order books in the lower part of the screen. Along with that, a section also shows you your trading history.
Bittrex lets you access numerous markets, including:
Do note that all crypto coins don't have fiat currency pairs right now. However, Bittrex is gradually adding new pairs based on the demand of the customers. If you don't find your favorite pair, you can get in touch with Bittrex to make a request.
Unfortunately, you can't perform margin trading on Bittrex exchange. But you do have a range of other trading options to earn profits. These include stop-limit orders, ladder limit orders, and market orders.
Bittrex has put effort into creating a platform that can handle huge volumes of trading. You can expect a smooth trading experience as the platform is designed to scale seamlessly. It's possible to execute orders in real-time.
The trading fees on Bittrex are not very high or not very low. You can call them on the middle tier in comparison with leading crypto trading platforms. Bittrex charges trading fees on your monthly trading volume (30 days).
- The minimum fee is 0.20% for trading volumes between $0 to $50,000
- For volumes between $50,000 to $1 million, the maker fee is 0.12%, while the taker fee is 0.18%
- If you trade between $1 million and $10 million, the maker fee is 0.05%, and the taker fee is 0.15%
- For volumes between $10 to $60 million, you pay a maker fee of 0.02% and a taker fee of 0.10%
- If your trading crosses 60 million, you only pay a 0.08% taker fee
How To Set Stop-Loss On Bittrex
Stop-Loss or Stop-Limit Orders are great to protect your investments. You can set a limit that Bittrex will follow if the prices of coins start dropping. This helps you prevent losses.
Access the Stop Limit tab by signing into your account. Click on the Sell tab.
Now you have to enter the Trigger price and the Condition. Put your desired price rise and price drop limits.
After that, enter the quantity of the coins you desire to sell.
How To Withdraw From Bittrex
You can collect your funds from Bittrex though fiat or cryptocurrency.
- For withdrawing in USD, the minimum amount is $10 for both personal and corporate accounts.
- In the case of Euro, the minimum withdrawal amount is 10 Euros.
Cryptocurrency withdrawals have a small fee that varies from one token to another. You can check the applicable fees for each cryptocurrency when you withdraw your funds. That being said, the fees are low compared to other crypto platforms.
Bittrex Global is one of the most secure platforms out there. It was built by cybersecurity experts from top companies. As a result, the platform incorporates strong security protocols to help you trade safely.
2-step verification: Two-way authentication protects your account from any unwanted intrusions. You can log into your account only if you are able to complete the two steps of verification.
IP and wallet whitelisting: You can whitelist wallets and IP addresses to transact without worries. Once whitelisted, the system will prevent anyone from trying to log in using a different IP. Likewise, you will be able to make transactions using only approved wallets.
Apart from the above, Bittrex uses advanced SSL certificates for its domain. Your personal data is always safe and protected from unauthorized access. Your transactions are also safe and use strong encryption for maximum security.
Additionally, Bittrex comes with high uptime and lets you trade 24/7 with complete peace of mind. Moreover, your USD deposits can be recovered if you send them to a different coin wallet while making deposits. However, it's only applicable for amounts of more than $5,000. Also, you will have to pay a charge of 0.1 BTC for each such reversals.
Supported Countries and Cryptocurrencies
Bittrex Global enables people from all across the world to trade in more than 220 cryptocurrencies. Examples include Bitcoin, Ethereum, Litecoin, and XRP. Along with that, you also have the USD market.
Coming to coverage, people of all countries can use Bittrex exchange with complete peace of mind. However, the following countries are not allowed:
- North Korea
- The Crimean region
Do check if Bittrex is available in your country before signing up if you aren't sure.
How to Create an Account
It's really easy to open an account on Bittrex. Just head over to the "Sign Up" page to get started. Then, follow the instructions to complete your registration.
Before you can complete the process, you have to verify a few things. The first one is your email.
Next, you will fill in your personal details and provide a picture if required. These steps are necessary and help Bittrex verify your identity.
You may also need to submit copies of your passport or driving license. You don't have anything to worry about as these are legal requirements.
Bittrex exchange is a secure trading platform you can safely trust. They are regulated by acts like the Transactions Systems Based on Trustworthy Technologies Act. The platform also abides by the regulations of the Financial Market Authority (FMA) in Europe. Along with that, advanced technology is used to keep the trading platform and its users safe.
Bittrex also offers a range of coins to trade in and supports small trading volumes of .0005BTC. This is great for beginners or those who want to control their risks. Additionally, the customer support is also responsive and easy to reach.
One drawback of Bittrex is the long verification process. You also have very few choices when it comes to fiat trading. However, we can expect the platform to add more trading options in the future.
Overall, Bittrex exchange is a good and reputed platform worth considering. You can trade numerous crypto coins and a limited number of fiat pairs safely and reliably.