Bittrex Review: Is Bittrex a Safe Cryptocurrency Exchange?
Of U.S. based cryptocurrency exchanges, Bittrex is currently the exchange with the most daily trade volume. It also consistently ranks in the top 5 of all global exchanges.
In this Bittrex Review, we’ll break down the key details of the exchange and answer the most common questions asked about it.
You can navigate this review using the following links:
- Key Details
- Is Bittrex Safe?
- Bittrex vs the Competition
- How to Use Bittrex to Trade Cryptocurrencies
- Launched in 2014
- Currently based out of Seattle, Washington, USA.
- Cryptocurrency only exchange, meaning you can’t deposit, withdraw, or trade fiat currency (USD, EUR, Etc.) on the platform.
- Offers trading for 190+ cryptocurrencies including Bitcoin, Ethereum, Litecoin, NEO, Monero, and many more.
- Trading Fees are 0.25%.
- Official Site: Bittrex.com
Tip: If you’re looking to buy Bitcoin or Ethereum with USD or other fiat currencies, check out our full list of reviewed exchanges here.
As mentioned in the introduction of this review, Bittrex is trusted enough by the cryptocurrency community to rank in the top 5 global cryptocurrency exchanges. The exchange has been steadily growing since launching and in 2017 it overtook Poloniex in trade volume.
As a U.S. based exchange, Bittrex is subject to a variety of regulations and laws that other offshore exchanges may not abide by. Due to these regulations, Bittrex has full Anti-Money Laundering (AML) and Know Your Customer (KYC) policies.
For the safety of your personal account, Bittrex offers the following security features:
- 2-Factor Authentication via Google Authenticator
- IP Whitelisting
- Cryptocurrency Address Whitelisting for Withdrawals
Bittrex’s Pros and Cons vs the Competition
Below we’ll compare how Bittrex fairs vs the other cryptocurrency exchanges we’ve reviewed.
Pros of Bittrex
1) Most Cryptocurrencies Available of Any Major Exchange
With over 190 cryptocurrencies available for trading, Bittrex is far in the lead in this department.
2) Highly Liquid Markets
As one of the world’s most used cryptocurrency exchanges, Bittrex has some of the most liquid markets. This makes it easy to buy or sell most cryptocurrencies on Bittrex at a reasonable price.
3) Better Customer Support Than Poloniex
Due to the rapid growth of investor interest in cryptocurrencies, all exchanges have struggled to keep up with customer support demands. While not perfect, Bittrex has done a far better job than their main rival Poloniex. This is actually thought to be one of the biggest reasons Bittrex overtook Poloniex in trade volume.
4) Relatively Easy to Use
Compared to other cryptocurrency exchanges geared towards serious traders, Bittrex has a fairly intuitive and easy to use platform. You can see exactly how to use Bittrex here.
Cons of Bittrex
1) Higher Fees Than Direct Competitors
As a cryptocurrency only exchange with a large number of altcoins, Bittrex has two primary competitors; Binance and Poloniex. Bittrex has the highest trading fees of these three exchanges, as shown in the table below.
2) No Fiat Currency Support
While there’s no fiat accepting exchange we’d recommend with even close to as many cryptocurrencies as Bittrex, this still goes down as a con for the needs of many users.
Bittrex is not geared towards users making their first cryptocurrency purchase, but rather cryptocurrency investors wanting to trade altcoins.
How to Use Bittrex to Trade Cryptocurrencies
You can see a full step-by-step guide on how to use Bittrex here.
Having overtaken Poloniex as the most used U.S. based altcoin exchange, Bittrex is now setting the standard for this this group of exchanges. Bittrex provides a relatively straight forward way to trade over 190 cryptocurrencies.
If you’re looking to save on fees, you may want to consider Binance as an alternative exchange option, as they have less than half the trading fees of Bittrex. Having just launched in mid-2017, Binance is already right on Bittrex’s heals in terms of trade volume.
Compare Bittrex to Other Top Exchanges:
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