Bittrex Review 2023: Is It Safe? Heres The Answer

bittrex review

As I said earlier, you’ll need some cryptocurrency before you start using Bittrex. Here, you can buy cryptocurrency with the fiat currency of your choice (as of 2023, you can do this on Bittrex, too). Bittrex is about as far away from the Wild West of cryptocurrency as it’s possible to be! As I mentioned earlier, it’s all about finding the right balance. It just needs a little work on user access and dealing with feedback faster. The more popular cryptocurrencies, like Bitcoin and Tether, have the most available trading pairs.

Transferring money on and off the platform is fairly straightforward. Bittrex allows for bank accounts to be connected via the ACH process for USD deposits and withdrawals. However, for newly created accounts, a 10-day hold will be applied for USD withdrawals of purchases made with debit cards or by wire transfer. Bittrex features over 250 cryptocurrencies on its platform with the ability to instantly buy them with a connected bank account or debit card. While beginners may experience a slight learning curve, experienced traders will likely appreciate the advanced tools offered by the platform.

Full Bittrex review

Creating an account on a cryptocurrency platform can be similar to creating a bank account. As a crypto trader, you should be looking to trade your hard-earned coins and tokens on the best cryptocurrency exchange platform available. Our bittrex review is designed to introduce you to the pros and cons of the exchange and help you decide if it’s right for you.

bittrex review

These accounts have a lot less restrictions and have better rates, customer service and no limitations. While the flat rate fee is easy to understand, it is disadvantageous for those users who trade large amounts of volume and can be a market maker. The “maker-taker” model is something that other exchanges such as BitMEX use. However, users will quickly discover that it’s run by a bot, and you can’t directly chat with an agent when facing difficulties. Other platforms offer many ways to contact customer service directly, so this is clearly Bittrex’s letdown. In addition, Bittrex’s website provides in-depth information about its corresponding order book.

Bittrex Alternatives and Comparisons

Unlike other exchanges, they have developed this themselves and they do not use third party charting packages like TradingView etc. In both of these cases, they will give you their bank account information once you have completed the fiat account request form. When it comes to withdrawing your funds, you will follow a similar process. You will hit the red up arrow which is to withdraw and then you will be presented with the below box.

Customers who want to make API calls and withdrawals have to use 2FA (two-factor authentication). 2FA involves receiving unique codes via SMS or special apps like Google Authenticator when logging in. In our review, we have keenly assessed Bittrex’s security features to help you decide if Bittrex is the right platform for you.

What coins can you buy on Bittrex in 2022?

We believe in the potential of blockchain to provide ground-breaking solutions across industries and beyond crypto. That’s why security has been and always will be our top consideration. The platform follows all of the different laws, rules and regulations that are in place in the US (that’s where the exchange was created, registered and is being managed from).

  • Despite the changes made, they are not as quick and as effective as Binance, which has a sleek UI and humongous liquidity.
  • The Better Business Bureau has given Bittrex an NR (“No rating”) since the business is currently responding to previously closed complaints.
  • If you need to contact Bittrex for any customer support issues, you must log in to your Bittrex account and file a support ticket.
  • For example, some countries allow credit/debit card transfers, while others have bank wire support.
  • For U.S.-based Bittrex users, the instant buy feature comes with no fee.

Only after you’ve submitted these documents and the documents are verified will you be allowed to deposit, trade, and withdraw on the platform. It’s important to note that corporate accounts go through more stringent background checks. Anti-Money Laundering laws and Know Your Customer laws require the company to collect some user data to reduce risks of fraud and other financial crimes. It’s also important to note that the company is required to comply with the Bank Secrecy Act. Any user that wants to use the platform must pass the KYC verification. Bittrex is a well-known cryptocurrency exchange operating in this space since 2014.

In 2019, the company also revamped its trading engine, making the platform nearly 20 times faster than before. The company also added new features and support for USD and EUR markets, and in the same year, the company launched Bittrex Global to expand its user base. Bittrex is probably one of the more advanced cryptocurrency exchanges on the market today. We liked the fact that the exchange is US based and has some of the most secure protocols in place to keep hackers at bay. This process can be complicated on other platforms, often involving repeated submissions and uploads of documents. However, Bittrex optimizes the procedure by typically verifying users within ten minutes.

  • Bittrex does not offer lending or farming services on its exchange.
  • We believe in the potential of blockchain to provide ground-breaking solutions across industries and beyond crypto.
  • The fees charged by Bittrex are worse than the industry average, with platforms like KuCoin, OKX, and Huobi being more cost-effective.
  • All cryptocurrency exchange platforms have a KYC policy, with procedures varying in complexity depending on the particular exchange and the type/level of account.
  • The key difference here is that the US version of the exchange lists fewer assets compared with its international counterpart.
  • However, Bittrex states on its website that it has complied with and meets all the important regulations regarding anti-money laundering.