Bittrex is one of the largest and most trusted cryptocurrency exchanges in the world, boasting a clean record in terms of hacks and a simple to navigate UI.
Pros
  • fiat to crypto trading
  • Fast withdrawal times
  • Very high limits
Cons
  • Intrustive verification
  • No leveraged trading
Visit Bittrex

Bittrex is a United States based exchange with headquarters in Seattle. Founded in 2014 by a team of cybersecurity engineers, Bittrex is one of the more established cryptocurrency spot exchanges in the world.

At one point Bittrex’s largest selling point was the huge number of trading pairs that they offered, especially to American customers who might not have wanted to trade on bittrex. Unfortunately, in 2019 Bittrex started blocking the trading of 32 different coins for American users. This was done due to regulatory concerns in the USA.

Since that ban Bittrex’s trading volume has been steadily decreasing. For example, as of publication Coinbase is doing approximately $150 million in daily volume while Bittrex is doing just $10 million. Nonetheless the exchange still offers a good service and in this article we’ll cover everything that you need to know about Bittrex.

Bittrex Compared

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    • Supports Bitcoin, Ethereum & 15 other coins
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    We do not promote, endorse, or earn commissions from the trading of securities of any kind, including CFDs, however, eToro requires that we provide you with the following disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 62% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.

Bittrex Fees

Bittrex’s trading fees are average for the crypto ecosystem. They charge a 0.2% fee for both maker and taker orders. This is a little bit different than other exchanges which offer a slightly lower fee to market makers.

For institutional investors and professional traders Bittrex offers discounts for large orders. For instance, anyone who trades more than $50,000 worth of crypto in a month will enjoy a reduction in the market maker fee to 0.12%. Further fee reductions are available as trade sizes go up.

You can view Bittrex’s fee structure in more detail below:

fees: Are You Paying Too Much?
8.5

Another fee to keep in mind when sending and receiving coins to and from Bittrex are the network fees on each blockchain. This is not controlled by Bittrex, however they will charge this fee to recoup the cost to send you your coins when you withdraw them.

For the most up to date fee information, check Bittrex’s page.


Bittrex Withdrawal Times

Bittrex offers same day withdrawals of coins and fiat on the platform. In many cases, these withdrawals occur within minutes.

NOTE: Just because Bittrex offers same day withdrawals does not mean that you will receive your coins or fiat on the day you make your withdrawal request.

Bittrex cannot make banks process fiat transfers or wires any faster, and if there is an issue with the blockchain you are transacting coins on, they cannot help this. Bittrex can only initiate fiat transfers and blockchain transactions the same day you make the request.

speed: When Are Your Coins Delivered?
9


What’s Needed for Bittrex Verification?

The Bittrex verification process is fairly typical for a cryptocurrency exchange. Firstly you need to take a picture of yourself. As Bittrex is at pains to point out, this picture must be different than the one on your ID.

In terms of ID the user must upload a total scan of the document. Whether it’s a passport or a driver’s license the scan should include everything on the page or ID card. Also, for a driver’s license the user will need to upload both the front and the back of the ID card.

It’s important for all scans and pictures to be clear and not blurry. Users who submit blurry documents or pictures often get rejected and must start the verification process over.

Finally, Bittrex requires your date of birth in order to check it against your ID. Again, these are all typical requirements for a cryptocurrency exchange verification process. More information is available on Bittrex’s website.

If exposing your identity is not something you are willing to do, there are exchanges where you can buy Bitcoin without verification

privacy: Is Your Personal Info Kept Private?
1


Bittrex Compared

  • Popular Exchanges
  • Coinbase
    • High liquidity and buying limits
    • Easy way for newcomers to get bitcoins
    • "Instant Buy" option available with debit card
  • Coinmama
    • Works in almost all countries
    • Highest limits for buying bitcoins with a credit card
    • Reliable and trusted broker
  • eToro
    • Supports Bitcoin, Ethereum & 15 other coins
    • Start trading fast; high limits
    • Your capital is at risk.

    We do not promote, endorse, or earn commissions from the trading of securities of any kind, including CFDs, however, eToro requires that we provide you with the following disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 62% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.

What Are Bittrex’s Limits?

Currently Bittrex does not place any limits on the amount of USD that can be withdrawn from their platform. The amount of cryptocurrency that can be withdrawn depends on the status of a user’s account.

For accounts with a verified identity, but which don’t have 2FA enabled, the daily withdrawal limit is 1 Bitcoin. For verified accounts that have 2FA enabled the daily limit is 100 Bitcoin.

limits and liquidity: How Much Are You Buying?
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How Safe is Bittrex?

While some Bittrex users have been affected by SIM swapping scams, the exchange itself has never been hacked. Bittrex keeps a majority of user funds in cold storage so that even if hackers were able to gain access to the exchange they would only be able to steal funds being kept in Bittrex’s hot wallet.

As far as regulations, Bittrex has money transmitter licenses in many states, and is registered with the Financial Crimes Enforcement Network (FinCEN) as a money services business, but Bittrex is not a regulated exchange under U.S. securities law.

What does that mean for you? We asked Rafael Yakobi, Managing Partner at The Crypto Lawyers to explain.

Broadly speaking, FinCEN’s job is to prevent money laundering, state money transmitter regulations are focused on consumer protection, and securities regulations aim to provide investor protection, fair order execution, and prevent market manipulation and insider trading.

Obtaining money transmitter licenses in multiple states is no easy task, and typically requires the furnishing of bonds to each state to attempt to ensure that user funds are safe. While this is a good indicator that an exchange takes security seriously, it is no replacement for taking custody of your crypto.

Rafael Yakobi Managing Attorney, The Crypto Lawyers

You can view all of Bittrex’s licenses and disclosures here.

reputation and regulation: Can You Trust Bittrex?
8


Bittrex Supported Countries

Unfortunately Bittrex doesn’t have one clear section on their website which lays out which countries are restricted from using their platform. In one article they claim that, “You may not use the Services if you are located in, or a citizen or resident of any state, country, territory or other jurisdiction that is embargoed by the United States.”

While elsewhere they state, “U.S. law prohibits Bittrex from doing business with residents of North Korea, Iran, the Crimean region, Syria, and Cuba.” According to a CoinTelegraph article it also appears that residents of the following countries cannot access Bittrex; “Afghanistan, Egypt, Bosnia and Herzegovina, Cambodia, the Central African Republic, the Democratic Republic of the Congo, Ivory Coast, Tunisia, Ethiopia, Uganda and Yemen.”

Check out our list of exchanges that serve customers in each country.

Bittrex Supported US States

Bittrex is available in almost all 50 states with only a few notable exceptions. Owing to the fact that Bittrex couldn’t get a BitLicense they were forced to stop serving New York customers in 2019. Bittrex is also unavailable to residents of Hawaii and Vermont. Further information on Bittrex’s availability as well as their legal charter to operate on a state by state basis is available here.

Read our list of other exchanges that serve US customers.

Does Bittrex Have Leveraged Trading?

Unfortunately Bittrex does not offer margin trading, they are a cryptocurrency spot exchange only. The best place to do leveraged trading is Bitmex.

Bittrex vs Coinbase

Although Bittrex and Coinbase are both cryptocurrency exchanges they are designed to do completely different things. Coinbase is primarily an onboarding platform, designed to make it dead simple to purchase cryptocurrency.

With their intuitive user interface Coinbase is especially designed for new cryptocurrency traders who will be buying Bitcoin or Ethereum for the first time. On Coinbase it’s possible to buy crypto with either a debit card, bank deposit or wire transfer. What Coinbase is not designed for, however, is exchanging cryptocurrencies. It’s primarily meant as a platform for the buying and selling of crypto.

Bittrex does not currently allow traders to purchase crypto with a debit card, only a bank deposit or wire transfer. However, Bittrex’s main purpose isn’t user onboarding it’s cryptocurrency trading. They offer many more trading pairs than Coinbase and have features like limit orders which Coinbase lacks. These two American platforms should not be viewed as competitors.

Bittrex vs Binance

For a long time Bittrex and bittrex were competitors as both offered a unique service: access to a massive amount of cryptocurrencies. bittrex hosts more than 200 currencies on its platform and during its peak Bittrex had more than 50 coins available for trade.

Unfortunately Bittrex lost a lot of business when they started banning Americans from accessing their full range of trading pairs. Many traders switched to bittrex instead. That’s worked out well for bittrex as they are currently the largest cryptocurrency exchange in the world as measured by trading volume. Bittrex only has about 2 or 3% of the trading volume of bittrex.

The one advantage that Bittrex has is that they’re an American platform and American users are more likely to trust Bittrex with a bank deposit than the Asian based bittrex.

Bittrex vs Poloniex

In terms of liquidity Poloniex has, on average, three times as much trading volume as Bittrex. They also offer margin trading, a feature which Bittrex lacks. Finally, Poloniex also has cheaper market maker fees. Market makers on Poloniex only pay 0.15% as opposed to 0.25% on Bittrex.

In terms of sentiment many crypto traders feel that Poloniex is more reliable and offers a better user experience than Bittrex. The one advantage Bittrex has over Poloniex is that Bittrex has never been hacked whereas Poloniex has been hacked. The Poloniex security team learned from that incident however and the exchange is now quite safe to trade on.

Bittrex vs Kraken

Kraken and Bittrex offer similar services. They’re both American cryptocurrency spot exchanges and, unfortunately, they’re both blocked for traders in New York state.

In terms of volume Kraken regularly has ten times as much trading volume as Bittrex, making it much more suitable for large orders and traders with deep pockets. While Bittrex does have more trading pairs than Kraken that’s not really that helpful as many coins have extremely low liquidity. All things considered Kraken is a better choice for people who want to trade on an American exchange.

Bittrex vs Coinbase Pro

Coinbase Pro is the trading extension of Coinbase, a place to trade cryptocurrencies after you’ve bought them on Coinbase. Transferring funds between Coinbase and Coinbase Pro is fast and free. The other great thing about Coinbase Pro is that there are no withdrawal fees. That makes it ideal for traders who want to use an exchange but mostly keep their crypto in their own wallet.

Coinbase Pro is also one of the most established exchanges in the crypto ecosystem. They’re regularly the second most liquid exchange in the world, just behind bittrex, and Coinbase Pro is very keen on security. Coinbase Pro has an elaborate cold storage scheme which they occasionally comment on.

Most people would agree that if you were ever going to leave your crypto on an exchange, Coinbase Pro would probably be the best option.

Having said that, Bittrex does have two key advantages over Coinbase Pro. The first is trading pairs. Coinbase Pro only has about a dozen coins available for trade on its platform. Bittrex has significantly more trading pairs, making it ideal for altcoin enthusiasts.

The second advantage that Bittrex has over Coinbase Pro is cheaper trading fees. Recently Coinbase Pro raised both their maker and taker fee to 0.50%. That makes Coinbase Pro one of the most expensive exchanges to trade on, second only to Gemini which charges about a 1% fee.

So for people looking for lower fees or more trading pairs, Bittrex is probably the right choice. Otherwise Coinbase Pro is the more reliable and trustworthy option with much, much more trading volume.

Bittrex Compared

  • Popular Exchanges
  • Coinbase
    • High liquidity and buying limits
    • Easy way for newcomers to get bitcoins
    • "Instant Buy" option available with debit card
  • Coinmama
    • Works in almost all countries
    • Highest limits for buying bitcoins with a credit card
    • Reliable and trusted broker
  • eToro
    • Supports Bitcoin, Ethereum & 15 other coins
    • Start trading fast; high limits
    • Your capital is at risk.

    We do not promote, endorse, or earn commissions from the trading of securities of any kind, including CFDs, however, eToro requires that we provide you with the following disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 62% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.

Rating: 4.5

Buy Bitcoin at Bittrex

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