Bittrex review 2022: Is it safe to use?

Quick Facts – Bittrex Review

Bittrex is one of the most popular cryptocurrency exchanges out there, and for good reason. It offers a wide variety of altcoins to trade and has one of the largest selections available.

The company was founded in 2014 by Richie Lai, Rami Kawach, Bill Shihara and Ryan Hentz. The founders were all previously associated with cyber security firm Blackberry and have extensive experience in the blockchain space.

In this Bittrex review, we will be looking at what the exchange is, how it works, its Fees & limits, and how to use the exchange platform.

Why do we need a cryptocurrency exchange?

Cryptocurrency exchanges are a place where you can buy, sell or exchange cryptocurrencies. They come in different shapes and sizes, but they all have the same purpose – to make it easier to buy and sell different coins.

The world of cryptocurrency is a fast-changing one, so you need to make sure that your exchange has the features you need. Here are some things to look out for:

Fees: How much do they charge? Are there any fees when buying or selling? Is there a fee to withdraw funds?

Security: Is it safe? Do they use two-factor authentication (2FA)? Do they have an acceptable privacy policy?

Verification process: How long does it take for them to approve your account? Is there an in-house AML/KYC policy?

Cryptocurrency exchanges are the backbone of the cryptocurrency world. They allow investors to buy, sell and trade cryptocurrencies efficiently, without having to deal with complicated technicalities involved in buying and selling cryptocurrencies. Additionally, they provide a platform for people who want to use cryptocurrencies as a form of payment for goods and services.

The main reason why we need cryptocurrency exchanges is that they provide liquidity. Liquidity refers to the ease with which an asset can be sold in the market without affecting its price. 

In other words, it refers to how easy it is for someone to buy or sell an asset at any given moment in time. If there is no liquidity then there will be no trades taking place on any given day because people will not be able to sell their assets easily or at all times. This means that if you want to sell your bitcoins today then you may have a hard time doing so because there might not be anyone who wants to buy them from you at the moment (or vice versa).

So if you are still wondering why we need cryptocurrency exchanges, the answer is simple- because of the growing popularity of cryptocurrencies. 

These days, many people are using cryptocurrencies for their daily transactions. And if you are one of those people who has started using this digital currency, then you must have come across some problems. The first problem is that there are many different kinds of cryptocurrencies and not all exchanges support every type of cryptocurrency.

Another problem is that there is no universal method for exchanging one cryptocurrency for another. Each exchange offers its unique features and advantages which make it very difficult to choose one over the other. So how do you decide which one is right for you? You simply research. 

Well, if you want to find out whether Bittrex is safe or not then I will suggest that before doing anything else read this review because it will give you the needed information about Bittrex.

Bittrex Review: The exchange
Bittrex exchange

What is Bittrex?

Bittrex is a US-based cryptocurrency exchange that allows you to trade more than 190 cryptocurrencies at a time. It is one of the largest cryptocurrency exchanges in the world by trading volume and supports $9 billion worth of transactions per day.

Bittrex Review

Bittrex provides users with the ability to trade many different types of cryptocurrencies directly against each other or US dollars (USD). All trades are processed instantly so you do not need to wait for your money to arrive before selling or buying another currency type. This means that there are no deposit fees or withdrawal fees charged by Bittrex themselves when using their platform

The platform has been operating since 2014 but recently underwent major changes to improve its user experience and security. 

Bittrex has always been focused on providing high-quality services for customers. It is a secure platform that offers 2FA as well as secure storage options with cold storage and offline wallets. 

Bittrex has over 400 trading pairs which make it one of the most diverse exchanges in terms of pairings available on its platform.

How Does Bittrex Work?

The biggest difference between Bittrex and other cryptocurrency exchanges like Coinbase or Kraken is that it does not support fiat currencies (USD). That means you can only deposit and withdraw cryptocurrencies like Bitcoin, Ethereum, Litecoin, Ripple, etc. However, there are still many ways you can use Bittrex to buy other cryptocurrencies like Ethereum Classic or Bitcoin Cash with fiat money.

First off, if you already own some coins (like Bitcoin) then you can simply convert them into other coins using the Bittrex website or mobile app. This process usually takes less than 5 minutes but can take up to 24 hours if there are network issues.

The Bittrex exchange supports two types of accounts: Basic Account (no verification required) and Enhanced Account (KYC/AML). 

The basic account requires no personal information or documents to sign up for it, whereas the enhanced account requires KYC/AML verification for anti-money laundering purposes.

Bittrex Review: Fees and limits

Bittrex has one of the lowest fees in the industry. It charges a trading fee of 0.25%, which is competitive with other exchanges. However, this fee only applies to takers. If you are a maker, then you do not have to pay any trading fee at all.

The exchange also offers a volume-based discount on its trading fees, which means that the more coins you trade per month, the lower your fees will be. For example, if you trade above 500 BTC worth of tokens, then your monthly fee will be reduced to 0.15%. This discount does not apply to fiat currencies like USD or EURO though, but rather only for crypto-to-crypto trades.

While Bittrex’s fees may seem expensive compared with other exchanges like EtherDelta or LocalBitcoins (which do not charge any trading fees at all), they are still very competitive when compared with other popular exchanges such as Binance and Bithumb, which both charge 0.1% for making trades on their platforms.

Bittrex verification process: Getting started 

The registration process for Bittrex is a bit different from other cryptocurrency exchanges. While most exchanges require you to enter your name, e-mail address and phone number, Bittrex requires you to sign up with an email address, username and password. 

Once you are logged in, you will have to verify your account by providing your personal information such as your name, phone number and address. This step is required by all US-based cryptocurrency exchanges because they have certain legal obligations regarding customer identification. Once you have completed the verification process by submitting your personal information and uploading documents like your passport or driver’s license, you will be able to deposit funds into your account so that you can start trading cryptocurrencies on Bittrex.

Bittrex Review: Pros and cons

Pros of Bittrex

Supports multiple blockchains

Bittrex supports trading on over 250 different blockchain assets including Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) and many others. It also has its token that can be used to pay transaction fees or traded on its platform.

Easy to use platform

Bittrex is one of the easiest platforms to use in the crypto world. While some other exchanges can be complicated and confusing, Bittrex has a simple interface that anyone can understand. The interface is also customizable so you can set it up exactly the way you want it.

Fast service

The company has a solid track record when it comes to customer service and support speed. It is easy to get help from their support team if you need it and they will respond quickly — usually within 24 hours or less. You can also find answers to most questions on their website or blog page, which may save you time contacting them directly sometimes.

Security measures for trading on Bittrex

Bittrex uses two-factor authentication (2FA) for logins, withdrawals and deposits; this means that even if someone gets hold of your username and password they can not withdraw from your account without SMS or/and Google Authenticator.

High liquidity

Bittrex has some of the highest liquidity in the industry, meaning that there is little to no slippage when you place an order. This makes sure that your trades are executed quickly and efficiently.

The good customer service team

Bittrex offers live chat support 24/7 that can help with any questions or concerns you may have about their platform or its features. Users can submit tickets to their customer support team via email or the website’s contact form.

Cons of Bittrex 

The Bittrex exchange has been around for a while and is one of the most established exchanges in the world. Bittrex offers a wide range of cryptocurrency pairs and has a strong reputation for security.

However, there are some drawbacks to using Bittrex:

Bittrex has been accused by users of stealing their money, shutting down accounts without explanation and making it difficult for users to withdraw their funds from their accounts. 

It has also been reported that account verification can take weeks or months before it is complete (even after submitting all required documents).

Transactions can take up to 24 hours to complete.

No fiat currencies are available for trading; only cryptocurrency pairs can be exchanged on the platform.

Bittrex Security: how safe is the exchange?

Bittrex has been designed with security features such as two-factor authentication, multi-signature wallets, PGP e-mail encryption, IP address filtering and more to ensure maximum safety for its users.

Bittrex Review: Security first

The exchange has a security centre which contains information on how to keep your account safe, such as updating software and not storing critical data on your device; these tips are helpful for any crypto user, not just those using Bittrex. The security centre also provides information on how to recover lost passwords and restore hacked accounts. However, this information should only be used if there is no other option available for you.

Bittrex is regulated by FINRA (Financial Industry Regulatory Authority) and the SEC (Securities and Exchange Commission) as a registered broker-dealer. This means that users’ funds are insured for up to USD 250,000 through SIPC (Securities Investor Protection Corporation). 

In addition, all deposits made by users are held in segregated accounts that can only be accessed through withdrawal requests. This means that even in cases of bankruptcy or hacks, users should be able to recover their funds with no losses incurred.

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