Bittrex has been around since 2014, and it’s been steadily rising in popularity in the intervening years.
The biggest advantage of Bittrex is that it supports hundreds of different cryptocurrencies, many more than its closest competitor, Binance.
There are also some unique advantages to using Bittrex over Coinbase or other more traditional exchanges, such as increased privacy and anonymity.
In this Bittrex review, we take an in-depth look at everything from the site’s ease of use to the fees and customer support offered by the exchange.
Pros of using Bittrex
Bittrex is one of the largest cryptocurrency exchanges in the world. It currently offers trading pairs for over 190 cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Tether (USDT).
The site is also very beginner-friendly. Not only does it offer an intuitive interface, but it also has helpful guides that detail how to start trading, how to transfer funds from your wallet, and what fees you'll pay when you trade on the platform.
Bittrex allows you to trade currencies without needing an account with them. You just need to register using email and password, then log in. When you sign up for an account with a broker or a bank, they require more information about you: date of birth, address, phone number etc.
However when signing up with Bittrex all that's required is your email address and password which can be made up if needed! That way the exchange never knows who you are and can't steal your identity if it's ever hacked or compromised.
Another benefit of not having any kind of identification on their website is anonymity! It can be difficult to keep your private life private these days as every purchase we make gets tracked by credit card companies or banks.
Cons of using Bittrex
- - High Fees: If you are trading Bitcoin, you will be paying anywhere from 0.1% to 0.5%. For Ethereum, this number is about 0.2% for the taker and 0.4% for the maker. The fees for all other coins range from .25% on up, so it is important that you know what your trading strategy is before jumping in
- - Complicated Interface: Even if you are using an app like Blockfolio, which offers alerts and other services that can help you trade more efficiently, the interface can be difficult to get used to at first and may take some time before it becomes intuitive.
- - Lack of Customer Support: One of the most significant drawbacks to using Bittrex is their customer support.
It can be difficult or impossible to reach someone on their phone line, and their response time on emails or chat messages is extremely slow. You also cannot open any kind of account with less than $10,000 worth of investments, which may make them unsuitable for beginners who want to start small with cryptocurrencies.
Should you use it or avoid it?
Bittrex is one of the most popular cryptocurrency exchanges on the market. If you're looking for an exchange, it's worth giving this one a try. But there are some things you should be aware of before getting started. When it comes to security, these guys have your back.
They use two-factor authentication, they don't store any personal information on their servers, and they even let you set up alerts so that if someone logs into your account from another location, you'll know about it immediately.
Plus, their trading platform has built-in charts and technical indicators that make trading easier than ever before. However, if you're looking for some more advanced features like margin trading or stop losses, this might not be the best place for you.
Is Bittrex safe?
Bittrex is one of the most popular cryptocurrency exchanges, and it's easy to see why. They offer more than 190 cryptocurrencies for trading, and their customer support is available 24/7. If you're looking for an exchange that offers plenty of coins, good customer service, and an easy-to-navigate interface, then Bittrex may be the right choice for you.
However, there are some downsides to using this exchange. The first problem is that they don't allow U.S residents to sign up for accounts unless they have an offshore bank account (or live outside the country). Additionally, this exchange charges higher fees than many other services do--especially when it comes to withdrawing funds from your account.
Does Bittrex have high fees?
Bittrex is one of the oldest and most popular cryptocurrency exchanges on the web. It’s been in operation for nearly five years and has never been hacked. This is a rare feat for an exchange, as many have lost millions of dollars through hacking incidents.
Bittrex operates in compliance with US law and has had no issues with any government agencies or regulators.
Can you cash out on Bittrex?
Bittrex is one of the only exchanges that allow you to withdraw in USD. This is great for people who don't want to buy other currencies, but want to cash out. Withdrawing in USD is a decent option if you want your money quickly, but it's not an advisable long-term solution.
Bittrex does not charge fees for deposits or withdrawals, which is awesome for someone who doesn't want to get caught up in any hidden costs. However, it does charge you when converting your cryptocurrency into fiat currency like US dollars or euros (approximately 0.25% per transaction).
Although this seems like a small fee at first glance, it could add up over time.
Can US citizens use Bittrex?
Bittrex does not accept US clients, but it does allow for some American traders. It also accepts traders from other countries that have strict AML and KYC laws.
In order to use the site, you must provide identification such as a driver's license or passport along with proof of residency.
However, those who reside in the United States cannot use this service.