Bittrex

Rated 4 out of 5
Bittrex

Bittrex is a crypto exchange founded in 2013 and is well known for its relatively low fees and a wide range of order types for both new and experienced traders. Even if Bittrex is a good platform for active traders, most of its ratings are negative, with users complaining about its identity verification process.

Even though Bittrex has a fairly straightforward user interface, the number of assets supported and trade types can overwhelm new traders. Therefore, it is better suited to the experienced ones.

Company Overview

Bittrex is based in Seattle and was founded in 2013 by Rami Kawach, Bill Shihara, and Richie Lai. It initially offered only crypto-to-crypto trades but later came to support fiat-to-crypto trading.

Additionally, it is worth noting that the exchange’s fiat trading program is still new; thus, the available trading pairs are limited. Also, fiat trading is not available everywhere.

What Cryptos Are Offered by Bittrex?

Bittrex supports over 330 cryptocurrencies offering its users the chance to trade popular and lesser-known crypto assets. Some of the main crypto that Bittrex offers include:

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Cardano (ADA)
  • Chainlink (LINK)
  • Dogecoin (DOGE)
  • Polkadot (DOT

How to Open an Account and Trade on Bittrex

Bittrex crypto exchange is available through mobile devices and a desktop. Its registration process is similar to other platforms where you need to provide personal details and create a password. Akin to other crypto exchanges in the US, you will be required to provide your know-your-customer details. Such details include a government-issued ID and a clear selfie for proper verification.

Fees, Customer Support Service, and Trading Experience at Bittrex

Fees

Bittrex offers friendly fees and a discount for traders with large volumes, which is similar to other exchanges like Kraken. However, its fees are not the lowest there are.

Customer Support Service

Limited customer service options are one of the largest shortcomings of the exchange. One has to use a Chatbot that issues receipts without a live customer support service, unlike most crypto exchanges with 24/7 customer support service.

Trading Experience

The trading experience on the platform is straightforward. Most of its features are easily accessible, and anyone can use them, including newbies. It also offers ADA staking at 5.5% interest.

Pros and Cons

Pros

A large selection of supported cryptos: Bittrex exposes its users to a wide range of over 330 cryptocurrencies. This is a large number of assets compared to its competitors, which gives users a better shot at interacting with the market.

Low fees: the platform has some of the best friendly maker/taker fees. Even though it does not offer the lowest fees available, at least it allows users to trade at sensible rates.

Commendable availability: Bittrex is one of the best crypto exchange platforms in the US, covering over 46 states.

Cons

Limited Customer Support Services: Bittrex has one of the lowest customer services compared to other exchanges. It only offers a chatbot that issues tickets to facilitate customer support and has no other common options like a phone or live support.

Lacks margin trading: Margin trading offers users a chance to profit from the market regardless of market trends. Experienced traders like such options, which is a minus to Bittrex for denying them such services.

Final Word

Bittrex offers a good trading experience to users considering its straightforward user interface and a wide selection of crypto assets. It also has solid security features to safeguard assets stored there and in staking pools. However, its overall functionality may be overwhelming for newbies, and it requires an improvement in customer support services.