What is bittrex.com? Why is this platform well-known and recognized in the crypto-industry? Is it one that you can use and even recommend to your friends or should you just keep off from it? We are about to find out about that in today’s review about Bittrex. The main elements of the review that we shall be going through include:
- What is Bittrex.com?
- The services offered by Bittrex
- The currencies and payment methods that are supported on this platform Bittrex
- How much fees can you expect to be charged when using this platform?
- Is Bittrex supported in your country?
- The security standards that are offered on this platform
- Is Bittrex Genuine or Just a Scam?
- Pros and Cons
Name of the platform: Bittrex
Official website URL: https://global.bittrex.com/
Overall Rating: 
(3 / 5)
Recommended: Not Recommended.
==> Here is an alternative that I think you will find reliable and more trustworthy <==
What is Bittrex.com?
Bittrex is a popular cryptocurrency exchange platform that is based in the USA. It has been in operation since 2013 when it was founded by Bill Shihara, Richie Lai, and Rami Kawach. The three were all previously employees at Microsoft, thus had gained sufficient experience to venture into the creation of Bittrex.
It is not hard to tell that the main selling point of Bittrex is the security that they offer. This, in my opinion, is a perfectly sound strategy since the security of funds and personal data is quite crucial in the crypto industry. If the cases of hacking are to go by, the lack of sufficient security can lead to massive financial losses, as well as the loss of trust amongst customers. Bittrex has so far not been hacked, so if all you are looking for is security then you can give it a try.
There are, however, many other factors that you should have a look at, just to make sure that you are working with a platform that caters to all your needs efficiently. What else does Bittrex have to offer?
The services offered by Bittrex
Bittrex has one main service currently, which is the provision of a trading platform. The trading platform supports quite a good number of cryptos, thus giving customers more options and alternatives to trade and earn an income. Bittrex can also be used for standard spot trading orders.
Bittrex’s trading engine is designed in such a manner that it offers a couple of essential automated features that are beneficial to all traders, and they include stop loss, Good ‘til canceled (GTC), and Instant buy or sell.
Bittrex also offers a collection of other charting tools that most traders would need to determine which markets to take advantage of. Bittrex is also a very speedy platform and one in which you cannot expect to be limited by lag when in use.
Bittrex does not, unfortunately, support margin trading. This is a feature that many serious crypto traders would appreciate highly since it offers them a chance at making a huge amount of money from a single trade.
P.S: If you are just getting started with trading, it is advisable to get some guidance from an experienced trader about how to go about margin trading. it is a high-risk high-reward approach that can also lead to massive losses.
The currencies and payment methods that are supported on this platform Bittrex
The customers residing outside the USA, or those living in some specific states in the USA can make deposits, withdrawals, and also trade using USD. The States in which Bittrex is allowed by the law to operate in are:
Alabama, Alaska, Arizona, Arkansas, California, Colorado, Florida, Georgia, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Maine, Maryland, Massachusetts, Missouri, Mississippi, Michigan, Montana, Nebraska, New Hampshire, New Jersey, New Mexico, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Puerto Rico, Rhode Island, South Carolina, South Dakota, Texas, Utah, Washington State, Washington, D.C., Wisconsin, West Virginia.
Bittrex allows you to make the USD deposits and withdraws via wire transfer only. If your account is not eligible to trade in USD, then you can rely on stable coins such as Tether (USDT).
Bittrex has more than 400 altcoins! This is such an impressive number of altcoins to offer to crypto traders who are out to make some serious income. The altcoins are usually traded against:
- BTC
- ETH
- USD
- USDT
The good thing is that Bittrex always updates its altcoin offerings within a short period after their launch, hence you can keep on checking whether your preferred coin has been listed. The owners of this platform are also keen on delisting the coins that are underperforming, in a bid to see to it that the trading environment is highly profitable.
Big fan of hardfork and airdrop coins? Bittrex verifies such coins before offering full trading support, so you can keep checking to see whether you will get the ones you need.
How much fees can you expect to be charged when using this platform?
So far, I think the main fees that you can expect to be charged when using Bittrex are trading fees. This is basically simply because this is a trading platform, thus its owners have to capitalize on such transactions to maximize their profits. The trading fees are in the form of maker and taker fees, which are usually charged on every account’s 30-day trading volume.
Is Bittrex supported in your country?
Bittrex is currently supported in all nations in the world, save for the ones listed below:
- North Korea
- Cuba
- Crimea region
- Iran
- Syria
Those living in the USA ( in the supported States) must also be free from any sanctions or limitations by the USA federal government.
The security standards that are offered on this platform
Bittrex’s selling point, as we have already seen, is the nature of the security that is offered to customers. In as far as I can tell, this platform takes care of the security aspects in the following manner:
- Ensuring that about 90% of the funds are stored in offline wallets- this limits the possibility of loss that would arise from hacking.
- 2FA set up is mandatory for all users, if they plan to make deposits and withdrawals with no limits. It is also mandatory for the API calls.
Is Bittrex Genuine or Just a Scam?
This is the part of the review where we get to decide whether the platform in question is worth using or its owners are simply hyping up what the platform is capable of doing.
For starters, I think Bittrex is a genuine platform. The platform was launched more than 5 years ago and has not been flagged for any misconduct ( large scale). No cases of loss of money arising from hacking have also been reported.
What about the nature of the services offered? Are the customers happy? Unfortunately, No!
I took the time to go through the consumer reviews of this platform and discovered that most customers are not happy. In fact, close to ¾ of the customers on Trustpilot think that the services offered to them are not good. The main concern highlighted by the unsatisfied customers is about them being locked out of their exchange accounts and not getting back their funds.
If you have read the review and you think Bittrex is good for you, maybe you can give it a try. If you are not very confident about it, maybe it is time to have a look at what this recommended platform has to offer.
Pros and cons
Pros
- Top-notch security
- Supported in the USA and most other countries in the world
- Trustworthy
Cons
- The customer reviews and ratings point to it being an unreliable platform
Final Words and Verdict
Verdict: Legit
Overall Rating: (3 / 5)
Bittrex is a genuine and secure platform that has been operational for more than half a decade now. The only problem is that it has very poor customer ratings, which in my opinion can indicate that the services offered are not very reliable at the end of the day. When it comes to recommending a platform that one can rely on if they need to manage their cryptos wisely, reliability plays quite a very crucial role. That’s why I’d suggest that you have a look at what my recommended alternative to Bittrex has to offer, then you can decide which one is best suited to meet your needs.
The Full Review of My #1 Recommended Alternative To Bittrex
That’s all for my review about what Bittrex.com is all about. Do you have any questions about what this platform offers or even comments about how its services are like (if you have used it)? Leave them in the comments section and I’ll get back to you as soon as I can. I wish you the best.
Your Friend,
Eric, investor, and team member on Gold Retired!
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