A trading cryptocurrency guide must provide reviews of all of the top crypto exchanges out there, so that you can find the best cryptocurrency exchange site for you. This review of Bittrex consists of four parts: general information, fees, deposit methods and security.
Bittrex is an exchange based in Seattle that started off its operations in February 2014. There were a lot fewer exchanges out there then than there is today…
Bittrex still considers itself a global leader in the revolution of blockchain revolution. The exchange refer to its platform as a platform designed for people who require “lightning-fast” trade execution, secure digital wallets and industry-leading industry practices.
Bittrex also work as a “Blockchain Incubator”, meaning that they – in order to promote global innovation in the business – work with teams globally to help new, inventive tokens that have the potential to transform the way goods, services and operations are managed in the world.
Bittrex is one of the more known exchanges in the USA. As they are based in the USA, they also naturally permit US-investors. America is in many ways the ruler of cryptocurrency right now. It has a very impressive number of cryptocurrency exchanges and a large part of the everyday cryptocurrency trading occurs on American exchanges or on other exchanges but involving American traders.
Upgraded Trading Engine
On 25 February 2019, Bittrex notified its customers of an update to its trading engine. The update was carried out on 27 February 2019. The purpose of the update was to make the platform faster, scalable and pave way for “additional, exciting upgrades and features” later in 2019. Following the update, the orderbook updates faster and overall order execution is also much faster and more smooth. Actually, the orders process at a speed that is more than 20 times faster than before the upgrade.
The main people behind the Bittrex exchange are Bill Shihara (Co-Founder and CEO), Richie Lai (Co-Founder and CIO – Chief Information Office) and Rami Kawach (CTO). These three individuals are all cybersecurity engineers, coming from well-established large companies in the tech-sector (Blackberry & Amazon).
The liquidity at this exchange is decent, but there’s a distance to cover in order to catch up with the top 10 exchanges in the world in terms of liquidity. Back in February 2019 (4 February 2019), Bittrex 24 hour trading volume was approx. USD 13 million. But at the date of last updating this review (11 June 2019), the 24 hour trading volume had almost five-doubled and was at USD 55 million. This is of course impressive but compared to Binance, who was the number one at the 24 hour trading volume list on the same date, it’s a quite modest figure. Binance had a 24 hour trading volume on 11 June 2019 amounting to USD 1.5 billion…
Bittrex Trading View
Different exchanges have different trading views. And there is no “this overview is the best”-view. You should yourself determine which trading view that suits you the best. What the views normally have in common is that they all show the order book or at least part of the order book, a price chart of the chosen cryptocurrency and order history. They normally also have buy and sell-boxes. Before you choose an exchange, try to have a look at the trading view so that you can ascertain that it feels right to you. The below is a picture of the trading view at Bittrex:
Bittrex Trading fees
How about the fees then? Well, Bittrex is one of those cryptocurrency exchanges who don’t charge different fees between takers and makers. Usually, we call such trading fees “flat fees”. Bittrex offers a flat trading fee of 0.25%. For investors who prefer to act on existing orders from the order book, this might be an attractive trading fee model.
Bittrex’s flat fees are in line with the industry average. Global industry average has for a long time arguably been 0.25%. However, today we are seeing more and more exchanges shifting to lower trading fees, such as 0.10%-0.15%. Within short, it is reasonable to believe that 0.10% will be the new industry average.
Bittrex Withdrawal fees
Many exchanges have competitive trading fees but then hit you on the way out with their withdrawal fees. Bittrex doesn’t. This exchange charges a withdrawal fee amounting to 0.001 when you withdraw BTC. This is also roughly in line with industry average. To be perfectly correct though, the global industry average BTC-withdrawal fee is 0.000812 BTC per BTC-withdrawal, so Bittrex actually charges approx. 25% more than average.
Bittrex has long been criticized for not providing any fiat currency support, meaning that if you have money in your bank account and you would like to start trading cryptocurrency with it – you couldn’t do that here. There were some exceptions to that rule. One of which being if you wanted to deposit more than USD 100,000. However, on 31 May 2018, the exchange decided to permit corporate clients to deposit fiat currency. A cooperation with the New York Signature Bank made this possible. When this news broke, Bittrex also announced that they would – in due time – enable fiat currency deposits for retail traders as well. So, if you’re a retail investor and you want to deposit fiat currency to Bittrex, this might be possible shortly.
What types of fiat currency deposits are possible here then? Well, this trading platform offers wire transfer as a deposit method, but neither you (nor corporate clients) can deposit via credit card.
One might ask why security is even a feature that we at Cryptowisser have looked for at the different top crypto exchanges. Two reasons:
- Exchanges store a massive amount of valuable personally identifiable information. This can be anything from names to addresses, government identification details, taxpayer identification number and a lot more.
- Exchanges naturally handle a lot of cash or coin deposits and withdrawals.
Bittrex’s security score is B, when performing the test at Observatory by Mozilla (https://observatory.mozilla.org/). This is an extremely impressive security score. It is far above average when it comes to top crypto exchanges and could also be a factor making you conclude that Bittrex is the best cryptocurrency exchange site for you.
Bittrex also seem very committed to providing the highest possible security, and proudly state that they “incorporate multiple layers of protection, using the most reliable and effective security technologies available to keep your funds secure”.
They also have a 99.95% uptime rate, which is indeed very impressive and show how reliable the trading engine is.
The exchange reviewed above has a large number of supported cryptocurrencies. If a large number of supported cryptocurrencies is an important factor for you in your choice of cryptocurrency exchange, you could also check out the following exchanges: