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. A few of the cryptocurrency exchanges coming from the USA are Coinbase, Gate.io, Paxful and Bitquick.
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 5. On the date of last updating this review (4 February 2019), Bittrex 24 hour trading volume was approx. USD 13 million. This placed the exchange on place no. 60 on the list of the exchanges in the world with the highest 24 hour trading volume. This can be compared with no. 1 on the list – Binance – that during the same day had a 24 hour trading volume of approx. USD 517 million.
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, it is called that such exchanges’ trading fees are “flat”. 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 which actually is considered to be 0.25%.
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 in line with industry 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 soon be possible.
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”.
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: