Bittrex Review: Is Bittrex Safe?
Bittrex is one of the world’s fastest growing cryptocurrency exchanges. In this Bittrex Review we’ll cover:
- Bittrex Key Information Review
- Bittrex vs Poloniex
- How to Buy on Bittrex
- Withdrawal Limits
- Trading Fees
- Personal Account Security
They do, however, allow some users to buy Bitcoin, Ethereum, or USDT via bank wire transfer. In order to use their wire transfer purchase options, you must have an “enhanced verified” account and purchase an amount worth $10,000 or greater.
The exchange was launched in early 2014. As a U.S. based company, Bittrex has stated their commitment to following all laws and regulations required by U.S. governmental bodies. You can learn more about how this affects traders in the “limits” section below.
Poloniex is Bittrex’s biggest rival. Both exchanges currently offer a wide variety of BTC, ETH, and USDT trading pairs.
In January of 2017, Poloniex had an estimated 4.7 times as many visitors as Bittrex, according to similarweb. In June of 2017, Poloniex had just less than 2 times as many visitors as Bittrex. There are a variety of factors that make Bittrex a better option for cryptocurrency traders, outlined in the following sections.
As two of the world’s largest cryptocurrency exchanges, that are growing at a rapid pace, both sites are faced with a large number of support tickets. Naturally, this has strained both sites’ resources, however Bittrex has handled the growth much better.
Poloniex has a very large number of users complaining about poor customer support. Across forums and message boards, you’ll find many users claiming to have not gotten a response in weeks or even months from their support. This has also been the experience of some Coin Central staff and friends of staff as well.
Bittrex, on the other hand, has far less complaints from the community. We’ve personally also never had an issue with Bittrex support. They are also far more active on social media, quickly posting updates and relevant news for users.
If you’re looking to trade a wide variety of less popular cryptocurrencies, then Bittrex again comes out ahead. Bittrex currently offers over 250 trading pairs, while Poloniex offers less than 100. Bittrex has also been far more active in adding new cryptocurrencies to their exchange lately.
Bittrex vs Poloniex: Final Verdict
In my opinion, Bittrex is the clear winner in the battle of Bittrex vs Poloniex. They offer far better customer service and offer far more trading pairs to users.
Bittrex’s primary goal is to let users trade cryptocurrencies for other cryptocurrencies. If you’re wishing to buy cryptocurrencies for fiat currency (USD, EUR, Etc.), Bittrex has a process to do this, but it requires enhanced account verification and a minimum purchase of $10,000.
If you are trying to buy your first cryptocurrency, Coinbase or another of these options is likely more suited to your needs. You can then use the cryptocurrency you purchase to trade on Bittrex, as shown in the guide below.
How to Use Bittrex to Trade Cryptocurrency
In this section, I’ll show you a step by step guide for how to trade on Bittrex.
1) Go to Bittrex.com and click “LOGIN”
If you do not already have an account, you can find the link to sign up here.
2) Sign Up
All that is initially required for creating an account is your email address and a password.
You will then need to verify your email address, by clicking the link sent from Bittrex to your email. After doing this, you will be able to log in.
3) Deposit Your Cryptocurrency
When you first log in, you will see a list of all of Bittrex’s markets. Navigate to the “Wallets” page to deposit the cryptocurrency of your choosing.
Bittrex currently allows you to deposit and trade over 250 cryptocurrencies. You can use the search bar to find the cryptocurrency you wish to deposit. Then click on the plus icon.
A deposit box will pop up, which allows you to generate a deposit address.
Your deposit address will now be shown. It’s recommended you first deposit a small amount, to make sure everything is working correctly. You can deposit by sending cryptocurrency to the given address from your existing wallet.
4) You Will Receive Your Deposit After It’s Verified by the Blockchain
Deposits require a number of blockchain confirmations before being available for trade. The number of required confirmations depends on which cryptocurrency you’re depositing.
5) Locate the Trading Pair You Want to Trade
Once your deposit is available for trading, locate the trading pair you would like to trade on the markets page. For this example, I’ll be trading Ethereum for Dash.
6) Place Your Order
The trading pair page gives you a lot of information about the pair you’re looking to trade.
For basic trading purposes, the Order Book is the most important section to pay attention to. Use it to view all buy (bids) and sell (asks) orders that have been placed by Bittrex users.
Choose your desired number of “Units” and your desired Price. There’s no guarantee your order will be filled if it’s below “Ask” prices. By placing a limit buy order, you’re committing to buying the amount of cryptocurrency you entered, at or below the price you entered.
You will be asked to confirm your order before placing it. You can however cancel orders that do not get filled.
7) Completed Order and Withdrawals
Once your order has been filled, the cryptocurrency you purchased will be available in your Bittrex wallet. You can withdraw it by clicking on the minus icon. In the “Limits” section below, you can learn how much you can withdraw from Bittrex.
Enter the amount you want to withdraw and the address where you want your withdrawal sent.
Your account will need to be verified to make withdrawals. The basic verification, which allows you to withdraw up to 3 BTC equivalent per day, is usually a very easy process. See this screenshot from the Bittrex site for more details.
There are no limits for the amount you can deposit or trade.
All trades on Bittrex have a .25% commission fee.
Google Authenticator can and should be used to help secure your account. By enabling this form of 2-Factor Authentication, you’ll be required to use it when logging in or withdrawing funds.
To summarize this Bittrex review, here’s my pros and cons for this cryptocurrency exchange.
- 250+ Trading Pairs.
- Better customer support than main rival Poloniex.
- Easy to achieve basic account verification.
- If wanting to use fiat currency, you can only buy Bitcoin, Ethereum, and USDT if purchasing over $10,000 worth.
- If you’re hoping to buy a lesser amount of cryptocurrency using fiat, try these sites.
- No fiat trading available.
Overall, Bittrex is a great site for frequent traders or users looking to purchase obscure cryptocurrencies. For cryptocurrency newcomers, who are looking to purchase their first cryptocurrency, you should go with another option.
- Beginner Friendliness
- Customer Support
- Community Sentiment
- Payment Methods
- Available Cryptocurrencies
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