In this quick guide we tried to select the most useful information, concerning well-known exchange Bittrex. If you have already used it previously and now are planning to return to your account there again, you will probably mention that the interface has changed. Don’t worry, this review will certainly help you and show you detailed information about how to use it.
Summary: Buy Bitcoin with Bittrex
- Sign up a free trade account at Bittrex and verify your email.
- You should use Google Authenticator when putting up 2FA (Two-Factor Authentication).
- Go to “Wallets” and click “down arrow” sign on the left side of the chosen coin.
- Generate address code and transfer coins into your Bittrex account.
- Go to ”Markets” and sell the chosen coin to get BTC in your balance.
- Go back to your “Wallet” balances page and click “up arrow“ to withdraw coins to your external storage platform.
There are many fiat-to-crypto exchanges out there that provide numerous payment methods, various currencies and precious few crypto coins. Crypto-to-crypto trade centers are taking a leap forward, as they include more digital tokens than its fiat counterparts.
This review will provide information about one of those exchanges called Bittrex and how it works, what it is used for, which are its benefits and many other interesting topics about Bittrex. We also made comparative analysis with other, similar platforms in terms of its fees, verification demands, security and other factors.
What Is Bittrex?
Bittrex has its headquarters in the USA and is dedicated on providing services for its clients around the globe. The company offers several cryptos, bitcoin included as well while its trade is strictly crypto-to-crypto oriented. The platform offers something for everyone, including new users, expert traders and companies looking for a fast trade execution, stable security and wallet services.
The company as found by crypto enthusiasts Shihara, Lei, Kawach, and Hentz with headquarters based in the US. The owner structure is thus represented by several people, all bent on providing enhanced trading experience for their clients.
The platform launched its operations in December 2014 and has since exerted great efforts to increase its customer base. Bittrex is a strictly crypto-to-crypto platform, working with many different altcoins though bitcoin can be considered as the main asset of trade within its marketplace.
The platform does not put any sort of barriers on countries it works with but it does pose different identity check demands for several regions.
Due to the evolving nature of cryptocurrency regulation in some states, nowadays, Bittrex does not hold right to serve some of the US states (to be precise – 29 states). Other than US states, all other countries are supported, save for those that have banned bitcoin (Bolivia, Ecuador, Kyrgyzstan, Bangladesh, Nepal and Morocco).
What Cryptocurrencies Does Bittrex Support?
Traders have a good number of cryptocurrencies to make profit from and supports over 250 digital assets including many new tokens that came to life as a result of ICOs from around the world. The most popular of these coins are bitcoin, bitcoin Cash, Bitcoin Gold, Ethereum (ETH), Litecoin (LTC), DASK, Zcash, Monero and many others.
Bittrex facilitates crypto-to-crypto trade only, with fiat currencies not available for trade. This allows the company to bypass tax implications by trading with digital currencies and thus low trade fees for its customers.
Methods of Payment
Payments to and from Bittrex can only be made via cryptocurrencies. New users who would like to use credit/debit cards or online solutions such as Skrill or PayPal will not have means to do so at Bittrex. During year 2017, the company reviewed its payment option policies and decided to withdraw its support for bank transfers.
You can deposit and withdraw only cryptocurrencies at this point, with no plans set in future to add fiat money.
Personal Account Security
Bittrex offers regular personal security functions for you to use, them being 2FA, password manager, API bot, IP location & withdrawal whitelists and email notification system. These tools allow you to regularly check your account’s activities though keys are not private as they are generated by the system and are kept there.
Thus, it is important to understand that in today’s world, hackers are getting better at invading personal accounts and stealing coins users. We would recommend you to use and keep only the amount of cryptos that you wish to trade, with large volumes kept in cold storage outside of Bittrex. You also have pending deposit records, history charts & waves to help you secure your account.
Bittrex customer support page is full of useful information regarding the page functioning, news and announcements, FAQ, promoted articles, common errors and troubleshooting tips and if all this is not enough, the page also offers a support ticket option.
More importantly, in the wake of large user inflow, the company may decide to block new users from registering an account. This is actually a good thing, as it shows that Bittrex is trying to upgrade its services to accommodate more clients safely.
The main aspects to observe in Bittrex exchange is the value and volume fluctuations in the market for each currency. You get to swap coins around using simple trading tools and some functions limiting the value you wish to get.
Here, it is important to note that some margin trading functions do exist, such as “Good ‘Til Cancelled” and Max/Min price limits. You also have “Stop” functions, limiting your losses should market trend turn to be opposite of what you have anticipated. Apart from simple margin trading, you can use instantaneous market values and exchange bitcoin with other currencies and vice-versa. Price fluctuations happen in real time every minute.
It is now a given that Bittrex allows you to make trade with large batch of digital coins within its marketplace. The company even made a search function, which will allow you to easily locate your favourite crypto and deposit coins to your account.
Each cryptocurrency has its minimum amount of deposit stipulated by Bittrex as there will always be messages while you are processing your deposit to let you know the minimum amount necessary on the cryptocurrency of your preference.
For whatever tarde you do at Bittrex, expect to be charged a fee of 0.25% as a commission from the trade value you make, regardless if it is selling or buying coins. Any amount of an order that has not executed can actually be sent back to you if you promptly get a hold of support representative in next 48 hours.
There are no fees for deposits and withdrawals but, nevertheless, some cryptocurrencies do hold a so-called miner fees. These, however, are not held by the company, since network would receive them at the end of the business day.
Now in this guide of Bittrex cryptocurrency exchange platform, we are going to compare Bittrex with some of its greatest rivals in the market. The aim is to provide reasons on why Bittrex is better/weaker compared to the other cryptocurrency exchange platforms and in what part of the trading platform.
Bittrex vs Poloniex
Both of these exchanges are quite popular in the industry, since they offer large number of cryptos for crypto-to-crypto trade. For that reason, just like when exchanging any kind of currency, not all platforms were created equal. First let’s point out the most important quality of any cryptocurrency platform, which is its security.
Both allow only crypto-to-crypto trade, have similar fee structure and have a large number of cryptocurrencies, though Bittrex also beats Poloniex in that aspect with its 250 tokens.
Coinbase Versus Bittrex
Coinbase and Bittrex are exchanges that differ greatly in many aspects. The main difference vs Coinbase is the fees and accepted currencies. Coinbase is an excellent exchange platform for new users and has its own mobile app for iOS and Android. It also supports fiat trade, something Bittrex does not have.
Another important distinction is that Coinbase is one of the largest USD to BTC trade centers in the world, surpassing Bittrex in BTC volume, especially since it has its affiliate GDAX to support its operations as well.
On the other hand, Coinbase charges relatively high fees on fiat-to-crypto trade, while Bittrex has very low crypto-to-crypto services. Coinbase is limited in regions it supports and has far fewer tokens to work with.
Bittrex vs Kraken
Kraken is a very famous platform for investors to trade alternative coins, also called altcoins. Talking about cryptocurrency exchange, the main characteristics we are looking for are currencies and low fees, aspects in which Bittrex will have a great advantage vs Kraken since the Bittrex exchange offers a better fee and more options of cryptocurrencies.
Whereas you have a single, fixed amount of fees with Bittrex, Kraken does things differently. It implements its own structure which is fairly frequently found in the industry through maker & taker costs. As for similarities, both Kraken and Bittrex allow their customers to trade with unverified accounts up to a certain level.
Comparison of Bitfinex and Bittrex
Bittrex, although considered as a popular getaway for bitcoins, is nowhere near Bitfinex in terms of BTC trade. Bitfinex offers both fiats and cryptos as means of trade and also provides enhanced margin trading functions. After the hacking incident in 2017, the platform implemented enhanced security measures, superior even to Bittrex’s.
When we compare Bittrex vs Bitfinex even further, the other platform implements maker/taker fees, which are similar to Bittrex’s fee policy in terms of percentage. It also provides numerous cryptos for trade but a lot less than what Bittrex does.
How to Buy Bitcoin on Bittrex?
In the following sections, we provide you with step-by-step guides on how to register an account, set up your security tools, undergo verification process, deposit, sell and withdraw bitcoins.
Register on Bittrex
You need to click “Login” button at the top-right corner of the homepage to start.
Then click “Sign up” button to be redirected to the account creation page, where you provide your email and password.
Once you have verified your email, simply click on the link and you will be redirected to your login page, where you should provide your earlier specified email and password code.
Secure Bittrex Account
Once registered, you should head over to your account’s “Settings” and set up a 2FA as an additional measure of safety. Click on “Two-Factor Authentication” and click “Enable 2FA”. You have only one option of additional log in factor, which is Google Authenticator.
Now you will have a window as shown below every time you log into your account at Bittrex, which should keep some of the attacks off your back. Simply enter authentication code and you are set to go.
How to Verify My Account?
If you need higher trade limitations, go to “settings” and click “Basic Verification” to start the process. Then, simply provide your personal details without uploading any documents.
“Enhanced Verification” requires scanned ID and selfie of you holding the document. Make sure that entirety of your ID is visible and your face as well when making a selfie.
Deposit Bitcoin to Bittrex Account
Go to the “Wallets” tab and click a sign green down arrow to open up wallet address page for bitcoins you wish to transfer into Bittrex account.
Once transferred, go back to “Wallets” to check your balance and confirm volumes that you wished to get in Bittrex.
How to Sell BTC via Bittrex?
The first step would be to deposit coins into your Bittrex account as shown in guides above this text. Next, go to “Markets” and use “Sell” form as shown in the picture below.
Once done, click the button “Sell” and you will be redirected to the confirmation page, where you should check details out one last time. Simply click “Confirm” once the checking is done.
How to Withdraw Bitcoins?
It is not difficult to withdraw BTC from the Bittrex exchange platform as it is done in the same page where deposits are located. Simply click “up arrow“ and provide your external wallet address to transfer out bitcoins.
The said functions are located in “Wallets” tab and you are free to withdraw as many (or as little) coins as you need.
Frequently Asked Questions
Is It Safe to Use Bittrex?
If we are considering efforts of the management behind Bittrex, then there is no doubt. the organization is one of the very first to opt for New York’s BitLicense and has made several steps to improve its security. Additionally, platform has been in operation for quite some time now. There might have been some small issues here and there, but overall we do deem the exchange to be safe to use.
Apart from IP address follow-up, you have 2FA and log in records to make sure no one but you can access the account.
How Fast Transactions Are?
All cryptocurrency deposits on Bittrex, as with any other platfom, are confirmed and released through blockchain network. That is to say, the mining parties need to “confirm” your transfer in order for it to take place.
The said procedure goes for both deposits and withdrawals. Withdrawals are a bit different, as you need to click a link that has been sent to your email address. Thus, if you happen to be on your computer when you receive the link, the whole process might take very short time to complete.
Does Bittrex Have Limits?
When buying coins from Bittrex,traders need to be aware of limitations that platform sets for purchase amounts. This is to keep the market flowing and liquidity high, though the current upper limit is 1 BTC on daily basis. It might not be huge but it is enough for most investors out there.
As for the withdrawals, you have a limitation of 100 BTC that can be sent to your external wallet per day. Not a bad amount, that is sure but enhanced account verification provides unlimited trade and withdrawals. To qualify for it, users must send in a scanned personal document and a picture of them holding it.
Can I Have Two or More Accounts?
Although there was an option of having several accounts in the past, Bittrex has decided to speed up its network by closing and consolidating accounts of its users. Thus, although possible, you will not be allowed to have several accounts under your name as you can operate under one email and one username.
Is Margin Trading on Bittrex Available?
Right now, there is no margin trading available for clients that work around the Bittrex’s platform. The said function is available on Bittrex on the very limited scope, to the point that it can be said it does not exist. Future plans are set in stone though, so we can expect a new engine that would allow more complex margin trading functions to be available for clients.
Does Bittrex Have Mobile Apps for iOS and Android?
Unfortunately, Bittrex does not have an own mobile app for either Android or iPhone app for iOS users. This can be seen as a weakness when compared to other exchanges that do offer the service but you are still able to reach the trade website, just not from installing the app.
Is Bittrex Scam?
The short answer to this question is that Bittrex is not a scam. The team behind the exchange operates under the US jurisdiction and has even opted for BitLicense at one point. There have not been any major hacking incidents and transfers have been conducted successfully for the most part.
Additionally, the members that lead the Bittrex development are renowned IT specialists that know their business, ensuring that integrity of its user accounts is not compromised. For all these reasons we deem the exchange platform as one of the safer options.
Does Bittrex Have a Wallet?
Bittrex does offer wallet services for each cryptocurrency that is supported by the platform, though we would not recommend you to keep large balances there. Although having several security tools available, keys are not private and our account can be hacked easier that with other options.
What to Do If My Account Is Disabled?
If you get your account disabled, you need to log in and click on settings then “Enable Account”. This will get you to a contact support page and then you will need to submit a request form, to start communication with support service.
Try to be as informative as possible, providing as many details to their inquiries as to be able to unblock your account if you have valid reasons for a complaint.
Can I Get BTC Using PayPal?
If you are looking for a way to use PayPal in Bittrex, unfortunately, you will be disappointed. The platform does not offer fiat services nor can you transport cryptos into PayPal at this point but there are other platforms that can help you with PayPal transfers, with the most famous example being VirWoX.
Exchanges Like Bittrex
There are many similar exchanges to Bittrex for which we made reviews of. These platforms differ in terms of fees, verification demands, supported countries and cryptocurrencies, so make sure to read them to gain the latest information about the crypto market.
Read CEX.IO Review
CEX.IO is similar to Bittrex in terms of regional serviceability but that is about it. The exchange also accepts fiat currencies as means of payment to get bitcoins, so be sure to read our article about its trade functions, advantages and disadvantages.
See More About Kraken
Kraken, much like CEX.IO, offers fiat-to-crypto services for its clients and is considered as one of the largest EUR to BTC trade platforms around the globe. You have the ability to purchase coins with an unverified account, meaning that there are a lot of features to check out with this company.
Read our tutorial on how to deposit, withdraw, secure your Kraken account and what are its pros and cons when compared to other engages.
Coinbase – Find Out More
Coinbase is a regulated exchange that has a lot to offer for its traders, if they happen to be one of the supported countries, that is. Do not miss our tutorial about the exchange, where we provide information about its fee policies, security functions and trade tools available to you. We also provide a step-by-step guide on how to purchase your first-ever coins from the platform.