Bittrex was founded in 2014 by engineers Bill Shihara, Richie Lai, and Rami Kawach, and is headquartered in Seattle. This exchange initially offered only crypto-to-crypto trading, but it recently introduced fiat-to-crypto trading as well. However, it’s worth noting that its fiat trading program is relatively new, so trading pairs are limited and fiat trading isn’t available everywhere. While Bittrex is fairly user-friendly, beginners may be overwhelmed by its trading platform and the number of assets it supports.
Additionally, user funds are secured in cold storage with a $300 million insurance policy for theft. While the order book interface is Bittrex’s primary offering, the exchange also supports instant buys using a bank card or an account balance. However, while instant buy is easy to use, it https://www.tokenexus.com/ features no charts or trading pairs, making it only usable as a beginner-friendly fiat-to-crypto gateway. Although initially a US-only exchange, in 2019, the company behind Bittrex expanded its operation and launched Bittrex Global to serve the international cryptocurrency community.
Alternatives to Bittrex
Nonetheless, it has more than 280 cryptocurrency pairs listed on it and is a favorite destination for proof-of-work coins. Currently, Bittrex sits at number #12 in the crypto exchange list of CoinMarketCap with a volume of +16,000 BTC. Bittrex is certainly a reliable crypto exchange and its founders are also active on Twitter. Such transparency helps in building a good market reputation, an aspect Bittrex has succeeded with flying colors. If you’re new to trading and you have an issue, you might not get the help you need from the Bittrex team.
- Bittrex currently offers over 250 trading pairs, while Poloniex offers less than 100.
- There are more beginner-friendly cryptocurrency exchanges out there.
- Coin Insider is the authority on bitcoin, ethereum, ICO and blockchain news; providing breaking newsletters, incisive opinions, market analysis, and regulatory updates.
- Users were unable to trade fiat currencies with cryptocurrencies, but that has changed.
- Like many cryptocurrency exchanges, Bittrex’s fee structure is based on the maker/taker model.
- He has worked within the very best of the financial industry producing numerous training resources.
For cryptocurrency newcomers, who are looking to purchase their first cryptocurrency, you should go with another option. Investing platforms generally offer multiple assets, trading tools, fees, and other resources. Some investing platforms are better for more advanced investors or active investors, while others may better suit beginner investors and passive investors.
The complete guide to Bittrex
Bittrex Global offers slightly different features, limits, and trading fees but shares the same liquidity pool as Bittrex. Based on our research and comparison with other exchanges, Bittrex is one of the platforms with transparent fees. On its structure, you will see maker/taker fees, making it easier for you to budget accordingly. Overall, the charges you will incur trading cryptocurrencies on Bittrex are low, and we highly recommend the exchange to low-budget traders. No email notifications of log ins or withdrawals were received by me .
To illustrate, Coincheck, a cryptocurrency exchange, was hacked in 2018, where $530 million worth of cryptocurrencies were stolen. Such incidents can lead to a lot of uncertainty and panic when it comes to trusting an exchange. However, some exchanges have built quite a reputation when it comes to security.
How to Buy on Bittrex
Many trading pairs are available on the platform as Bittrex denominates its pairs in BTC, ETH, EUR, USD, USDC, and USDT. In total, users can browse between 952 markets on Bittrex, comparable to exchanges like Kraken, OKX, and the Crypto.com Exchange. The ability to buy crypto with fiat is crucial for people without crypto reserves, so it’s nice to see Bittrex offering this service. While Bittrex offers a well-designed platform and a plethora of trading pairs, its positives are offset by the lack of features and high costs. As such, while Bittrex is a reasonable spot exchange, better international and US cryptocurrency exchanges are available.
However, it’s worth noting that Bittrex’s trading platform on mobile does not feature any analysis tools or margin trading capabilities. As such, although it’s possible to place orders, traders looking to find opportunities while on the go will need to utilize a third-party tool like TradingView. Bittrex provides a modern trading interface that is well laid out and easy to use for beginners and experienced traders alike.
Is Bittrex Safe?
All that is initially required for creating an account is your email address and a password. You must add Bitcoin first to your Bittrex account to be able to buy Reddcoin or other digital coins. You should consider whether you fully understand them and whether you can afford to take the high risk of losing your money. The content of Coin Insider does not constitute any type of investment advice.
You’ll want to open up the currency market for the fiat you wish to withdraw. This process won’t incur any fees on the exchange end and will take around 3 working days to complete. Make sure you use the reference in the bank transfer notes so that the money is credited to your account correctly. To do this, simply go to fund your bittrex review account from the Holdings page and pick bank transfer. If you’re happy with this, then you can hit next and it’ll ask you to pop in your card details, if you don’t have a card linked to your account. To do this, simply click instant buy, pick the crypto that you wish to buy and the fiat currency that you want to use to pay.
You can trade bitcoin, ether, tether, dogecoin, and a variety of other assets at Bittrex. And as for account security, the platform says it uses a multi-stage wallet strategy (plus two-factor authentication) to make sure all users’ funds are securely stored. Bittrex is considered to be one of the world’s leading cryptocurrency exchanges. Traders have access to a 24 hour market volume of $0, 4 coins and 40 pairs.