Review of Bittrex Global Exchange: An uncomplicated and direct platform for cryptocurrency trading
Are you contemplating the transfer of your cryptocurrency assets to Bittrex in light of their recent shift to Bittrex Global? Before you proceed, it’s important to know the full story. Bittrex International has officially ceased operations, but the emergence of Bittrex Global promises a new era of compliant global expansion. Is this exchange truly safe for your valuable digital assets? Read on to uncover the truth.
Overview
Official Website: https://global.bittrex.com/
Founding Year: 2014
Headquarters: Vaduz, Liechtenstein
Trading Volume: $5 Million
Trading Options: Spot – (Market order, Limit Order)
Trading Fees: 0.75%, decreases with trading volume
Total Listed Coins: 250+
Trading Pairs: 500+
Supported Fiat: EUR, USD
Withdraw Options: ERC supported, Bank Withdrawal Supported
Withdraw Fees: Depends on cryptocurrencies
Deposit Methods: Master Cards (Debit/ credit card), Bank Transfer
Restricted Countries: 43
Native Token: No native Token
Mobile App: Available on Apple & Google play store
Support Channel: https://bittrexglobal.zendesk.com/hc/en-us
Coinpedia Rating: 7/10
Security Rating: 8/10
User Interface: User-friendly
Ease of Setup: Very Easy
App Store Rating: 4.6
Play Store Rating: 3.9
Security: Highly Secured
Hacking Attempts/Hacks: Never been hacked
KYC Verification Duration: 10 Minutes. Maximum 3 Days
Regulation & Compliance: Compliant. Bittrex US filed for Bankruptcy due to SEC scrutiny
Liquidity: Highly Liquid
Proof of Reserve: Not yet published
What is Bittrex?
Bittrex is a global cryptocurrency exchange and digital asset platform founded in 2014 by Bill Shihara, Richie Lai, and Ram Kawach. The current CEO of the company is Oliver Linch. It is strategically located in Liechtenstein and Bermuda.
It offers over 250 cryptocurrencies with a custom-built trading engine for fast deposits and withdrawals. Bittrex Global serves customers from around the world, except the United States and countries with legal restrictions.
Bittrex International ceased operations on October 29, 2022, and launched Bittrex Global to better serve its global customers. Following the fall of FTX, Bittrex has suspended all leveraged tokens and tokenized stocks.
Features
Trading Options: Spot trading including Market and limit orders. No margin or derivatives trading.
Trading Fees: 0.75% trading fee for both makers and takers. Trading fee decreases with trading volume.
Bittrex Credits: A rewards program for eligible customers, allowing them to earn commission-free trades by trading on Bittrex.com. Credits are earned based on the commissions paid on trades and can be used to reduce trading fees.
Staking: Users can earn up to 5.5% for Cardano (ADA) through staking.
Referral: Earn 10% of trading fees as a commission for every successful invitee. Lifetime offer with no restrictions on the number of referrals.
Security: Bittrex provides industry-standard security features such as 2-factor authentication and cold storage of funds. It also offers guides on how to secure your account and additional security measures like IP address verification and crypto withdrawal whitelisting.
Cryptocurrencies Available on Bittrex
Bittrex offers a wide range of over 250 cryptocurrencies on its platform. Some of the popular ones include Bitcoin, Ethereum, Tether, Hedera, Cardano, Moreal, USD Coin, Litecoin, Dogecoin, and Shiba Inu.
How to Register a New Account on Bittrex?
To create a new account on Bittrex, follow these steps:
1. Visit Bittrex.com and go to the registration page.
2. Enter a valid email ID (which will serve as your username) and create a new password with alphanumeric characters and symbols.
3. Click “Create an account” and verify your email ID by clicking the “verify email” link in your inbox.
4. Accept all terms and conditions.
5. Fill in your personal details and click “Continue.”
6. Select your country and click “Continue.”
7. Proceed to verification. Upload a photo ID and a selfie. Answer questions related to the source of funds for KYC compliance.
8. Click “Submit” once you have finished.
9. You will receive a confirmation message once the verification is completed.
How to Buy Cryptocurrency on Bittrex?
To buy cryptocurrency on Bittrex, follow these steps:
1. Log in to your Bittrex account.
2. Click on “Instant Buy & Sell.”
3. Select the cryptocurrency you want to buy.
4. Enter the purchase amount in USD, EUR, Tether, or USD Coin.
5. Choose the payment method (debit/credit card or “My USD Balance”).
6. Enter the card information.
7. Review the purchase details.
8. Click “Submit.”
9. You will receive a confirmation message once the order is executed.
How to Sell Cryptocurrency on Bittrex?
To sell cryptocurrency on Bittrex, follow these steps:
1. Log in to your Bittrex account.
2. Click on “Instant Buy & Sell.”
3. Click on “Sell Now.”
4. Select the cryptocurrency you want to sell.
5. Choose the currency you want to receive (USD, BTC, Ethereum, or Tether).
6. Review the details.
7. Click “Confirm.”
8. You will receive confirmation details.
How to Deposit Cryptocurrency on Bittrex?
To deposit cryptocurrency on Bittrex, follow these steps:
1. Ensure your account and identity are verified.
2. Click on “Holdings” and select your wallet, then click “Deposit.”
3. Generate a new wallet if you don’t have one, or copy your wallet address to deposit.
4. Read the deposit instructions and click “I Understand.”
5. Double-check that the coin name listed on the deposit instructions matches the coin you wish to deposit.
6. Copy your wallet address for that coin/token and click “Done.”
7. Only send the specific type of coins that correspond to the generated address (e.g., BTC to a BTC address, ETH to ETH address, etc.).
How to Withdraw Cryptocurrency on Bittrex?
To withdraw cryptocurrency on Bittrex, follow these steps:
1. Click on “Holdings” and select the wallet you want to use for withdrawal.
2. Click “Withdraw” under Holdings and enter your recipient wallet address and the amount you want to withdraw.
3. Provide any necessary details such as a message, payment ID, tag, or memo.
4. Click “Withdraw” and enter your two-factor authentication code if enabled.
5. Confirm the withdrawal. If two-factor authentication is not enabled, log in to your account and click the verification link sent to your email.
6. Note the minimum withdrawal requirement, which is greater than three times the fee.
Exchange Fees and Supported Payments
Bittrex charges trading fees based on a user’s 30-day trading volume. For newbies, the trading fee is 0.75% regardless of being a market maker or taker. As trading volume increases, the trading fee decreases. Bittrex supports USD and EUR as fiat currencies and allows the use of USD coins and Tether for purchasing crypto.
Referrals
Bittrex offers a referral program where users can invite friends to join. For each verified referral, users earn a 10% commission on trading fees for a lifetime. There are no restrictions on the number of referrals.
Customer Support
Bittrex provides customer support through its dedicated customer care section, where users can browse specific topics for assistance. It also has a chatbot called “Trexie” for answering queries. However, there is no live or phone support from the team. In case of emergencies, users can raise an email ticket.
Mobile App
Bittrex offers a user-friendly mobile app available on both Android and Apple app stores. The app allows for convenient trading on the go, with lightning-fast order execution and special tools designed for mobile platforms.
Recent Updates
– Bittrex US filed for bankruptcy due to regulatory scrutiny from the SEC for running an unregistered securities exchange.
– Bittrex is shutting down its US operations due to unclear regulatory requirements and an uneven competitive landscape.
– Bittrex International has shut down and launched Bittrex Global, a European-based exchange serving global users.
Conclusion
Bittrex, originally based in the US, has shifted its focus to global users through Bittrex Global, a European-based exchange utilizing the trusted Bittrex Blockchain technology. With over 250 coins and robust security measures, Bittrex is considered safe. However, it lacks some advanced trading features and has suspended leveraged tokens and tokenized stocks. It is suitable for new users and offers trading incentives like trade credits.
FAQs
Is Bittrex Safe?
Yes, Bittrex is safe and secure. It follows standard security rules, stores the majority of user funds in cold storage, and offers 2-factor authentication for added protection.
Does Bittrex offer margin trading?
No, Bittrex does not offer margin trading. It has also suspended leveraged tokens and tokenized stocks.
Are Bittrex and Bittrex Global the same?
Bittrex International has shut down and launched Bittrex Global to focus on global user services. Bittrex was exclusive to US customers, while Bittrex Global is available in 180+ countries and banned in 43 countries.
Has Bittrex ever been hacked?
No, Bittrex has never been hacked. However, a user accused Bittrex of being responsible for their loss of 100 BTC in a SIM Swap scam.
Overall, Bittrex is a reputable exchange with a wide selection of cryptocurrencies, high-security measures, and user-friendly features.