What is Bittrex?
Bittrex is a secure online cryptocurrency exchange offering access to bitcoin, Ethereum and other leading digital currencies.
Users have access to three account types, depending on the level of verification obtained. The account types are Unverified, Basic and Enhanced. The higher the level of verification you obtain, the more freedom you’ll have to withdraw cryptocurrency to your wallet.
More information on these account types is provided in the section on transfer limits.
Bittrex is available globally, including in Ireland, although each country has different document requirements for Enhanced Verification accounts.
Despite being a US-based broker, several US states have limited or no access to Bittrex. This probably reflects the evolving nature of cryptocurrency regulation in those states. At present, Bittrex has restricted at least some of its services to 29 states. A full list is provided in Section 2 of the Terms of Service.
What payment methods are accepted?
While Bittrex had initially paused wire transfers in March 2017, Bittrex has re-commenced accepting USD wire transfers since June 2018.
To deposit cryptocurrency in Bittrex, click “Wallets” in the upper right corner of the site, search for the wallet you are going to deposit into and select “New Address”. This will generate your address. You will then be able to send cryptocurrency to that address.
How much will it cost me to use Bittrex?
Bittrex has a very simple fee structure: all trades have a 0.25% commission. Although there are no fees for deposits or withdrawals, each coin network has a transfer fee built into the trade.
How fast will my funds be available?
All cryptocurrency deposits must be verified by the blockchain community. This means the transaction time is controlled solely by the blockchain network.
Withdrawals to your cryptocurrency wallet are usually done quickly, although this will depend on when you click the authorisation link that Bittrex sends to your email. The link must be clicked to authorise the withdrawal.
Are there any transfer limits?
Bittrex places a hard cap on how much you can withdraw to your cryptocurrency wallet. Unverified accounts have a withdrawal limit of 1 BTC per day or equivalent. 2-factor authentication gives you access to the Basic account, where your withdrawal cap rises to 3 BTC per day or equivalent.
Finally, the Enhanced account allows you to withdraw up to 100 BTC per day, or equivalent, to your cryptocurrency wallet. To qualify for an Enhanced account, you must send in your photo ID and a selfie portrait.
Is it safe to use Bittrex?
Bittrex places a lot of emphasis on providing top-notch security standards. In addition to 2-factor authentication, the platform has stringent verification standards for Enhanced accounts. The platform also uses a multi-stage wallet strategy to ensure that 80-90% of client funds are held offline.
Bittrex operates a Zendesk where users can read news articles and review FAQs. Users can also review their customer support tickets by logging into Bittrex Support.
In addition, the broker also answers questions through Slack, Twitter and Facebook, making it highly accessible to customers. However, many users have complained about slow response times, which could be because of increased demand.
Pros and cons
- Large selection of altcoins
- Good security record
- Easy to use
- Automated features
- Long verification process
- Slow response time to customer service issues
The most important step is to consider the features and security carefully to decide if you want to be a purchaser. If you’re ready, registering with Bittrex is very easy. Simply head over to Bittrex and select “Get Started Now”. You will then be prompted to sign up for an account.
The verification process is quite lengthy, so you may have to be patient if you want to open an Enhanced account.