Bittrex: Cryptocurrency Exchange Review

Bittrex: Cryptocurrency Exchange Review

Bittrex is one of the most prominent cryptocurrency exchanges at the moment. It’s relatively new on the market, yet currently holds a place as of one of the largest multi-altcoin cryptocurrency exchanges. In 2017 the overall daily trading volume was $156,110,15, making Bittrex a top 10 exchange by volume.

Bittrex is one of the fastest exchanges to get signed up and verified. You can trade over 200 cryptocurrencies on this exchange, and it has good support and security relative to the majority of other exchanges out there. Majority of the user funds are in cold storage, and it has 2-factor authentication.

Trading Platform

The platform is good for beginner altcoin traders that havent clearly defined their trading goals or ones that definitely do not require leverage in their trading. Beginners will find a decent liquidity without too many unforeseen counter-party risks. Plus altcoin liquidity is sometimes comparable, or in some cases higher than other big altcoin exchanges and that trend should continue to follow through.

Bittrex is becoming less of a backup exchange and more of a mainstream option for altcoin traders. It’s trading platform is unfortunately web-based and has no mobile app. There is still a lot of room for improvement there. It doesn’t offer fiat pairs to trade cryptocurrencies with at the moment but it does have USDT available which is the USD tether. Here’s what the trading platform looks like:

Signing Up

Bittrex accounts requires users to submit their name, address, and date of birth to sign up. These details are verified through public records, however if this process fails customers will need to proceed to an enhanced verification. The sign up process is quite fast (usually under 2 weeks), and once you’re verified you can deposit cryptocurrency from your pre-existing wallet.

Downsides

Bittrex unfortunately doesn’t have a mobile trading app. The liquidity is below average compared to other exchanges, and executions are quite poor sometimes, with waits as long as 10 minutes. Trading fees are rather high at .25%, which is pretty significant compared to other exchanges.

For altcoin trading in general, we find that Binance is a superior exchange. It has a much better trading platform, better executions, and much better trading fees. Bittrex does have a larger selection of altcoins, so if you’re looking for a specific altcoin you’re more likely to find it there.

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Bulls on Crypto Street is a trading education website dedicated to cryptocurrencies. We teach strategies for swing and day trading cryptocurrencies such as Bitcoin, Ethereum, Litecoin, and other Altcoins. We're at the forefront of this industry and are continuously providing up to date information on each coin, regulations, news, token sales, and much more.

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