Is It Safe and Reliable for Trading?

Introduction

Are you considering moving your cryptocurrency assets to Bittrex in light of their recent shift to Bittrex Global? Before you make a move, make sure you know the full story. Bittrex International has officially shut down, but the emergence of Bittrex Global promises to deliver a new era of compliant global expansion. Is this exchange truly safe for your valuable digital assets? Read on to discover the truth.

Overview

What is Bittrex?

Bittrex is a global cryptocurrency exchange and digital asset platform founded in 2014 by Bill Shihara, Richie Lai & Ram Kawach. The current CEO of the company is Oliver Linch. It is strategically located in Liechtenstein and Bermuda. 

It has more than 250 cryptocurrencies with a custom-built trading engine for fast deposits and withdrawals. Bittrex Global has customers from around the world, except the United States or countries subject to various legal restrictions.

Bittrex International was closed on 29 Oct 2022 and launched Bittrex Global to better serve its Global customers. Following the FTX fall, Bittrex has suspended all leveraged tokens and tokenized stocks. 

Bittrex US filed for bankruptcy following regulatory scrutiny by the U.S. Securities and Exchange Commission (SEC) that it ran an unregistered securities exchange.

Leadership at Bittrex 

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 as the trading volume increases. 
• Bittrex Credits – It is a rewards program for eligible customers, enabling users to earn commission-free trades by trading on Bittrex.com. Every time you trade you are earning credit. Credits are earned based on the commissions you pay on your trades. Credits are transferred into your account a few moments after your order has closed. The more you trade, the more you earn. The credits can be used in subsequent trades to reduce trading fees. 
• Staking – with staking you can earn up to 5.5% for Cardano (ADA)
• Referral – Earn 10% of trading fees as a commission for every successful invitee. This is a lifetime offer and has no restrictions for the number of referees you bring in Bittrex
• Security – It provides industry-standard security features like 2-factor authentication, cold storage of funds, etc. Other security features like, users having to verify their new IP address via Email confirmation, Whitelisting crypto withdrawals,  and cross-chain recovery service. Apart from this, Bittrex also offers several guides about how to secure your account. 

Cryptocurrencies Available on Bittrex

Bittrex offers more than 250+ cryptocurrencies on its platform. Some of the popular cryptocurrencies are:-

• Bitcoin
• Ethereum
• Tether
• Hedera
• Cardano
• Moreal
• USD Coin
• Litecoin
• Dogecoin
• Shiba Inu

How to Register a New Account on Bittrex?

Let us learn to create a new account on Bittrex

1. Log on to Bittrex.com and navigate to the registration page
2. Enter a valid email ID. Note that this will become your username
3. Enter a new password with alphanumeric characters and symbols
4. Click [Create an account] and verify your email ID by clicking ‘verify email’ in your inbox
5. Click accept all terms and conditions
6. Fill in your personal details and click [Continue]
7. Select your country & click [Continue]
8. The next step is verification. Select a photo ID and upload it through the selected upload method (either by phone or PC). Also, upload a selfie. Click [Continue]
9. Answer the related questions regarding the source of funds in order to comply with the KYC procedure.
10. Click [Submit] once you have finished 
11. You will get a confirmation message once the verification is completed. 

How to Buy Cryptocurrency on Bittrex?

Let us learn how to buy cryptocurrency on Bittrex

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. Either in USD, EUR, Tether or USD Coin
5. Select the payment method. Debit/ Credit card or ‘My USD Balance’
6. Enter the card info
7. Review the purchase
8. Click Submit
9. You will get a confirmation message once the order is executed

How to Sell Cryptocurrency on Bittrex?

Let us learn how to sell cryptocurrency on Bittrex

1. Log on to your Bittrex account
2. Click on [Instant Buy & Sell]
3. Click on [Sell Now]
4. Click the cryptocurrency you want to sell
5. Select the currency you want to receive. It can be USD, BTC, Ethereum, or Tether
6. Review the details and click [Confirm]
7. You will get confirmation details

How to Deposit Cryptocurrency on Bittrex?

Let us learn how to deposit crypto on this exchange

1. Ensure your account and identity have been verified.
2. Click on ‘Holdings’ and select your wallet, then ‘Deposit’
3. Click ‘Generate New Wallet’ if you do not already have one. 
4. Otherwise, copy your wallet address to deposit.
5. Read the deposit instructions and tap ‘I Understand’
6. Double-check to make sure the coin name listed on the deposit instructions matches the name of the coin you wish to deposit
7. Copy your wallet address for that coin/token. then click ‘Done’

Don’t forget that you can only send the specific type of coins that corresponds to the address generated. Ex. BTC to a BTC address, ETH to ETH address, etc.

How to Withdraw Cryptocurrency on Bittrex?

Let us learn how to withdraw cryptocurrency on this exchange

1. Click on ‘Holdings’ and select the wallet you want to use to withdraw in the search bar
2. Click ‘Withdraw’ under Holdings, and enter your Recipient Wallet Address and the amount you want to withdraw.
3. Note: You can only withdraw coins to the same coin’s address and you may need to provide a message, payment ID, tag, or memo.
4. Otherwise, click ‘Withdraw’, enter your two-factor authentication code if enabled, and confirm. If this is not enabled, you will need to log in to your account and click the verification link sent to your email.
5. Note: The minimum withdrawal for all coins must be greater than 3 times the fee.  For example, BTC has to be 0.00090001 or greater as the fee is 0.0003.

Exchange Fees and Supported Payments

Bittrex exchange charge customers based on their 30-day trading volume. For a newbie, the trading fee is 0.75% irrespective of the market maker/ taker position. As your trading volume increases the trading fee also decreases. The more you trade, the more you save. 

Other factors considered for trading fees are

1. 30-day trading volume
2. The currency being traded
3. The type of order – Market Maker/ Market taker

There are no deposit fees and but for withdrawal, it charges a built-in withdrawal fee. The network fee can be viewed by selecting the cryptocurrency you wish to withdraw. 

The supported fiat currency in Bittrex is USD and EUR. You can also use USD coins and tether to purchase crypto. 

Referrals

The referral program started in March 2020. You can get the invitation code and start inviting friends to Bittrex. For each verified referee you will earn a 10% commission on the trading fees for a lifetime. You can invite any number of friends to the referral program. 

Customer Support

Bittrex has a dedicated customer care section where general queries can be sorted out by browsing specific topics. It has also got a chatbot called ‘Trexie’ where you can ask queries. There is no live/ phone support from its team. The popular topics include

1. Getting started on Bittrex
2. Account troubleshooting
3. Transaction and orders query
4. Mobile App
5. Compliance & legal form
6. Other Topics

If you have any emergency issues you can raise an email ticket here

Mobile App

A user-friendly mobile app is available for both android and apple play stores. You can now trade on the go. It facilitates lightning-fast speed to execute orders. It has got special tools designed for a mobile platform like notifications for order execution, checking the favorite market list, and checking past and active orders. 

Recent Updates

9 May 2023 – Bittrex US filed for bankruptcy following regulatory scrutiny by the U.S. Securities and Exchange Commission (SEC) that it ran an unregistered securities exchange.

01 Apr 2023 – Bittrex is shutting down its US operations due to unclear regulatory requirements and an uneven competitive landscape.

29 Oct 2022 – Bittrex International shuts down and launches Bittrex Global – a European-based exchange to serve global users. 

Conclusion

Bittrex was originally based in the U.S. In order to focus on global users, it has shut down and launched Bittrex Global, a European-based exchange that uses trusted Bittrex Blockchain technology. 

It has more than 250 coins with high-security systems for executing orders and saving cryptos from malicious users. Bittrex has never been hacked. However, a user lost 100 BTC as a result of a SIM Swapping scam by a hacker. The user accuses Bittrex of this.

Bittrex follows a maker/ taker fee model for trading fees. Usually, the trading fee is 0.75%. However, as your trading volume increases, the trading fee decreases. It can go as low as 0.00%. 

Bittrex doesn’t have some advanced trading features. It has also suspended all leveraged tokens and tokenized stocks since the FTX fall.

Bittrex is good for new users who want to invest in cryptocurrencies. There are trading incentives like trade credits which can be redeemed at a later stage of trading for reducing trading fees. 

FAQs