- 5 “Best” Exchanges
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Best For: Strict Token Listing Requirements
Warning: Trading in cryptocurrency is highly speculative and carries a high level of risk. It is possible to lose all your capital. These products may not be suitable for everyone and you should ensure that you understand the risks involved. Seek independent advice if necessary. Speculate only with funds that you can afford to lose.
Bittrex is a well-known US-based exchange that has been around since 2013. They were founded by three former employees of Microsoft, Amazon, and Blackberry. From their inception, they have always tried to be innovative and continue growing. This is evident in their 2019 expansion to Bittrex Global which is based in Lichtenstein and allows the company to offer crypto trading around the world with shared platform liquidity.
Here we will take a closer look at some of the key features of Bittrex that have brought success to date, and some of the core exchange areas that are most important when choosing your next trading location.
- High-level security features and safe trading environment
- A strong range of asset choices available
- Comprehensive customer support infrastructure
- Competitive commissions and trading fees
- Verification process can take time
- Withdrawal fees are a little higher than others
- No margin trading is offered
First of all, it is important to note from an overall trust perspective, Bittrex has a number of points in its favor. They are one of the best-known exchanges in the industry with the backing of a very reputable team who possess more than 40-years of industry-wide IT and security experience. They have also never experienced any significant breaches and abide by the strictest KYC, and AML procedures while still ensuring registration is convenient. Being US-based also ensures they operate in a highly transparent manner.
From a user and trading perspective, they utilize 2-factor authentication as standard, an advanced “elastic, multi-stage wallet strategy” that ensures holding security within both hot and cold wallets at various points. Both IP and wallet whitelisting to ensure transactional security are also in place, while as a final unique security feature, the exchange does provide a recovery service for any crypto deposit valued over $5,000. This covers you if you send a coin to the wallet of the wrong type.
Another area where Bittrex comes good is their excellent support for a very wide range of currencies. In total, they support more than 250 different cryptocurrencies including all of the major ones you would expect like Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and more alongside a huge range of altcoins that is increasing all the time.
You can trade here using either USD or Euro base currencies for other cryptocurrencies, or on a crypto to crypto basis. These fiat currency deposits can be made from your bank directly through a number of methods with an instant credit or debit card deposit attracting only a 3% fee.
If you are a more advanced trader, the platform also has its own APIs that you can utilize for fast, and efficient auto-trading if you wish to do so, and overall their asset offering is similar in depth to other major exchanges in the industry.
Commission & Fees
When it comes to Bittrex commissions and fees, the standard starting point for these on the majority of trades is 0.2% from both the maker and taker sides. While this is not the cheapest rate in the industry, it is also not considered to be expensive, and there is room for it to reduce further based on your volume of trading.
Deposits with a credit or debit card to Bittrex are charged a 3% fee for the instant deposit while SEPA transfers can also be made alongside bank transfer deposits neither of which will incur a fee from the platform side, but may do from your bank.
Cryptocurrency deposits are free of charge, though crypto withdrawals will have a small fee attached. This fee depends on the currency you are sending out as each has its own fee amount but for major crypto, you will find a Bitcoin fee of 0.0005 BTC, an Ethereum fee of 0.01 ETH, and a Litecoin fee of 0.01 LTC. Again these are not the cheapest in the industry but remain competitive.
Bittrex is also to be credited for its usability and well-presented layout of both the initial website which looks somewhat different to US and international traders but is easy to navigate in any instance and their web-based trading platform.
This trading platform is similar to others from major exchanges and offers all of the charting tools and indicators you would expect with an excellent degree of functionality, while still being easy enough to interpret for newer traders. Though you can’t trade on margin with Bittrex, there are a number of order types you can trade with through the platform including a couple of unique types in the ladder limit order, and immediate-or-cancel order.
Trading on mobile is also possible through either your iOS or Android device with the Bittrex mobile app. Again you will find great usability here with no loss of functionality from the web-based platform and allowing you the ability to both manage your account and trade on the move.
Bittrex is one of the best when it comes to the customer support options you have available. You can reach them via their web-based live chat service on a weekday from 6am-4pm PST while they can also be reached through the dedicated ZenDesk help area of the website. Here you can submit a ticket, find more information through a detailed FAQ section, or get connected with the many social media contact points of the company.
Through social media you will be able to reach the Bittrex team on Telegram, LinkedIn, Twitter, Medium, and Facebook for a fast and professional response to any of your questions. The depth of contact methods elevates the customer support of Bittrex to being one of the best available.
Overall, Bittrex offers a great combination of being a very trusted broker backed by a longstanding reputation and technical expertise within its core team, and still delivering great value across the board in a strong selection of crypto assets with hundreds of currencies available.
They also ensure that traders of all levels around the world are helped through a strong support infrastructure and trading platforms that are both accessible, and flexible. Considering the innovation and evolution Bittrex has already brought to the sector, it would be no surprise to see this continue and for one of the strongest offerings in the sector to grow even further.