Since we made reviews for most popular exchanges in the world, Bittrex came as a natural extension of our analysis. Armed with numerous coins, Bittrex has several interesting features for its clients. Thus, we have investigated the platform’s fees, cryptocurrencies, deposit methods, verification process, and trade attractiveness.
The aim was to provide you with pros and cons of the platform as to accurately compare the company with others. We end the guide with a brief history of the business and overall concluding remarks.
General Information about Exchange
Bittrex is a digital money exchange that specializes in crypto-to-crypto trade using different altcoins, BTC included. The coin value is benchmarked against either cryptos or fiat currencies (USD) for accurate trade planning, as shown below.
Trade functions that you can use to swap currencies around are a limit and conditional tools. These functions help you specify the price you wish to get and limit values on which you have an acceptable loss.
Changelly and itBit both do not have any of these functions and are engaged in direct purchase/swap activities. Thus, we consider margin trading at Bittrex adequate for you to use when dealing with many currencies.
Service is available globally and for most regions, basic verification is required only. Customer support can be reached directly using “Contact” page. You also have FAQ, news and ticket system in place.
Account Registration and Verification
Registering an account at Bittrex, just like at Changelly and many other exchanges, takes less than 5 minutes and does not carry any sort of costs. While verifying email, you need to use two-factor authentication (2FA) immediately as to improve the security of your account. You can see the registration page snapshot below.
The verification process is dividable into two levels, one being Basic while other being Enhanced level. At Basic level, all you have to do is to provide your personal details, without uploading scans of your ID and proof of address. Most of the countries can operate using basic verification but for some regions, Enhanced verification is a must. The approval of the basic account is shown in picture below.
Enhanced verification, on the other hand, requires proof of the provided details about you. It means that scanned ID and proof of address are mandatory. We consider Bittrex in between Changelly and itBit when it comes to privacy. Changelly does not require any sort of verification while itBit mandates full process from the beginning.
Whereas Changelly offers a little bit more than 50 coins and itBit only bitcoins for trade, Bittrex goes several steps further. The exchange puts all of its coins into the trade market, meaning that you can pair them with bitcoin. The number of these cryptocurrencies currently revolves around 200, with many of them coming and going on a daily basis, as shown in next table.
Much like in Changelly, delisted coins will not result in loss of the coins but you would not be able to continue with your planned activities. You should always keep in mind that popular coins are a lot more stable. New coins come and go, tending to reside in platforms for short time only.
At Bittrex, you can deposit and withdraw only cryptocurrencies on addresses you provide. The fiat currencies can be used for margin trading only as a pair’s counterpart but not as a payment method.
The exchange is thus at a clear disadvantage when compared to other exchanges like CEX.io, Bitfinex, and others. Changelly does offer credit cards as deposit method but with a large fee. itBit offers bank transfers and BTC deposits as well.
Exchange Rate and Fees
The exchange rate varies from con to coin, with popular cryptocurrencies having a narrower spread than those who are new in the market. Overall, after slight analysis of the bid and ask order books, usually about 1% or less is the difference between buying and selling prices. Thus, we deem the rate narrow overall, providing attractive trade values for clients.
The only exchange fee you pay, apart from miner fees, are commission costs, standing at fixed 0.25%.
Bittrex has an upper hand on Chnagelly, especially concerning EUR trade, where the exchange rate is huge. Additionally, Changelly charges 0.5% as commission while itBit charges from 0.1% to 0.35, depending on the volume. Both platforms are slightly more expensive than Bittrex.
Liquidity, much like exchange rate, varies from the coin to coin, with popular ones like Ethereum and Litecoin having the largest volumes. The cool feature about the liquidity at Bittrex is the ability to check daily changes on each coin at “Wallet” section of the trading platform you choose.
In that way, you will have early warning signs if the selected coin might go delisted with insufficient trade volume.
Compared with other exchanges, Bittrex has solid liquidity for popular cryptos, as Changelly has similar volume levels, as you can see from the picture below.
The platform opened for business in 2013 by a group of bitcoin enthusiast that aimed at providing service for many cryptos. The idea started developing in 2011, taking two years to gather necessary funds and knowledge needed to operate the business. The platform started with few coins but added more as years passed by.
Bittrex offers several security functions that you should be aware of when trading coins t the platform. You are obliged to set up 2FA at the registration stage where you get the private key for login.
Additionally, you also have withdrawal and IP whitelists that would limit other computers and addresses to use your coin balance. You also have email notification system, just like in itBit. Compared to Changelly, Bittrex offers a lot more safety features.
Pros and Cons
⬤ possibility to trade without providing scanned ID
⬤ very narrow exchange rate spread on many coins
⬤ service is globally available
⬤ a large number of cryptocurrencies (over 200 of them)
⬤ several security options like 2FA, email notifications, IP and withdrawal whitelists
⬤ no fiat deposits or withdrawals possible at Bittrex
⬤ some countries need to complete enhanced verification of identity documents
With everything taken into consideration, Bittrex is a legit platform that offers a cheap crypto-to-crypto trade. Most of the traders would not need to provide scanned ID, making this platform mostly private.
Liquidity and exchange rate and sufficient for most trade volumes and strategies. Both starters and experienced traders have several choices when trading at Bittrex.