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Bittrex Global Exchange Review

Bittrex Global Review & Tutorial 2021: Beginners Guide

Written by LouiseElizabeth

15th April 2021

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Bittrex is a popular centralized cryptocurrency exchange and one of the first exchanges I personally used to get exposure to alt-coins. Originally founded in Seattle in 2014 by three cybersecurity engineers. With a goal to provide a world-class cryptocurrency exchange, focusing on security and trust.

In this Bittrex Global review, I will take you through an overview of the security focus cryptocurrency exchange. I explain how to buy and sell crypto on the exchange, supported cryptocurrencies, deposit methods, fees, and tokenized stocks.

What Is Bittrex Exchange?

Bittrex is a popular cryptocurrency exchange based in Liechtenstein and Bermuda. The company was originally founded in Seattle in 2014 by Bill Shihara, Richie Lai, and Rami Kawach. All three founders were cybersecurity engineers who had previously worked at the likes of Microsoft, Amazon, and Blackberry. The Company is headquartered near the financial centre of Zurich, in the Principality of Liechtenstein. 

What is Bittrex Global Exchange

Initially launched as a crypto to crypto exchange, they have now introduced 2 FIAT markets with the support for EUR and USD deposits. With Bittrex you can buy, sell and trade over 500 markets which also includes trading for tokenized stocks such as the likes of Apple, Tesla, and Facebook.

Deposit Methods

With Bittrex you can deposit FIAT or cryptocurrencies into the exchange. FIAT includes USD and EUROs and can be sent via bank wire or via deposit by debit/credit card. You can also deposit USD and EUR to your Bittrex Global account whilst charging EUR/GBP/USD to your card. There are also daily/monthly limits which will depend on your location and card provider.

how to deposit in bittrex

With wire transfers there are no limits and no fees, although your own bank may charge these.

If you are depositing cryptocurrency, there will be minimum deposits that apply to each cryptocurrency which can be found here. However, generally speaking, this is around 0.1 of a token.

Supported Currencies

You can trade with a huge selection of markets and cryptocurrencies with Bittrex exchange. These include the likes of Bitcoin, Ethereum, USDT, plus tokenised stocks like Facebook or Apple.

In total there are over 600 trading pairs available on Bittrex, making it the go to exchange for a wide range of tokens.

Bittrex supported cryptocurrencies

Bittrex Fees

Bittrex trading fees are all based on your monthly trading volume and for larger trading volumes they work on a maker/taker model. Previously, for those who trade under $50K per month, there was a flat fee of 0.20% whether you are a maker or a taker. However, these have now greatly increased to 0.75% for trading under $5,000.

What are the bittrex exchange fees

These fees are quite expensive compared to their competitors with Binance at 0.1%, FTX at 0.07% and even the more expensive Coinbase Pro at 0.5%.

The fees do start to reduce depending on your trading volume and whether you are a maker or a taker of the market after $50K. Plus, you can also get discounts when sharing your referral code with friends and family.

Withdrawal & Deposit Fees

With Bittrex that are no deposit fees when depositing cryptocurrencies. However for those who deposit with a Visa, or Mastercard there is a 3% processing fee applied.

Bittrex Global allows you to deposit USD and EUR to your Bittrex Global account while charging EUR/GBP/USD to your card. Bittrex Global will charge a 2.5% foreign exchange fee on top of the card processing fee for these transactions.

Bittrex also charge a small fee for withdrawals with inbuilt network transfer fees. The network fee is available to view on the withdraw window for each coin or token.

Bittrex Tokenised Stocks

Customers of Bittrex can now purchase tokenised stocks such as Tesla, Apple and Facebook, or ETFs like SPDR S&P 500. Tokenised stocks are tokenised derivatives that are backed 1:1 with the traditional stocks, providing users with the same benefits to owning the underlying stock.

How to trade tokenised shares with Bittrex

These shares can be traded using cryptocurrencies or FIAT on the Bittrex Global platform. However, tokenized stocks can only be bought, sold and traded on the Bittrex Global exchange. You cannot withdraw your Tokenized Stocks to other exchanges or wallets. 

Bittrex Support

Bittrex offers a comprehensive FAQ section on their site, which offers their users some pre-written documented support documents. However, if you require further assistance they also have a support ticketing service available which you can reach from the support section of their site.

I’ve not personally used Bittrex support, so can not personally comment, however, I have used the FAQ section which easy to use, and answered some basic questions.

How to contact Bittrex Support

Conclusion

Rating: 3 out of 5.

Bittrex was the first multi-cryptocurrency exchange I used and was once considered to be one of the most popular exchanges. However, they have seriously fallen behind other exchanges, with very little innovation of the last few years. Honestly, the platform has hardly changed since I was using it back in 2017.

They do support a wide range of cryptocurrencies, but very rarely have I found a token that is not available on Binance. The major issue is Bittrex fees, they are just too high. Compared to the likes of Binance or FTX which has trading fees starting at 0.1%, Bittrex is a massive 0.75%.

Although I’ve never needed to contact Bittrex support for help, like a lot of other crypto exchanges you will quickly come across lots of negative reviews. Bittrex TrustPilot score is currently “Bad” with a score of only 1.5. Another issue that seems to get a lot of attention is Bittrex freezing and closing accounts. However, again the like of Binance has been known to have done the same thing.

If you’re new and want to sign-up for an exchange I would go for Binance or FTX. But it’s always worth keeping your options open and have more than one exchange available to you.

LouiseElizabeth
Written by LouiseElizabeth

Louise created the Every Bit Helps YouTube channel back in 2017, after finding the process of buying Bitcoin difficult. Therefore, in an aim to help others, she hopes that her tutorials will make the process of buying, selling and storing crypto a lot easier for newbies in the future.

After spending 20 years working in London in cyber security, she left the corporate life after having her second child in 2018. Louise now travels the world with her two small children trying to make the most out of life.

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