Bittrex Review – Are They Safe or a Scam?
Our Bittrex Review 2021
Buying and selling cryptocurrencies has become super convenient, thanks to the ease of trading provided by crypto exchange platforms. Founded in 2014, Bittrex is a US based crypto exchange that focuses on delivering a user-friendly crypto trading experience.
We at Crypto Parrot, consider every aspect of the crypto exchange to provide you with a relevant and accurate review. So, continue reading to discover what the customer service, trading options, user experience, and other platform aspects are like. This shall help you decide whether or not Bittrex is the right platform for you.
Bittrex is one of the top cryptocurrency exchange platforms that offers users a wide range of currency pairs and assets to trade with. In addition, the crypto exchange occasionally offers users promotional codes, which allows users to reduce or diminish the trading fee users usually have to pay.
The crypto platform is promoted as an ideal choice for traders that require lightning-fast trade execution, secure digital wallets and leading industry practices.
Also, as a new customer, you can expect the platform to be highly intuitive and easy to get the hang of. Plus, you’ll find that there are numerous tools to support traders with their investments, making Bittrex ideal for beginners. All the features on the platform are visually easy on the eye and well laid out. Traders will also find numerous informative articles and guides present on their website that answer almost any possible query that may arise.
During our Bittrex review, we noticed that the trading platform offered by the crypto exchange is designed in an extremely user-friendly manner. The website is highly intuitive, with every important section of the platform present on the main page just a click away.
The charting interface on the platform is exceptionally nice, packed with excellent analysis tools and features. This makes the platform suitable for experienced traders as it helps analyse the market directions to determine good trade opportunities.
Users can also access TradingView charts, which are renowned for smooth, easy-to-understand and clean charts. In addition, the tools and features offered on TradingView are designed to help users time their trades perfectly. Since most trades depend on timing, this feature is a great selling point.
Despite offering such advanced features, the platform is easy to understand and use, even for beginners. The platform also offers stop orders, limit orders, and market orders. Each of these features plays a huge role in protecting users from losing too much money. On top of that, the trading platform has several security features to ensure its users can trade in a secure environment.
So, the bottom line is that the charting tools and technical analysis features offered on the platform make the user experience exceptional, especially for traders that follow technical analysis to determine their trades. Plus, the security offered on the trading platform makes Bittrex even more ideal.
During our Bittrex review, we noticed that the exchange platform offers users two main types of accounts; a personal trading account and a corporate account where you can trade on behalf of a business.
All you have to do is click on the sign-up option, select the type of account you want to register with and then enter a few relevant details along with proof of identity. The account verification process shouldn’t take long, and as soon as your account is verified, you can hop onto the platform to enjoy the features and tools available.
The Bittrex crypto platform prioritises security, which is why users must provide employment details along with their annual income range. This ensures that each user registering on the platform is able to handle the financial implications that tag along with crypto trading. Also, it helps to ensure the platform is protected from minors and scammers of any sort.
The crypto exchange offers a web-based trading platform and an application designed for either iOS or Android devices. The trading platform provided by Bittrex is extremely easy on the eyes and simple to understand.
All the key features and trading options available are neatly aligned on the main page, where users can access things with one single click. Whether you are buying or selling crypto, withdrawing or depositing money, or just analysing the market charts, everything can be accessed instantly with ease.
What we liked the most during our Bittrex review was that the platform is designed to suit all levels of traders. The platform is highly intuitive for beginners and offers access to a customer support team and an elaborate FAQs section. In addition, the platform offers excellent charts and analysis tools for intermediate and expert traders that allow them to time the market more accurately and efficiently.
So, the bottom line is that the trading platform offered by Bittrex is advanced and user-friendly. If you’re interested in other trading platforms that are easy to use as well, hop on to our Binance review.
The trading fees on Bittrex are fairly low in comparison to other exchange platforms of its kind. Users can expect to pay commissions that start at only 0.50% per trade, regardless of the asset you’re trading.
Another plus point of trading with Bittrex is that users do not need to worry about encountering underlying or hidden costs and charges. The crypto exchange is extremely transparent about the costs and charges users have to pay. Similarly, they do not charge a fee for deposits. However, users have to pay a small transaction fee when depositing cryptocurrencies on the exchange. This fee isn’t determined by Bittrex and is dependent on which asset you’re depositing. On the other hand, there is a withdrawal fee which is pretty low.
Moving towards payment options, Bittrex offers a wide range of deposit and withdrawal methods, including Debit/credit cards, wire transfer, SEPA transfer and bank transfer. While VISA deposits usually cost traders 3%, bank transfers depend on the bank you use, and SEPA transfers are the cheapest and fastest.
The customer support available on Bittrex is great. They offer support through live chat, online enquiry form, and social media channels. The live chat is available 24/7, making it ideal for traders across the world.
If you’re unable to get a relevant response through the live chat, the next best option is to fill in an enquiry form with your query and all relevant details. The customer support team is quite responsive, and you can expect a response within a short time. The form can be accessed through Bittrex’s official website, and the response is sent to you directly through email.
Last but not least, don’t forget to check the FAQs section. The website contains an elaborative FAQ section where most possible queries and concerns are explained thoroughly. We found the FAQs section to be extremely useful during our Bittrex review, which added to our positive user-experience.
Bittrex is not regulated in any country. Despite this news, the broker has made it a long way and provides many users with a satisfactory experience. The crypto exchange platform also ensures users that it complies with all US regulations related to unlawful behaviour.
The Bittrex crypto exchange also has several security measures in place to ensure its users’ funds are entirely secure, and hence we did not come across any Bittrex scams while we were looking up reviews on the crypto exchange.
Keeping in mind the importance of an exchange’s regulation and licensing, we suggest that you visit our website and read our reviews on other crypto platforms, such as our eToro review.
Bittrex is one of the oldest crypto platforms to exist, making it quite renowned. However, it’s important to keep in mind that trading cryptocurrencies or any other asset comes with a high level of risk, and you should be able to bear the risk before jumping into any trade of this sort.
We did notice that Bittrex lacked a demo account feature, which allows users to experience and learn crypto trading on a real-time market. However, you can register with us here at Crypto Parrot for a smooth demo-account experience. Demo accounts enable users to get a clearer idea of what risks they might endure and help them cope better through risk-free practise and ongoing learning.
Another thing we noticed on the crypto exchange was that Bittrex has its own API’s, which enable users to access automated trading with bots. A cherry on top is that the platform presents high liquidity, making it a reliable trading option.
Trading crypto can be an overwhelming experience, especially if you’re new to the crypto market. Hence, the crypto platform you choose to trade with should be user-friendly and secure.
During our Bittrex review, we noticed that the crypto exchange offers a decent user experience along with a highly intuitive and innovative trading platform. However, the only drawback we noticed was the lack of regulation under a tier-1 financial authority. Despite this, the majority of the crypto exchanges reviews are positive.
We’d recommend that you take advantage of our demo account feature to try to understand the risks of trading cryptocurrencies. Knowing how crypto trading works can help you better decide whether or not Bittrex suits your needs as a trader. Hop on to our website to read about other top-notch crypto traders and crypto brokers.