Bittrex Review 2024: Bittrex, a company from Seattle, stopped its operations in the U.S. on April 30, 2023, and then declared bankruptcy under Chapter 11 on May 8, 2023. Some customers haven’t taken out their money yet, so the company still has their assets and wants to give them back. Bittrex Global, which is based in Liechtenstein, isn’t impacted by the bankruptcy.
Who Should Use Bittrex?
Bittrex stopped running a cryptocurrency exchange in the U.S. But people from other countries can still use Bittrex in some places outside the U.S.
Bittrex Fees
Bittrex, similar to other cryptocurrency exchanges, uses a fee system called the maker/taker model. When you place an order, you’re either a maker, adding to the exchange’s activity, or a taker, removing from it. Makers usually pay lower fees because their orders help boost activity on the exchange.
You can’t predict if placing an order will increase or decrease liquidity, so you won’t know if you’re paying a maker or a taker fee until the order is completed.
Bittrex gives discounts on fees for trading based on how much you’ve traded in the last 30 days. Basically, if you trade more, you’ll pay less in fees, but you need to trade a lot—tens of thousands of dollars’ worth of cryptocurrency each month—to get the discount.
| 30-Day Trading Volume (in USD) | Maker Fee | Taker Fee |
|---|---|---|
| $0 to $24,999.99 | 0.37% | 0.30% |
| $25,000 to $50,000 | 0.28% | 0.32% |
| $50,000 to $100,000 | 0.20% | 0.28% |
| $100,000 to $1,000,000 | 0.15% | 0.22% |
| $1,000,000 to $5,000,000 | 0.09% | 0.16% |
| $5,000,000 to $10,000,000 | 0.05% | 0.18% |
| $10,000,000 to $60,000,000 | 0.06% | 0.12% |
| $60,000,000 to $100,000,000 | 0.01% | 0.04% |
| $100,000,000 or more | 0.03% | 0.06% |
Bittrex Features
Beginners might find it really simple to buy cryptocurrency on Bittrex because of its Instant Buy and Sell feature. With Instant Buy and Sell, you can buy popular cryptocurrencies using your linked bank account, money in your account, or a debit card.
Before you buy, fees show up as a spread, not upfront. Using a debit card can make it even more expensive compared to using Bittrex directly.
Debit transactions have an extra 3% charge, along with any fees from your bank. So, it’s usually better for investors to use free ACH transfers to fund their accounts and to learn how to use a trading platform quickly. In January 2022, Bittrex got insurance for up to $300 million on its assets kept offline.
Security
Bittrex keeps most of its cryptocurrency safely offline in a method called cold storage to lower the chances of hackers stealing customer assets.
Additionally, Bittrex has extra security measures like two-factor authentication and whitelisting wallet and IP addresses. These measures make it harder for someone to pretend to be you on the platform or steal from your account by adding extra steps to log in and limiting where your coins can be accessed.
Cryptocurrencies on Bittrex
Bittrex has these top cryptocurrencies:
- Bitcoin (BTC)
- Dogecoin (DOGE)
- Ethereum (ETH)
- USD Coin (USDC)
Disclaimer: The information on this website isn’t meant to be taken as advice for investing money. Investing involves uncertainty, and there’s a chance you could lose your money when you invest.
