Bittrex is a fairly experienced provider for trading Bitcoins and other cryptocurrencies. The platform is based in the United States and is even officially licensed there by the responsible authorities. This in turn means that users from the USA can also trade here. According to our Bittrex experience, the focus of the provider is primarily on diversity, which can be seen in the more than 200 tradable coins. In our test report below, we now want to find out whether the individual quality isn't falling a bit by the wayside here.
|⭐Rating| ||55||4.0 / 5.0|
|🐂 Cryptocurrencies||195 cryptocurrencies like Etherium and much more.|
|📈 Fees||0.25 %|
|⚖️Top Bitcoin Exchange|
Right at the beginning of the article we want to address the issue of security. This is probably the most important criterion when choosing a platform for Bitcoin exchanges, because secure trading can only be guaranteed with a reputable provider. There have already been one or two horror reports in recent years, but Bittrex was not affected by this. On the contrary: The provider can show an official license from the United States and thus impressively proves that it is a reputable provider. And that is by no means the only argument for this, as our test report will show later.
Our experience at a glance
According to our Bittrex experience, the main figurehead of the platform is the big one Diversity in the portfolio. In addition to Bitcoin, there are more than 200 other coins in the portfolio, so that unknown minor coins are traded in addition to various majors. Experienced traders in particular should enjoy this, newcomers will probably concentrate on the "big ones" anyway. The provider trades on a web-based platform that does not require any additional software to be used. Nevertheless, the bottom line is that trading is very easy, more details will follow later. It is important to note when viewing the website and executing the trade that the entire language cannot be switched to Canadian. This is not a point of criticism, but this aspect should at least be known.
|Address:||6077 S .ft. Apache Road, Suite 100, Las Vegas, NV, USA|
Looking at the seriousness and According to our Bittrex experience, the provider leaves no questions unanswered and can present itself as a reliable platform. Should questions or ambiguities arise, customer support can also be used. In addition, an FAQ area and many other features such as an order book are available for trading. So even newcomers should be able to settle in here and start trading without major teething problems.
Bittrex Check: Scam or legitimate?
It is of utmost importance that a platform for Bitcoin exchanges are first examined with regard to their seriousness before use. In the case of Bittrex, this is a very positive matter, because there are several points in favor of the provider working securely. For example, an official license from the USA can be presented, which proves that the provider is subject to the control of the local authorities. Every single transaction is monitored and the platform is regulated if necessary. No question: Bittrex fraud can definitely be ruled out given these circumstances.
In addition, we can mention that all the usual security standards are used at Bittrex. In detail, this means that a two-key authentication is used, without which access to one's own account is not possible. At the same time, the provider also uses SSL encryption, with which the provider protects all sensitive information of its users. In this respect, there is no danger from any side and every user can trade on the platform with complete peace of mind.
Overview of Bittrex's offering
At first glance, it's the immense variety in the portfolio that Bittrex wants to convince its traders with. This also works, because the enormous number of coins means that numerous currency pairs can be traded via the platform. There is no need to download any special trading software. Bittrex makes the entire portfolio available in a web version, which can be used directly in the browser. Nevertheless, there are of course fees and other things to consider when it comes to trading.
The list of available coins on Bittrex's offer is long. Bitcoin is of course the flagship here, but it has long had prominent company through Ethereu, Dash, Dogecoin, Litecoin, Zcash, Monero and other coins. It is important to note that the deposits into the trading account can actually only be made with the respective wallets of the currencies.
Deposits with classic Fiat currencies are not accepted. In the worst case, this means: Before making a deposit at Bittrex, your own Fiat currencies must first be exchanged at another exchange. However, trading with limit and market orders is extremely easy with the provider and can also be carried out with the help of a one-click order. Apart from that, Bittrex provides a video in which the standard orders are explained in detail. According to our experience, margin trading is not yet possible, but the provider says it is working on this and other options. When entering the trade, it is important to note the minimum, which is set up per coin for the amount and also the volume.
With regard to the fees, Bittrex has opted for an easily understandable one way decided. Here the fees are not determined on the basis of volumes or values, but are calculated as a flat rate. The fee rate is always 0.25 percent. Compared to the competition, this value is quite decent, even if some providers have lower fees. Nonetheless, this fee schedule is very decent and clear. Every user can immediately calculate for himself which fees have to be planned and can therefore also immediately understand how high his return will be.
Deposits and withdrawals
For deposits on According to our Bittrex experience, only the wallets of the various coins can currently be used in the trading account. After all: For all tradable coins, the appropriate wallets are also available in the payment area. Deposits with currencies such as the euro or US dollar are not possible. In case of doubt, this means for some users that they first have to exchange their fiat currencies for coins before the deposit can be made into the trading account. Of course, the deposited amounts are credited immediately, there is no risk of fraud or the like.
|Payment methods at Bittrex|
|Account management possible in:||200+ coins|| |198|
If users want to make a withdrawal from their account, the well-known wallets for deposits can be used again. Of course, the BTC can only be paid out to one BTC wallet. Just like, for example, the LTC only on an LTC wallet. Anyone who disregards this risks losing their stock permanently. It is also important that the payout can be secured with two-factor authentication. Anyone who decides on this point enjoys a significantly higher level of security. However, this additional key also means entering another code, without which the payouts are otherwise not carried out. However, there are no problems or errors with the payouts, so that the amount generated should be found in your own wallet after a short time.
Security and regulation
Bittrex is based in the USA and is one of the few exchanges that is also allowed to provide its services in the United States. The provider has an official license for this, which is accompanied by intensive control by the US authorities. Every user can therefore rely on the law-abiding work of the service provider and rule out Bittrex fraud at any time.
In addition, the provider uses two-factor authentication, with which certain functions such as paying out are doubly secured. A small shortcoming in this case, however, is the fact that this additional protection must first be set and is not "inherently" available. Nevertheless, the provider does not have to be reproached with regard to security, especially since all user data is protected with SSL encryption. There is therefore no danger when trading via Bittrex.
A live The provider does not provide chat or a telephone hotline for talking to customer support. The strongest alternative is an e-mail address to which customers can send their questions or suggestions at any time. It takes a few hours for an answer, and at the same time the answer is always only given in English. But if you know at least a little bit of the language, you shouldn't have any problems here. By the way: If you prefer to do things a bit more traditionally, you can contact the provider by post. The address can be found directly on the website. Another very interesting approach is support via Facebook, Twitter or Slack, where, in the best case, you can expect a much faster response than with e-mail.
Customer support is rounded off by a generous help center, in which the provider devotes itself to many different areas of its platform. Although only English words can be found here, the general questions of the users are answered reliably and, above all, quickly. The FAQ area can definitely serve as a quick alternative to talking to support.
Anyone who calls up the provider's website for the first time will certainly be impressed by the graphic design . An enormously modern design is shown here, which attractively bundles the most important information about the provider. Instead of text deserts, only small paragraphs can be found here, but of course you can also go into detail about the individual areas.
Despite the good design, not every user wants to and can trade permanently at home in the living room. This is exactly why a mobile alternative called the Bittrex App is available. However, it is immediately noticeable that this is not a downloadable app, but a web version. In detail, this means that no additional software needs to be loaded onto the smartphone or tablet in order to trade. Instead, users simply call up the provider's website and can start trading within a few moments. According to our Bittrex experience, there are no major disadvantages, so we can certainly speak of a real alternative.
Conclusion: The variety at Bittrex is huge
All Bitcoin Exchanges try to draw attention to themselves as much as possible in the highly competitive industry. Bittrex relies above all on diversity and presents all users with an outstandingly large selection of coins. This will only be relevant to a limited extent for newcomers, but experienced traders are probably rubbing their hands now. Despite the enormous variety, according to our Bittrex experience, the provider has managed very well to maintain an overview on the website. Thanks to many graphics and short texts, reading is easy, at the same time the menu items are all clearly visible on the upper right edge of the screen. Nothing to complain about, just a tiny bit of room for improvement here and there. However, this is the case with most providers, which is why we can give a clear recommendation for Bittrex overall.