Bittrex Review (Jul 2022): Why We Don’t Like It

June 13, 2022
Reviews

Bittrex is a cryptocurrency exchange that was founded in 2014 and is based in Seattle. It has many features that both beginners and experienced crypto traders will find useful, such as an Instant Buy & Sell and multiple supported order types, but the fact that it’s unregulated, its trading fees are high, and the fact that it doesn’t support CAD as a fiat currency doesn’t allow me to recommend it as a top crypto exchange option for Canadians to use.

Instead, I recommend CoinSmart, Bitbuy or Newton, since they all offer more features and charge lower fees than Bittrex. For the best possible crypto trading experience, you can’t go wrong with any of these three platforms.

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Trusted by 400,000+ Canadians.

What Is Bittrex?

Bittrex is a cryptocurrency exchange that was founded in 2014 and is currently based in the United States, specifically in Seattle. Originally, the exchange only offered crypto-to-crypto trading, but recently, the platform has added support for fiat currencies as well, which means that you can now deposit fiat to buy the trading pairs that the exchange offers.

Currently, the platform offers support for more than 150 different crypto tokens. Additionally, it has plenty of features that both beginner and experienced crypto investors will find useful, such as support for multiple advanced order types and an Instant Buy & Sell feature.

To start off this Bittrex review, let’s take a deeper look at Bittrex’s pros, cons and features.

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    I bought my first cryptocurrency (Bitcoin) in 2013, bought Ethereum in 2017, and have held active accounts with at least 5 exchanges since 2018.
  • Unbiased
    All of my selections are supported by multiple data points, including crypto thought leaders, security experts, and TrustPilot reviews.
  • Deep Research
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Bittrex Pros & Cons

Bittrex Pros

  • A wide array of supported cryptocurrencies (150+).
  • Support for multiple advanced order types.
  • Convenient Instant Buy & Sell feature.
  • Has a well-designed and highly-rated mobile app.
  • Supported globally.
  • Supports crypto staking.
  • Low deposit and withdrawal fees.

Bittrex Cons

  • Has considerably high trading fees (0.75% for makers and takers on their lowest tier).
  • Limited fiat-to-crypto options.
  • Can be a complicated platform to use.
  • Unregulated crypto exchange.
  • CAD isn’t a fiat currency supported by the exchange.

Bittrex Features

1. Bittrex Desktop Platform

Bittrex tries to fit both the beginner and experienced crypto investor demographics, but it’s mostly the seasoned traders that will find the most value in the exchange’s desktop platform. Beginners do have the option to use the Instant Buy And Sell platform, which will allow you to conveniently buy and sell the exchange’s supported tokens in as little as a few clicks.

As for its more advanced features, users will be granted access to real-time charting of Bittrex’s available markets, as well as a wide array of supported order types, such as limit orders, market orders, ceiling orders, stop orders, stop-limit orders, trailing stop/stop-limit orders, ladder limit orders, Good-Til-Cancelled orders, Fill-Or-Kill orders, Immediate-Or-Cancel orders, One Cancels the Other orders, and post only orders.

Additionally, crypto-to-crypto trades are possible, which is a welcome addition considering how many exchanges don’t allow you to trade some coins for others. However, it’s worth pointing out that their trading fees are considerably high, reaching about 0.75% for both makers and takers on the exchange’s lowest tier. Ouch…

2. Bittrex Mobile App

Bittrex also has a slick and well-designed mobile app that will allow you to buy, sell, and trade the exchange’s supported cryptocurrencies on the go. However, keep in mind that not all of the desktop advanced order types are supported in this mobile app: the order types supported here are limit orders, market orders, stop-limit orders, Good-Til-Cancelled orders, Fill-Or-Kill orders, and One Cancels the Other (OCO) orders.

The mobile app is also pretty highly-rated, and you can expect to see 4.5 out of 5 stars based on 240 reviews on the Google Play Store and 4.6 out of 5 stars based on 3,000 reviews on the Apple Store respectively, indicating a healthy amount of user satisfaction with the app.

3. Bittrex Security Features

In terms of security, Bittrex is somewhat mixed. This is because it’s an unregulated crypto exchange: for instance, it’s not a Money Services Business (MSB) with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), nor is it a registered firm with the Ontario Securities Commission (OSC), both of which are key organizations in ensuring long-term investor protection and fraudulent activity prevention within the crypto ecosystem.

However, the exchange does have insurance on its assets, and its policy will cover up to $300 million in assets in case of external theft and internal collusion. Additionally, the exchange allows users to set up 2-factor authentication (2FA), but it can be disabled, meaning that the effectiveness of this extra layer of security depends entirely on the user.

Bittrex has also completed a robust security audit known as the SOC 2 Type 2 examination, and they also keep around 90% of their assets in cold storage, outside the reach of hackers. Its lack of regulation is scary, but the platform does take security very seriously, so I have to give credit where credit is due.

4. Bittrex Customer Support

Bittrex offers a pretty extensive Help Center that should answer nearly every common inquiry you could have with the platform. You can also reach the platform’s Customer Support team through a variety of different channels, such as ticket submission and live chat. However, the exchange doesn’t offer phone or email support, which is very weird.

  • Phone: Not Available
  • Email: Not Available
  • Live chat: Available

Bittrex also has a considerable social media platform, and you’ll be able to reach them through channels such as Telegram, Twitter, Medium, LinkedIn, and Facebook. However, keep in mind that the customer support that you’ll receive here might be quite limited.

5. Bittrex’s “Discover” Section

Bittrex also has its own blog, which can be seen on the desktop platform as the Discover section in the top right corner. It is filled with thorough articles that cover the platform’s latest news, such as whenever they add a new crypto token, as well as reports on whenever the platform undergoes maintenance.

This is a pretty handy feature to have, as some crypto exchanges don’t let you know whenever there’s a widespread site exchange, or don’t even tell you whenever a new asset has been added to the supported cryptocurrency list.

Cryptocurrencies On Bittrex

Currently, the exchange supports 157 different cryptocurrencies, which is great. Some of the most popular cryptocurrencies supported here would be Bitcoin (BTC), Ethereum (ETH), Dogecoin (DOGE), Cardano (ADA), Litecoin (LTC), Terra (LUNA), Decentraland (MANA), Tether (USDT), XRP (XRP), and Stellar Lumens (XLM).

Bittrex Fees

Trading Fees

Bittrex has a tiered fee structure that lowers your trading fees depending on your 30-day trading volume. Its fee schedule looks like this:

30-Day Trading Volume (USD)Maker FeeTaker Fee
$0 – $5,0000.75%0.75%
$5,000 – $10,0000.50%0.50%
$10,000 – $25,0000.35%0.35%
$25,000 – $100,0000.20%0.25%
$100,000 – $1,000,0000.12%0.18%
$1,000,000 – $10,000,0000.05%0.15%
$10,000,000 – $60,000,0000.02%0.10%
$60,000,000 – $100,000,0000.00%0.08%
$100,000,000 or more0.00%0.05%

Although these fees can be lowered quite a bit with your daily trading volume, the fees on the lowest tier are pretty high, and they’ll certainly eat into your investment returns. The exchange also has no deposit or withdrawal fees, but this hardly mitigates the fee rates that you’ll incur when trading.

3 Exchanges I Recommend Over Bittrex

Bittrex isn’t a bad exchange, but it’s also not the best in Canada: the fact that it’s unregulated, its trading fees are high, and the fact that it doesn’t support CAD as a fiat currency doesn’t allow me to recommend it as a top crypto exchange option for Canadians to use.

That’s why I recommend any of these three exchanges over Bittrex:

  1. Bitbuy: With trading fees as low as 0.1%, tight spreads, and a well-rated mobile app, Bitbuy is my go-to exchange for making large purchases due to its extremely low fees. Get your $50 signup bonus with Bitbuy here.
  2. CoinSmart: With trading fees of just 0.2%, quick deposits and withdrawals, and best-in-class customer support, there’s no questioning why CoinSmart is one of the most popular exchanges in Canada. Get your $50 signup bonus with CoinSmart here.
  3. VirgoCX: With support for more than 50 cryptocurrencies, instant account verification, and a beautiful website and app, I recently signed up with VirgoCX and have been pleasantly surprised every step of the way. Get your $$30 signup bonus with VirgoCX here.

Here’s a quick summary of these three exchanges:

Best Overall

Trading fees: 0.1% – 0.2%
Security: 99% cold storage
Signup bonus: $50

Serving over 400,000 Canadians

★★★★★

Rated 4.9/5

Low Fees

Trading fees: 0.2%
Security: 95% cold storage
Signup bonus: $50

$50 bonus ending soon.

★★★★★

Rated 4.8/5

Best For Altcoins

Spreads: ~0.5%
Security: 95% cold storage
Signup bonus: $30

Low spreads, great platform.

★★★★

Rated 4.5/5

How To Withdraw From Bittrex

To withdraw crypto from Bittrex, follow these steps:

  • Log in to your Bittrex account and click Holdings on the bottom menu bar.
  • Click the Withdraw button and locate the currency you wish to withdraw in the search bar.
  • Enter the wallet address and amount you want to withdraw.
  • Make sure the address you enter was created for the coin you are withdrawing.

In Summary

Bittrex is a cryptocurrency exchange that was founded in 2014 and is based in Seattle. It has many features that both beginners and experienced crypto traders will find useful, such as an Instant Buy & Sell and multiple supported order types, but the fact that it’s unregulated, its trading fees are high, and the fact that it doesn’t support CAD as a fiat currency doesn’t allow me to recommend it as a top crypto exchange option for Canadians to use.

Instead, I recommend CoinSmart, Bitbuy or Newton, since they all offer more features and charge lower fees than Bittrex. For the best possible crypto trading experience, you can’t go wrong with any of these three platforms.

CLAIM MY $50 BONUS
Trusted by 400,000+ Canadians.

Bittrex FAQs

Is Bittrex Safe & Secure?

Yes, trading with Bittrex is completely safe and secure. It allows users to set up 2-factor authentication (2FA), it has completed a robust security audit known as the SOC 2 Type 2 examination, and they also keep around 90% of its assets in cold storage.

Is Bittrex Legit?

Yes, Bittrex is legit for several reasons: it has been around since 2014, it has completed a robust security audit known as the SOC 2 Type 2 examination, and they also keep around 90% of its assets in cold storage.

Is Bittrex Legal In Canada?

Yes, Bittrex operates legally in Canada. However, it’s worth keeping in mind that it’s not a registered Money Services Business (MSB) with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), and it’s also not a registered firm in Ontario Securities Commission (OSC).

Is Bittrex Trustworthy?

Yes, Bittrex is a trustworthy exchange for several reasons: it has been around since 2014, it has completed a robust security audit known as the SOC 2 Type 2 examination, and it has an insurance policy of around $300 million.

Does Bittrex Verify Accounts Instantly?

Yes, Bittrex does verify some accounts instantly, though if your account needs to go through the manual verification process for some reason, these are the documents you’ll need to provide:

  • Front/back of a government-issued ID.
  • Selfie photo.

Is Bittrex Good For Canadians?

Bittrex is a decent exchange for Canadians, though if you’re looking for the best overall trading experience, I recommend using CoinSmart, Bitbuy or Newton instead. Each of them offers quite a bit more than Bittrex, and I’m confident you’ll have a better experience with them.

How Well Is Bittrex Reviewed On Reddit?

Reddit’s review of Bittrex is uncertain: some Redditors have good things to say, while others don’t. Of course, Redditors are known for their brutally honest opinions, so take what they say with a grain of salt.

Can I Buy Dogecoin With Bittrex?

Yes, you can buy Dogecoin with Bittrex. If you want to buy Dogecoin with lower fees, though, I suggest using CoinSmart, Bitbuy or Newton instead.

Is Bittrex Insured?

Yes, Bittrex’s crypto holdings are insured: its policy will cover up to $300 million in assets in case of external theft and internal collusion.

Bittrex Referral Code

You don’t need a referral code to get your signup bonus with Bittrex. Simply sign up using our signup bonus link and then deposit $100 or more into your account.

Does Bittrex report to the CRA?

No. This is because Bittrex is not a registered Money Services Business (MSB) with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), so you’ll have to report any crypto income that you make with the platform yourself.

The Best Crypto Exchanges In Canada

Best Overall

Trading fees: 0.1%
Security: 99% cold storage
Signup bonus: $50

Serving over 400,000 Canadians

★★★★★

Rated 4.9/5

$50 Signup Bonus

Trading fees: 0.2%
Security: 95% cold storage
Signup bonus: $50

Trusted by 200,000+ Canadians.

★★★★★

Rated 4.8/5

Best For Altcoins

Spreads: ~0.5%
Security: 95% cold storage
Signup bonus: $30

Low spreads, great platform.

★★★★

Rated 4.5/5