Bittrex Experience 2021 - Serious Broker or Pure Scam?
The big Bittrex test. What does the crypto exchange offer, how high are the fees and is the service secure? You can find the answers in the Bittrex review.
Bittrex has made a name for itself as a crypto exchange and is characterised by a very large selection of cryptocurrencies. More than 200 cryptocurrencies can be traded on the exchange. In the test, we will go into our Bittrex experiences and other important information.
This includes information about the Bittrex fees, whether it is actually a reputable and secure provider, which Bittrex alternative is recommended and all other important questions.
However, before we start with our detailed Bittrex review, we would like to note that although Bittrex is convincing in many aspects, our current test winner in the crypto exchange comparison is eToro.
The key data for Bittrex
Las Vegas, USA
Cryptos + USD
variable (e.g. 0.01 ETH)
0.25% trading fee
What is Bittrex - The history of the crypto exchange
Bittrex was founded in 2014 by Bill Shihara, Richie Lai, Rami Kawach and Ryan Hentz. The company is based in Seattle, Washington.
The team has more than 50 years of experience in security and development for companies such as Microsoft, Amazon, Qualys and Blackberry.
Coincheck, a Japanese crypto exchange, was hacked in January 2018. It lost 530 million of its Coinsh. In South Korea, another exchange called Youbit had to stop trading after hackers stole 17% of its currency.
It can be very risky to put your money into crypto exchanges. This is where Bittrex comes in.
Bittrex believes that for cryptocurrencies to reach their full global potential, people need to be able to trust them.
Security is key for Bittrex. The founders of Bittrex understood this early on when they saw other platforms being hacked. They decided to use their skills to build a platform that investors could trust.
Bittrex Test: Advantages and disadvantages
Let's start with the advantages. Bittrex fees compare favourably with other providers and Exchange has a fair pricing model.
Bittrex accepts the euro as well as other FIAT currencies as a means of payment. Also, with a selection of over 250 cryptocurrencies, Bittrex proves to be one of the best exchanges on the market.
However, Bittrex only targets the English-speaking world and so their services are only available in English.
In 3 steps to the Bittrex login
Our Bittrex test showed that it is very easy to trade Bitcoin and other cryptocurrencies at Bittrex. In just a few minutes, you can open a trading account and complete the Bittrex login. After that, you can immediately buy cryptocurrencies with the deposited funds.
However, the whole registration process is done in English, as the platform is unfortunately. Since the Bittrex registration process is almost self-explanatory, there should be no problems here. I
In the following, we explain the Bittrex registration step by step.
Step 1: Register your account
The registration process is similar to other crypto exchanges.
At the beginning you have to choose if you want to use Bittrex private (Personal) or business (Corporate).
Then you have to enter your email address and a password. Optionally, you can specify who recommended you.
Then click on the button "Create Account" to create the account.
Within a few seconds you should receive a confirmation e-mail. Click on the link in this mail to confirm your e-mail address. You will then be taken to the next page to enter your personal details.
There you will enter your personal data. After you have filled in all the information, simply click on "Continue" to proceed to the next step.
Step 2: Verification
Bitrex Verify After you have successfully confirmed your email and entered your personal details, a verification is required.
Verification helps prevent money laundering and is required due to the Know-Your-Customer (KYC) regulation. This allows Bittrex to operate as a regulated exchange.
In this regard, it should be said that in general Bittrex customers generally enjoy great anonymity. However, it should be noted that completely anonymous trading is not possible, as the broker must comply with the applicable money laundering laws and basic personal data of the user is entered as part of the registration process.
You can choose between two different user accounts. On the one hand, there is the basic account, with which one can withdraw up to 3 Bitcoin as soon as one has completed the two-factor authentication (2 FA).
If you do not complete this authentication, the payout is limited to 1 bitcoin. In order to verify oneself, it is necessary to provide one's name, address and date of birth.
The extended user account allows a daily payout of up to 100 Bitcoin. For this, the 2 FA must be completed.
For the extended user account, you must upload a copy of the front and back of your photo ID. In addition, certain ID details must be entered manually.
To complete the verification, you still need to provide proof of residence (e.g. through an electricity bill), which you use to confirm your address.
The verification of the data by the should normally take no more than 24 to 48 hours.
Step 3: Deposit at Bittrex
After the verification process is complete, you can start depositing money into your account to trade cryptocurrency.
You can choose to deposit bitcoin or other cryptocurrencies directly. It is also possible to generate additional deposit addresses. To do this, simply click on the icon with the "+". To make a withdrawal, click on the "-".
After you have deposited your cryptocurrencies or normal money, you can start trading.
Our Bittrex experience shows that it can take one to three days for your money to be credited to Bittrex. Unfortunately, this is a little longer than with many competitors.
Registering, buying and also withdrawing cryptocurrency is very easy at Bittrex and should be done in a few minutes. Only our test winner eToro is even easier.
Bittrex Review - The Offer
Bittrex Offer OverviewWhen choosing a crypto exchange such as Bittrex, investors should pay particular attention to the range of
cryptocurrencies as well as the level of fees and costs and the user-friendliness of the platform. These are therefore also the most important evaluation criteria in our Bittrex test.
As already mentioned, the Bittrex Exchange was founded in 2013 by former Microsoft employees.
The provider has a portfolio of over 250 coins, which includes not only various majors but also many unknown coins, as our Bittrex test shows.
Experienced traders will like this offer. Those who are new to crypto trading may feel a little overwhelmed at the beginning.
The platform is web-based and does not require a software download, which is a positive factor in the Bittrex rating.
The Bittrex cryptocurrencies
When looking for an exchange platform for cryptocurrencies, the offer naturally plays a very large role.
This is where Bittrex proves to be one of the strongest providers. Bittrex Neo, Bittrex Ripple, Bittrex Strat, Bittrex XRP, Bittrex Bitcoin Gold, Bittrex BTC and many more!
Over 250 different cryptocurrencies can be found here. Here is a small excerpt of the available coins:
The cryptocurrencies can be traded with EUR and USD and partly with each other. BTC can of course be traded with any other coin.
CFD or direct trading with Bittrex?
Users can buy and sell cryptos at Bittrex International. The exchange offers its customers its own wallet. Unfortunately, there are also fraudsters in this business, and cryptocurrencies have also been stolen from exchanges. If you don't want to risk anything, it's best not to buy real coins and only opt for crypto CFDs.
Bittrex is uncomplicated in this respect and crypto CFDs can be bought without an extra wallet. In contrast to direct trading with coins, CFDs are pure speculative transactions where traders speculate on the performance and do not own any real coins. This offers a high degree of flexibility, because in the event of a negative price trend, the trader can simply focus on another currency.
Bittrex fees: How much does it cost to trade?
As with all crypto exchanges, Bittrex is funded by charging fees, particularly transaction fees, which are incurred with each purchase or sale of cryptocurrencies.
Bittrex transaction fees
The pricing model of the Bittrex broker is very simple and clearly structured, as our Bittrex test shows.
Traders are always charged a fixed commission for the creation of orders. The fact that an order fee is incurred is also the rule with other crypto exchanges and generally with trading in financial instruments.
It is clearly communicated on the platform that a basic fee of 0.20 per cent of the order amount is incurred, which covers all costs. There is no need to fear hidden costs. Bittrex fraud can therefore be ruled out.
For example, if you process a transaction for 10,000 euros, Bittrex charges 20 euros. Calculated in cryptocurrency, this would be a fee of 0.1 bitcoins for a purchase of 40 bitcoins.
Unlike many crypto exchanges, there is no sliding scale according to transaction size. However, there are discounts for large investors who transfer large sums of cryptocurrencies. However, their own monthly volume must be more than €50,000. From a monthly volume of €50,000 and more, the fee is reduced to 0.18%. For volumes of more than €1,000,000, the fee is reduced to 0.15%.
Up to € 50,000
€ 50,000 +
€ 1,000,000 +
Other Bittrex fees
Bittrex charges a withdrawal fee. This Bittrex fee covers the network fee that the provider has to pay for transactions of various cryptocurrencies. The minimum amount for withdrawals is $10.
Other fees common to exchanges for account creation, account maintenance or inactivity do not apply at Bittrex.
Payment methods at Bittrex
Bittrex unfortunately only supports a limited number of deposit methods. The provider mainly supports deposits via cryptocurrencies. Although it is also possible to deposit fiat currencies such as euros or USD, your own account must first be whitelisted (released) for this.
This means that only when you have gone through a complete verification process and then also authenticated your account for fiat currency, will you have access to the option of depositing via fiat currency.
As a safety tip, we also advise you to only deposit as much money as you actively need to trade. Coins that you do not want to actively trade with should best be stored on a private wallet and not left on the Bittrex account.
This is the best way to protect yourself from outside access, even though the majority of Bittrex crypto assets are in cold wallets that are not connected to the internet.
Here is an overview of the payment methods at Bittrex:
Credit card (after additional verification)
Instant bank transfer
By the way: Our test winner eToro offers a pleasant Bittrex alternative to direct crypto trading and allows you to top up funds as part of CFD trading with various user-friendly payment service providers, including via PayPal and eWallets such as Skrill and Neteller.
Account options with Bittrex
With the Bittrex app, clients can use different accounts. There is
- The basic account
- The extended account
Traders can withdraw a maximum of three bitcoins from the basic account after 2-factor authentication. Without authentication, only a withdrawal of a single bitcoin is possible. For verification, traders must provide their name, address and date of birth. Bittrex checks the personal data with public reports. In this case, trading is only anonymous to a limited extent.
In our test, however, it also worked with a fictitious address. This allows anonymous trading of up to three Bitcoins per day.
The extended account allows withdrawals of a maximum of 100 Bitcoins per day if 2-factor authentication is activated. For this, the trader must provide proof of identity via passport or ID. The verification is done by an external service provider and can take a few days.
Is there a Bittrex Wallet?
After you have bought a cryptocurrency, you need to be able to access it. The codes to access cryptocurrencies are stored in wallets.
Wallets can be online, where they are called hot storage. Or offline, where they are called cold storage.
Note: A wallet has public and private keys. You can give your public key to anyone and they can send you cryptocurrency. Your private keys should not be shown to anyone! Think of it as an email account. The public key is your address and the private key is your password.
But is Bittrex now its own wallet? The answer is sort of, but not really.
As you've already learned in our Bittrex review, Bittrex is a crypto exchange that can (but shouldn't!) be used as a wallet. Bittrex uses storage for both hot and cold wallets.
You should never hold all your cryptocurrency online. A combination of hot and cold storage is best. It is also better to keep hot and cold storage outside of Bittrex, so you minimise the risk of taking damage from a hacker attack.
User-friendliness at Bittrex
Trading novices can also benefit from the explanations of the cryptos. Unfortunately, as with many crypto exchanges, the explanations are only in English.
Nevertheless, the platform clearly scores with its clarity. The functions are easy to find and several filters for viewing the prices as well as the search function in the FAQ area make the trader's work easier.
Is there a Bittrex App
Bittrex offers both a web-based mobile platform and a smartphone app for iOS and Android. Both are very easy to use and clearly laid out.
The trend towards mobile crypto trading is on the rise. More and more traders prefer the mobile offers of the brokers to the desktop version. The Bittrex broker has also taken note of this development.
As a trader, you have two options to use the Bittrex functions on the move. First, the Bittrex website including trading software is available as a mobile web version. In this case, you do not need to download a Bittrex app in order to trade cryptocurrencies on the go with your smartphone or tablet.
To access the mobile offering, you navigate to the Bittrex Exchange website in your browser and can start trading within a few moments.
According to the Bittrex experience, the mobile Bittrex app has no disadvantages compared to the desktop version, which is a positive factor in this Bittrex review.
As a second option, Bittrex offers a fully-fledged app for Android and iOS. The Bittrex review shows that the Bittrex app proves to be very practical and enables great Bittrex experiences, as you remain flexible with the application and are not tied to your desktop at home, but can also trade crypto on the go.
The eToro app offers easy access to buying and selling 16 cryptocurrencies, with new coins being added all the time. Either real cryptocurrencies can be bought and securely deposited in the eToro Wallet (mobile wallet), or users can use the crypto CFDs preferred for crypto trading.
Bittrex Rating: Licence and Security
If you want to invest in cryptocurrencies and are looking for the right provider, you should only turn to the most experienced brokers on the market who operate with a valid licence.
However, there are so many different crypto providers that it is easy to lose track of who is really a high-quality provider.
We have thoroughly examined the Bittrex Exchange with regard to its reliability and can assure you that the provider operates in a secure manner.
This is indicated by the official licence from the USA, which guarantees that Bittrex is subject to regular controls by the competent authorities.
All transactions are monitored and, if necessary, the platform is regulated. In view of this, Bittrex fraud can definitely be ruled out. The Bittrex Exchange also employs all the usual security standards and works with 2-factor authentication, which only allows the owner of the user account to access it.
In addition, SSL encryption is used, which protects sensitive user data from unauthorised access by third parties and hacker attacks.
In our Bittrex test, we noticed that Bittrex takes the issue of security very seriously. Hardly any other crypto exchange has implemented such high security measures. Our Bittrex test showed that Bittrex protects its customers and their deposits through numerous measures.
However, no exchange can promise 100 per cent security. There is always a certain residual risk when storing cryptocurrency.
But if you don't want to bother with additional security measures and fear for your coins, you should pay a visit to our test winner and Bittrex alternative eToro.
The crypto CFD provider simplifies the crypto trading process through social trading, which benefits inexperienced traders in particular.
eToro enables traders to share in the success of other successful traders by copying their portfolios and strategies. In addition, eToro offers various training opportunities.
You do not have to worry about safekeeping of your coins when trading CFDs, as you do not own the coins directly.
Bittrex API Key
The API key and the secret key can be used for authentication. These are character strings that only the customer and Bittrex know.
Google also uses the API key to identify users and protect accounts.
API stands for "Application Programming Interface". These interfaces give access to tools and programmes and are linked to them. Bittrex also uses this API key to offer its customers the greatest possible protection.
Creation of the key
An API key is necessary for everyone who wants to use the JTR bot.
To create the API key, log in to the Bittrex account and click on the settings ("Settings"), then on "2-factor authentication". After the QR code display, the trader can download and install the "Google Authenticator" from the Google Play Store or Apple Store. In the mobile application, one then scans the QR code and enters the displayed code (6 digits) on the Bittrex website.
In the meantime, the trader should have received an email, which can also be in the junk folder. You can then confirm by clicking on "Verify" - a button that is in this email. There you enter the six-digit code again and click on "enable two-factor authentication." That's it! The two-factor authentication (API key) is now active.
Bittrex Review: Customer service & support
All beginnings are difficult, - even with the user-friendly Bittrex Exchange, questions can arise from time to time. Whether on topics such as payment conditions, trading platform, fees and much more.
A quality broker is characterised by a competent customer service that can be reached quickly with questions and problems and provides help and advice.
Unfortunately, the Bittrex support can only be reached by e-mail, other contact options are not offered.
Whereas with other brokers you can count on quick feedback by phone or live chat, you unfortunately have to cut back on Bittrex support.
As our Bittrex experience shows, you often have to wait a few hours for a response by email. Assistance is only available in English.
One downer: Bittrex offers an extensive help section that reliably answers all general questions. Those who need quick answers should first take a look at the FAQ section, which in many cases offers an alternative to email contact.
Overall, Bittrex's customer service is rather disappointing - many competitors have dedicated customer support that can also be contacted via live chat or phone.
Is Bittrex a scam?
This question can be answered very quickly and easily. No, Bittrex is in no way a scam.
Bittrex is a trusted site that is regulated by the US and has been active in the cryptocurrency market for several years.
You can therefore buy or sell coins via Bittrex without having to worry about being ripped off by the provider.
We can say with certainty: Bittrex is not a scam.
Reviews of Bittrex on the internet
The Bittrex experience was positive for many users. On finanzfluss.de, the platform is rated with an average of 3.8 out of 5 stars. Let's start with two negative reviews and end with one positive one:
An anonymous user wrote on finanzfluss.de on 22.2.21:
Unfortunately, I have also not received any explanation as to why my account is blocked and what I could do."
Julian Holländer, who wrote a review on 29/04/2020, also doesn't leave a good hair on Bittrex:
"Signing up with Bittrex was anything but easy. A photo with a valid photo ID and the provision of countless data are part of the crypto exchange's security procedure. No wonder, given the countless attacks and negative headlines. After a good hour, I could finally start trading and buy my first cryptos with Tether (a stablecoin). Here, too, unexpected problems revealed themselves to me.
If you want to work with the stop-loss option in uncertain times, you should bring time with you at Bittrex. Compared to other exchanges, Bittrex has some catching up to do in this area. The normal purchase of cryptos, on the other hand, went smoothly. Bittrex has a huge offer. As an altcoin investor, I really appreciate this fact. Whether it's NEO, Cardano or Tron. There are over 100 different cryptocurrencies on Bittrex, clear plus.
I would only recommend trading on Bittrex to a limited extent. In my opinion, there are better exchanges for beginners. However, the large offer convinces me!"
Simon, on the other hand, who wrote a review on 17.6.2020, was satisfied with Bittrex:
"I have been registered with Bittrex for over 3 years now, it is one of the biggest and also oldest exchanges in this area. The registration and basic verification went without any major problems and quite quickly. With the two-factor authentication, you are also super secure and the login still works quickly.
What I find great about the exchange is the large selection of altcoins; in total, there are over 200 pairs to trade. As far as I know, this is one of the biggest offers next to other exchanges like Binance. You can pay with FIATs like US dollars as well as with cryptocurrencies like BTC, the trading volume is very high and you can therefore sell your coins or buy new ones at any time without liquidity bottlenecks. At least this has not happened to me so far.
The fees for trading are ok at 0.25% per trade, but there are even better offers on the market. You can use the exchange either via the website or now also via the Bittrex app. Both work very well, but it is perhaps a little confusing for inexperienced users.
I also use Bittrex for trading, the chart tools are very nicely designed and the orders are executed quickly. I last had contact with the customer service because I could not make a withdrawal. They were able to help me quickly with the problem. For all those who are looking for an exchange with a large offer and already know something about it, Bittrex is highly recommended."
The opinions on the Bittrex login are therefore different. In any case, we can confirm that this is a reputable platform with competent Bittrex support.
Bittrex experience - our conclusion
Bittrex is an established provider on the crypto market and allows trading with hundreds of different cryptocurrencies.
The Bittrex review shows that the broker takes the security of its customers very seriously. 2-factor authentication and SSL encryption guarantee that users' sensitive data is protected from third-party access. So you don't have to fear Bittrex fraud at all.
Bittrex scores with a wide selection of cryptocurrencies, which is also available via a mobile Bittrex app, so that every investor type can find the right offer.
Bittrex is an innovative platform and offers both well-known cryptocurrencies and unknown coins.
We have to make concessions in the Bittrex rating due to the limited deposit options. Payments by credit card are only possible after cumbersome approval. Bank transfer, Neteller and PayPal are not possible at all.
Unfortunately, there is no demo account that can be used to test out the Bittrex crypto exchange without obligation and free of charge. Traders have to bet their own capital directly. So those who are new to the trading world should analyse the prices carefully and get a precise overview of the markets offered. For traders with little experience, it is recommended to fall back on a Bittrex alternative.
We can recommend our test winner eToro at this point, as this crypto provider offers its users a demo account to gain experience. It also offers the possibility to make deposits with fiat currencies. Among other things, PayPal is available as a payment method, which makes using the platform particularly attractive.
Recommended alternative to Bittrex: eToro
This is a renowned provider for crypto CFDs and enables investors to trade with crypto without actually having to own the coins. Instead, you only speculate on the price trend of the cryptocurrency. Consequently, you do not need an additional wallet.
Low fees for a total of 16 popular cryptocurrencies are just some of the advantages at eToro.
Here you can buy Bitcoin at excellent conditions and low fees.
You can also trade CFDs on stocks, forex, ETFS, indices and commodities.
Bittrex is a regulated crypto exchange based in the United States. The exchange was one of the first regulated crypto exchanges and offers trading in over 250 leading cryptocurrencies.
There is no minimum deposit at Bittrex. This means that trading can also be started with very small sums. How much money you invest ultimately depends on your own financial situation and risk tolerance.
Bittrex is a secure crypto exchange that has been operating successfully on the crypto market for several years. Bittrex is based in the USA and is regulated there.
After registering with Bittrex, you have to confirm your email address and then verify your account. After that, the proof of identity and address is carried out. A scan of the passport or identity card as well as the utility bill with residential address has to be submitted.
Yes. However, this is somewhat cumbersome. Depositing fiat currency such as euros is only possible after prior verification. Once this is successfully completed, you can buy Bitcoin with euros.
Bittrex offers trading in over 250 different cryptocurrencies. These include: Bittrex Neo, Bittrex Ripple, Bittrex Strat, Bittrex XRP, Bittrex Bitcoin Gold, Bittrex Verge and many more.