Bittrex is one of the largest crypto exchanges in the world, with more than €200 million in 24-hour trade volume.
With more than 700 markets and upwards of 260 listed coins, Bittrex delivers an unbeatable experience.
CryptoMeister is going to walk you through the world of Bittrex so that you’re comfy when you buy crypto at Bittrex!
Let’s go!
What is Bittrex?
Bittrex is one of the more regulatory compliant exchanges, carefully offering its services to selected jurisdictions.
It’s also one of the easiest exchanges to register at and use to buy crypto.
It’s one of the few exchanges that has never been hacked directly, only suffering user account hacks.
As a result, Bittrex has stepped up its security options in recent years.
This makes Bittrex not just one of the most popular crypto exchanges, but one of the most secure exchanges as well!
The complete guide to Bittrex
Bittrex is one of the oldest crypto exchanges in the world, having initially launched in 2014.
Since then, it has grown into one of the best and most reputable crypto exchanges.
So, whether you want to buy crypto at Bittrex, trade cryptocurrencies or cash out of the crypto world, we’ll help you.
CryptoMeister is going to walk you through the sign up, registration process and deposit features of Bittrex so you can become a Bittrex pro.
It’s super simple and easy, so don’t panic.
We’ve got your back!
But first, let’s take a look at Bittrex’s history.
The history of Bittrex
Bittrex was launched way back in 2014 by 3 cybersecurity engineers.
It originally focused on offering top quality crypto wallets and spot trading.
But, as time has gone on, its offering has increased, making it one of the most popular exchanges in the world.
Another core value of Bittrex is its dedication to security.
As a result, Bittrex has never formally been hacked.
This will help you sleep a bit better at night if you are forced to leave some funds on the exchange, but you should still avoid doing so.
Many people have had their Bittrex accounts hacked, but that’s down to poor personal security.
Over the years, Bittrex has sought to comply with regulations where possible and possesses multiple regulatory and compliance certificates.
As a result, you will need to pass verification before you can buy crypto at Bittrex.
So, shall we get on to creating your account and passing the verification procedures?
How to buy cryptocurrency at Bittrex?
Bittrex is one of the better exchanges in terms of regulation, licenses, and adherence to correct procedure.
Due to this, the verification process will change slightly based on where you’re located.
Your location could also impact which features you can access.
For example, crypto traders from Europe and the USA cannot trade with leverage at Bittrex.
You need to complete verification during the registration process, and there’s no way around it.
So, make sure you’ve got one of the following documents to hand when you create your Bittrex account:
- Driving license
- Passport
- ID Card
Bittrex uses Jumio to handle its KYC and onboarding process, which is a fantastic bit of kit.
It makes the process quick, easy, and smooth for you, and your data is stored securely.
There have been some concerns about 3rd party KYC tools, but Jumio has been safe so far.
You will need to take pictures during the verification process, so it’s advised that you create your Bittrex account from a mobile deice, or computer that has a camera.
Enough about that, let’s create a Bittrex account and get started!
Step-by-step guide to buy crypto at Bittrex
When you’re ready to buy crypto at Bittrex, you’ll need to head on over to the Bittrex website.
There is a mobile app that you can use, but for this test we used an iOS mobile device and the Bittrex website.
You can only deposit the following fiat currencies to your account:
- EUR
- USD
Do take note of this as you will incur a forex charge from your bank when using your card.
If you opt for a bank transfer, you will also incur an additional fee at your bank.
These fees will vary from bank to bank, so do check before if your account is not denominated in Euro or US Dollar.
The whole process to create your Bittrex account, verify it and deposit using a card will take around 15 minutes, depending on verification speeds.
Step 1 – registration
Now you’re armed with some spare time and the items you need to pass verification; we can commence the process.
First up, you’re going to want to head to the Bittrex website.
Once there, hit sign up and you’ll begin the process of creating your account.
Fill in your email address and select whether it’s a personal account or for a business.
If you’re just going to be trading for yourself, then personal account is the right choice.
Company accounts are designed for people that trade for multiple other people at the same time and require fund segregation and other advanced features.
You then need to fill in a password that’s at least 12 characters long with a special character and number.
You can use a password generator like LastPass or 1Password to help you with this.
You’ll need to agree to the terms of service, which you can choose to read or simply accept.
Obviously, we advise that you read them to ensure you don’t break any rules, but we won’t judge you if you don’t.
Once you hit send, you’ll have created your Bittrex account and be taken to the next step – verification!
Step 2 – verification
Verification is mandatory at Bittrex, so you get thrown directly into this when you’re creating your account.
So, first up on the verification process at Bittrex you’ll need to fill in your country of residence and address.
This will then be used to determine which products you can access and which other verification requirements you need to complete.
Answer these questions truthfully as otherwise you could find your account gets closed.
Next, you’ll need to select the type of ID that you’re going to submit from the list.
Take the pictures and a selfie and submit them.
If all is good, you should be approved within half an hour, but in our experience, it takes much less time.
Depending on where you’re located, you might get asked additional questions.
For example, we were asked about our income level and what industry we worked in.
We were also asked where the funds we will be using to trade come from.
Again, answer these questions truthfully as your account can be closed if Bittrex finds out that you lied here.
And that’s it.
You’ve now created your Bittrex account and got it verified.
Step 3 – Depositing and buying crypto
Now it’s time to fund your account and get you rolling.
Bittrex currently only supports Euro and US Dollar deposits, so you’ll need to send these currencies to your account.
If your bank isn’t denominated in one of these currencies, you’ll incur a bank charge, and this fee will vary depending on your bank.
To make a deposit, simply click on instant buy and sell, then pick the currency you wish to use for the deposit and the currency that you wish to buy.
You can then toggle between payment methods using the top menu.
You can opt to use your card to deposit or make a bank transfer.
If you pick card deposit, there will be a small feed involved, but this is fairly normal.
Bank transfers take up to 3 working days but are free to make.
You’ll be given a set of details to use and send your transaction to that specific bank account.
Fill in the details and hit send.
Congratulations, you’ve just funded your account and bought a cryptocurrency.
Sending cryptocurrency to your external wallet
Bittrex has never suffered a hack, but that doesn’t mean it’s a safe place to store your cryptocurrency.
In fact, a crypto exchange is the last place you should look to store cryptocurrency.
It’s fine to keep a bit of crypto on an exchange for trading, but it’s unwise for a long-term hold.
For that, you should always look to send it to your own crypto wallet.
Fortunately, Bittrex makes this incredibly simple.
To start with, you’ll want to make sure that you’ve got a wallet all set up and ready to go.
You can check out our guide to crypto wallets to find the best wallet for you.
Once you’ve got a wallet set up and ready to go, you can then click on Holdings in your Bittrex account.
Then, select the asset that you wish to withdraw and click on withdraw.
Then, fill in the fields, making sure to triple check the address field.
It takes 30 seconds to triple check the address and will save you pain and trouble if you made a mistake.
Once the withdrawal has been processed, you can’t get it back, so spend extra time to make sure you get the address correct.
Withdrawals take around 30 minutes to process, so depending on the blockchain you’re using, you should have your funds in your wallet in no time at all.
Buying cryptocurrency at Bittrex with a credit card
If you’re looking to buy cryptocurrency quickly, then you’ll want to buy it using your credit card.
Fortunately, Bittrex has an instant buy feature that allows you to use your credit card to instantly buy crypto.
To do this, simply click instant buy, pick the crypto that you wish to buy and the fiat currency that you want to use to pay.
Enter the amount and you’ll be given an estimated cost with a fee included for using your card.
If you’re happy with this, then you can hit next and it’ll ask you to pop in your card details, if you don’t have a card linked to your account.
Enter the details and hit purchase.
Congratulations, you just bought crypto with your card at Bittrex.
It’s worth noting that this feature isn’t really designed for big purchases.
The fees are fairly high, so if you’re going to run €10,000 through, not only will you max out your weekly spend limit on your card, but you’ll also lose a lot to fees.
If you want to make a large deposit to buy crypto, it’s best to use a bank transfer.
Which brings us on to option number 2.
Making a bank transfer at Bittrex
If you’re going to make large transfers and you don’t mind waiting a day or so, then you can opt for a bank transfer.
Bittrex gives you the option to make a bank transfer or a SEPA transfer, if your bank supports it.
To do this, simply go to fund your account from the Holdings page and pick bank transfer.
You’ll then be given a set of bank account details and a reference number.
Make sure you use the reference in the bank transfer notes so that the money is credited to your account correctly.
This process won’t incur any fees on the exchange end and will take around 3 working days to complete.
Banks can prevent purchases of cryptocurrency
There are lots of countries out there that have banking bans on crypto, which can be a problem if you’re looking to buy crypto.
If you live in a country with a banking ban on crypto, then you will have some trouble depositing at Bittrex.
On the other hand, there are just some banks out there that don’t really like crypto and will decline any transactions to crypto exchanges.
There are often workarounds, such as using a digital bank that allows customers from your country but is not based in a country with a banking ban on crypto.
So, bear this in mind when you’re going to buy crypto at Bittrex.
How to sell cryptocurrency at Bittrex?
If you’re ready to sell some cryptocurrency, you’ll be pleased to know that it’s quick and easy to sell crypto at Bittrex.
You’ll either have crypto already at Bittrex that you want to sell, or you’ll want to send it to Bittrex to sell.
Let’s start with the latter.
In order to deposit crypto at Bittrex, simply go to Holdings and then find the asset that you wish to deposit.
Once there, click on the deposit button next to the asset and you’ll see a QR code.
Scan the code or copy the address and send your crypto there.
Once it’s in your account, you can then start the selling process.
To sell crypto for fiat at Bittrex, simply find the asset in Holdings and open it up.
You’ll want to open up the currency market for the fiat you wish to withdraw.
Not all cryptos have a fiat pair, so you may need to trade twice in order to get fiat in your account.
Once you’re ready to sell, fill in the sell form with the amount you wish to sell, pick market order, and hit sell.
That’s it, you just sold your crypto for fiat at Bittrex.
If you want to withdraw the fiat, head back to holdings and pick withdraw to card or bank transfer from the menu on the right-hand side.
Bittrex has a breathtaking range
Bittrex is one of more regulatory compliant exchanges out there, and despite this, it still has an impressive range of trading pairs and currencies.
It has more than 700 markets consisting of more than 260 cryptocurrencies.
There are only a few exchanges out there with more, and they’re far less regulated.
There’s only really Binance that keeps up with Bittrex in terms of markets, but the regulation aspect is lacking at Binance.
So, Bittrex is the perfect balance of market range and regulatory requirements.
Why is Bittrex so popular?
As far as popularity goes, Bittrex is one of the most popular around.
It currently has more than €200 million in 24-hour trade volume.
This is an incredible amount, but it’s still got a long way to go before it catches up with the lies of Coinbase, Binance and Kraken.
Bittrex gets its popularity from the fact that it’s secure and has been around since 2014.
This age gives it a solid reputation.
It’s also a fairly easy exchange to use.
It’s a mid-rage type of crypto exchange.
Registration and buying crypto is easy, but you can also dive into in-depth markets with the click of a button.
It’s not as simple as Coinbase or Kraken, but it’s less complicated than KuCoin.
This makes it perfect for intermediate level crypto traders.
The good, bad, and ugly at Bittrex
Before you dive in and create an account at Bittrex, you might want to know the pros and cons.
But, at Bittrex theres not really too much in either direction.
It’s a solid, run of the mill intermediate crypto exchange.
There’s lots going for it but it doesn’t feel as if it really knows where I wants to go.
Does it want to cater to pro traders that are looking for a more advanced experience.
Perhaps it wants to focus on new crypto traders, giving them the confidence they need.
Bittrex caters to both types of traders, but it doesn’t go hard and fully commit.
Complex features spill over into the simpler aspects of the platform, while the lack of advanced trading features is frustrating as a pro trader.
So, our best advice and label for Bittrex is that it’s a fantastic intermediate crypto exchange.
If you’re looking for your next step in the crypto trading world after finding your feet, but you’re not ready for the pro exchanges, Bittrex is fantastic.
Obviously, if you’re looking for an intermediate crypto trading experience, Bittrex is a great choice.
It sits nicely in the middle of basic and pro, making it the logical next step in a beginner crypto trader’s journey.
Is Bittrex safe?
Bittrex has been around since 2014, which makes it one of the oldest exchanges around.
What’s more surprising is that it’s yet to be hacked, which is more than can be said for certain younger exchanges.
Bittrex also complies with a basket of regulations, protecting clients in certain jurisdictions from additional risk.
There are also bundles of security options that you can take advantage of to secure your account.
The only hacks that have occurred at Bittrex over the years are because of users having poor security.
Your crypto is only as secure as your weakest security point, and this is where a lot of people go wrong.
So, is Bittrex safe?
Yes, it is.
But, that doesn’t mean that you should store crypto at Bittrex for longer than necessary,
Remember, not your keys, not your crypto!
Two-factor authentication
Virtually all exchanges offer you the option to enable 2-factor authentication (2FA).
This is where you use a device or application to enter a randomly generated code in order to verify your identity.
This is an extra security step that you should put on all of your accounts.
Bittrex supports 2FA, but doesn’t make it mandatory – that’s down to you.
To enable 2FA, you can head to Account then in settings you can go to 2FA.
Your best bet is to use an app like Google Authenticator or Authy as these are far more secure than SMS 2FA.
In fact, a Bittrex user got sim swapped and had more than $1 million taken from his account.
To set this up, just download a 2FA app and scan the QR code that Bittrex shows you.
The 2 will then be linked and your account will be secured with 2FA.
Withdrawal Whitelist
Another great security feature that’s heavily underused is withdrawal whitelist.
Let’s say your account gets compromised, a hacker could add their bank details to your account and withdraw.
But, if you have 2FA enabled, you can create a whitelist of bank accounts that you approve of.
This list cannot be changed without passing a few steps of verification.
So, by setting a withdrawal whitelist, you can hand pick the accounts that you can withdraw to.
Device Manager
Taking your security to the next level is a feature called device manager.
This is similar to Google’s device manager in the sense that it shows you where you’re currently logged in from.
You can then log out of devices remotely or select to log out of all accounts.
This is a great way to keep tabs on where your account has been accessed from and by which device.
So, if you see a device that you don’t recognize, you can remotely log out from it.
It’s a great feature if you used a shared computer and can’t remember if you logged out or not.
IP whitelist
Finally, we come to IP whitelisting.
This is arguably the most overkill security feature on offer at Bittrex, and it could cause some problems.
This feature allows you to set IP addresses that are allowed to access your account.
It’s not recommended to fiddle with this if you don’t know what you’re doing.
That’s because your internet service provider (ISP) will give you a dynamic IP by default.
Every so often, your IP address lease will renew, and you’ll have a new IP address.
So, if you’re using IP whitelisting and your IP renews, you won’t be able to access your account.
You can often pay a little more to your ISP and get a static IP, which would allow this feature to work.
But, then you run into all sorts of other issues and complications with network security.
However, that’s out of scope and not something that the average person will need to worry about or deal with.
What we’re trying to say is that while IP whitelisting is a great way to stop your account being accessed from a strange network, if you don’t know what you’re doing then it can be a big mess.
For most people, IP whitelisting isn’t recommended or needed.
If you’re heavily into your cybersecurity, then it’s a feature you’ll be comfortable using and know how to use it.
Do you pay fees at Bittrex?
When you trade at Bittrex you will have to pay some fees.
As far as fees go, Bittrex sits in the middle of the pack.
Bittrex’s fees are neither high or low, which is both good and bad.
You can get discounts up to 100% by trading more money.
But, to get free trades you need to be trading $100 million or more every 30 days, which is a little out of the question for beginners to crypto trading.
For $1 to $5,000 of 30-day trade volume, you’re looking at 0.75% for maker and taker fees.
That’s charged per turn, meaning that you’ll pay 0.75% when you buy and again when you sell.
So do the math before you opt to take profits as you will have to wait a little longer to cover the fees.
Network fees apply when you withdraw, but these depend on the network that you’re using and the transaction fees at the time.
Can you trade with leverage at Bittrex?
If you are looking to leverage trade, then you could be left a little disappointed at Bittrex, depending on where you live.
At the moment, Bittrex does offer leverage trading, but only to customers residing outside of Europe and the USA.
This is down to the fact that it adheres to some regulations.
Users from these 2 regions simply cannot see any leverage trading options, so there’s no workaround.
Given that you have to give your location and provide ID documents from it in order to create your account, there doesn’t appear to be any work arounds.
For those that live anywhere else in the world, you can take advantage of Bittrex’s leveraged token trading.
This is pretty much the same as leverage trading, but it’s capped at 3x.
Instead of taking out a loan, you’re buying a contract for difference of the token involved.
If you are a leverage trader, this likely isn’t a good option for you.
But, if you’re looking to dabble in leverage trading, it’s a decent way to get your feet wet and practice your strategy.
Buy crypto on your mobile
If you’re always on the go and want access to your crypto portfolio anywhere in the world, you’ll want to get the Bittrex mobile app.
The Bittrex mobile app is available on both Android and iOS, allowing you to buy crypto from your mobile.
The mobile app is a sleek and simplified version of the website, but with all the same trading features.
It’s a better experience than using the website on your mobile, plus you can opt to login using Face ID or whatever biometric ID your Android device supports.
So, if you’re looking to buy crypto on your mobile, the Bittrex mobile app is pretty solid.
Bittrex customer support
We all get stuck from time to time and it’s nice to know that there’s someone to fall back on.
The best crypto exchanges all have customer support channels, and Bittrex is no exception to the rule.
There’s an AI chat bot that will do its best to guide you to an FAQ article, but sometimes it doesn’t quite cut it.
So, if you find the bot doesn’t help, you can create a support ticket.
You can expect a reply to your ticket within 12 hours, but it’s generally a lot faster than that.
The replies we got when testing were accurate and to the point.
The answers felt like the support agent knew their stuff and wanted to help, which is a nice change.
There’s no live chat or phone number, so you will have to wait for your ticket to get answered.
Is Bittrex legal?
Bittrex has been around since 2014 and is well aware of all the rules and regulations out there.
As a result, it’s applied for licenses and certificates in a few jurisdictions.
In other regions, it simply revokes certain features and asks for more KYC documents.
So, while Bittrex is not fully regulated, it’s one of the more compliant exchanges out there.
As we said, it’s been around since 2014 so you can rest assured knowing that any funds you’re temporarily storing on the exchange will be fairly safe.
Unless you use false information in the verification process, you shouldn’t face any trouble or issues.
Are profits from Bittrex taxed?
If you’re fortunate enough to have made some profit from trading crypto, the you could be required to pay some taxes.
Most countries apply tax to crypto profits in the same way they do capital gains.
On the other hand, if you’re trading full time and it’s your main source of income, you’ll pay at income tax rates.
A few countries have crypto tax laws in place that will set out specific tax schedules for your country.
You can learn all about crypto tax with our guide to crypto tax!
Bittrex is a great mid-range crypto exchange
If you’re looking for a solid crypto exchange that bridges the gap between beginners and pro crypto trading, then Bittrex is for you.
It’s a unique blend of simplicity and advanced features that comes together nicely.
The lack of serious leverage trading does make the pro platform weaker, as well as the lack of ability to stake from the exchange.
There are other exchanges around that allow you to do that and are still compliant with regulations.
Hopefully we’ll see Bittrex continue to grow and evolve, adding in these features.
If you are looking for something mid-range, then Bittrex is a solid option that won’t let you down.
If you’re security conscious, Bittrex has just about every security feature that you could dream of.
FAQ
What currencies can I use at Bittrex?
Currently you can only deposit EUR and USD at Bittrex, but there are more than 260 cryptocurrencies available for use.
Is Bittrex available in my country?
Bittrex is available in most countries, however you may face restrictions depending on your location.
For example, European and American customers cannot access the leverage trading experience.
Will Bittrex list more currencies?
Bittrex already lists a lot of cryptocurrencies, and this list continues to grow on a weekly basis.
So yes, we can expect Bittrex to continue adding more cryptos to its platform.