Bittrex is a US-based Cryptocurrency Exchange, popular for its unmatched security and unparalleled User Interface. In a cryptocurrency Exchange, a properly secured framework is very important. Bittrex has formed a platform that is not only secured but also lightning fast. And, it is constantly adding new and known features on its platform. For Example, Bittrex now gives the option to buy the tokens on up to 3x leverage to its users. Margin trading is something they did not have earlier.
Bittrex Fees and Charges
Like most other cryptocurrency exchanges, Bittrex also follows a system in which traders who can bring the maximum liquidity get to save most on their trading fees. The fee chart below will help prove that:
As is clearly visible through the image above, the traders who trade less than 10K USD in a month are charged up to 0.75%-0.50%. Which is way above the industry average of 0.25%. So, we can conclude Bittrex is more suitable for people who would be trading with a good sum of money in a month.
Deposit fees
Bittrex Global does not charge any fees for the deposits made by its users. Although, there are a few tokens/coins that need the users’ funds transferred to another address. During the transitions, the coin networks may charge some normal transaction fee, which cannot be avoided by Bittrex.
Withdrawal fees
There is a small fee that Bittrex charges from its users for withdrawals. The fee is included in the network fee charged by the tokens/coins. The payment system is transparent, as it clearly shows how much is charged by the token networks and Bittrex as withdrawal charges.
Bittrex Payment Methods
You need to deposit funds into your Bittrex Account to make payments for coins/tokens.
In order to deposit coins to Bittrex Global please follow these steps:
- Click on Holdings in the upper right-hand corner of the site.
- Search for the wallet you are going to deposit to and click Deposit under the Actions column.
- To deposit, copy your wallet address. If you do not have a wallet address, click Generate new wallet address.
- Make sure to read the coin’s deposit instructions carefully:
- Some coins and tokens have a minimum deposit amount specific to that coin. For example, ETH requires a minimum deposit of 0.05. If you send a deposit smaller than the minimum, you will need to send another deposit. The two deposits need to meet the minimum to be executed. (This is one of the drawbacks of Bittrex, as you cannot transfer lesser amounts of some specific tokens/coins into your accounts)
- Some coins will require a message/payment/tag/memo in order to route the coins to your account. If this is not attached, you could risk losing your funds.
You can now send your coins to this address. Please make sure that you only send the same type of coins to this address. This means if you generated a BTC address you deposit BTC to it and not another coin. If you deposit a different coin than what the address was generated for you risk losing these coins permanently.
PROS AND CONS
|
Pros |
Cons |
| It’s a cutting-edge trading platform that makes it easier and faster. | It is not regulated under US Security Laws. |
| Easy and free deposits of a wide variety of tokens/coins. | The leverage provided for trading is just 3x. Many Exchanges provide much higher leverages. |
| Bittrex uses multiple security features for the safety of its users’ deposits. | Slower response from the customer support team, as suggested by the reviews. |
| Very little Trading fee for high transacting users.
(Over $100K/per month) |
Very high Trading Fee for users who don’t trade more than $25K per month. |
Conclusion
Overall, Bittrex is a really good cryptocurrency exchange. Although, it has a few drawbacks like not-so-good customer support system, minimum deposit limit, etc. But one of the most important and much-needed things in a cryptocurrency exchange is the safety of capital and security of the account. Bittrex has successfully served its users without being a victim of any kind of hacks or losses of coins through scams on its platform.
The developer team of Bittrex is very active as they constantly work on adding new features to the platform. The new UI features brought by Bittrex with coordination with “Trading View” will help many of its users. And now they provide leverage on the platform too, which will help attract more traders to its platform. It sure is worth a try for new users who are looking for Cryptocurrency Exchanges to open a new account.