Bittrex Review UK 2022 – Features, Fees, Pros & Cons Revealed
Bitcoin recently hit an all-time high of $60,000 and an ever-increasing number of people are interested in trading digital currencies. Bittrex is a cryptocurrency exchange that enables you to buy digital currencies like Bitcoin and Ethereum and provides an advanced trading platform for profiting from the crypto market.
In our Bittrex review UK for 2022, we’ll explain everything you need to know what Bittrex is, what it offers, how much it charges for trading, and more.
What is Bittrex?
Bittrex started out as a crypto-to-crypto exchange, meaning that you had to own cryptocurrency before joining Bittrex in order to use the platform. However, in 2021, the platform introduced the ability to buy cryptocurrency with fiat — traditional money like EUR and USD. Thanks to that change, Bittrex is a good option for first-time crypto traders who are looking to buy their first digital coins.
Bittrex offers a wide variety of both crypto and fiat currencies, and the platform prides itself on providing fast and secure trading. The Bittrex trading platform is highly advanced, making it particularly well-liked among experienced cryptocurrency traders.
Of course, the process of buying and selling cryptocurrencies with Bittrex is simple enough, To buy Bitcoin, simply click a button and the coin will appear in your account instantly.
According to Bittrex’s website, the platform currently offers trading on over 250 popular cryptocurrencies, including the biggest ones like Bitcoin, Ethereum, Tether, Cardano, NEM, TrueUSD, Crypto.com Coin, Enjin, XRP, TRON, and many others.
The exchange also carries more than 700 trading pairs, which allow you to speculate on the price of one cryptocurrency relative to a fiat currency or one cryptocurrency relative to another. That offers more opportunities to speculate on price changes in the currency and crypto markets without relying solely on the US dollar.
Bittrex offers some of the lowest trading fees of any crypto exchange in the UK. Commissions start at just 0.50% per trade when you buy and sell, regardless of what coin or trading pair you’re trading.
Fees are based on your 30-day trading volume. So, the more you trade over the course of a month, the lower your trading fees drop.
Bittrex does not charge any fees for deposits. However, if you’re depositing cryptocurrencies to the exchange, you will need to pay a transaction fee for using the coin’s blockchain network. These fees are not set by Bittrex (in fact, Bittrex doesn’t even get a cut of the money) and they vary according to which specific cryptocurrency you deposit.
Bittrex does charge a small withdrawal fee, which varies according to the type of cryptocurrency you’re withdrawing. Bittrex is transparent about these fees when you go to make a withdrawal.
Bittrex Buying Limits
Another thing to note is that Bittrex does have certain limits when it comes to buying, trading, and even depositing coins. In fact, the exchange has a minimum deposit required that varies from coin to coin.
For example, the minimum amount of ETH that you can deposit is 0.05 ETH, while the minimum amount of Polkadot (DOT) is 1.5.
Next, Bittrex also has limits when it comes to trading. The platform currently restricts orders to 1,000 open orders and 500,000 total orders per day. The minimum trade size varies by coin (for Bitcoin, you must trade at least 0.0005 BTC, or around £20).
Bittrex has an integrated wallet where you can deposit your coins. You can set up your wallet as soon as you have completed setting up your account. Just find the Wallets tab in your account dashboard and then click the “+” button to see your wallet address. You can then enter use this address when buying or selling cryptocurrencies on the exchange.
One thing to note about the Bittrex wallet is that Bittrex controls your private key. This means that, while you have ownership over funds in the wallet, Bittrex does have access to it. This simplifies the process of trading with the exchange, but it is not be as secure as other crypto wallets in which you are the only one who knows your private key.
Other than that, the wallet is very user-friendly and secure and Bittrex itself is responsible for its safety. The platform uses cold storage for the majority of the funds it holds, which reduces the likelihood that funds can be stolen.
Bittrex Mobile App
Like most major cryptocurrency exchanges, Bittrex has its own mobile app for Android and iOS devices. The app allows you to trade on the go seamlessly and provides nearly all of the same tools as the Bittrex web app.
The Bittrex mobile app has strong security features and is highly flexible. We found that the menu is easy to navigate, which speeds up the pace of trading. The charting tools are also fairly easy to use and modify with your finger, allowing you to make trading decisions on the go.
The app also provides access to your digital wallet so that you can manage your digital assets seamlessly. All in all, the Bittrex app is convenient, user-friendly, secure, fast, and accessible everywhere you go.
Bittrex User Experience
Highlighting the experience of the Bittrex platform is a major part of our Bittrex review for 2022. On the whole, we were impressed with how easy the platform is to use.
Bittrex is easy to navigate, which makes it easy to find the coins you want to trade. In addition, the coin offering are organised into categories like All Markets, Favorites, BTC pairs, ETH pairs, EUR pairs, USD pairs, and USDT pairs. There’s also a category for tokenized stocks for those interested in stock trading via crypto and another category called Recently Added that features new additions to the platform. Of course, there is also a search function that lets you find a specific trading pair that might not be included in any of these categories.
Bittrex has an Instant Buy & Sell option, where all you need to do is choose a coin you wish to buy, and the coin or currency you wish to use to fund your purchase. Then you just enter the amount you want to buy and execute your trade.
Bittrex Tools and Features
Bittrex has a variety of features and tools that can help traders navigate the markets. It integrates with TradingView, which is one of the biggest crypto price tracking websites available today. TradingView gives you access to hundreds of technical indicators and drawing tools, and the service even allows you to create custom indicators for advanced analysis.
We also liked Bittrex’s market navigation panel, which makes it easy to locate the coins and trading pairs that you want to trade. The platform gives you access to the Bittrex order book, as well as trade history, open orders, and closed orders. So, you can easily monitor changes in buying and selling activity in the crypto market in real-time.
Bittrex offers market orders, limit orders, and stop-loss orders, which we’d expect from any quality crypto exchange. The platform also supports more advanced order types including stop-limit orders, ladder limit orders, immediate-or-cancel orders, and good-til-canceled orders.
Until recently, Bittrex only accepted cryptocurrencies from an existing crypto wallet for payment. However, you can now make purchases on the exchange with fiat currencies.
Unfortunately, there is not a large variety of fiat deposit options available. You can use a debit card (Visa only), bank transfer, or wire transfer. Bittrex does not accept credit cards, Mastercard debit cards, or e-wallets like Neteller, Skrill, or PayPal at this time.
Bittrex Minimum Deposit
One nice thing about Bittrex is that it requires a very low minimum deposit. You can start trading with just $50 (about £35).
Bittrex Regulation & Licensing
Bittrex is a cryptocurrency exchange based in the US. That makes regulation somewhat complicated, as each US state has its own rules and guidelines on top of federal rules.
Because of this, Bittrex itself is not regulated under US securities laws. Instead, it has a full Class F Digital Assets Business Act license to operate its platform under the supervision of the Bermuda Monetary Authority. In addition, the exchange operates under the regulations established by the Maltese government and the EU.
Bittrex itself was created to service US users. Non-US users only have access to Bittrex Global, which is an international version of Bittrex.
Despite it not being regulated, Bittrex can still serve customers in most US states and allows them to withdraw and deposit USD. There are some states that do not allow the use of USD with Bittrex. Users in these states can obtain USDT, BTC, ETH, or some other crypto elsewhere, and then deposit the coins to Bittrex.
Bittrex Contact and Customer Service
If you need to contact Bittrex for any customer support issues, you must log in to your Bittrex account and file a support ticket. You can also contact customer support via Bittrex’s Telegram channel or via Twitter, Facebook, LinkedIn, or Medium.
With that said, it is also worth noting that there are many users who are not exactly pleased with the way Bittrex handles complaints. Many have described customer service as ‘terrible,’ claiming that the exchange took weeks to respond to their issue and even longer to resolve it. The exchange has issued apologies for taking so long to fix problems, often blaming verification issues or some other technical difficulty.
How to use Bittrex?
Bittrex is easy to use and you can get started in just 4 steps:
Step 1: Sign up
To sign up for a new Bittrex account, enter your email address and password.
Next, you need to add details such as your country of residence, city or town, address, and your birth date.
After that, you will have to upload photos of your government-issued ID (front and back) plus a selfie, to confirm that you are the person on the ID. The verification process takes about 5-10 minutes.
You will also need to add some extra details about your employment status, annual individual income, and describe the source of funds used for buying and trading virtual assets.
Step 2: Download Bittrex App (optional)
Before you go any further, you may want to download the Bittrex app for your mobile device. Note that this isn’t necessary in order to use the exchange’s web version. If you are not someone who enjoys trading on the go, you can simply go to Bittrex’s website and trade there.
The download process starts by clicking the ‘Install’ button, and installation is completely automatic. After that, simply log in with your login credentials, and you are good to go.
Step 3: Deposit Funds
After you have completed your registration and verification, you will see a message that reads “Identity verified! Let’s buy some crypto.” After that, the site will offer a handful of coins that you can buy. But, before you do so, you will first have to deposit the funds that you will use for purchasing cryptocurrencies.
Simply click on ‘Fund your account’ and you will be taken to a new page — Holdings > Balances.
A window will pop up allowing you to select a fiat currency that you wish to deposit. You can currently only choose between EUR and USD at this time.
Step 4: Buy/Sell/Trade cryptocurrency
Finally, the last step is to buy, sell, or trade crypto or tokenized shares. The easiest way to buy is to select the Instant Buy & Sell option and enter the coin that you wish to purchase. Then select the amount you wish to spend, as well as the currency.
For example, if you want to buy BTC, you can fund your purchase with USD, EUR, or USDT.
Click ‘Next, Review Purchase.’ Once you make sure that everything is in order, you can execute your trade to buy your first coin with Bittrex.