Best Cryptocurrency Exchange

Bittrex Review 2022 | Bankrate

Bittrex Review 2022 | Bankrate
Written by publisher team

Bittrex offers a solid choice for traders who focus exclusively on cryptocurrencies. The sharply deteriorating commission structure should be attractive to clients who can bring in some serious volume, and clients will have more than 100 cryptocurrencies to invest in – one of the largest selections out there. Bittrex even offers staking rewards, albeit only on a single coin, although that may not deter high-volume traders who are here to make a trade. Despite some of the pluses, customers shouldn’t expect much customer support with its limited options.

Traders who need a wide range of cryptocurrencies should take a peek at Coinbase, Crypto.com or Kraken. For those who just need the most popular cryptocurrencies while trading traditional securities, Robinhood and TradeStation are well worth a look.

best for

  • Crypto Traders Only
  • high-volume merchants
  • Wide range of cryptocurrencies

About Bittrex

Minimum balance: Nobody
tradable securities: 101 Cryptocurrency
Trade cost:
  • Commissions start from 0.35 percent
  • Debit card fee 3 percent
Customer service: Self-help, support tickets and live chat
Mobile Application: Bittrex mobile app is available on the Apple App Store and Google Play Store

Pros: Where Bittrex stands out

Committees

Bittrex’s commission schedule is relatively straightforward and structured similar to the competitors. Like many other companies, Bittrex has a maker commission structure that gives some preference to those who create liquidity in the market (makers) over those who reduce it (takers). It also offers discounts for those who bring a lot of trading volume to the cryptocurrency exchange.

Here’s the commission structure as well as the 30-day volume required to reach each pricing level:

Less than $25,000 0.35 percent 0.35 percent
$25,000 – $50,000 0.25 percent 0.30 percent
$50,000 – $100,000 0.15 percent 0.25 percent
100,000 – 1 million dollars 0.10 percent 0.20 percent
$1 Million – $5 Million 0.06% 0.16%
$5 Million – $10 Million 0.05 percent 0.15 percent
$10 Million – $60 Million 0.02 percent 0.10 percent
$60 Million – $100 Million 0 percent 0.08 percent
$100 million and above 0 percent 0.05 percent

Your commission is your price multiplied by your trade value. For example, if you bought $10,000 of cryptocurrencies and had no previous trading volume for 30 days, you would pay $35 at the factory or trader price. Now suppose you already have $30,000 in volume and place another order of $10,000: the manufacturer will pay $25 for this transaction, and the recipient will pay $30.

Volume-based pricing is attractive, especially if you regularly do large volumes. However, other players including Binance.US offer better rates at lower volume levels.

Bittrex also charges a more reasonable fee for debit card transactions, 3%, when some competitors easily reach the 4.5% level.

Other fees

Bittrex is also good regarding other fees. It does not charge any deposit or withdrawal fees for USD, nor does it charge any fees for cryptocurrency deposits. However, it charges fees for withdrawing cryptocurrency to cover network transmission fees. Bittrex displays these fees publicly, so you’ll know what to expect before you get to the center of the decision.

Choosing a cryptocurrency

Bittrex offers 101 different cryptocurrencies – one of the largest crypto buffets out there – and like many competitors, they are adding new ones all the time. You’ll get the most popular options like Bitcoin and Ethereum, but you’ll also get the other best options like up-and-comer Cardano as well as a memecoin like Dogecoin. And that’s on top of dozens of altcoins as well.

While 100+ options are certainly plenty, Bittrex doesn’t offer all of the most popular cryptocurrencies, at least not yet. So the size of the selection doesn’t matter, if Bittrex doesn’t offer the coin you’re looking for. Conversely, if the buffet already serves your favourites, the larger buffet does not add much to your experience.

This range compares favorably with many traditional brokerages that offer only four to seven cryptocurrencies, and only the most popular. For example, Interactive Brokers and Robinhood offer trading only a handful of cryptocurrencies.

Cons: Where Bittrex could improve

Limited staking options

Bittrex offers staking rewards, but they are limited to one cryptocurrency – Cardano – at the moment. Staking allows cryptocurrency holders to subtract their holdings and participate in rewards that go back to those who validate transactions in cryptocurrency and thus back them. As of January 2022, Bittrex is offering 5.5% bonuses on Cardano.

With only one cryptocurrency available in staking options, they are slim choices. Those looking for more diversity can turn to Binance.US, which offers staking rewards on seven cryptocurrencies, as of the last count.

Customer Support

Bittrex’s customer support is a little better than most other areas. This is not to say that it is a good thing, just that it is somewhat above the level of support that many cryptocurrency traders accept. As with many other cryptocurrency exchanges, customers can search for answers on self-help pages and get support tickets, where you send an email and then wait for a representative to respond. However, Bittrex outperforms the competition with its live chat functionality.

However, compared to the world of traditional online stockbrokers, where you can often get a helpful and knowledgeable person on the phone to answer this difficult question in less than a minute, Bittrex’s support options leave something to be desired.

minimum

Bittrex does a few things well, especially if you reach your target demographic:

  • A wide selection of the best cryptocurrencies and many of the lesser known ones give traders plenty of options.
  • Volume discounts should be attractive to those who can increase volume, but you really have to trade outrageous amounts to cut your commissions dramatically.
  • Those looking for more staking options may head elsewhere, although Cardano’s only offering is one of the most popular cryptocurrencies.

Active investors should also compare Coinbase Pro and Binance.US, although the latter is not available in all US states. Those who want to trade major cryptocurrencies as a sideline to trading stocks, ETFs, and other traditional products can take a look at Robinhood and Webul. Additionally, tastyworks and TradeStation may also prove to be attractively priced options.

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publisher team