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*Note: Beatrix recently filed for bankruptcy in Delaware a few months after being sued by the Securities and Exchange Commission (SEC) on allegations that the platform was operating an illegal securities exchange, broker, and clearing house in the U.S. Bittrex is believed to have more than 100,000 creditors, with an estimated range of $500 million to $1 billion worth of liabilities and assets.
Is Bittrex Right for You?
Cryptocurrency exchanges are platforms for investors to buy and sell digital assets like bitcoin, ethereum, and dogecoin. The best cryptocurrency exchanges provide low fees, margin trading, staking rewards, and institutional services. And although Bittrex isn’t on Insider’s top picks for crypto exchanges, still offers many of these assets.
Bittrex is a blockchain crypto platform offering trading, digital wallet services, advanced account security, and more. Its counterpart, Bittrex Global, specializes in international trading services.
Some of the platform’s other features include instant buy/sell orders, multi-stage wallet storage, and automated trading. The company was founded in 2014 by Bill Shihara, Richie Lai, and Rami Kawach.
Not sure if Bittrex is right for you? Keep reading to see how it stacks up against other crypto platforms.
How Does Bittrex Compare?
Kraken offers lower fees and a wider variety of assets and account features. It allows trading for more than 50 cryptocurrencies, with account options like margin trading, over-the-counter (OTC) trading, and futures (futures are contracts that give you the right to buy or sell a security at a certain price on an upcoming date) trading.
With Binance.US, you can also trade more than 50 assets, but you won’t have access to margin or futures trading. However, Bittrex offers more than 100 coins.
If Bittrex seems like it could still be a good fit, keep reading to see how it works.
Ways to Invest with Bittrex
You can trade bitcoin, ethereum, tether, dogecoin, and a variety of other assets at Bittrex. And as for account security, the platform says it uses a multi-stage wallet strategy (plus two-factor authentication) to make sure all users’ funds are securely stored.
Bittrex has a maker/taker fee (maker fees are for orders that can’t be executed immediately since there aren’t matching orders; taker fees apply to orders that are immediately marketable) schedule that charges you less as you spend more over a 30-day period.
For instance, you’ll pay both a 0.35% maker fee and a 0.35% taker fee if you have a 30-day trading volume of less than $25,000. If you were to trade $100 million, you’d have a 0% maker fee and a 0.05% taker fee.
When it comes to deposits, Bittrex doesn’t charge you, but each cryptocurrency has a minimum deposit amount. And as for withdrawals, Bittrex says it charges a small fee to cover each coin’s network transfer fees.
If you’re more of a passive investor, though, Bittrex also offers an API that lets you programmatically execute trading and transactions. Learn more here.
Bittrex offers corporate accounts for high-frequency trading firms, hedge funds, proprietary trading firms, market makers, crypto exchanges, and other institutional clients.
The platform says account perks include no withdrawal limits, quicker deposits, fiat trading, API integration, priority support, and more.
You can sign up for a corporate account here.
Insider’s Featured Crypto Apps
Is Bittrex Trustworthy?
The Better Business Bureau has given Bittrex an NR (“No rating”) since the business is currently responding to previously closed complaints. Note that BBB ratings usually range from A+ to F and reflect the bureau’s opinion of how the company interacts with its customers.
However, the BBB has issued a pattern of complaint alert for Bittrex. It holds that, on December 12, 2017, it noticed a pattern of complaints where traders either alleged they weren’t able to access their accounts, or mentioned that money disappeared from their Bittrex wallets.
The bureau says it also found that many consumers claimed Bittrex was unresponsive to complaints. The company has closed 180 complaints in the last 12 months, according to BBB data.
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