Bittrex stands as one of the largest US-based cryptocurrency exchanges, launched in 2014 in Seattle, WA. Known for its extensive selection of digital assets, rapid trade execution, and robust security measures, Bittrex caters to both US and global traders.
Key Features:
- 450+ cryptocurrencies available for trading.
- $100M+ daily trading volume (as of Q4 2021).
- Regulatory compliance: Mandatory KYC verification for all users.
- Accessible in 40+ US states (excludes NY, NV, and others).
Bittrex History and Background
Founded by three former Amazon cybersecurity engineers—Bill Shihara (CEO), Richie Lai (CIO), and Rami Kawach (CTO)—Bittrex emphasizes security and scalability. Despite a rejected 2019 Bitlicense application in New York, Bittrex expanded internationally with Bittrex Global (based in Liechtenstein), separating US and global liquidity pools while maintaining shared infrastructure.
Mission:
Advance blockchain innovation through technology incubation and regulatory-compliant trading solutions.
Target Users:
- Beginners: Simple buy/sell interface with diverse coin options.
- Spot traders: No margin/futures but offers OTC, staking, and API services.
- Security-focused investors: Cold storage wallets, 2FA, and IP whitelisting.
Pros and Cons
✅ Pros:
- Extensive coin selection (463+ cryptocurrencies).
- High liquidity and fast trade execution.
- OTC trading and staking services.
- US-regulated with strong security protocols.
❌ Cons:
- No margin or leveraged futures trading.
- Fees are average (0.35% maker/taker at base tier).
- KYC required for all accounts.
Fee Structure
Bittrex uses a volume-based maker-taker model. Fees decrease with higher 30-day trading volume:
| 30-Day Volume (USD) | Maker Fee | Taker Fee |
|-------------------------|----------|----------|
| < $25K | 0.35% | 0.35% |
| $100K–$1M | 0.10% | 0.20% |
| $100M+ | 0.00% | 0.05% |
Additional Fees:
- No deposit fees for USD/EUR.
- Network fees apply to crypto withdrawals.
- 3% fee for debit card purchases.
Security Measures
- Cold storage: 80–90% of funds offline.
- 2FA and IP whitelisting.
- Cross-chain recovery for misdirected deposits (>$5,000 value).
👉 Explore Bittrex’s security features
Alternatives Comparison
Bittrex vs. Coinbase:
- Bittrex: Lower fees (0.35% vs. 0.50%), more pairs (1,032 vs. 402).
- Coinbase: Better for beginners, educational resources.
Bittrex vs. Binance:
- Binance: Lower fees (0.10%), futures/leverage.
- Bittrex: US-compliant, larger spot selection for US users.
FAQs
1. Is Bittrex available in New York?
No. Bittrex is unavailable in NY, NV, and a few other states due to regulatory restrictions.
2. Does Bittrex support staking?
Yes, for select coins like ADA (Cardano).
3. What’s the minimum trade size?
$3 for USD trades; 10,000 Satoshis for crypto.
4. How long do withdrawals take?
10-day holding period for new accounts.
User Reviews Highlights
- Positive: "Best variety of low-cap coins" (Reddit).
- Criticism: Slow support responses for account freezes.
Final Verdict
Bittrex excels as a secure, US-compliant exchange for spot trading with unmatched coin diversity. While lacking advanced derivatives, its competitive fees and OTC/staking services cater to both beginners and seasoned traders.
Best for: Investors prioritizing security, regulatory compliance, and a broad crypto selection.
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