7 January 2021
Finding a trading platform that, as a trader, you can grow into can be difficult. In most Bittrex reviews, it’s usually written as a high level overview. In this review, we will look at the cryptocurrency exchange and see how it stacks up against its competitors in a more in-depth manner.
Seattle, Washington-based Bittrex was founded in 2014 by Bill Shihara, Richie Lai, and Rami Kawach. Each co-founder came with a background in technology and security. Bittrex reflects this with the platforms’ Know Your Customer (KYC) implementation. Bittrex makes sure that KYC is completed during the signup process. While this may be off-putting to some traders, knowing that it is done at the beginning can be comforting to traders and investors.
In the following review, we will be looking at several key factors of Bittrex that investors and traders should be aware of to make their experience with Bittrex more enjoyable and more profitable.
Bittrex Reviews: Features Explained
Bittrex Reviews: Features
Bittrex provides traders multiple order types, including:
Basic Order Types:
Limit Order (Available on API, Website, and Mobile)
Market Order (Available on API, Website, and Mobile)
Ceiling Order (Available on API)
Conditional Order Types:
Stop Order (Available on API)
Stop Limit Order (Available on API, Website, and Mobile)
Trailing Stop/Stop Limit Orders (Available via API & Website)
Ladder Limit Order (Website)
Time in Force (TIF) Order Types
Good-Til-Cancelled (Available on API, Website, and Mobile):
Fill-Or-Kill (Available on API and Mobile):
Immediate-Or-Cancel (Available on API and Website):
One Cancels the Other, aka OCO (Available on API, Website, and Mobile):
Post Only (Available on API and Website):
Users can make deposits, withdrawals, and make conditional orders/stop-limit orders with the mobile app.
Bittrex offers both individual and corporate accounts. Corporate accounts with the following benefits:
No withdrawals limits
Fiat (USD) Trading
API Integration benefits
We will cover the KYC aspect on the corporate account in the KYC section below.
Bittrex Referral Program
Bittrex account holders can take advantage of the Bittrex referral program. Users can earn 10% on all commissions spent through their shared referral link (subject to limitations).
Users can share their referral link from their Bittrex account directly to their social media accounts or email.
There is no limit to the number of people who can use the referral link, but Bittrex has made it so that the account holder can not view the number of people that have used the code. Referral rewards will be credited in the currency the trade was placed in, for example, BTC.
Bittrex uses a fee structure that benefits traders; the more a user trades, the more they save. The 30-day volume (USD) percentage based on whether the trader is on the trade maker or taker side.
30 Day Volume (USD) Maker Taker
$0K – $50K 0.20% 0.20%
$50K – $1M 0.12% 0.18%
$1M – $10M 0.05% 0.15%
$10M – $60M 0.02% 0.10%
$60M+ 0.00% 0.08%
As compared to other exchanges, Bittrex’s fees can be considered competitive and about the industry standard.
Being a U.S. based cryptocurrency exchange, KYC is an essential part of the Bittrex trading experience. The Bittrex Know Your Customer (KYC) process is extensive and starts when users create an account. All Bittrex accounts must be verified before any transactions can take place.
Account verification and KYC include providing country of residence, street address, age, city, state or province and postal/zip code, and birth date. All Bittrex accounts must be verified using official government-issued identification. Bittrex strongly recommends using a passport for identification.
The time for verification to complete varies, for U.S. residents and citizens may be asked to provide their social security number. Once verification is completed, account holders will receive a verification success message.
The steps for corporate verification as listed on the Bittrex website are:
- Sign in to support.bittrex.com
- Determine the “Significant Control Person” (SCP) for your organization
- Confirm the “Significant Control Person” has a Bittrex personal account ready to upgrade to corporate
- Confirm the “Significant Control Person” has completed identity verification within the Settings of their Bittrex account
- Determine all the Bittrex personal accounts your organization will upgrade to corporate
- Make sure each Bittrex account you want upgraded is identity verified (at least 1 by your “Significant Control Person”)
- Gather Attachments (documents for verification submission) including articles of incorporation, government issued tax id confirmation, local government operating registration, shareholder document, trader authorization, anti-money laundering and know your customer (KYC) policies and documentation. This information is required. Complete information can be found on the Bittrex.com website.
Due to regulatory requirements, use of the Bittrex exchange is prohibited in the following countries:
Belarus, Bosnia and Herzegovina, Botswana, Burundi, Cambodia, Central African Republic, the Democratic Republic of the Congo Cote d’Ivoire, Egypt, Eritrea, Ethiopia, Ghana, Guinea, Guinea-Bissau, Guyana, Iraq, Lao People’s Democratic Republic, Lebanon, Libya, Maldives, Mali, Myanmar, Nicaragua, Pakistan, Panama, Somalia, South Sudan, Sri Lanka, Sudan, Trinidad and Tobago, Tunisia, Uganda, Ukraine, Vanuatu, Venezuela, Yemen, Zimbabwe.
For more information and to give Bittrex a try, go to Bittrex.com
We hope you found these Bittrex reviews helpful. Here at Dchained, we strive to educate and make people feel comfortable with cryptocurrency investment. This is only a small bit of all the information we have to offer. If you’re looking to get started with cryptocurrency investing, be sure to check out our Ultimate Beginner’s Crypto Course