You are welcome to my Bittrex review. Can you make money with the Bittrex exchange? Is Bittrex safe, legit, or a scam?
Bittrex is a cryptocurrency exchange that is based in the US.
The company was established in 2013 by Bill Shihara and the other two business partners.
They were both employees of Microsoft (as security professionals).
Bittrex offers crypto to crypto exchange in such a large number conversion into bitcoin.
The crypto offered to include Litecoin, Nextcoin, Darkcoin, NeuCoin, Ethereum, and many others.
But, is Bittrex a Scam? Is it safe? And most important, is Bittrex regulated by the government?
Keep reading to learn.
Estimated reading time: 18 minutes
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Bittrex App at a Glance
Name: Bittrex Exchange
Industry: Cryptocurrency Exchange
Owners: Bill Shihara (CEO)
Year Founded: 2013
Headquarters: Seattle, Washington, United States
Products: Cryptocurrency Exchange
What is Bittrex About?
The company allows you to trade crypto-currencies. Crypto-currencies have become a global phenomenon.
It is a form of digital currency that can be exchanged between traders.
The first known digital currency is bitcoin. You can trade Bitcoins, Ethereum, and other forms of digital currencies on the platform.
There are many knowledgeable and experienced people behind the site. Bill Shihara is the co-founder and CEO.
Richie Lai has experience in network security, malware, and internet crimes. Rami Kawach worked for Qualys.
He was the Director of Engineering. Ryan Hentz is a contractor, and he helps with the operations.
This Bittrex review is everything about the Bittrex exchange. You will know if Bittrex is legit, safe, or a scam. You will also know if you can make money with Bittrex exchange.
Who owns Bittrex?
Bill Shihara is the owner and founder of this exchange.
You can check him out on his LinkedIn profile here.
Where is Bittrex Located?
The company has the headquarter located in the Mediterranean island nation of Malta “Blockchain Island” before now.
The exchange announced to move the New headquarter to
Vaduz, Liechtenstein 9490, LI, Liechtenstein on October 22, 2019.
Who is Bittrex for?
The company is for all those, who wish to buy or sell digital currency. If you want to enter the crypto-currency business, you must visit this exchange site and join.
It would be wise to do some research before you come to the new field. The website is easy to navigate, and security is top-notch!
This review is for the top-runners in the crypto-currency business and the novices, who want to make money with Bittrex exchange by trading cryptocurrencies.
Which country are you in? Can you make money with Bittrex exchange platforms? Is Bittrex safe, legit, or a scam?
Features On Bittrex App and Website
- The security is top-notch! Your details will be in safe hands on the site. Your coins are secure here!
- The wallet is free. You do not have to pay anything to create a wallet.
- Faster withdrawals and deposits
- No crossing or delay of the processing of the trades
- Easy and complete REST API
Benefits of Using Bittrex Exchange
What does a trader look for in a platform? They look for security! The verification process may be long, but it is worth it.
You can become wealthy by trading digital currencies on this platform. Making money on this site is secure. It is the ideal exchange platform.
There are multiple numbers of wallets available on this site. All you need to do is buy bitcoins at a low price and sell them at a higher price.
Is Bittrex Restricted to Specific Countries or Not?
The exchange is available for the whole world! It is accessible to Indian citizens as well. However, the document requirements will be different in each country.
Although it is a US-based broker, there are some parts of the United States where the exchange does not work. Some of the services available on the site are not available in 29 states.
How to Use Bittrex Exchange
It is time to join the exchange! How to get started?
You would need to log in or sign up by using your email address and password.
Verifying your email address is essential.
Click on the wallet page and deposit cryptocurrency in your account.
You would need to use the search bar to find the cryptocurrency that you want to deposit.
You would see a deposit box in front of you which will pop up! You would need to create an address.
When you can see the address, you can deposit the amount and get started!
Type of Account You Can Open on Bittrex Exchange
- You need to submit a name, address, and DOB (Date of Birth).
- The details are verified through public records.
- In case this process fails, you would need to opt for an enhanced account.
- You would need to provide scans of identification
- You would need to submit selfies
- These will be verified by the JUMIO service provider
- The good part about enhanced accounts is that they can withdraw 100 BTC in a day.
Do I Recommend Bittrex Exchange?
Yes, I am recommending Bittrex in this review. You will see why Bittrex is legit, safe, and not a scam. You can also make money with the Bittrex exchange platform by trading cryptocurrencies.
As a novice, I was trying to find sites that offer a trade of cryptocurrencies. The prime worry of learners is that they wish to know whether the site is legit or not.
The company claims that it is the next generation in the cryptocurrency trading business.
Is it true? I used the platform and liked the fact that the team has years of expertise in the field.
Bill Shihara is the CEO and co-founder of Bittrex.
He has several years of expertise in the area as he worked for the Microsoft Windows Operating system for 11 years.
He also worked as a Security engineer for Blackberry and Amazon. There are many other people behind the success of this company.
Would I recommend the platform? Absolutely! It is a secure platform, and I appreciate the faster withdrawals and deposits.
If you want a reliable platform for currency exchange, then the platform would be a wise choice.
What do you think of my Bittrex exchange review? Is Bittrex safe, legit, or a scam?
Payment Method Supported by Bittrex
To deposit the crypto-currency whether it is bitcoins, Siacoin, or dash, you would need to click on the ‘wallets’ option. You can find it on the upper right side of the page.
You would need to search for the wallet and select New Address.
Once you decide on the new address, it will generate the address. Now you would be allowed to send cryptocurrency to this address.
What crypto-currencies can you buy/sell? This is the most common question that a trader has! You can trade the following crypto-currencies –
- Bitcoin cash
Can I Withdraw from Bittrex to a Bank Account?
Yes, Bittrex permits you to withdraw and make a direct deposit to your bank account.
You can also use the credit and debit card features of the exchange for an urgent top-up of your account with a cost of 3% of every transaction.
Why does Bittrex Need My SSN?
Bittrex is compelled to collect your SSN/SIN by law because the company is US-based Cryptocurrency and blockchain technology.
It helps the company to complies with the Anti-Money Laundering (AML) and the Bank Secrecy Act (BSA) regulation.
Note that the citizen's unique Social Security numbers are the SSN for the United States, called Social Insurance numbers (SIN) in Canada. What do you think of my Bittrex App review? Is Bittrex legit or a scam exchange?
Fees Charge on Bittrex Excahnge
There is a straightforward fee structure on the platform. When you are trading, there is a small commission that the site takes.
It is a 0.25% commission that one needs to pay! You would be happy to know that there is no withdrawal or deposit fee.
If you want the paper copies of the electronic correspondence, then you can get it by paying a fee of US $10.
Withdrawals and deposits are quick on this site! The unverified accounts can withdraw only 1BTC per day.
While the enhanced ones can withdraw 100 BTC per day, the unverified users do not get this luxury!
Customer Support On Bittrex App and Exchange Platform
The people, who use this exchange, have complaints regarding the customer support system.
The trouble is that the traders have tickets to their problems that are not being resolved.
The support system works through email, but the response is not prompt.
This is a serious issue that the site has to work on!
Also, the platform does not have a great BBB rating. The Better Business Bureau rating is “F” and the company accreditation is still hanging in the air.
Do you think Bittrex is safe, legit, or a scam? Can you make money with the Bittrex exchange? What do you think of my Bittrex exchange review?
Online and Public Opinion of Bittrex App and Exchange
The company is one of the leading cryptocurrency trading platforms. It has gained popularity and received love from people around the world.
You will be able to see positive reviews of the site on different review sites. People are also talking about Poloniex.
Concerning customer support, this site wins because Poloniex does not have a significant customer support team! the platform does not have an impressive customer support team, but it inevitably wins in this aspect.
Poloniex has a massive trading volume as compared to Bittrex.
According to online reviewers, Bittrex wins because there is open communication between the users and the founders. The founders are available on social media.
From all indications, Bittrex is safe, legit, and not a scam crypto exchange platform. It is a secure platform because the co-founders have a background in network security.
Can You Really Make Money on Bittrex Exchange?
There are two types of markets on this exchange, and the other is USD. The trading fee is just 0.25%. The web-based trading platform has allowed users to make a lot of money.
The only downside is that they do not offer fiat money deposits. This is not good news for the novices as they would have to research trading.
Yes, you can make money on the site as it is a secure trading platform. Multiple altcoins are available on the site.
The founding members of the company are open on Social Media, and they update the latest events through tweets.
The good news is that there is a new Bittrex App that is safe and secure and will help you work seamlessly with the trading software.
What I like About Bittrex Exchange
- The Security provided to the traders. The security of the traders is the topmost priority of the exchange!
- Wide range of altcoins available
- Easy to use as the users can navigate easily!
Issues with Bittrex Exchange
- Minimal help from the customer care team
- The verification process is long
- The withdrawal limit is low for unverified accounts.
How To Make Money With Bittrex Exchange?
Trading crypto-currencies is not an easy job! If everybody knew the art of selling/buying crypto-currency, then everyone would be a trader!
There are no middlemen or brokers here! It allows two people to exchange digital currency.
As a novice, you may think that the crypto-currency business is complicated. It is numbers which the traders use as money! How to make money with Bittrex exchange?
Firstly, start by buying some bitcoins. When you have some bitcoins available, you can exchange it. This is one of the best exchange platforms.
The key here is to buy low and sell high! You can buy a bitcoin for x price and sell it for y price.
The rate should be higher! This way you would be able to make money with Bittrex exchange.
Alternatives to Bittrex Exchange
There are many other sites that offer cryptocurrency trading. The traders consider Bittrex to be the best site for selling because it is secure and fast!
There are over 67 other reliable and legitimate Bitcoin and Crypto exchanges platforms online.
Many of them are suitable for big volume exchange. They are the most significant competitors of Bittrex.
Is Bittrex a Wallet?
The answer is yes, and no one.
Yes, Bittrex has an exchange wallet that is incorporated into its website. You can call it “Bittrex web-based wallet. “
I am sure you will have the option to use your wallet that is outside the Bittrex exchange. A reliable exchange website will allow both cold and hot wallet options for its users.
Please know that a web-based wallet is very dangerous for your crypto assets. If the site is hacked successfully, you may lose your Bitcoin or crypto coins.
Check out my #1 recommended Hardware Wallet. This is what you ought to use to guide your crypto assets at all times safely.
Is Bittrex FDIC Insured?
No, Bittrex is not FDIC insured.
But, Bittrex has already ensured its digital assets. It holds its asset in offline storage. The amount insured is $300m.
It is a good amount of coverage for any Cryptocurrency exchange. The underwriter was Arch Syndicate in 2012.
Arch Syndicate provides specialized insurance for organizations and many corporations.
Therefore, Bittrex is not insured by the Federal Deposit Insurance Corporation (FDIC).
Is Bittrex Mobile App Safe and Reliable?
Yes, the mobile App is safe, reliable, and not a scam. The Bittrex App is available for download in the Android store and IOS Apple store. The Android App gives you the capability of a seamless way to have a good feeling of the Bittrex web browser trading platform.
Bittrex is a United States crypto exchange that has face many regulations for its set up in the state. Bittrex has put a lot of emphasis on securing the exchange for its various users. Bittrex's business is known for its reliability, speed, and stability. The exchange is yet to be hacked successfully by any hacker. Bittrex is safe, legit, and not a scam.
Does Bittrex Have Leverage?
No, Bittrex does not offer leverage to its users.
You can not trade margins because there is no margin trading for Bittrex traders on cryptocurrencies.
The extra funds that are loaned to the trader by the exchange are referred to as leverage.
The exchange will offer “Bermuda” instead of a leverage loan. Bittrex Global announced the leverage tokens that are being supervised by the Bermuda Monetary Authority (BMA).
This leverage token is launched as a product that targeted experienced Bittrex traders and institutional investors.
This product will increase the exposure of this institutional investor to the Cryptocurrency market as a whole.
What are the Leveraged Tokens Fees?
Leverage tokens will attract a daily inbuilt maintenance fee of 0.03%.
The fee will be charged by the FTX to your leveraged token directly as an investor.
Who can use leveraged tokens?
Leveraged tokens will only be available to the Bittrex Global users and via Bittrex Global. Bittrex Global is located outside the European Economic Area (EEA) and European Union (EU).
Does Bittrex Have An Affiliate Program?
The common question on many forums is this “Does Bittrex Have an Affiliate Program?” Yes, Bittrex has an outstanding affiliate program. It is easy to make money with the Bittrex affiliate program. You start by sharing your referral code with your family members and friends on social media platforms or in any forum of your choice.
You will earn a 10% commission on the Bittrex fee schedule (On every successful trade completed by your referral).
The 10% commission and referrer percentage can be changed at any time by the management of Bittrex.
Clarification of Bittrex Affiliate Program Referrer Percentage
Does the Bittrex affiliate program worth it? How much can you make with the Bittrex affiliate program? The amount you make depends on the volume of transactions and the trade of your referral. Don’t forget that you will earn 10% out of the fees Bittrex will be charging your referral based on the successful completion of the transaction on the Bittrex platform.
How long does it take to get your Bittrex affiliate program commission? You will get your referral commission after seven days. The referral commission is calculated daily, and you will get the credit of your commission after seven days into your Bittrex wallet. You can refer as many people as you want to the Bittrex affiliate program. The more people you refer, the more commission you will make if they trade on the Bittrex platform.
Is Bittrex Shutting Down?
No, the exchange only shut down its operation in New York.
The shut of the site operation to the resident of New York state was because Bittrex Bitlicense was denied by the New York Department of Financial Services (NYDFS).
Because of your crypto taxes, it is important to retrieve your transaction history on the platform.
Is Bittrex Regulated?
No, Bittrex is not directly regulated by US security laws. But they are guided by various other financial regulations.
Is Bittrex Legal in the USA?
This Cryptocurrency exchange has blocked its USA users from trading over 32 cryptocurrencies. They stated that traders would not have access to trade in certain crypto coins.
It is to adhere to the regulations.
Does Bittrex Report to IRS?
No, this exchange will not report directly to IRS.
You will have to report each of your transactions and trade on form 8949 because the site does not provide a tax report.
Does Bittrex Require KYC?
Yes, Bittrex will require knowing your customer (KYC).
The exchange is a US-based cryptocurrency exchange company; Also, the site will observe complete regulatory compliance and security.
Bittrex will follow every Anti-Money Laundering (AML) and KYC guidelines. The objective is to protect the customer and keep the hacker off the platform.
Is Bittrex Safe?
Yes, Bittrex is safe, legit, and not a scam crypto exchange.
It is not a good practice to store your cryptos on any exchange, and that includes the Bittrex exchange.
But, I can assure you that this exchange is a good option from the research I have made online about this website.
My advice for you is to trade only with any exchange and always move your crypto properties to your hardware wallet.
I can always recommend any of these top three hardware wallets you can go for.
They are very secure, and your crypto coin will always be safe with anyone of them.
Any of the hardware wallets will ensure that your private keys are always in your possession and out of the reach of the scams.
If you keep your crypto coin on any exchange, you will always be at their mercy.
Most especially if such exchange is successfully hacked, your coins and investment can go for with.
It is not also safe to keep your coins, bitcoin any crypto on your desktop wallet.
Hackers can steal it. This already happens to me before. . .
Please never leave your asset on any website or desktop. Go for any of the suggested hardware wallets above.
What do you think of my Bittrex review? Is Bittrex safe, legit, or another scam? Can you make money with Bittrex exchange?
Is Bitrrex Legit or a Scam
Bittrex is legit, safe, and not a scam.
Bittrex is a legitimate cryptocurrencies exchange.
There are many scams that take place on a bitcoin exchange. This is why many bitcoin exchanges put measures and mechanisms in place to guide against these scams.
There are many complaints about Bittrex exchange scam online; most of the complaint is focused on account revocation and blockages.
How do you avoid that? One great way to prevent your account from getting blocked by Bittrex is to ensure that you follow their policy and procedure.
Make sure you do correctly what the security policy states before you load your profile and accounts with funds. Otherwise, your money may be locked.
Also, never keep all your assets in any exchange, and that includes this exchange. Get the hardware wallet, as stated above, to secure your coins.
What do you think of my Bittrex review? Can you make money with the Bittrex exchange? Is Bittrex safe, legit, or a scam?
See screenshot of some complaints online:
Can I buy VeChain (VET) on Bittrex?
Yes, VET is trading on the Bittrex exchange.
Is Bittrex Worth the Money?
Thanks for reading my Bittrex review? Do you think you are ready to make money on the Bittrex exchange?
Or, Is Bittrex Safe and legit or another scam?
After using this exchange, and experiencing it first-hand, I would like to summarize it as a decent experience.
The good news is that the site offers security. Security is the top-most priority! It is a site that does the job of a wallet.
It is one of the most reliable websites for cryptocurrency trading. The customer support team does not get extra brownie points because it is inefficient.
The site owners need to work on this and give a better experience to the traders. In a nutshell, it is a good and reliable exchange platform, and I suggest you try it out!
Are you suing Bittrex? Are you making money on Bittrex? What do you think about my Bittrex App review? Is Bittrex legit, safe, or another scam? Can you make money with the Bittrex exchange?
Kindly drop your contribution in my comment area below. I will gladly revert back to you.
How to Secure Your Bittrex App – Video
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