de | cn | ru
Forex

Bittrex Review - Is it scam or safe?

Bittrex Review - is bittrex.com scam or good cryptocurrency exchange?

RATING: 3.2 / 15 REVIEWS

 

 

Our Experience

As we mentioned in the beginning of our Bitstamp review, after testing their services, we transferred some coins to Bittrex in order to experience more exotic coins. While Bitstamp only offers four of the major cryptocurrencies – Bitcoin, Ethereum and Litecoin, Bittrex supports over 190 digital assets.

 

What was highly unusual at Bittrex was the vast number of wallets available. There were pages and pages, but then again all trading assets must be supported. We were very careful to transfer our recently acquired Litecoin to the appropriate address. We chose Litecoin, as the network fees (not charged by the exchange, but by the actual blockchain) for a Bitcoin transfer felt a bit too high.  

 

Once we received the coins we started trading, after going through Bitcoin several times, as most altcoins are traded against it.  After a couple of days we realized we had some Bitcoin “change” left over. This was obviously due to partial executions. Here is a preview of the multiple wallets we have and the “change” left in the third one (click to zoom-in):

 

 

 

While the 29 pages may seem scary at first, there are several filters, including the option to “hide zero balances”.


Trading Accounts

Account type Minimum deposit Leverage Fee
Standard Undisclosed None 0.25%

 

Bittrex is one of the most popular cryptocurrency exchanges. Its main advantage against major competitors, like Kraken or Bitfinex is the diversity of coins available for trading. Basically every coin you can think about is traded on Bittrex.

 

The company, security of funds

 

Company Country Regulation
Bittrex, INC US Applying for NY Bitlicense

 

Bittrex, INC is based in the US, more specifically in New York. It is one of the few companies which has applied for the controversial “BitLicense”. If you are not familiar with the story, the New York Department of Financial Services (NYDFS) had plans to regulate bitcoin exchanges in 2015, which one may argue backfired. A lot of companies opted not to go through the stringent regulatory process, and simply moved out of New York. While at least nine applied for a license, only three were approved for two years. The fact, reputable companies decided to back-out, combined with the slow process, makes the entire law appear to be ineffective. While the regulation may not make New York a crypto-trading hub, Bittrex is still in the application process.

 

When it comes to the security of your funds at Bittrex, the company offers and recommends using two-factor authentication, which is a standard measure in the industry. The exchange hasn’t yet suffered a major hack, unlike others. However there are a few alleged reports by individuals, who claim their accounts were hacked. It is hard to verify their claims or if they aren’t to blame for mistakes like having a weak password or not enabling two-factor autentication.

 

The user reviews for Bittrex are fairly positive. Traders like the feel of the actual trading platform (which we’ll cover shortly) and the diversity of altcoins. That being said, given the number of assets available for trading, one must be careful when transferring coins to Bittrex. Some of the user issues with the exchange involve the company’s policy on recovering coins transferred to the wrong wallet, which we will get to in the Methods of Payment section. The other frequent complaint people have invoves slow responses from the customer support, but the amount of negative post is nowhere near the ones for Poloniex.

 

Update: While the majority of reviews on Bittrex were positive, the company apparently locked-out a lot of accounts in the days around the Bitcoin Cash hard fork. This prevented customers from selling their Bitcoin as the market rallied. While we had no issue, with our testing account a lot of other traders had. Check the comments section below this review for complaints. We have lowered the otherwise solid score of this exchange as a result.


Trading conditions

 

Trading instruments (cryptocurrencies)

As we mentioned in the beginning, the major advantage of Bittrex comes from the plethora of alternative coins it provides. Currently there are over 190 digital assets available for trading. There are two types of markets at Bittrex – USD and Bitcoin. As their names suggest, at one of them you are trading coins against the US dollar, while in the latter you are trading them against Bitcoin. The more exotic assets are only available in the second market type.

 

Minimum initial deposit

Bittrex does not provide any information on the minimum deposit level. While this is a common practice with cryptocurrency exchanges, we are used to forex brokers providing this information freely. Some even point out the low levels they have as a competiive advantage. For instance, you can open a cent-account at FXTM with only $5.

 

Leverage

There is no margin trading at Bittrex, at the time of writing of this review. That being said, the company has announced it is working on its implementation. Forex brokers, who provide bitcoin trading (like IG) always provide margin trading. Additionally, almost all of their offers involve CFD trading, which is slightly different than exchange-based trading. For a full description of the differences between the two, read this review. 

 

Fees

The trading fee at Bittrex is 0.25%. This is in-line with the current offers provided by other exchanges, although such a flat value is not often applied. For instance, some exchanges offer a different fee for market “makers” and takers”, encouraging people to provide liquidity to their order book. A market maker (in this context, not to be confused with forex market makers) is a trade who places a bid or ask on the exchange. A “taker” is somebody who buys directly from the best available ask (or sells at the best bid). Furthermore, discounts for large traders are also provided at some exchanges, based on the monthly trading volume. 

 

Trading platform

 

As most other crypto-exchanges, Bitttrex offers a web-based platform. It feels fairly easy to use, while offering multiple capabilities. The charting package is average – worse than the one provided by let’s say MetaTrader4 (MT4), but a lot better than the ones which other exchanges offer. There are several technical indicators available, but again not as much, as these available at the leading forex trading platforms. Here is what a chart at Bittrex looks like (click to zoom-in): 

 

 

The order book also feels very intuitive and as if it was developed by somebody who is familiar with trading. The “star” column on the inner-side of both the bid and ask tables fills up wit a … star, once you have placed an order. This makes it easy to visually recognize the price levels at which you are willing to buy or sell. Here is a preview (click to zoom-in):

 

 

Overall the Bittrex trading platforms is one of the better ones we have seen, with no major downside to it.

 

Methods of payment

 

Payments to and from Bittrex can only be made via cryptocurrencies. Given the plethora of available wallets, one must be careful not to deposit to the wrong one. We found a comment from an individual, who mistakenly transferred his Bitcoin Cash into his regular Bitcoin wallet. The support team managed to help him, but you must be aware of the official company policy on this matter. It is to review such transactions only if they involve coins worth over $5,000 and charge a 5% fee for fixing the issue.

 

While relatively inexperienced users will like to deposit via Credit/Debit Card or on-line solutions such as Skrill or PayPal, they will have to go through another party before trading at Bittrex. 

 

Conclusion

 

Bittrex is one of the largest cryptocurrency exchanges. Its main advantage over the competition is the availability of multiple alternative coins – over 190 and counting. That being said, the company does not accept fiat money deposits –  instead they only operate in the cryptoverse. This is a limitation for inexperienced people, but if they want to venture into the assets available at Bittrex, they would have to do some research anyway. The trading platform feels solid. Overall Bittrex is a top-contender for people who are looking to trade more exotic alternative coins. Here are the pros and cons of trading with Bittrex:

 

Pross Cons
Applying for NY BitLicense No fiat currency deposits accepted
Multiple altcoins available Locked user accounts prior to the BTC Cash fork
Relatively competitive commissions  
Nice trading platform  
No major hacks in the past  

 

 

Forex
Latest news about Bittrex
Forex
Broker Country Regulation Min deposit Max payout Review
Seychelles FinaCom $10 86% Review Website
Cyprus CySec $200 89% Review Website
Cyprus CySec €100 85% Review Website
Australia ASIC $50 88% Review Website
Cyprus CySEC $250 83% Review Website
Cyprus CySEC $500 80% Review Website

Spread

Pros

Cons

 

 

Slippage

Pros

Cons

 

 

Requotes

Pros

Cons

 

 

Price feed

Pros

Cons

 

 

Platform

Pros

Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

Pros

Cons

 

 

Summary

Pros

Cons

 

 

Traders` reviews for Bittrex

Worst customer support ever / they stole me $500

Worst customer support I have ever seen. It's been more than one month I opened a ticket and still no answer.
252 PAY tokens just disappeared from my wallet.
I have accumulated PAY token from month without selling one of them and I keep all my buying in blockfolio to be sure of how many token I hold. One day I just realised my bittrex PAY wallet does ot match what I got in blockfolio, I double checked all my buying history on bittrex and it look like one order went wrong. They debit me my BTC but didnt not credit my my PAY token...
So for now bittrex stole me about $500... and I don't know where they are
In case you read me my request number is 299116.

An angry and very disappointed customer.

Jean-Pascal LELIEVRE 11/21/2017

A nightmare

I was happy with Bittrex until I applied for enhanced verification.
I made a typo and put an extra letter in my first name.
They have no functionality for my being able to correct it...eg, no back button with blank fields to type my name correctly....
Instead they reported a "Name Mismatch!".....No kidding....and the prompt informed me that I would not be able to withdraw any funds from Bittrex until the "issue" is resolved.
I have found during this process/nightmare that support is non-existent.
In fact when I attempted to get help I received an automatic, do-not-reply
e-mail informing me that they are short on support staff and are in the process of hiring. The e-mail advised against making more than one support ticket because it would just take longer for them to respond.
They have clearly found a convenient way to keep people's money.
If they do not respond appropriately ASAP, I am going to file a complaint with the SEC

Joseph R. Carbone 11/14/2017

Absolute trash

I transfered over $500 in bitcoin to their service, next thing you know I cant get verified, they dont respond to the five (5!) support tickets I've made, and out of nowhere they delete my account. They're a fucking scam, through and through. Do NOT use this trash service.

Jonah St-Francois 11/07/2017

Bittrex doesnt respond

It was easy to send money to and trade, then i wanted to send my money to other exchange and they say i am not verified?? I asked them, but they dont respond. So my coins are still there and cannot get them. They rob me.

Marti 11/04/2017

bittrex

You put your money/crypto coins where there is certanty.
Bittrex has abused their customers trust.
We abided by their rules of verification, ran our accounts
according to their requirements, then they stiffed us.
Changed the rules, made up new rules, in the meantime locking us out of our accounts.
There is no certainty with a Bittrex account.
Avoid these people.
Your money/crypto coins are not safe there.

geoff 11/03/2017

Bitterx facing some issues and Disabled user accounts

Hello, as many here mentioned about disabled accounts you can find more details at bitcointalk.org this post
https://bitcointalk.org/index.php?topic=2267728.msg23610986#msg23610986

isamamin 10/29/2017

#Bittrex_is_Scam

#Bittrex_is_Scam
bittrex is disable my account for 2 week with no reason
support not answer
only says to me account is under review
where is my money ??
do not use bittrex

Fahim Radfard 10/26/2017

Disabled account

My account disabled about 2 weeks
Without warning

Rony 10/23/2017

THEY ARE SCAMMERS...

They are SCAMMERS. They were disabled many accounts without any warning. They refuse to tell the reason and don't pay back our coins.
DON'T TRUST THEM AT ALL.
Today is our turn to be disabled, tomorrow is yours..
DON'T TRUST THEM AT ALL.

sveco 10/21/2017

bittrex disabled many accounts

bittrex disabled many accounts and their btc (more than 1000 account) … i don’t think they support BTG in this fork….they want to rubber our account until 25 october if each person have 1 btc they block more than 1000 BTC and they invest in other exchange our btc and get free BTG for each on they give more than 1000 BTG for free and each BTG is 1400$ ….it will be 1,400,000 $$$ !!!!
they are rubber……………….
FBI where are you now :((( !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

bittrex 10/18/2017

SCAM Exchange

Bittrex is a scam of an exchange. They have locked my account and will not let me in because they said I am a "Politically Exposed Person". This is bullshit as I am a hard working person that makes less than 50k/year. They are trying to steal my hard earned money. Please see the email they sent to me below:

Our identity provider says that you are a "Politically Exposed Person". This is often times a false positive because of the limited information we have with basic accounts but you will need to enhance verify for us to be sure.

Please login and enhance verify your account then reply here once complete.

Please click Settings->Enhanced Verification to perform this level of verification.

Once you have done so please let us know so we can take a look and help get your account turned back on.

Thank you,

Ryan @ Bittrex

Robert Thies 10/16/2017

SCAM company

recently after i deposit more than 100$ by bitcoin and then tried to verify my account (i sent them my passport and my selfie with passport in hand) they disabled my account and send me you have to do enhanced verification (i did it before!!!) after i tried to do it again i see they disabled the enhanced verification page also!!
what does it mean?
you are blocking peoples money easily and do not answer their tickets and emails and also prevent them to do verification?!!!
fk this is SCAM

Kamran 10/16/2017

Bittrex is scam-blocking people money and not responding to tickets

Bittrex is scam-blocking people's money and not responding to tickets.
since last week 2017.10.12 they say they added a new security check to their site ( God knows what truth is ) and blocked so many peoples accounts from most countries ( Iran , UK , australia , brazil , syria , other europian countries ) and they simply do not answer to their tickets.

bitcoin went up to its high of all time at ~5850 and we couldn't sell our money or close our trades at profit and caused huge loss to many people accounts.
( they sell around 10k accounts are locked )
they told they wrote a fixed that takes 1 hour to enable accounts again and 5 days passed and still that hour is not finished!
also even the fully verified enhanced accounts and also even empty newly created accounts are disabled.
I think they blocked our funds to use to upcoming bTC fork to gain easy money from the fork then at the end of the month maybe they re-enable accounts.
if you search forums you will see that they have the record of upto 18 days in responding to tickets!

so take your money to your oun wallets and stay away from this scam exchange non responding site.

PDI 10/16/2017

ETH Deposit Basically Stolen

NO response. Basic verification that could not confirm which is BS.
All over public records. Looks like some type of scam.

Paul Unkauf 10/15/2017

SLOW TO NO CUSTOMER SUPPORT

IF REFUSING TO CREDIT DEPOSIT "BECAUSE IT'S NOT BIG ENOUGH" sounds like FRAUD to you, stay away!! This is a fixed game just like Wall Street, complete with insider trading, "clearing delays" and schemes to invest YOUR coins in legit currency trading for overnight profits.

Put pencil neck S.Q. Urkel in a three piece suit, you got a crypto-broker/inventor/CEO - buncha GEEKS a GAWKING at the Bitcoin runup. SAD.

HonestABe 09/14/2017
Forex
de | cn | ru