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Bittrex Review – Is Bittrex Scam or Legit?

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Oct 27, 2022
Bittrex Exchange Summary
  • Overall Rating
4.1

Summary

Here at TheNextBitcoin.net you can learn about many trading platforms, one of them is Bittrex, we have concluded that Bittrex is a good trading platform, it is NOT a scam! Read our Bittrex review today and learn all you need to know about the Bittrex trading platform and why we recommend it for all traders.

Bittrex Review

Bittrex logo

If you are looking for one of the most efficient and secure worldwide cryptocurrency trading platforms, then Bittrex is for you. Bittrex Global offers you an institutional-grade trading experience, whether you are a novice or a professional trader.

Headquarter of the company is based near Zurich’s financial center within the principality of Liechtenstein. Now you might ask, why Bittrex and what makes it different?

Introduction to Bittrex Global: A One-Stop Crypto-Exchange

There are several reasons making Bittrex stand apart and on top of its competitors around the world.

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Secure Platform

Bittrex Global has employed the most efficient, secure, and reliable security technology that you can think of. It has leveraged a multi-stage and flexible holding strategy to ensure the cold storage of the majority of the funds for additional customers’ safety.

The company has also deployed two-factor authentication for all its user-base and provides other additional security features in order to provide multi-layered protection. Customer’s security is the top-most concern on Bittrex Global’s priority list.

Custom-Built Trading Engine

Bittrex has a custom-built crypto-trading engine that was designed to offer scalability. It also ensures that all the orders can be executed in real-time. The company also supports another algorithmic trading as well as third-party trading platforms via its extensive APIs.

Bittrex trading engine

Fast Withdrawals and Deposits

It is a highly automated and efficient monitoring platform allowing it to provide the customers with the fastest mode of transaction available today. This includes regular updates on trade, balance, and holding information.

Driving Innovation

In order to be a leader in the blockchain industry to drive innovation, Bittrex is fully committed to supporting both established and emerging blockchains. Bittrex seeks to provide all its customers with a dynamic and ever-growing selection of digital tokens and blockchain technologies. However, all the new digital tokens on the trading platform much go through a stringent review process?

Commitment to compliance

Bittrex is committed to staying compliant with all current Liechtenstein and European Union regulations. It helps prevent, remediate, and detect unlawful trading behavior by its customers as well as virtual currency developers while using the Bittrex trading platform or any other services offered by the company.

 Innovative Locations 

The location of Bittrex Global is in Liechtenstein, where they are considering a pioneering framework for blockchain technology. It is also an ideal place for the company to take a leading role in the process of international development of the blockchain tech. Bittrex can help drive innovation, work in close collaboration with token teams, and become more responsive towards its customers.

Global Consumers

Bittrex is a crypto-trading platform accepting customers and traders from across the world, except the US and other countries with various legal prohibitions and sanctions. The United States’ customers must contact Bittrex Global, Inc, which is a separate company.

 Creating Your Account with Bittrex Global

It is mandatory for all Bittrex accounts to be verified. The reports are linked with customers’ unique email addresses. The email address also serves as the username for the customers to log in to their respective accounts.

The process of creating and verifying a Bittrex Global account contains several security measures. The aim is the prevention of unauthorized access to any account and protection of all Bittrex accounts. Therefore, be patient during the signup process and follow the instructions appearing on your screen.

Here are the steps for you to create and verify your personal Bittrex Global account.

  • In order to start the process, you must go to Bittrex Global’s website and register.
  • You will get two options where you can either create a personal or a corporate Bittrex account via clicking on the button for the account type you want. In case if you register for a corporate account, Bittrex Global will direct you additional information related to Bittrex Global’s Application process for corporate account applications.
  • Now, enter your email address into the box saying “Email address.” This will also serve as your username or login ID for your Bittrex Global account.
  • The next step would be entering your password. Your password should contain at least eight characters. However, it is recommended to create a longer password and use numbers, alphabets, and alpha-numeric symbols to enhance the security of your password.
  • Once you have followed the above-mentioned steps, click on “create an account.” Bittrex Global will send you a verification email on the email id you used for registration. Go to your email’s inbox; open the email, and click on the “verify email” link in the message. This will verify the email address for you and redirect you to Bittrex Global’s page.
  • After successful verification of your email id, Bittrex Global will request you to carefully read their terms and conditions. Once you have read, agreed to, and understood all the conditions, restrictions, and rules about owning and using a Bittrex Global account, you can click on “Accept Terms.”
  • Now, the Bittrex website will direct you to complete your profile by filling in the basic personal information. Follow the instructions and complete all fields via keyboard in the English language. Unfortunately, symbols and characters in other languages are not acceptable and cannot be processed. Failing to comply with this will result in a failed verification attempt. Also, ensure that you mention your name as it appears on your Identity card.
  • Finally, click on “continue” in order to move to the next step of Identity verification. Please note that it is mandatory for Bittrex Global accounts to be verified through government-issued identification.

Bittrex Global Fees

Like any other conventional exchange in the world, Bittrex Global also charges a fee to indulge in crypto-trading wherever in the world you are except the United States and several other countries. Here is a brief review of Bittrex Global’s Trading Fees.

Trading Fees

Bittrex offers all its customers and traders the lowest trading fees compared to other crypto-exchanges in the industry. Bittrex Global’s trading fee schedule available on its website offers details of the applicable rates on the basis of the 30-day volume of a customer’s account.

Bittrex’s customers can benefit from a fee schedule offering low rates as they trade. It means the more they trade, the more they save.

You incur a trading fee by Bittrex when an order is filled or executed on Bittrex’s matching engine. Both sellers and buyers are charged with a fee based on the total amount/price of the order that executed.

The fees charged will vary based on the currency used for trading. Additional factors affecting the trading will include your last 30-days total trading volume and whether the execute order is a taker or a maker. Bittrex reserves all the rights to change its commission rates on its discretion, such as temporary incentive programs.

Bittrex commissions and fees

How Does Bittrex Calculate Your 30-Day Volume?

Bittrex Global calculates its customers’ 30-day trading volume daily. It updates every customer account’s trading fee schedule and volume calculation between 00.30 UTC and 01.30 UTC every day.

If you wish to check your current 30-day trading volume, simply login to your account and navigate to the “My Activity” section to review the details.

Maker Orders

Maker orders create liquidity on the crypto-market by simply being entered into the order book. You can also say that maker orders get placed; it is not filled. Instead, it waits until a similar order matching it is placed in the future.

A maker order can either be a sell or a purchase order. Whenever an existing maker order in the order book matches with a newly placed order (This one is called taker order), Bittrex charges the maker order in a transaction with a maker fee.

If a new order entered does not match with any existing order immediately, or is not completely filled by an existing order, this order goes into the order book. This order then becomes a maker order awaiting future trade or similar order execution.

Taker Orders

A taker order reduces liquidity in the market. A taker order executes immediate and takes away the order book’s volume. Just like maker order, taker orders can also either be a purchase or a sell order. Whenever a new order gets placed on the market, and it immediately gets a match against another existing order on the book (i.e., maker order), the taker related to the transaction gets charge with a taker fee.

Transaction Fees

Here are the transaction fees for various features and services on Bittrex Global’s crypto-exchange trading platform

Blockchain

A certain blockchain network fee may be charged whenever a customer uses blockchain to move tokens to and from Bittrex’s platform.

Deposits

Bittrex does not charge you any fees for making deposits. However, please be aware of the fact that some coins or tokens may require Bittrex to move your funds to a different address before Bittrex can credit them into your account.

This also means the token’s or coin’s network will charge you a normal transaction fee for any funds transfer, and Bittrex Global has no control over and hence cannot avoid it.

Withdrawals

Bittrex Global only charges a small amount as a fee on your withdrawals of coins and tokens. It is done via a built-in feature for the network transfer fee.

You can always view your network fee by clicking on the withdraw button. If you look at the withdrawal window of each coin or token, you will be able to see the withdraw button- simply click on it to view your withdraw or network fee.

Bittrex Global’s Referral Program 

Bittrex offers a global referral program to all its customers. The referrer’s percentage has a fixed rate at 10 percent on all commissions made by the referee. Bittrex reserves every right to change its rates a referrer percentage without any prior notice at any time. In short, it depends on Bittrex Global’s sole discretion.

How Does the Referral Program Work?

There are four ways the referral program works. Here is a brief summary of each process.

Using Referral Codes

If you are registered under Bittrex’s Global Referral program, the company may provide you (as a referrer) with a unique code or other alphanumeric code. You can distribute this code to individuals who are interested or eligible to become new Bittrex’s users.

You agree and acknowledge a few terms that include.

  1. Bittrex has the right to place limits on the number of times a referrer can use or share the referral code.
  2. The referrer has no ownership rights of any kind or form over these referral codes. They are the sole property of Bittrex and can be revoked by the company anytime without prior notice or intimation.
  3. Bittrex may also deactivate, reclaim, terminate, or invalidate your referral codes at any time.

Sharing Referral Links and Associated Restrictions

If you are a referrer, you can invite any eligible individuals you may know to become new users at Bittrex Global. You can distribute your personal referral code directly and instruct the new users to input this code during the registration process.

However, you must ensure that you use these referral codes for non-commercial and personal purposes. You must also disclose your eligibility to get a referral reward whenever any referee uses your referral code to sign up for an account on Bittrex.

You cannot distribute or publish these referral codes on commercial websites and platforms. You are also prohibited from spamming people with your referral codes and invitations. Therefore, when you agree to receive a referral code as a referrer, you must agree to the above terms and conditions to abide by the regulations set in place by Bittrex.

License and Ownership

Bittrex grants all its referrers the non-exclusive right use Bittrex Global’s trademark “The Mark.” This is only to share your referral code with the potential new users; you cannot use it for any other purpose.

As you already know, you have to acknowledge an undertaking when receiving your personal referral code that is only Bittrex retains full ownership, rights, title, and interests of its trade names, trademarks, service marks, copyrights, inventions, patents, trade secrets, software, and technology.

Earning Referral Rewards

Once you become a referrer, you also become eligible for earning referral rewards for each new user you referred to by you. However, Bittrex places certain restrictions on the maximum limit of referrals per person.

The rewards shall be an amount = referee fee revenue of every eligible trade X applicable referral percentage.

Bittrex will credit your referral rewards to your account within seven days of every eligible trade.

What is an Eligible Trade?

It means a trade that used services offered on the Bittrex trading platform and its affiliates. However, the eligible trade must not include trade in a currency that a referrer cannot hold while using Bittrex.

Using credit cards on Bittrex

How to Use Credit Cards on Bittrex?

In this section, we are going to review how you can use a debit card or credit card payment services. Bittrex Global GmbH is responsible for enabling the debit/credit card payment services.  It is a Liechtenstein based company that has limited liability.

By authorizing and submitting a payment or alternatively using your credit/debit card for payment services wholly or partially, you will agree to be bound to follow the terms and conditions set by Bittrex Global.

 You will have to agree on the terms and conditions, which will be a binding contract between you as a trader and Bittrex Global as a crypto-trading platform. However, Bittrex Global holds all the rights to change, modify, amend, or delete any clause from this addendum every now and then.

All such modifications shall and will become effective immediately as soon as they are posted on the official platform’s addendum list. By continuing using your debit and credit card for payment services while following these amendments, you will be agreeing to be bound by any of these amendments.

Bittrex’s Terms of Services

The terms of services related to Bittrex Global as under the “Terms of Service” section. They apply to any use of or access to all services, features, and facilities provided by Bittrex Global, including the debit and credit card payment services.

You will be able to read the addendum related to the full terms of services for all the traders. Whether you are a personal account holder or operate a corporate account on Bittrex Global, the terms of services are equally applicable to all crypto-traders on the platform.

There are certain capitalized items that are used for trading but are not mentioned anywhere else on the website. You will be able to learn about these items in terms of the services section on the Bittrex Global website.

By agreeing to these terms of services, you will also be agreeing to all the other terms and conditions not mentioned elsewhere on the Bittrex portal. So read them carefully and thoroughly. If you come across any conflict between the addendum and the terms of service, then remember that addendum will take control and will be the final word and verdict.

Bittrex Global’s Privacy Policy

Bittrex Global’s policies concerning any use, collection, processing, and disclosure of your personal data and information are covered under privacy policy. It also includes any data or information collected in connection with your debit and credit card payment services. For full details on the privacy policy, you can go to Bittrex’s website and read their full privacy policy.

Debit Card and Credit Card Bittrex Payment Services

When you use the credit and debit card payment services on Bittrex Global’s platform, you agree to and acknowledge the following.

  • You are buying from a Bittrex coin or token from Bittrex Global, complying with and in accordance with all the terms of services.
  • You are the authorized holder and signatory of the credit or debit card that you will be using to make a payment. Additionally, you will also need to have appropriate authority to be able to -validly agree to the terms and conditions of Bittrex Global’s crypto-exchange.
  • You will also be responsible for making the payment in full of the total amount you will incur. This amount will be paid by using Bittrex’s debit and credit card payment services. The fee may include any related fees, charges, and taxes.
  • You will also be responsible for any charges and fees applied by your card issuers, such as a bank or any other financial institution. It can also include any costs associated with using credit and debit card payment services, and more.
  • Bittrex Global will not take any responsibility if your bank or card-issuing company refuses or decline credit or debit card payments.

Furthermore, you will also have to acknowledge that any payments that you make using credit and debit card payment services on Bittrex will be through a secure but third-party website. Additionally, you will also acknowledge that your card payment details that you will enter through the payment gateway will also be encrypted.

Bittrex Global does not capture, retain, or hold any debit or credit card information of any customers. The crypto-exchange only uses information in real-time to complete payment. Once your payment successfully goes through, you will get a notification and receive a confirmation about your payment on your computer or smart phone’s screen.

Refunds

In case of any refunds, it will depend on Bittrex Global’s sole discretion. If the company deems that a refund is due for a payment related to any payment made to the Bittrex Global crypto-exchange, Bittrex will refund the payment back into the credit or debit card you used to make the payment initially.

How to Contact Bittrex?

You can always contact Bittrex Global’s customer support team. For all your customer support enquires and issues, you can log in to your Bittrex account via Bittrex Global’s website. Here you will file for a support ticket, or you can also reach their customer support team via Bittrex Global’s official Telegram Channel. Check their website for further details.

Bittrex Global also has a strong social media presence. If you have an inquiry you can email them on media@bittrex.li. You can go to their news and announcement section to get the latest updates about the crypto-exchange and related services from Bittrex Global.

You can also follow Bittrex Global on some of the leading social media networks including Facebook, LinkedIn, Twitter, Telegram and Medium.

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