Quick History of Bittrex
Just barely 5 years old as of 2019, Bittrex established operations in the US for the very first time back in January 2014.
In these five years the company has grown by leaps and bounds but remains headquartered out of Seattle, Washington. They started off offering only just a handful of cryptocurrency pairs through the early days of their brokerage, but today they have almost 300 different crypto assets available to trade through the 100% web-based platform – as well as tools and technology that cater specifically to cryptocurrency miners that a lot of other direct competitors simply cannot or will not offer.
In May 2018 the company decided to start launching a number of fiat currency trading pairs as well as fiat currency deposits in the United States for customers that can be verified to be holding their accounts in California, New York, Montana, and Washington state with plans to continue to expand as individual state legislations give the green light for these kinds of investments.
International customers are also able to take advantage of these same fiat currency trading pairs without any worry at all, giving Bittrex a fantastic opportunity to expand and grow even faster than they have been able to already. Excitement is skyhigh with this network and it’s easy to see why.
As of early 2019, Bittrex currently offers 285 different cryptocurrency pairs available for trading in the United States and internationally with dozens of different fiat currency pairs and fiat/crypto pairs available to be traded as well.
BitCoin can be traded directly for US dollars (and vice versa), with the opportunity to take advantage of unique CFD options for other foreign currencies throughout the world as well.
This certainly has to be one of the most flexible crypto brokers on the market today, and it just may be the most flexible of all the US based cryptocurrency brokers for sure.
Commission and Fee Structure
Right out of the box, Bittrex commissions and fees sit at 0.25% – a figure that is pretty high compared to a lot of the direct competitors.
However, it doesn’t take that much to get you crypto brokerage fees and commissions down to 0%, though there is also an opportunity to see your commissions and fees jump up to 7% depending on the specific crypto pairs that you are trading at any one particular point in time.
Bittrex definitely recognizes that their competitors offer some better deals on specific crypto options as well as fiat currency options, but they try to press any and every advantage they can with smaller crypto options by making them 0% commission and 0% fee trades across the board.
It does make calculating your trades a little bit more challenging because everything seems to be a moving target, with commissions and fees jumping from one figure and one factor to another depending on what you trading and when.
But if you are able to automate things as much as possible (and Bittrex tools definitely help you do that with a lot of control throughout the entire process) you’ll find that the management of your commissions and fees becomes a lot more straightforward.
As far as your initial deposit is concerned, it’s going to vary depending on the specific account that you are moving forward with as well as the anticipated volume you think you are going to be trading during 30 day windows of time.
Again, it’s not ideal by any stretch of the imagination but the regulation of Bittrex as a Money Service Business in the United States – and the multitude of differences in legislation across individual states in the US – makes a simplified, streamlined, and “blanket” set up a little bit unrealistic at this point in time.
Research Library and Tools
The research tools you are going to gain access to immediately upon becoming a client with Bittrex are out of this world, offering not only simple and straightforward process for breaking down exactly what’s happening in the world of crypto and fiat currency at any one particular point in time but also helping you to pinpoint data and details you need to make savvy investments on-the-fly.
Everything about the research tools, charts, markets and technical analysis, as well as the proprietary signals you gain access to through your Bittrex membership have been designed to not only assist those that are more casual with their crypto investments but also those that want to handle high-value and high volume trades on a day-to-day basis.
The flexibility of these research options and the chance for you to really customize what you see and when you see it helps you no matter what your goals are. If you’re a day trader that needs up-to-the-minute information you will have the ability to dive right in, and if you’re more casual and only want to be notified about “big picture” research data points you have the chance to configure that as well.
Social signals and virtual trades/”dummy accounts” can be taken advantage of as well. This helps you to see what kind of activity is happening in the world of cryptocurrency at any one particular point in time but also gives you the opportunity to “market test” your trades without having to risk your own cold, hard cash along the way just to see if your strategies bear out.
Bittrex is one of the crypto platforms out there that really understands not only the value of up-to-the-minute updated research and information but the ability for each individual investor to utilize that info for their own personal goals and objectives.
It’s a pleasure to use this library and these tools.
Customer service and support, particularly for US-based clients, is absolutely fantastic through the Bittrex platform.
Individuals are going to get access to customer service and support in their own individual time zone but will also receive service and support in English as well – something that a lot of other US-based crypto brokers have decided to outsource all over the world and a real sticking point for many of their customers.
Online support is quick and responsive through this platform as well. Most people find that they respond inside of 30 minutes after your initial request for assistance, though others have reported this response time can get pushed up to 12 hours or even 24 hours depending on a variety of different factors.
At the end of the day, you aren’t ever going to feel like you are being left out to dry by the folks behind Bittrex. This is a network that takes their client very, very seriously.
Ease of Use
Bittrex is 100% web-based, giving everyone the opportunity to use a simplified and streamlined cloud-based set up that can be accessed from any internet-enabled device anywhere on the planet.
This is a huge advantage for crypto investors and Forex investors in general, particularly since the markets for these currencies never traditionally shut down and trading can happen on a 24/7 basis.
The lack of a desktop software traditional download is going to put off some legacy investors for sure, but once they get used to the swing of things – and the advantages of the always updated and always available web-based platform – most people seem to come around for sure.
Almost immediately after opening up for business Bittrex promised that they were going to unveil mobile applications for both Android and iOS devices, but so far this hasn’t come true.
The fact that they haven’t been able to deliver on this promise in five years is a little bit unbelievable, and the fact that this crypto broker could even think about not offering mobile applications for trading on popular smartphone and tablets is unacceptable.
You’ll still be able to access the web browser-based tools through your mobile browser, but the experience could have been a lot easier to leverage and a lot easier to navigate if they would release Android and iOS options ASAP.
Remains unknown if they plan to offer these kinds of applications in the future or not.
Regulation in the US as a Money Service Business allows them to provide access to their crypto broker to US-based customers and international customers alike
Almost 300 different crypto assets can be traded through this platform, as well as fiat currency options for those looking for a more traditional Forex platform
Automated sales and purchasing tools are available through the Bittrex set up, with almost total control and complete customization available for those interested in these kinds of settings
The lack of mobile applications for either Android or iOS devices is a major drawback and downside
Not all states have passed legislation allowing for accounts to be created on the Bittrex platform just yet, though it is expected that all 50 states will one day be compliant (sooner rather than later)
The wide variety of crypto assets you will be able to trade on the Bittrex platform really make this a special place to do your trading, especially when you combine it with relatively competitive commission rates, the automation tools that this platform provides, and the regulatory licenses this operation holds in United States plus the trust that this conveys.
Bittrex is certainly something you want to look closer into if you are serious about trading crypto today.
David is a financial expert who graduated from the University of Fordham (Master in Finance) in 2001. He has 10+ years of experience in private equity and wealth management. With strong expertise in senior-level financial planning, personal financial analysis, and mortgages, David knows his way around personal finance. Before working at CCR he used to be a financial analyst at McKinsey.
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