Skip to Main Content

Bittrex review 2022

1
Bittrex
Bankrate Logo

Why you can trust Bankrate

While we adhere to strict , this post may contain references to products from our partners. Here's an explanation for .

Bittrex offers a solid option for traders focused exclusively on cryptocurrencies. A steeply declining commission structure should prove attractive to customers who can bring some serious volume, and clients will have more than 100 cryptocurrencies to invest in – one of the largest selections around. Bittrex even offers staking rewards, albeit on just one coin, though that may not deter high-volume traders who are here for the trading action. Despite some positives, customers shouldn’t expect much from customer support with its limited options.

Traders who need a wide selection of cryptocurrencies should also take a peek at Coinbase, Crypto.com or Kraken. For those who need only the most popular crypto coins while they trade more traditional securities, Robinhood and TradeStation are worth a look.

Best for

  • Crypto-only traders
  • High-volume traders
  • Wide selection of cryptocurrencies

Bittrex at a glance

Category Bittrex
Minimum balance: None
Securities tradable: 101 cryptocurrencies
Cost per trade:
  • Commissions starting at 0.35 percent
  • Debit card fees of 3 percent
Customer service: Self-help, support tickets and live chat
Mobile app: The Bittrex mobile app is available on the Apple App Store and Google Play Store

Pros: Where Bittrex stands out

Commissions

Bittrex’s commission schedule is relatively straightforward and structured similarly to rivals’. Like many others, Bittrex has a maker-taker commission structure that gives some preference to those who create liquidity in the marketplace (makers) over those who reduce it (takers). It also offers discounts to those who bring a lot of trading volume to the crypto exchange.

Here’s the commissions structure as well as the 30-day volume needed to reach each pricing level:

30-day volume Maker Taker
Less than $25,000 0.35 percent 0.35 percent
$25,000 – $50,000 0.25 percent 0.30 percent
$50,000 – $100,000 0.15 percent 0.25 percent
$100,000 – $1 million 0.10 percent 0.20 percent
$1 million – $5 million 0.06 percent 0.16 percent
$5 million – $10 million 0.05 percent 0.15 percent
$10 million – $60 million 0.02 percent 0.10 percent
$60 million – $100 million 0 percent 0.08 percent
$100 million and up 0 percent 0.05 percent

Your commission is the product of your rate times your trade value. For example, if you bought $10,000 in cryptocurrency and had no prior 30-day volume, you’d pay $35 at either the maker or taker rates. Now assume that you already had $30,000 in volume and placed another $10,000 order: a maker would pay $25 for that trade, while a taker would pay $30.

The volume-based pricing is attractive, especially if you’re doing high volume regularly. However, other players offer better pricing at lower volume levels, including Binance.US.

Bittrex also charges more reasonable fees for debit card transactions, 3 percent, when some rivals easily hit the 4.5 percent level.

Other fees

Bittrex is also good about other fees. It charges no deposit or withdrawal fees for U.S. dollars, and it charges no fees for deposits of cryptocurrencies. However, it does charge a fee for withdrawal of cryptocurrency to cover the network transfer fee. Bittrex displays this fee overtly, so you’ll know what to expect before you get to the decision point.

Cryptocurrency selection

Bittrex offers 101 different cryptocurrencies – one of the largest crypto buffets out there – and like many rivals, it’s adding new ones all the time. You’ll get the most popular options such as Bitcoin and Ethereum, but also other top options such as up-and-comer Cardano as well as memecoins such as Dogecoin. And that’s on top of dozens of altcoins, too.

While more than 100 choices certainly is a lot, Bittrex doesn’t offer all the most popular cryptocurrencies, at least not yet. So it doesn’t matter how large the selection is, if Bittrex doesn’t offer the coin you’re looking for. Conversely, if the buffet already offers your favorites, then an even larger buffet doesn’t really add much to your experience.

This range compares favorably to many traditional brokerages that offer just four to seven cryptocurrencies, and only the most popular ones. For example, Interactive Brokers and Robinhood offer trading in only a handful of crypto coins.

Cons: Where Bittrex could improve

Limited staking options

Bittrex does offer staking rewards, but they’re limited to one cryptocurrency – Cardano – for now. Staking allows holders of a cryptocurrency to put up their holdings and participate in the rewards that accrue to those who validate transactions in a cryptocurrency and therefore support it. As of January 2022, Bittrex is offering 5.5 percent staking rewards on Cardano.

With just one cryptocurrency available in the staking options, it’s slim pickings. Those looking for a little more variety could turn to Binance.US, which offers staking rewards on seven cryptos, as of last count.

Customer support

The customer support at Bittrex is a bit better than most of the rest of the field. That’s not to say it’s good, only that it’s somewhat above the level of support that many crypto traders have come to accept. As at many other crypto exchanges, clients can look for answers on self-help pages and have access to support tickets, where you send an email and then wait until a rep responds back to you. Bittrex edges out the competition with its live chat functionality, though.

Still, in comparison to the world of traditional online stock brokers, where you can often get a helpful and knowledgeable person on the phone to answer that tricky question in less than a minute, the support options at Bittrex leave something to be desired.

Bottom line

Bittrex does a few things well, especially if you hit the demographic it’s targeting:

  • A wide selection of some top cryptocurrencies and many lesser-known coins gives traders a lot of choice.
  • Volume discounts should prove attractive to those who can bring the volume, but you really do have to trade outrageous amounts to drastically slash your commissions.
  • Those looking for more staking options might turn elsewhere, though its lone offering of Cardano is one of the most popular cryptocurrencies.

Active investors should also compare Coinbase Pro and Binance.US, though the latter is not available in all U.S. states. Those who want to trade the major crypto coins as a sideline to trading in stocks, ETFs and other traditional products could have a look at Robinhood and Webull. Additionally, tastyworks and TradeStation may also prove to be attractively priced options.

How we make money

Bankrate is an independent, advertising-supported publisher and comparison service. Bankrate is compensated in exchange for featured placement of sponsored products and services, or your clicking on links posted on this website. This compensation may impact how, where and in what order products appear. Bankrate does not include all companies or all available products.

Written by
James Royal
Senior investing and wealth management reporter
Bankrate senior reporter James F. Royal, Ph.D., covers investing and wealth management. His work has been cited by CNBC, the Washington Post, The New York Times and more.
Edited by
Senior wealth editor