Bittrex Global Review: Fees, Services, Automated Trading & More
Get ready for a ride with Bittrex, one of the globe's pioneer cryptocurrency exchanges, serving the crypto community since 2014.
Today, Bittrex reigns as an advanced digital asset exchange serving clients around the world. Bittrex Global, carefully navigating through the regulatory mazes of the European Union (EU) and Malta, operates in full compliance with the Malta Virtual Financial Assets Act (VFA Act).
Bittrex is more than just an exchange — it's a torchbearer in the blockchain revolution, always striving to inject fresh perspectives into the cryptocurrency landscape and pioneering ways to weave crypto into our everyday lives. The Bittrex 'Blockchain Incubator' is a testament to this, working hand-in-hand with industry teams to forge new cryptocurrencies.
Now, let's see what else there is and explore Bittrex's fees, array of tradable products and services, robust security measures, and automated trading options for those eager to streamline their trading maneuvers.
Bittrex US Regulatory Debacle
Bittrex, a cryptocurrency exchange, was born in the United States in February 2014. The brainchild of Bill Shihara, Richie Lai, and Rami Kawach — technology maestros who honed their skills at tech giants like Microsoft, Amazon, and BlackBerry.
In 2019, Bittrex underwent a significant transformation. Its trading engine received a turbocharge, enhancing the platform's processing speed by up to 20-fold, boosting scalability, and enabling support for new features and upgrades, including USD and EUR markets. This revamp paved the way for Bittrex Global, a fresh branch rooted in Liechtenstein.
However, 2023 brought a seismic shift. The SEC's sweeping crackdown on crypto also cast a shadow on Bittrex US. The SEC claimed that from 2017 to 2022, Bittrex reportedly raked in at least $1.3 billion in revenue from transaction fees among others, including those from U.S. investors, operating as a broker, exchange, and clearing agency without registering these activities with the Commission. As a result, Bittrex started winding down its U.S. operations, eventually declaring bankruptcy and agreeing to pay $24 million for disgorgement, prejudgment interest, and civil penalties in relation to these charges.
Despite this upheaval, Bittrex Global remains unscathed by the bankruptcy and continues its operations unhindered.
Bittrex Trading Volume, Coins & Pairs
Traders often gauge an exchange's daily trading volumes to ensure that their preferred coins are in high demand on the platform. After all, low trading volumes can deter investors seeking to make substantial trades.
As of the latest update, Bittrex clocks a 24-hour trading volume of approximately $1.7 million, placing it 74th in the trading volume rankings on CoinGecko. The exchange currently lists 358 coins and supports 570 trading pairs. The BTC/USDT pair is the most actively traded, boasting a 24-hour volume of $216 thousand.
Bittrex Trading Interface & Trading Services
Newcomers to the crypto world might find purchasing crypto on Bittrex to be a breeze, largely thanks to its Instant Buy and Sell function (Pic. 1). This feature allows investors to purchase a variety of leading cryptos using a linked bank account, pre-existing account funds, or a debit card.
Though fees may not be immediately evident, they emerge in the form of a spread before you finalize your order. This method often proves costlier compared to directly using Bittrex’s trading platform, especially when funding purchases through a debit card.
A 3% fee accompanies debit transactions, alongside any bank charges, suggesting that most investors are better off funding their accounts via free ACH transfers and swiftly acclimatizing themselves to navigating a trading platform.
In addition to the Instant Buy/Sell option, Bittrex provides its users with a swift and comprehensive trading platform (Pic. 2). This advanced interface comes loaded with TradingView charts, offering a myriad of technical overlays and price data down to 1-minute intervals. Plus, you can access depth charts and the exchange order book for all listed coins.
Bittrex supports a range of popular trading tools, including market and limit orders, stop limit, OCO, and ladder limit.
Bittrex's suite of apps is impressive — it includes the Bittrex Global desktop with both Basic and Advanced interfaces, along with smartphone apps for Android and iOS users.
One-click staking gives eligible Bittrex Global users a simple route to earn passive rewards on their crypto holdings. For instance, by staking ADA with Bittrex Global, you can earn ADA rewards simply by keeping ADA in your Bittrex Global wallet.
Bittrex Global Credits provide a way to earn commission-free trades by trading on Bittrex Global. You accumulate these credits based on the commission you pay on your trades. After your order closes, Bittrex swiftly transfers these credits to your account. As soon as you've gathered enough, you can redeem them for commission-free trades, an option that automatically appears in the trade confirmation dialog box.
The Bittrex Global VIP Programme presents an array of enhanced benefits and features for clients whose accounts meet a specific trading threshold. As a Bittrex Global VIP, you can enjoy perks like reduced transaction costs, staking opportunities, an advanced UI, improved API connectivity, and dedicated customer service.
Bittrex Fee Schedule
Bittrex, like several other cryptocurrency exchanges, employs a fee structure grounded in the maker/taker model. Bittrex provides volume-based discounts that diminish the fees you pay for trades, contingent on your trading volume over the previous 30 days. Essentially, the more you trade, the less you pay. However, to qualify, you'll need to trade tens of thousands of dollars in crypto per month. For instance, until your trading volume surpasses $100k, you'll be subject to a 0.10%/0.15% fee for maker/taker transactions.
Transaction fees on Bittrex Global may be influenced by specific blockchain network fees when you transfer tokens to and from the platform using the blockchain.
While Bittrex Global does not levy fees on deposits, you should note that some tokens or coins necessitate Bittrex to transfer your funds to a different address before they can be credited. This transfer incurs the usual transaction fee from the coin or token's network, a cost that Bittrex Global cannot circumvent.
As for withdrawals, Bittrex Global imposes a nominal withdrawal fee for any token or coin that carries an inherent network transfer fee. You can view this network fee by clicking the 'withdraw' button on the withdrawal window for each respective token or coin.
KYC on Bittrex
Being a highly regulated platform, Bittrex Global requires users to comply with a rigorous Know Your Customer (KYC) procedure to confirm their identity. However, thanks to advancements in automated ID verification technology, this process is now swift and straightforward. Most customers achieve account verification within just 15 minutes. As part of the validation process, you'll need to provide clear photos of a current and valid identity document, such as an international passport, national ID card, or driver's license.
Bittrex Jurisdiction
As of August 7, 2023, traders based in the USA, North Korea, Iran, Syria, Cuba, and the Crimean peninsula cannot trade on Bittrex Global. Everyone else can.
Automated Trading on Bittrex
Bittrex provides a comprehensive and advanced API that incorporates REST endpoints for transactional operations, as well as a Websocket service for live market and user data updates.
To ensure the platform's performance and availability for integrated users, the Bittrex API imposes call limitations on all third-party endpoints. For instance, those planning on initiating a bitcoin trading bot on Bittrex must keep in mind that the exchange's API can handle a maximum of 60 API requests per minute. Once this limit is reached, subsequent calls will not be processed and the limit will reset at the beginning of the next minute following the initial call.
Bittrex encourages business and high-volume accounts to reach out to their customer service for further information to ensure optimal operation. As previously mentioned, Bittrex's REST API is predominantly used for order handling and is perfectly suited to launching bots on Bittrex. Market orders, limit orders, ceiling orders, good-til-cancel orders, immediate or cancel orders, fill-or-kill, post-only, and conditional orders are all supported for bot trading on Bittrex via the REST API.
Guess what? While Bittrex doesn't come with its own built-in trading bot, it does offer a super slick way to link up any third-party software to the Bittrex Global exchange using those fantastic APIs we talked about. It's a breeze to get started — just create an API key and connect it to your chosen third-party software.
One such third-party is the brilliant Bitsgap, which syncs up perfectly with Bittrex. It offers a suite of stellar bots like DCA, GRID, and BTD that not only play nice with Bittrex but have also shown jaw-dropping results across all types of markets.
But wait, there's more! Right now, by jumping onboard with Bitsgap, you can enjoy 7 days of free trading and test out all the available trading options. Exciting, right? So, if you're ready to take your trading to the next level, read on to discover how you can link Bitsgap to Bittrex today!
Launching Bittrex Trading Bot with Bitsgap
- First things first, either sign in to your existing Bittrex account or start from scratch by creating a new one.
- Once you're logged in, head to the top-right corner and click on [My account]. From there, make your way to the [API Keys] page.
- Next, hit the [Create new API key] button. You'll need to adjust your permissions to match the example below. Once you've entered your 2FA code, click 'Continue'.
- Great! Your Bittrex trading key is now crafted and prepped to connect with our platform! Make sure to copy your API key and Secret key somewhere secure before you add them to Bitsgap.
- Next, sign in to your Bitsgap account and click on [My Exchanges]. This is where you'll find the option to connect your Bittrex account. Click [Add Exchange].
- A pop-up window will appear. From the list, select 'Bittrex', input your API key and Secret key. Once done, hit 'Connect'.
If you've followed these steps correctly, you'll see 'Bittrex' added to your list of connected exchanges, marked with a 'Connected' status and your trading balance will be visible on your account. Voila!
Bottom Line
In a nutshell, if you're a seasoned crypto trader, Bittrex could be your new favorite go-to. The platform boasts support for hundreds of digital assets, with a particular emphasis on crypto-to-crypto trading pairs. If security is a concern for you, you'll be pleased to know that Bittrex offers robust security features and the flexibility to place advanced orders. But, it's worth noting that Bittrex has recently weathered a bit of a storm, leading to the closure and bankruptcy of Bittrex US. While Bittrex Global appears to be sailing smoothly, it's always wise to stay alert and keep your eyes on the horizon.
FAQs
What Is Bittrex Algorithmic Trading?
With respect to Bittrex, algorithmic trading involves employing advanced algorithms and trading bots designed to execute rapid decisions and transactions on the Bittrex trading platform. While Bittrex doesn't offer an inbuilt trading bot or algorithm, it does facilitate the integration of third-party bots and algorithms via its API.
What Crypto Trading Bots on Bittrex Can I Use?
Even though Bittrex doesn't come with its very own built-in trading bot, it wonderfully supports API integration. This awesome feature allows you to hook up your favorite third-party trading bots seamlessly. And if you're wondering which ones to consider, then look into some of the fan-favorite options such as Bitsgap, 3Commas, and Cryptohopper.