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Bittrex Fees : Are You Paying Too Much Fees?
Bittrex is one of the oldest cryptocurrency exchanges and is running since 2014 with headquarters in Seattle, Washington. Most importantly, security has always been a top priority for Bittrex. The exchange has never been hacked due to its top-notch security measures. Furthermore, the platform has a trading volume of $300 Million per day. However, the platform also has an attractive fee structure, hence let’s understand all the different types of fees at Bittrex.
Table of contents- Summary (TL;DR)
- Bittrex Fees: Trading Fee
- Maker-Taker Fees
- Bittrex Fees: 30-Day Volume
- Blockchain Fees
- Bittrex Fees: Referral program
- Fees on Bittrex vs Binance
- Bittrex Fees: Conclusion
- Frequently Asked Questions
- Bittrex is one of the oldest cryptocurrency exchanges. Hackers never got to the users’ funds since the platform’s launch.
- Bittrex charges a trading fee or commission when its matching system fills a trading order.
- Users who have a high trading volume have to pay lesser maker and taker fees.
- Bittrex does not charge any fees for deposits. However, there occurs a network fee when you transfer funds from one wallet to another.
- While withdrawing funds, Bittrex charges a fee to cover the network fee of sending the funds from one cryptocurrency address to another.
- Bittrex does not charge any fees for fiat deposits or withdrawals. However, your bank may charge you a fee for sending and receiving wire transfers.
- Bittrex has a referral program through which you can earn more. Every time someone uses your referral link to trade on Bittrex, you will receive a 10% commission.
- While Bittrex has low fees, it falls short in comparison to Binance’s fees. Binance offers a 0.1% fee on all its trades. This is the lowest fees in the cryptocurrency industry.
Trading fees are the commission that Bittrex charges when this exchange’s matching engine fills a trading order. Furthermore, the fees are charged following the number of funds you trade. Fees do vary depending on whether the order is a maker or taker. Additionally, there are fee concessions for users with a high trading volume as these users increase the platform’s liquidity. However, no fees are charged on the orders that don’t get executed.
Bittrex Fee: Trading Terminal
Maker-Taker Fees
Makers create buying or selling orders, which don’t execute immediately. Instead, takers place orders that have to be executed immediately.
You can create a selling order/ Maker order that will execute only when the price of ETH goes lower than the specified value. When your existing order is matched with a new buying order (taker buying order), Bittrex will charge a maker’s fee for the transaction. Likewise, the taker in the trade will be charged a taker’s fee.
Bittrex Fees: 30-Day VolumeBittrex rewards the users who have a high trading volume as these users increase the platform’s liquidity. Therefore, the platform will reduce a trading fee according to your total trade volume calculated in USD over the past 30 days.
Bittrex updates each account’s 30-Day Volume daily. You can check your 30-Day Volume by going to your account and clicking ‘My Activity.’
Here is the fee schedule according to an account’s 30-Day Volume:
Blockchain Fees Deposits FeesBittrex does not charge any fees for deposits. However, some coins and tokens require funds to be moved from one address to another before they are credited. A network fee comes into existence in such transactions, and Bittrex can not avoid this fee.
Withdrawal FeesBittrex charges a fee to cover the network fee. A network fee is incurred when you transfer funds from one cryptocurrency address to another external address. The network fee is paid to ‘miners’ who add cryptocurrency transactions to the public records or Blockchain and thus help maintain the network. Network fees depend on the coin or token and the amount of traffic the network is experiencing at that time.
Fiat FeesBittrex does not charge you any fees for depositing or withdrawing USD. However, your bank may charge you a fee for receiving and sending wire transfers.
Bittrex Fees: Referral programBittrex has a referral program through which you can earn. Signing up for this referral program is straightforward. All you have to do is log in to your Bittrex account, click on ‘Accounts,’ and then click on ‘Referral Program.’ Here you will find your unique referral code and link. You can share this referral link on your social media pages. Every time someone uses your link to trade on Bittrex, you will earn a 10% commission.
Fees on Bittrex vs BinanceBittrex has low trading fees, but when compared with Binance, it falls short. Binance charges a 0.1% fee on all trades and is one of the lowest trading fees in the cryptocurrency industry. It may be helpful for you to look into the differences between these two platforms and choose the one you prefer. To learn more, read the article below.
Binance vs Bittrex | Which is the Best Exchange for You? [2021]If you would like to know more about Binance, you can head over to our Binance review.
Bittrex Fees: ConclusionBittrex is a fast, safe, and easy-to-use cryptocurrency exchange. It is an excellent exchange for beginners as well as for experienced traders. Bittrex rewards users with high trading volumes. These users have to pay lower maker and taker fees. Bittrex also has a referral program through which you can earn funds. Furthermore, the platform offers a free online wallet service that you can use to store all the coins and tokens you trade on the platform.
Frequently Asked Questions Does Bittrex have a mobile app?Yes, Bittrex does have a mobile application that is available on both iOS and Android devices.
Is Bittrex Safe?Yes, Bittrex is a safe exchange. Additionally, the platform has never been hacked since it was founded in 2014. Security has always been the top priority for Bittrex. Moreover, 80 to 90 percent of all user funds are stored safely in cold storage. These storages are offline, and even if the website is hacked, these funds will not be compromised. Users can also set up two-factor authentication or 2FA on their account via google authenticator.
Is the Bittrex wallet secure?Although Bittrex has never been hacked on a large scale, some users have reported getting hacked and losing the funds they stored in the Bittrex wallet. This often happens to users who have not set up 2FA on their accounts. Therefore, it is crucial to choose a strong password and set up 2FA for keeping your account as secure as possible. It is still recommended that you store your funds in a hardware wallet, as this is the safest way of storing your crypto funds.
How can I contact Bittrex?You can contact Bittrex by going to their support page on Zendesk. Here you can read articles on frequently asked questions, user settings, news and announcements, account troubleshooting, etc. Most of your queries will be solved by reading the articles. If you need more help, you can fill out a ‘Support Ticket .’ The support team will look over your issue. Aside from Zendesk, you can also contact Bittrex via:
Facebook
Twitter
Slack