Bittrex review and all the answers to your questions about Bittrex are right below. Without further ado, let’s get started.
Is Bittrex Safe To Use?
Well, it’s not exactly a scam, but the platform led to many investors losing their funds through a well-crafted scheme, which I’ll explain shortly.
For now, I’ll first define what Bittrex is to help those who aren’t familiar catch up in this honest review.
Bittrex(bittrex.com), was a digital asset exchange that primarily targeted U.S clients. It had a sister platform, Bittrex Global (bittrexglobal.com), which was available to crypto traders outside the U.S.
Bittrex.com operated from 2014 until 2023, when it was shut down due to bankruptcy. The shut down occurred immediately after the company had encountered regulatory trouble with the U.S. Securities and Exchange Commission.
Its sister platform, BittrexGlobal.com, is still online but is winding down operations for the same reason—bankruptcy. Trading activity on Bittrex Global has been terminated, and the only function currently available is fund withdrawals.
Three individuals founded the Bittrex brand(bittrex.com and bittrexglobal.com) namely:
- Bill Shihara
- Richie Lai.
- Rami Kawach.
Bittrex, in particular, still has its Google Business profile, showing its address as “800 5th Ave, Seattle, WA 98104, United States.”
Can You Get Your Money Out of Bittrex?
Yes, of course, but the process can be frustrating, and there’s no guarantee for success, thanks to what appears to be Bittrex’s seemingly sophisticated scheme to frustrate withdrawals.
Before I break down how the scheme works, here is some user feedback that sheds light on the kind of challenges customers are facing when it comes to withdrawing their funds from the platform.
Bittrex Reviews and User Feedback On Google Reviews
To begin with, Bittrex holds a 1.6-star rating based on 79 Google reviews. This collective user-feedback reflects widespread dissatisfaction and poor experiences among traders.
One reviewer, by the name “Jason Newmes”, shared a particularly heartbreaking story.
Newmes claimed that what Bittrex did to him should be considered illegal.
According to him, he managed to recover about two-thirds of his money but lost the rest.
Sadly, things only got worse when, during his efforts to retrieve the remaining funds, he was scammed.
In the process, he accidentally exposed a vulnerability in his bank account, which was slowly drained to zero over the next two years.
Newmes described the experience as devastating, especially as it came shortly after the tragic loss of his son and the child’s mother.
He called his experience with Bittrex a painful and life-altering lesson. Here’s a screenshot of that Bittrex review as posted by Jason Newmes on Google Reviews:
Another user, going by the name ‘Wapn Perfo,’ shared how Bittrex locked them out of their account and gradually drained all their altcoins over a six-month period under the guise of ‘account maintenance fees.’ Perfo added that once the account was completely emptied, Bittrex restored their access, a move they described as essentially laundering money under a legal cover.
Here’s a screenshot of the feedback they shared on Google Reviews:
How Bittrex’s Sophisticated Scheme Works
Before writing this review of Bittrex or Bittrex Global, I want you to know that I took my time to thoroughly research the company. This involved reading reviews from various sources, including Google Reviews, Reddit, and Trustpilot.
What stood out to me was the large number of negative reviews, with many users claiming that Bittrex failed to process their withdrawal requests, withholding their funds indefinitely.
This issue caught my attention, prompting me to dig deeper.
I found that the company uses skewed methodologies to rob people of their hard-earned cash.
Bittrex Review and the Monthly Account Charges
Under Bittrex Global’s terms and conditions, the company charges a default monthly fee of 1% per asset, with a minimum charge of up to $50 per asset.
I can’t help but wonder why they’re doing this when all trading activities have been suspended, and account holders can no longer trade.
The company clearly misses the point of monthly account fees.
Brokers typically charge these fees to encourage traders to stay active and avoid letting their accounts go dormant.
But in Bittrex’s case, this shouldn’t apply, as the company currently prevents traders from trading, and it’s not the account holders’ fault.
Some might argue that the fee is designed to encourage investors to empty and close their accounts, as Bittrex has suggested.
However, that doesn’t seem to be the case — just take a look at the screenshot below from a user named Wapn Perfo, who shared their experience on Google Reviews:
Basically, ‘Wapn Perfo,’ shared how Bittrex locked them out of their account and gradually drained all their altcoins over a six-month period under the guise of ‘account maintenance fees.’
He added that once the account was completely emptied, Bittrex restored their access. The customer described this move as essentially laundering money under a legal cover.
A Frustrating Withdrawal Process
Bittrex subtly frustrates withdrawals through a range of calculated tactics. These include long delays, a questionable proof of identity (POI) policy, and an unfair minimum withdrawal requirement.
For example, a user going by the name “Jean-François Gravel”, shared negative feedback on Google Reviews. He pointed out that it took him nearly a year and a half to finally transfer his bitcoins from Bittrex to his personal wallet.
Gravel emphasized that it took numerous support tickets and persistent follow-ups before the company unlocked his account and restored the withdrawal function.
Check out what he said in the screenshot below:
What’s more, the company may take several months to respond if you try to reach customer support. Plus, you can send an inquiry or ask for help only by submitting a ticket.
Meanwhile, your account is charged monthly fees, eating away at your balance as you wait.
By the time someone finally gets back to you, a significant portion of your funds may already be gone.
For example, in the case of Gravel, he was charged a monthly account maintenance fee throughout the entire time. Remember that he spent a whole year and a half trying to transfer his funds to his personal wallet.
Bittrex Review and The Platform’s Proof Of Identity Requirement
When it comes to their POI requirements, the process is equally frustrating.
Bittrex repeatedly rejects uploaded documents using flimsy excuses. Poor image quality, insufficient clarity, or document mismatch are some of them. This is even when the documents are perfectly valid.
Each submission can take weeks to review, and during this delay, monthly deductions continue.
By the time your withdrawal is finally approved, your account may have suffered considerable, unjustified losses.
Minimum Withdrawal Limit
Here, Bittrex employs a cleverly calculated tactic that can ultimately cause users to lose access to their funds altogether.
The minimum amount depends on the cryptocurrency and network conditions.
For instance, according to the company, the least amount you can withdraw for USDT is 8 USDT plus one Satoshi(approximately $0.0007). If your balance is below the specified threshold, you’ll have no choice but to forfeit it to the company.
Now, imagine the scale of this strategy if even just 100,000 customers forfeited their account balances simply because they were below the minimum withdrawal limit!
It would amount to a staggering amount pocketed by the platform. Keep in mind that Bittrex Global had roughly 1.5 million active users worldwide as of early 2023.
Bittrex Review Final Verdict
The Bittrex brand continues to exploit investors through unfair practices, despite presenting itself as a legitimate company.
It unjustly takes money from users by imposing excessive monthly account fees, enforcing high minimum withdrawal thresholds, and providing painfully dissatisfying customer support.
There’s no live chat, email address or phone number available. The only way to reach the company is by submitting a support ticket. But even then, responses can take a painfully long time.
Report A Scam
If you’ve made it this far in my Bittrex review and realized you’ve lost money to a scammer, go to this page to report the scam and seek help. Alternatively, send an email to scamread@scamreader.info.
Bittrex Review Disclaimer: This information is provided solely for warning and alert purposes. The review highlights major red flags associated with this outgoing crypto exchange. It is based on user feedback and publicly available information.