Bittrex cryptocurrency exchange was involved in a scandal recently where they have been locking accounts of all users from Iran, Egypt, Russia and other countries. The scandal faded in a way, since users from most of these countries are unlikely to pursue any legal action against a US-based exchange. One could also say, poor countries, where you can get away with seizing user’s funds and call it a “security measure”.
According to their own support documentation, Bittrex requires several levels of user verification. An account can be “unverified”, have “basic verification” or “enhanced verification”. Basic verification means submission of just the user’s name and address to Bittrex. Supposedly a user with Basic Verification is able to withdraw up to 3 BTC per day, and that’s what Bittrex’ knowledgebase says:
We’ve been tipped that this is completely false, misleading information.
Basically there is NO way to withdraw your coins from Bittrex, unless you show them an ID. You will have problems withdrawing any amount of money from Bittrex if your account is “Unverified”. Not even .025BTC.
“Basic verification” won’t help either. In fact, basic verification simply does not exist at Bittrex. They want to see your selfie and your ID no matter how much or how little you want to withdraw, period.
This is what happens when a user tries to withdraw less than 0.025 BTC:
Alright, the link says you can have “basic verification”. Once the user adds her name and address (what basic verification is), here’s the new error message:
This is not a joke – Bittrex claim they have run a check of your submitted name and address through “public records” of some sort, there was no match, and your basic verification does not mean dog shit. Enhance!
Once again, the moment you submit your name and address to withdraw ANY amount of cryptocurrency (even 0.024 BTC), Bittrex runs a background check on you and if you’re not in a public record of some kind – Bittrex does not like that. Which means not only that your private information is NOT safe with Bittrex, but their basic verification is a lie, something that does not exist.
A lot of questions appear, at least these thee a really enough to stay away from Bittrex and wrap up this review:
- What “public record databases” are used for each country worldwide?
- Why is customer support information misleading?
- Why do they want to make is look like you CAN withdraw without an ID?
We can tackle the last one – Bittrex want to seem privacy-friendly, while they are not. They promise to new customers that they’ll be able to withdraw up to 3BTC without an ID, and any website doing a Bittrex review based on their documentation would re-print that purposedly misleading information.
Here’s why Bittrex tactics looks scammy illustrated by a possible scenario:
1) a crypto enthusiast wants to trade a shitcoin that’s listed only on Bittrex.
2) he reads that withdrawing under 3BTC is totally cool without an ID and creates a Bittrex account and deposits 1.5BTC .
3) after the shitcoin pump and dump the user wants to withdraw his 2.9 BTC back to his wallet…
4) …and he has to take a selfie with his passport in his hands.
Here’s what happens next in, probably, 1/3 of the cases:
5) the user says “screw these guys, I’m not sending my ID to them”
6) Bittrex becomes 2.9BTC richer.
So… Is Bittrex Legit?
In any case, even if this is just Bittrex trying their best to look good to the US government and implement a “know your customer” policy – this is not the way to run a cryptocurrency exchange. Registering and trading with Bittrex is totally not worth it, because they lie about their own rules and ignore your privacy.
Remember the recent Cointraffic.io review that described it locking accounts behind a verification wall? Seems like an anti-privacy tendency in the crypto space, which was pro-privacy by design. Stay vigilant and double-check who you're dealing with!
UPD: Bittrex reviews are like that all over the web. Here is reddit:
…here’s a bunch of Bittrex reviews on Twitter:
@Crypt0n1t From last 18 days my Bittrex acct is disabled –
>Basic & Enhance Verification Completed.
>2 times reply comes “Your account has been re-enabled.”
But still my acct is disabled…..pls help me I am in depression because my life earning is in Bittrex. pic.twitter.com/xFns1Ef0pv
— Saif (@maseehsaif) October 31, 2017
#Bittrex#BittrexExchange Approaching two weeks of no support response for manual verification required account with over $70k in it. Ticket #378690 — Please resolve this, I’ve sent over 3 support tickets now.
— PledgeHive (@PledgeHive) November 10, 2017
You’ve got to be crazy to deposit your coins to Bittrex.
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