How Long Does It Take to Send Bitcoin from Bittrex to Coinbase?

Published: April 18, 2024 | Last Updated: February 29, 2024

Hudson Kisia

Hudson Kisia has been researching and writing content for ElementalCrypto since 2022. He has been writing about crypto, blockchains, and mining for more than 5 years now.

The Bittrex platform is not just winding up its Bittrex US operations but also its Bittrex Global operations. So far, it has ceased its trading operations effective from December 4, 2023. While there is no set timeframe for withdrawing your digital assets from the Bittrex exchange platform, it is important to initiate the withdrawal process as soon as possible.

How Long It Takes to Send Bitcoin from Coinbase to Bittrex

Why choose Coinbase?

Coinbase cryptocurrency exchange
Coinbase cryptocurrency exchange

Coinbase is Bittrex’s main competitor in the United States. It also has platform features and products similar to the Bittrex trading platform. This makes Coinbase the best alternative to the Bittrex platform, especially for those Bittrex users in the United States.

How fast will the transfer take place?

The action of sending Bitcoin from a Bittrex account to a Coinbase Account takes just a few minutes.

However, the final settlement of the Bitcoin transactions process can take from several hours to several business days depending on many factors.

Factors determining how long it takes to complete the transfer

how long does it take to transfer bitcoins?
How long does it take to transfer bitcoins?

How long it takes to send Bitcoin from Coinbase to Bittrex depends on the following main factors:

1. Network status

Bitcoin is a blockchain network. Yet, both Coinbase and Bittrex platforms are hosted on the internet network, in addition to being linked to the blockchain network. Thus, they are susceptible to network traffic and exchange downtime.

Blockchain network traffic

Bitcoin network has limited pathways. This means that there are those times when the network will be congested. At these times of congestion, transaction speeds will be much lower than during those times when there is no congestion.

Exchange downtime

The internet is a giant network. It is common for sites hosted on the internet to experience downtime. This may be due to either external factors (the internet traffic), internal factors (the platform glitches), or a combination of both.

Downtime occurs when the platform is not able to work normally. As such, there are technical glitches and delays in processing transactions. This can slow down the transaction speed.

2. The platform policies

Platform policies can either make transactions to be processed faster or slower on a given platform. Often, platforms have to make speed-vs-security tradeoffs.

The two main policies are the blockchain confirmation policy and the security clearance policy.

Blockchain confirmation policy

Different exchanges implement their own blockchain confirmation policy. Some may require two blockchain confirmations while others may require five blockchain confirmations, etc. The higher the number of blockchain confirmations, the longer it takes to process a blockchain transaction.

Security clearance policy

These are policy procedures involved in clearing transactions on a specific exchange.

Security clearance policy may be based on:

(i) The type of cryptocurrency being transacted

Well-known cryptos will require less stringent security clearance measures than those not well-known. Furthermore, the security architecture of a given blockchain network on which the crypto is natively hosted can contribute to whether this clearance will be faster or slower. For example, a security architecture that is known to be vulnerable will require additional security measures such as more blockchain confirmations before clearance. This has an impact on how long it will take to effect the transfer of cryptocurrencies.

(ii) The amount of crypto being transacted

On most crypto trading platforms, the bigger the amount of crypto being transacted, the more the security clearance procedures. For example, on some platforms, you may not need to provide a verified National ID, or verified email address and phone number when transacting small amounts of bitcoin. But when the amounts attain a certain higher threshold, you will need this verification. Some may instigate tight Know-Your-Customer (KYC) and Anti-Money-Laundering (AML) measures if a certain threshold is reached. Thus, the bigger the amount of crypto involved, the longer it is likely going to take to clear crypto transfers.

(iii) The reputation of the parties involved in the transaction process

If either the sender (user, wallet, or platform) or recipient (user, wallet, or platform) is less reputable, additional security measures will be taken which may affect how long it takes to effect crypto transactions. Thus, transactions are likely going to be processed faster if both parties hold a high reputation and slower when either party has a low reputation. This reputation may be compromised by factors such as the history of security breaches, lawsuits, regulatory sanctions, etc.

Transfer limits

Some exchanges may impose the maximum amount of bitcoin that you can transfer in a single transaction or within a specific time.

Bittrex, being under receivership, may impose transfer limits depending on the liquidity and management situation.

3. Liquidity level

Other factors being constant, a crypto exchange platform with higher liquidity levels will process bitcoin transactions faster than one with lower liquidity levels.

Under normal trading operations, the Bittrex exchange platform has had high liquidity levels. But under the current bankruptcy and receivership situation, its liquidity levels may not be the same. This liquidity may be made worse by the panic rush to withdraw cryptos from the platform. This may necessitate the imposition of stricter transfer limits.

4. Regulatory requirements

Different jurisdictions have different regulatory requirements. These requirements may include the KYC and AML requirements.

For example, the US government may restrict the transfer of cryptos from US entities to entities from certain countries (such as North Korea). It may also require certain security clearance procedures to be undertaken by the US-registered crypto exchange platforms. This will harm how long it may take to process crypto transactions.

Thus, Coinbase, a crypto exchange platform based in the United States, is subject to these regulatory requirements. The Bittrex exchange platform, being under receivership may be under stricter scrutiny.

5. Market conditions

In volatile market situations, super-normal volumes of transactions may take place. This is especially the case when investors are in a panic mode. This stampede may lead to congestion and eventually delays.

6. The method of transfer

The method you choose to send your bitcoins from Bittrex to Coinbase can also affect how long it takes to complete the transfer.

The following main ways have their impact on the transfer duration.

  • Direct transfer – this is a direct transfer from your Bittrex wallet to your Coinbase wallet. It takes less time.
  • Indirect transfer – this is a transfer via an intermediary. It may involve a transfer via a brokerage firm. For some reason, you may also want to pass your bitcoins via a bitcoin tumbler before reaching your Coinbase wallet. All these will lengthen the duration it will take to send your bitcoins from Bittrex to Coinbase.

7. The cost-vs-speed tradeoff

If the transaction fees are pegged to how fast you want the transfer to take place, then, you will pay higher fees for faster transfer and lower fees for slower transfer. In case the reason for the transfer is not driven by urgency, you may choose a slower transfer that is cheaper than a faster transfer that is expensive.

Also, the blockchain network fee increases during high-traffic periods and reduces during low-traffic periods.  Thus, if there is no urgency, you are better off sending your crypto during a low-traffic period since Bitcoin miners will charge less for verifying Bitcoin transactions.

8. The urgency requirements

If you are transferring your bitcoin to meet an emergency need, then, you will choose a faster yet expensive method of transfer. However, if you are making a less urgent transfer, then you will choose a slower yet inexpensive method.

Thus, how fast you want the transfer to take place can be affected by your urgency requirements.

9. The accuracy of the information provided

To effectively transfer bitcoins between your Bittrex wallet and your Coinbase wallet, the wallet address must be accurate. If there is any inaccuracy, then there will be inevitable delays. Worse, you may lose your cryptos.

Thus, to avoid delays, you must ensure that the entry details of your Bitcoin address on the Bittrex platform and your deposit address on the Coinbase platform are accurate. For a faster deposit process, provide the correct address.  

How to transfer Bitcoin from Bittrex to Coinbase fast and efficiently

How Long to Send Bitcoin from Coinbase to Bittrex
Bitcoin transfers

Having logged in on both platforms, take the following steps:

  1. On Coinbase Bitcoin wallet, click/tap on the ‘Receive’ button to view your Bitcoin cryptocurrency deposit address. Copy this BTC address. You may use the QR Code facility.
  2. On your Bittrex account, go to ‘Bitcoin Wallet’
  3. Click/Tap on the Withdraw button
  4. On the dialog box, enter the amount of crypto bitcoins you want to transfer. In the receiving address box, paste the Coinbase deposit address that you copied in step 1, above.
  5. Confirm withdrawal, after double-checking that your recipient address is the right address.
  6. Enter your two-factor authentication code, if prompted.
  7. After a while, your Coinbase wallet displays BTC received upon successful transfer.

What should you consider before transferring your bitcoins from Bittrex to other platforms?

The Bittrex exchange platform has been great. Almost every other Bittrex review has enumerated the many positives of the Bittrex trading platform. Unfortunately, it is now winding up.

Lessons have to be drawn from this unfortunate event and prudence has to take precedence.

While you are moving your digital assets from Bittrex, you need to consider the following factors:

1. Legal challenges

Bittrex exited the US market because of legal challenges. Coinbase is currently facing the same challenges. Thus, if you are in the US and want to avoid legal bottlenecks that Coinbase is currently facing, you might find it prudent to use Coinbase as a convenient ship to transfer your digital assets to other platforms outside the US jurisdiction.

2. The risk tolerance level of your chosen platform

In an increasingly hostile legal climate for cryptocurrencies, such as that in the US, it is important to evaluate the risk exposure of a given cryptocurrency exchange platform and its risk tolerance level. Can the platform afford to face the legal challenges and yet remain financially and operationally stable? This is a difficult question. Yet, it is a question that you have to answer if you want to keep your digital assets safe.

3. Risk mitigation through diversification

Yeah, as the saying goes “Don’t put all your eggs in one basket”, you shouldn’t put all your bitcoins in one exchange. Entrusting all your digital assets to one crypto platform exposes you to significant risk. In case that exchange gets locked up or sinks, your digital assets also get locked up or lost.

Thus, as a risk management policy, you may need to spread your bitcoins from Coinbase to other crypto exchanges. This is especially the case when you have a large Bitcoin holding.

4. Better trading opportunities

While Coinbase may be your transit ship from Bittrex, it may not necessarily have the best trading opportunities. Thus, scan the wider crypto space for better trading and investment opportunities.

5. Fees and taxes

Both fees and crypto taxes increase the cost of holding and transacting digital assets. You need to consider this when choosing the platform to transfer your bitcoins to.

The following are major fees to keep in mind:

  • The exchange commission
  • Wire transfer fees

Crypto taxes depend on your jurisdiction. Different jurisdictions have different tax policies and tax items. In many jurisdictions, you pay tax on your bitcoin capital gains.

6. Compatibility with fiat methods

Eventually, you may need your chosen cryptocurrency exchange platform to be compatible with fiat payment methods. Your chosen platform must be able to allow you to ultimately swap to the currency of your choice – whether crypto or fiat. Thus, it should provide the following:

  • Fiat currency swapper – you should not only be able to swap bitcoins for other cryptos such as Bitcoin Cash and Stellar Lumens but also from your BTC wallet for fiat currency such as the US dollar and British pound, among others.
  • USD wallet – since both Bittrex and Coinbase are domiciled in the US, having a USD wallet can greatly facilitate dealings in fiat currencies.
  • Debit card – as the easiest way to acquire digital currencies, a debit card is an important fiat payment method. It is the easiest way to draw funds from your bank account when buying cryptos.
  • Wire transfers – in some cases, you may need to make direct wire transfers to and from your bank account.

What has led Bittrex to wind up?

Bittrex exchange platform
Bittrex exchange platform

It is important to know what has led Bittrex to wind up so that you can choose a more secure platform with higher risk tolerance.

Bittrex US was sued by the Securities and Exchange Commission (SEC) in early 2023 in a New York court for failure to register as a dealer in security tokens. In December 2023, the Court found Bittrex culpable and fined it millions of dollars. These huge fines accompanied by reputational damage and curtailment of its operations forced Bittrex US to file for bankruptcy. Since Bittrex Global was enjoined in the case, Bittrex had no choice but to also wind up its global operations.

What the Bittrex platform has faced is what many cryptocurrency exchange platforms are facing in the US, including Coinbase and Binance, among others. Ripples (XRP) is facing similar charges.

Overall, the crypto climate in the United States has become toxic as the US government, through its various agencies, pushes to put cryptocurrency enterprises under its harsh and hostile bureaucratic fiat control.

Thus, prudence and due diligence should help you determine whether you should keep your crypto digital assets under the jurisdictional armpit of the US government or not.

Also see BitPay vs Coinbase.

Up Next

How Long Does It Take Coinbase to Verify Your ID (2024)?

how long does coinbase ID verification take

When you sign up with Coinbase they will ask you to verify your ID. They do this to comply with KYC (Know-Your-Customer) laws imposed on them by regulatory authorities. The process is easy but sometimes it doesn’t run as expected. This can be frustrating if you are itching to trade as soon as possible on Coinbase. In this article, I will walk you through all you need to know about the verification process on Coinbase. I will share my experience and will show you how much time each step in the verification process takes and how to troubleshoot in case it takes longer. Read more.

Hudson Kisia has been researching and writing content for ElementalCrypto since 2022. He has been writing about crypto, blockchains, and mining for more than 5 years now.

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