Bittrex is among the largest cryptocurrency exchanges where you can trade BTC, ETH and a large collection of altcoins.
What Is Bittrex?
It’s a digital exchange based in Seattle, Washington.
Bittrex is currently the third largest cryptocurrency exchange in terms of 24 hour trading volumes, behind Bitfinex and Bithumb.
It was launched in 2014 by Bill Shihara, its cofounder and CEO.
The information provided here is for informational purposes only and should not be seen as investing advice. Our opinions on this site are only that, if you are considering an investment into cryptocurrency or anything we speak about on this site, please advise a trusted financial professional first, before doing so.
What Makes Bittrex Different?
Fast transactions; Bittrex is known for its fast withdrawals and verifications.
Security; they have also made a name as one of the most secure digital exchanges.
To secure their systems, they use an elastic multi stage wallet and have a two Factor Authentication in place.
The exchange also stands out from others because it supports many altcoins and trading pairs.
Customer service; this particular exchange boasts of having a responsive customer service team that promptly responds to users’ requests.
The Basics to get you started
Like with most other major exchanges, trading on Bittrex isn’t a complicated affair.
Here’s all it takes to get you started:
Before you delve into the fine details of selling or buying cryptocurrencies on the Bittrex platform, it’s important to note that the exchange doesn’t support fiat currencies.
That being the case, you’ll need to get hold of some BTC or ETH from another exchange like Coinbase, from mining, buy from friends or from any service that supports fiat to cryptocurrency exchange.
How to sign up for a new account
With some BTC or ETH safely in your custody, the first step in your trading journey is to create a Bittrex account.
Head over to the Bittrex website and click on “Login”, then “sign up”.
You’ll be prompted to enter an email address and a password to complete the sign up process, check your email for a confirmation message from Bittrex and click on the provided link.
The next step is to verify your Bittrex account.
There are two levels of verification; basic and advanced.
For those who only want to get started, a basic verification is more than enough.
Go to Settings>Basic verification to verify your mobile number.
For 2FA, click on Settings>2FA to obtain your Google authenticator number.
How to deposit funds
As earlier mentioned, Bittrex doesn’t support fiat currencies.
Essentially, transacting on Bittrex means you’ll need to buy cryptocurrencies from elsewhere before transferring them to your Bittrex account.
With these, you can then buy any altcoin listed on Bittrex.
Luckily, some exchanges like Coinbase allow you to buy BTC or ETH directly using your credit or debit cards.
Having bought the BTC or ETH, it’s now time to fund your account.
On the Bittrex website, select the “markets” and tap on “Wallets”.
Then select the coin that you wish to deposit and tap on the “+” sign.
In our case, we will use ETH.
A pop up box written ,“Deposit ETH” should pop up.
At this point, the exchange will create a wallet address for you.
Copy and paste it and send your ETH to this address.
For mobile wallet users, the process is simpler.
All you need is to scan the QR code displayed under the address.
Deposited funds shouldn’t take more than 25 minutes before they show in your Bittrex account.
Choose your base currency market
The base currency is also known as the transaction currency and is the first to appear in any trading pair.
Bittrex has hundreds of trading pairs.
As such, getting your preferred trading pairs is easy.
If you need to buy some Zcash using BTC, simply select the BTC/ZEC trading pair. The process is similar for any other coin.
How to perform simple trades
With a loaded Bittrex account, why not execute your first trade?
The process is simple and straightforward.
But first things first, Bittrex allows you to create API keys and to configure your Hopper for automated trades.
To do this, click on Settings>API Keys>confirm all except withdrawals.
To configure your Hoppers dashboard, simply tap on “config” on the dashboard and follow prompts before clicking on “SAVE”
With this process out-of-the-way, making standard transactions is a breeze.
Defining the purchase order
Go to “Markets” and select the pair you wish to trade in.
Select the amount of cryptocurrency that you want to buy and your preferred price.
The order book is a good reference point as it shows you the prices that traders are bidding at.
Always make sure your “buy” price is not too high as this might affect the speed at which your order is executed.
Sometimes it might fail to be executed too, as not many people would be willing to sell at low prices.
Define sell orders
Buy and sell orders are located under “order book”.
Setting up a sell order is similar to placing a buy order, only that you’ll be clicking on the “Sell” button instead of the “buy” button.
Under the “order book” there’s the column that shows “bids” and another that’s for “asks”.
To define your sell order, simply fill in the sell order form by keying in the amount of cryptocurrency units that you need to buy and at the price you wish to buy at.
Unlike most other crypto exchanges, Bittrex lacks a market order, where you buy cryptocurrencies at the prevailing market prices.
As such, every order is basically a limit order for the “asks” and “bid” prices.
Storing every coin in a wallet
Having made your first trade on Bittrex, the next question is...
Where do you store the coins?
Most exchanges, including Bittrex, allow users to create wallets on the exchange.
However, it’s not recommended to leave your coins in an exchange wallet as their security is not guaranteed.
There are many options out there as far as cryptocurrency wallets are concerned.
You can choose to store your coins in hardware, software or online wallets.
We'd recommend storing in a hardware wallet and Ledger is the one we use. (See the walkthrough here)
Software and online wallets are ideal for short-term storage while hardware wallets are good for long-term storage.
Now that you'd made your account on Bittrex and have gotten the basic coins (ETH, BTC, NEO, etc.) it might be time to dive into the under-the-radar altcoins that should pop soon.
Our team is always researching new coins and if you'd like to stay ahead of the curve, I'd suggest checking out our Cryptosis Pro newsletter. It's packed full of coin ideas and our personal watchlist too.