Bittrex is one of the best cryptocurrency exchanges globally and compared to its US competitors it offers a larger variety of altcoins vs Coinbase or Kraken. However, using Bittrex can be tricky. Bittrex is a cryptocurrency-only exchange. This means they don’t allow the deposit or withdrawal of fiat currencies like USD or Euros. If you’re starting with fiat (USD, EUR, etc.) you’ll need to get a base cryptocurrency first (like bitcoin or Ethereum). You can do this through banking exchanges which accept fiat. You can learn more about these exchanges with our Best Cryptocurrency Exchanges guide. Feeling overwhelmed? Don’t worry, with this tutorial we will show even a novice how to use Bittrex successfully and get him/her trading in no time!
The Seattle based company has come a long way since it’s inception. It has cone through a new rebrand and opened up its customer registrations again as of April 10, 2018.
Bittrex also made enhancements to the company’s website and the trading platform, including several performance, usability and security improvements to its API.
They also went on to state:
In addition, Bittrex is now supporting corporate accounts and accepting new corporate applications.
You may want to get involved in trading altcoins but don’t know how to distinguish a site that has high levels of security vs. ones that have higher levels of risk. Not knowing could lead you to potentially lose all of your money like many did in the $530 million hack at Coincheck. The complexity of buying cryptos vs. the ability to buy on many sites can be stressful. Bittrex helps take away that stress and this guide on how to use Bittrex well help showcase that.
Bittrex was created and still operates in the United States with a deep focus on security. It was built by crypto-coin enthusiasts with more than 50 years of combined security and development experience from companies including Microsoft, Amazon, Qualys, and BlackBerry. They built Bittrex in order to offer a better option for traders to protect them against hacks. Bittrex’s mission is to deliver the fastest and most secure trading platform available.
What Makes Bittrex Different?
- Secure platform –
- Uses an elastic multi-stage wallet strategy ensuring that 80-90% of funds are offline and safe
- Two-factor authentication is required for all withdrawals and API usage
- Custom built trading engine –
- Designed to be scalable using elastic computing
- Platform processes and executes orders as soon as they are placed so cross order books are never delayed and you won’t see a delay in processing a trade
- Fast deposits and withdrawals
- Monitoring platform allows for high efficiency and automation for the fastest transactions available for updating balances, trades, and wallet info
- Information is always up to date so you won’t wonder if your funds or deposits are blocked
- Complete and easy REST API
- A robust set of API’s allows for easy withdrawals, deposits, trades, and exchanges
- Built for high-frequency trading
- Complete API set for developers to utilize
Bittrex has two account types:
- Basic Account – a withdrawal limit of 3 BTC/day.
- Advanced Account – a withdrawal limit of 100 BTC/day.
You’ll need to go through a Know Your Customer (KYC) verification process involving submitting a photo of a passport, identity card, or driver’s license in order to withdraw funds. A phone number, two-factor authentication will also be needed for higher limits.
How to Use Bittrex – Setup and Trading
Step 1: Create an Account
Go to the Bittrex Login page. You will be prompted to go through a typical account setup process.
If you run into any issues, you can use this guide as a reference. You’ll then be brought to the following screen.
Step 2: Transfer Cryptocurrency into Bittrex
After an account is created you now have the ability to begin transferring crypto into your account. Bittrex is a crypto-only exchange that does not have fiat (USD, Euros, etc.) gateways.
You can only transfer in cryptocurrency that Bittrex has on its platform. If you only have fiat you, unfortunately, need to start with a different exchange or platform that allows you to purchase cryptocurrency with fiat money. Bittrex allows trading pairs with Bitcoin, Ethereum, and USDT. One of the most user-friendly places to buy Bitcoin and Ethereum is Coinbase. You can purchase via their mobile apps or their website.
Step 3: Making a Purchase
Bittrex allows you to purchase from 190+ different altcoins. It offers one of the best selections of coins on all global exchanges. From the main page, you are automatically put on the Markets tab which showcases BTC, ETH, and USDT markets. Here, you can search for your token of choice. For this example, we will search ETH in the Bitcoin Markets section shown below.
- Scroll down to the Bitcoin Markets section
- Enter ETH in the search box
- Click enter
You’ll then be taken to the page below.
Scroll down to the trading section, where you can buy/sell the cryptocurrency.
Here you’ll find the options to buy and sell ETH.
- In the buy box input, the amount of ETH you wish to purchase
- Select the bid in BTC by clicking on the top row of the order book on the ASK side
- You should see the total in BTC of your order. Click “Buy Ethereum”.
- Unit – the number or percentage of a token
- Bid – price per unit.
- Good ‘Til Cancelled – the transaction will stay open until the whole order is filled. This can be done in multiple transactions or until you decide to cancel the order.
- Immediate or Cancel – transaction must be completed immediately at once or is canceled
- Total – the amount of the token you will be spending for the token you desire to buy.
Some tokens might take a while to sell based on the buy price you enter. To check the status of your order you can select the “Orders” button on the top menu bar.
Step 4: Trading
Bittrex provides helpful trading tools for a beginner to intermediate level traders. Below you’ll see the general layout of Bittrex’s Chart Timeline, Order Book, and Wallet.
Below, you can see the price chart over various time integrals. Above you can see the candles are set for 30-minute intervals. This can be changed by the minute, hour, day. You can also change the candles into a line or bar graph.
The Order Book gives a visual representation of the number of Bids and Asks currently on the platform for ETH. It also showcases the current Bids and Asks for the cryptocurrency you are analyzing. In this case, it’s ETH.
The Deposit and Withdrawal functions can be found in the top right of the BTC – ETH pairs page that you’re currently on.
This is where you can add or subtract from your ETH holdings. The Hex address is what you’d need to enter into another exchange to send ETH to your Bittrex wallet.
The top of the page shows you the current status of the BTC-ETH trading pair.
- Last – Last sale price
- Vol – Volume of sales in the last 24 hours denominated in BTC
- Bid – Current offer to buy ETH
- Ask – Current asking price to sell ETH
- 24h High – The highest sale price in the last 24 hours denominated in BTC
- 24h Low – The lowest sale price in the last 24 hours denominated in BTC
Account Balances – Showcases all of your current balances on Bittrex. Here you can see only XRP and BTC have balances. If you wish to showcase only tokens that have balances you can check the box “hide zero balances”.
When you see the amount you purchased show up under the Available Balance column then your trade has completed! If you wish to sell your cryptocurrency you’d go through similar steps except you’d place a sell order.
Pending Withdrawals – If you have a withdrawal in progress it will show here
Pending Deposits – If you have a deposit in progress it will show here
Withdrawal History – Showcases all previous withdrawals on Bittrex
Deposit History – Showcases all previous deposits on Bittrex
Other Helpful Tabs and Terms
Stop Loss Orders are also a great way to protect you from a token that might drastically fall in value. If you bought a token that might have some potential risk of losing some of its value it’s often better to have it moved into an often less risky asset. A lot of times Bitcoin is viewed as being this safe haven. If you bought ETH at $400 you could potentially set a stop loss order at 10% of its value to make sure you don’t lose more than that increase the value of the token kept going lower.
Open Orders – You placed an order but it has not yet completely closed. You will see its progress here.
My Order History – Shows your previous purchases.
Market History – Shows you the most recent buy/sell orders.
Bittrex is one of the top recognized exchanges globally for its wide variety of cryptocurrencies on its platform. It also provides ease of use, security, transparency, and built-in digital wallets. The exchange has arguably higher fees than some of its competitors but its home base in the US some provide some piece of mind.
Here is a YouTube Bittrex Tutorial for Beginners as well.