What is Bittrex 1

Trading on Bittrex Tutorial

Buying digital currencies like altcoins can be very complex and daunting. There are a number of exchanges for you to choose from and we have prepared a Bittrex trading tutorial for you. Bittrex is the largest exchange for cryptocurrencies with a daily trading volume of more than USD 1 billion. This guide covers the basics needed to connect to Bittrex and start trading. Similar functionality is found in most of the other major exchanges, which makes the trading methods similar.

Bittrex Trading Guide

1. Buy Ethereum / Bitcoin

Buy Ether (ETH) or Bitcoin (BTC) from a crypto exchange that accepts your local currency. These two currencies are the largest coins that represent the base cryptocurrencies. To buy most of the 1,300+ altcoins that are available, you will need Ether or BTC as you usually cannot buy altcoins in your local currency. Coinbase is a famous exchange that is convenient to use for beginners in the crypto world. However, the fees are comparatively higher. You can also try Local Bitcoin, a peer-to-peer marketplace.

Note that Ethereum can process more transactions at the same time than Bitcoin. Of course, you can count on a transfer and confirmations sooner. On average, you typically have to wait a few minutes to see ETH transfers, but BTC transfers can take a few hours. The fees for transfers with ETH are also lower compared to BTC.

2. Set up a Bittrex account

Register your email address and name to set up a Bittrex account. Activate 2-factor authentication to protect your account from hacks. You will also need to provide official identification documents and your personal information to verify your account. If you verify yourself, you can increase your withdrawal limit from 0.4 BTC to 100 BTC. This will save you a lot of hassle with withdrawals in the next few days.

3. Deposit Base Currency

Now deposit the ETH / BTC that you bought on Coinbase or your desired exchange in the Bittrex account you opened. You have to use the base currency to buy the altcoins. If you already know which altcoins you will be investing in, it is a good idea to inquire about the base currency you need before buying ETH or BTC. For example, if you are interested in purchasing STEEM coins, you should first transfer BTC to your Bittrex account, as this is the base coin you need to exchange for STEEM.

4. Select your market for the base currency

Bittrex has 3 markets - USDT Markets, Ethereum Markets and Bitcoin Market. All markets are symbolized by common base currencies that are used to buy various altcoins. If you have set BTC as the base currency, switch to the Bitcoin market and select an Altcoin that you want to buy from Bitcoin. On the other hand, in case you have the ETH deposited, visit the Ethereum market and choose the altcoins that you like.

The Bitcoin market in Bittrex shows you all the coins that you can exchange Bitcoin for. The same applies to the USDT and Ethereum markets.

After selecting the market, find the coin you are looking for and enter the page.

5. Set up a buy order

Enter your order details under the trade area in the “Buy” field. Let's say you are using ETH to purchase Monero (XMR).

Tip: You can buy less than a single coin as cryptocurrencies are extremely divisible. You can buy or sell any amount that you like depending on the type of budget you have. You can buy Bitcoin from as little as 0.000001.

  1. Units - This refers to the amount or quantity of coins you want to buy. In this example, you would buy 2.50 Monero.
  2. Bid - This is the cost you want to pay for each Monero unit. Let's say the cost is 0.42100972 for 1 Monero.
  3. Type - This is the type of order made up of “conditional” orders or “limit” (default) orders. The optimal price that you are ready to buy, as mentioned in the “Bid” section, is determined by the “Limit” order. This ensures that for each unit of Monero you are paying 0.42100972 ETH and nothing more. Note: The complication is greater with “Conditional” orders, as these orders are only added to the public order book once the cost has reached the preset “Conditional” prices. Only start trying "Limit" orders if you are unsure of your trading activity.
  4. Total - This is the total amount of the base currency, ETH is this instance that you will be spending on the total amount of the Altcoins you want to buy. Alternatively, it is the entire price of buying Monero with ETH, which is your base currency.

When you place your bid first, the units determine the total or vice versa.

Recommendation: You can use conditional orders if you do not want your orders to appear in the order book, in which all active buy and sell orders are listed. The orders only become public when the costs have reached the specified conditional price. This is akin to a "ninja order" typically used by investors who buy numerous coins and never want others to know that a large order is being placed - so that the price is not affected in any way.

6. Definition of sales orders

Enter the details of the order in the “Buy” field under the trading area. Suppose you pull a payment in BTC for the sale of ANT (Aragon).

  1. Units - It is the amount or quantity of coins you want to sell for BTC, which is the base currency. In this case, 500 coins is the amount of ANT (Aragon) that you want to sell.
  2. Ask - The rate you want to sell for each unit of ANT, as mentioned in BTC. Imitation of this instance, 0.00018449 are the rates you want to sell a single ANT unit, given in BTC.
  3. Type - The type of order made up of a “conditional” order or a “limited” order (also known as a default order). The minimum price you want to sell, as mentioned in the “Bid”, is determined by the “Limit” order. This ensures that you get at least 0.00018449 BTC for every unit of Aragon. Note: “Conditional” orders have an additional complexity as they are only added to the public order book when prices reach the “conditional” prices you have defined and set. Only try "Limit" orders if you are unsure of your trading activity.
  4. Total - The total amount of base currency, in this case BTC, that you get for the total amount of bitcoin you want to sell. Alternatively, it is the entire price that you will pull from selling ANT as stated in BTC.

Tip: The price of the coin you want to buy or sell on Ask / Bid is given in a base currency, which can be ETH, BTC or USD. The USD face values ​​come in handy as you can get the numerical price of the market, such as buying Ripple at a price of $ 0.30. However, ETH / BTC names can be tricky at first as you are buying the Ripple Ratio compared to ETH / BTC. For example, the Ripple cost compared to the BTC / XRP pair (BTC) can be 0.000024.

7. Keep each coin in a wallet

Personal wallets are the safest way to store your coins. You will automatically receive a wallet when you set up a wallet that is hosted on an exchange or an exchange account. However, you have no control over the public and private keys. You are in control of the coins when you are in control of the keys.

Exchanges act like banks. These are third party vendors who rely on coins to be kept safe. But there is always a risk of losing your coins due to the chances that the exchange will be hacked or closed - like the Mount Gox exchange.

Since the industry is still in its early stages and there are insufficient regulations on cryptocurrencies and exchanges, it is best to have complete control over your coins. Your own wallet is the only way to have full control.

Further information:

There are 3 types of bids under the “Bid” price:

  1. Ask Price - The lowest price a seller wishes to sell a coin for is considered the first order under “Ask” in the “Order Book” section.
  2. Last Price - It is the last price for the last trade that was made.
  3. Up Price - It is the highest price a buyer would want to pay for the crypto coin considered the first order under “Bids” in the “Order Book” section.

If you would like to create orders for your own orders by entering the “Bid” amount, this is not applicable in your situation. The three types of “bid” prices mentioned above are intended for people who are reluctant to enter their numbers manually, but simply want to select the closest price from the “Order Book” section.

If you are looking to trade on the Bittrex exchange, the guide above will be very useful for you.