How to Use Bittrex to Buy and Sell Cryptocurrency
Bittrex is currently one of the world’s top 5 cryptocurrency exchanges in terms of trade volume. Despite its widespread use, many new users aren’t exactly sure how the platform works. In this guide, we’ll show you step by step exactly how to use Bittrex to trade cryptocurrency.
Before getting into our user guide, it’s important that you first know a bit about Bittrex. Bittrex is a cryptocurrency only exchange. This means you can use the platform to trade cryptocurrencies for other cryptocurrencies, but you cannot deposit, withdraw, or trade fiat currency (USD, EUR, etc.).
You can learn more about the exchange in our Bittrex Review.
How to Buy on Bittrex
While using Bittrex may seem complicated, the process for buying cryptocurrency on Bittrex is actually fairly easy. Here’s how to go from creating an account to buying cryptocurrency on Bittrex.
1) Sign Up
The signup form on Bittrex requires you to enter a valid email and create a password.
After submitting the form, you’ll need to verify your email address by clicking on the link emailed to you from Bittrex.
2) Login, Verify, and Secure Your Account
After verifying your email, log into your account.
Bittrex requires users to verify their identity before being able to withdraw funds. This Know Your Customer (KYC) process is required by the majority of cryptocurrency exchanges. There are two verification tiers:
Basic Verification requires you to provide your name, birthdate, and address. This information is automatically checked against public record. If they’re able to verify this information, you will be able to withdraw the equivalent of 0.4 BTC per day.
Enhanced Verification requires you to provide a photo/scan of your ID and provide a selfie with full view of your face. If they’re able to verify this, you will be able to withdraw the equivalent of 100 BTC per day.
You should also take time to enable 2-Factor Authentication (2FA) for your account. 2FA is widely recommended when using any cryptocurrency exchange.
“Two-factor authentication (2fa) greatly increase security by requiring both your password and another form of authentication.” – Bittrex.com
Bittrex offers 2FA through the popular Google Authenticator app.
3) Deposit Cryptocurrency
Once your account is verified, it’s time to deposit cryptocurrency into your account. Bittrex’s trading pairs are denominated in Bitcoin, Ethereum, and Tether (USDT). Depositing one of these cryptocurrencies is the easiest way to begin trading.
Locate the “Wallets” page in the menu of your account. On this page, you can search for the crypto you want to deposit. Click the “+” icon next to that cryptocurrency and send funds to the address provided.
Once you’ve sent funds to your wallet, your deposit will show as pending until Bittrex required number of block confirmations has been met. Due to Ethereum faster block times, Ethereum allows your deposit to be processed far more quickly than Bitcoin.
Always be sure to send the correct cryptocurrency for what an address is labeled. For example, never send Bitcoin or Monero to an Ethereum address.
4) Buy Cryptocurrency on Bittrex
After your deposit has been processed, find the trading pair you want to trade. All Bittrex markets can be found by clicking the Bittrex logo in the upper left-hand corner of your account menu. Once on this page, use the search bar to locate your market.
In this example I’m going to be buying NEO with Bitcoin, so I’ve located the BTC-NEO market.
On the page of the crypto pair you want to trade, use the “Buy” order form. You’ll need to enter the amount of the cryptocurrency you want to purchase (Units) and the maximum price your willing to pay (Bid).
You can use the Order Book to see what price other users are willing to pay (BIDS) and what price sellers are asking for (ASKS).
Once you’ve settled on the Units and Bid, click the buy button. Your order will be filled as soon as your paired with a user on the opposite side of the order book willing to sell at your specified price.
There’s no guarantee your order will be filled, as there may not be any users willing to sell at your specified price. You can however cancel an unfilled order at any time.
After your order has been filled, the cryptocurrency you purchased will be available in your wallet. Click the “-“ icon to withdraw this cryptocurrency.
How to Sell on Bittrex
If you read the process for how to buy on Bittrex, then you can probably guess how to sell on Bittrex. Keep in mind you can only sell cryptocurrency for Bitcoin, Ethereum, or Tether (USDT) on Bittrex.
With that said, here’s a quick breakdown.
1) Sign Up, Verify, and Secure Your account.
This process can be shown above in the how to buy section.
2) Deposit the Cryptocurrency You Want to Sell.
If you don’t already have the cryptocurrency you want to sell on Bittrex, deposit it on the “Wallets” page of your account. Click the “+” Icon next to the cryptocurrency you want to deposit and send funds to the address shown.
1) Sell Cryptocurrency on Bittrex
Click on the Bittrex logo to find all markets offered. Use the search bar to find your trading pair. In this example I’ll be selling OmiseGo (OMG) for Bitcoin, so I’ve located the BTC-OMG market.
Once on your trading pair, use the sell form to sell your cryptocurrency. Enter the amount you want to sell (Units) and the price you’re willing to sell it for (Ask).
Again, remember that you can check the Order Book to see what prices other users are selling (ASKS) and offering (BIDS).
Once you’ve chosen the amount and price, click the sell button. Your order will be filled when your order is matched with a buyer. You can cancel an unfilled order at any time.
While Bittrex may initially seem complicated, it’s actually not too difficult to use. We hope this guide has given you a clear idea of exactly how to use Bittrex to trade cryptocurrencies.
You can learn more about Bittrex in our full Bittrex Review.
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