How do you trade crypto at Bittrex exchange? This guide will go step by step into the buying journey at bittrex by using the ‘Spot Trading’ interface.
Since the beginning of the crypto era, Bittrex has been around and gained much trust along the way.
Bittrex has one main service it provides which is its trading platform. The platform lists a wide variety of currencies and allows for standard spot trading orders to be executed.
The current trading engine seamlessly glues together automated trading features. For instance, stop-loss, good ’til canceled (GTC), an instant buy or sell, with all the standard technical charting tools a trader needs. Also, if you are a US resident trader, this is another good place to start trading cryptocurrency.
For crypto users, trading can be done with almost zero fees(0.25%) where you can hold special credits to get an extra discount for the fees.
This guide is going to show you how to trade your first cryptocurrency, via one of the world’s most reliable exchanges, Bittrex.
How to start Trading Crypto at Bittrex: Quicktake
In general, buying cryptocurrency at Bittrex is a straightforward process, however, first-timers must do some extra necessary steps before they can start using the platform.
In short, below is the buying process for cryptocurrencies at Bittrex:
- Register at Bittrex for free by email or mobile phone
- Verify your account(KYC)
- Deposit money
- Or: Send crypto(BTC, ETH, DOT, or any other) to Bittrex
- Trade crypto at Bittrex platform
Open an Account at Bittrex and start Depositing
How to open an account at Bittrex? At this stage, I’ll explain in more detail what is needed for the beginner to open an account and deposit money or crypto.
1. Register for an Account at Bittrex
The first step will be to register for an account at Bittrex. If you haven’t already, register for an account. The process can usually be completed very quickly.
It just takes a few simple steps in order for users to be able to start trading digital currencies on the platform.
At Bittrex they also make a difference in personal account or business. Therefore, if you trade for your company it’s also possible to create an account on that name.
2. Verify your account
Before you can start trading crypto on Bittrex you have to confirm your account. Additionally, this can be done in two ways and depends upon the way you did your registration.
The easiest and most straightforward way to do this is by using an e-mail account. Therefore, all you need to get started is a valid email address or mobile phone. You will be asked to log in to your nominated email address and click the confirmation link.
The Verification on Bittrex
After you did the signup, Bittrex will ask you to enter some personal information and create a profile.
Last in the signup process is the KYC verification where you can use a passport, identity card, or driver’s license. This all should take minutes.
Once you have registered, you can log in to Bittrex using your email ID and password. You should also set up and activate 2FA authentication (highly recommended) for extra security.
To do this, navigate to ‘Account‘ in your Profile section and click ‘Two-Factor Authentication‘.
3. Deposit Money or Crypto
At this stage, you are ready to use the platform but need to deposit first. Money transfers can be done at Kraken in the following fiat currencies: USD and EUR. For example, money deposits with USD are possible in combination with SWIFT.
Additionally, there are only two options available on Bittrex to fund your new trading account:
- Money deposits
- Deposit cryptocurrency
In detail, depositing fiat currency can be done in two ways and it also depends on which country you are residing in. In addition, EURO deposits can be done with SEPA where USD deposits can be done with a Wire transfer.
Finally, if you already have some crypto in a local wallet or at another exchange, just sent it over to Bittrex and you can start using Bittrex right away!
Step By Step Guide: How to Trade Crypto at Bittrex
Next in this beginner’s guide to trading crypto on Bittrex, I will cover the basics of using the trading interface on this platform. Remember that there are several other options available(like advanced orders or margin trading) however, as a starter we will just focus on buying or selling crypto for fiat currency.
1. Select currency pair
Initially, you’ll need to know what assets you would like to exchange, for example buying Bitcoin with your USD, or selling Ethereum (ETH) for euros.
After you know which pairs you’ll be trading, you are able to load the Bittrex trading interface for the first time. Next, you go up in the menu and click on ‘Markets‘.
An overview of all markets will appear and the next step for you will be to find the currency pair you want to trade.
In this tutorial, we will be buying Bitcoin with USD currency so the trading pair will be BTC/USD.
To search for this pair go to the right and enter ‘BTC‘ in the search textbox.
Next, all trading pairs for the BTC symbol that exist on Bittrex will appear and you can select the BTC/USD pair as the first result. Click on this pair(BTC/USD) and you will load the Bittrex trading interface.
2. Setting up the order(BUY)
Just to rephrase, in a buy order, you pay with the quote currency(USD) and receive the base currency(BTC). Above you selected the trading pair so now it’s time to set up the order.
Now, to enter buy orders go to the right of the screen.
This screen shows you 6 different ways to set up a buy order, which are:
- Stop Limit
- Ladder Limit
As this is just a beginner’s guide into trading on Bittrex, I’ll just focus on setting up a Limit and Market order on Bittrex. Also, before you start entering values into these boxes, knowing how a market or limit order works is necessary.
A market order is meant for immediate execution, as it will match with limit orders that are already available on Bittrex order books. In other words, by executing a market order you take 1(or more) order(s) from the available order book.
Also, market orders will always incur a slightly higher fee known as the taker fee. With market orders, you can only input the volume you would like to buy or sell and not the price.
Limit orders will execute at the price you’ve set or better, once the market reaches your limit price. They can be subject to maker or taker fees depending on when it executes.
For example, you entered a buying price of $45000 into the order book while BTC is trading at $45500. Once the BTC price reaches $45000 the order will be executed at maker fees.
On the other hand, if a matching order already exists(at $45000), then it’s executed immediately, where the taker fees will occur.
⚠️Pay Attention: For both the market and limit order you have the option to pay your fees with credits by clicking the checkbox ‘Trade for free‘. So if you have some credits in your account you can use them to pay zero fees on Bittrex!
3. Submit the Order
Once you’ve decided if you’re looking for a market or limit order, you fill in the required data and continue.
As you can see in the pictures above setting up the order can be done by typing data or clicking the % options(25, 50, 75, or 100%) above the ‘Total plus fee‘ textbox.
Finally, make sure the data is correct before you submit the order by pressing the green ‘Place buy order(BTC)‘ button.
4. Wait for Execution
At this stage, your buying journey on trading crypto at Bittrex is coming to an end. Moreover, you just need to wait for the order to be completed. Remember that completion can occur in two ways:
Immediately, where a market order was selected and your balance will change as well. Also, funds will be available right away for new trades or to withdraw.
Unfilled orders occur when a limit order was selected and you need a little patience for this order to be executed. In addition, if it takes too long or you need the funds, you can cancel the order at any time.
Finally, below on the screen you can see the status of the orders these are:
- Order books – All orders that are currently running on Bittrex
- Open orders – Orders that are currently running or unfilled in the order book
- Closed orders – All orders(inclusive canceled) that apeared in the order book
- Wallets – Your funds on Bittrex that are updated instantly after executing an order
…That’s it! At this point, you just traded your first USD for BTC at Bittrex which is one of the most popular trading engines in the world. Happy trading 😁!
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