Hello, Crypto investors if you are searching the best platform to buy sell Cryptocurrencies than here in this guide we will review How to use Bittrex and what is Bittrex?
Well, more than 2000+ Cryptocurrencies are trading in the market and while making buy or sell order most of the people are missing with the trading prices and transaction fees.
In result, they may lose their hard earn pocket money, which we can Minimize by reviewing the exchanges what they actually offer.
Well, we have already written a step by step guide on how to buy any cryptocurrency using fiat with close to 0$ trading or transaction fee.
This guide is to detail review all about Bittrex security concerns, transaction or trading fees listed Cryptocurrencies and most important how to use Bittrex in detail.
Before learning all, let me brief you first on what is Bittrex and why this is important?
Table of Contents
What is Bittrex: CryptoCurrency Exchange Review
Bittrex is a Cryptocurrency to a cryptocurrency exchange where the buy-sell is allowed in between the cryptocurrencies only.
It was established back in the year 2014 by Bill Shihara former cybersecurity engineer at Microsoft. Company headquarter is in Seattle Washington.
We have heard a lot about security breach with many cryptocurrency exchanges but Bittrex is the only one which is found to be most secure and no breach till date.
If you are willing to Buy sell any cryptocurrency using fiat currency like USD, GBP, EUR or any local currency than it won’t support in all countries.
But Bittrex offers a stable coin Tether (USDT) market which claims its value backed by the USD dollar, using Tether you can trade for any cryptocurrencies.
Means the Tether coin price will remain the same as the United state Dollar and you can buy sell accordingly.
But for few countries eligible accounts, Bittrex has offered to trade in USD as well, so first do check eligibility for your trade-in country or region here is the list.
Bittrex allows your account to be added for USD as well, to do so follow the conditions explained on their support group.
Bittrex has an average trading volume of around 58 Million USD and offering to trade any cryptocurrencies in four trading pairs.
Trading pairs are like two cryptocurrencies for which market is available to buy sell in exchange for each other.
I hope you got a bit idea about what is Bittrex and how this is going to be useful to buy sell cryptocurrencies.
How to Use Bittrex: Detail Overview
Well, while the selection of any cryptocurrency exchange there are few points to be considered such as.
- Transaction or Trading Fees
- Listed Cryptocurrencies and their trading pairs
- Security Issues
- Deposit, Withdrawal or daily limit trading
Above are a few major points to discuss well before learning how to use Bittrex or actual Bittrex let me quickly highlight a few of the above questions.
Bittrex looks very expensive in terms of trading fees associated with every successful buy or sells order.
Means user has to pay fix 0.25% trading fees or commission while placing successful or fulfill orders.
This amount will be auto-calculated while trading and will be levied by the Bittrex exchange service.
While comparing the other exchanges like Binance which offer only 0.1% trading fees, which seems Bittrex looks very expensive and not fit for the intense daily trader.
We have already shared an idea on listed trading pairs, where Bittrex offers a total of 4 exchange market where user can buy sell cryptocurrencies easily.
- Bitcoin Market
- Ethereum Market
- USDT Market
- USD Market
Where USD is allowed to trade for around 22 trading pairs, Ethereum to around 60 and Bitcoin to Around 250 Coins and USDT approx 40 including Bitcoin, Ethereum and Major altcoins
Deposit and Withdrawal Limit
It seems to be a big concern with most of the exchanges where they are restricting the user to limit their daily or monthly deposit or withdrawal amount.
Bittrex has set minimum deposit limit for a personal account is 50$ and you can deposit as much amount as you want. For withdrawal, the minimum amount set is 10$.
Well considering the limit for deposit and withdrawal is completely depends on verification of the accounts.
For New and Unverified account 0 BTC withdrawal Limit and for Basic verified account limit is up to $3000 worth of cryptocurrencies per day.
Every account will be no longer basic verified they should be ID verified and which lift the limit up to 1 BTC withdrawal per day if an account is without 2FA.
ID verified 2FA activated account will have a new limit up to 100 BTC per day. While you reading there might be a possibility that it could change so do verify from their official page.
Which means your account must be verified by the Bittrex which lift off withdrawal limit up to defined level.
Security and Account Verification
While considering the account creation with Bittrex will ask every user to complete KYC as per US economic sanction laws.
As part of ID verification go to Setting–> My Account–> My Profile identity Verification and follow the steps to upload ID documents and selfie.
In terms of security, Bittrex offers the best of all standard services such as the first user has to provide an email address and master password for login.
If you have set 2FA google authentication than user should provide this first and an email to your registered email ID will be triggered for IP Address verification.
After authorizing from the email user will be able to access the dashboard which is proved to be the best security practices.
Now I will explain how to use Bittrex and basic Overview.
Bittrex Dashboard Overview
While you login in first, it will display a dashboard with a list of internal exchanges and few options to navigate further on the Bittrex.
It offers to navigate for Market, where all the Four markets available than Order will display all list of open or closed or trading history orders and wallet for available balance.
The most important part is to learn with Market and Wallet so let me brief you first about Wallet.
Bittrex Wallet – Deposit and Withdrawal
A wallet is a place where all your digital asset will be on hold as Bittrex offers every user to hold their cryptocurrency in their defined wallet.
I wouldn’t advise holding your almost all digital asset with any exchange instead refer to store in the best cryptocurrency wallet.
Whenever you want to deposit or withdraw any digital cryptocurrency or USD out from the Bittrex will require you to come first in the Wallet.
Let say you want to withdraw or deposit BTC in or out from Bittrex than go to Wallet and search for BTC.
There will be Two Icon on leftmost visible, one for deposit and other for withdrawal.
For Deposit click to first and a new window will popup to generate Bitcoin address.
Make sure your account must be verified for Bitcoin deposit address to be generated.
Copy that Bitcoin address and let say your BTC is with Coinbase so transfer or send Bitcoin to this address and after few network confirmation balance will be available with Bittrex.
For withdrawal click, to Withdrawal BTC option a new window will be pop up to provide the destination Bitcoin address and amount of Bitcoin you want to send out.
Well, the withdrawal fee will apply accordingly and will be visible on screen while sending BTC.
In a similar case, you can perform the deposit and withdrawal of USD where instead of wallet address, bank details will display and you need to choose out of your authorized banks.
Every time, while you deposit or withdraw funds out from Bittrex, check the available balance in the wallet that will be the amount which is eligible to send or trade.
Total BTC amount will be the amount which is the cumulative amount of Available balance and all open order still waiting in the order book to be filled up.
Now let focus on the most important part is how to use Bittrex Market exchange to perform Buy sell.
Bittrex Exchange Market Overview
Bittrex offers to use different exchange market as we already discussed and most of their trading happens in BTC or Ethereum market.
So to trade in any market first you would need to have that amount of Cryptocurrency in your wallet.
Because the exchange market is a place where you are selling that cryptocurrency in exchange for a new cryptocurrency.
Let say in Bitcoin market, you are selling Bitcoin to buy any other coin like Litecoin or Ethereum or XRP or any trading pairs.
Let Say you want to Buy Ethereum in Bitcoin market means you have Bitcoin and by selling this you want to buy Ethereum.
Go to Market and scroll down to Bitcoin Internal Exchange there search for ETH a trading pair like BTC-ETH will display.
Click to that trading pair and an Exchange to buy sell will be visible. Where all the price movements trade history buy-sell order will display.
On the leftmost part, we can change the trading market as currently, you can see the trading market is BTC market.
If you are the holder of USDT or USD and want to buy Ethereum than you can switch to those markets from this market screen itself.
Currently Chosen market is BTC-ETH which will display on trading chart top left corner.
On Righ Hand side you can see Deposit or Withdrawal will be same as your wallet, here this relates to Ethereum deposit and withdrawal.
Let me explain another part in Detail.
Market and Depth Chart of Bittrex
Like every other cryptocurrency exchange, Bittrex also offers market chart to analyze price movement where multiple ways are available to view such as Candle, Bar, Line, etc.
You can select the time interval for price movement in between 1 minute to 30 days price movement on a single line.
Can also change the display view for various patterns by changing display options.
Bittrex also helps the user to view depth chart which will have a number of Ethereum placed in buy or sell orders for that particular price.
This will give an idea to the user how many Ethereum is in the queue to buy sell and is demand for ETH is still on or not.
Buy Sell and Order History
Buy sell with Bittrex will be like the common exchanges where the two most popular ways to place the order in both for buying and selling orders.
In below Market Chart, there will be an option to Buy sell Etheeum or any trading pair cryptocurrency.
Left-hand side will display the order which is placed by buyers to be interested in buying, which means that called the bid Price or demand price if interested then you can sell for that price.
Vice versa the Right-Hand side orders which are placed by the existing holder of Ethereum who is interested in selling their ETH means that called Ask Price if you are interested then can buy for that price.
Left-hand Bid prices will be always lesser than RHS Ask prices as the Bid price is the real interested people of buying and Ask price is the actual seller of already holding.
Well, Buy-sell can be possible by putting the Limit order where you can place future Buy or Sell Order by setting bid price according to yours.
Select Order type as Limit and three options will display.
Quantity – Where you can define the number of Etheteum you want to Buy, let say you want to Buy 10 ETH than Quantity will be 10.
Bid Price – Here Bid Price is the amount of Bitcoin (If trading in BTC-ETH Market) you are ready to pay for 1 ETH. Means let say currently 0.1 BTC/ETH.
But you want to buy for 0.05 BTC/ETH, so you can set that 0.05 BTC/ETH as your bid Price (Demand Price), whenever anyone will sell (Ask Price) on that price than your order will be fulfilled else will be in the order book.
Total – This will be the multiplication of Quantity and price (Bid Price) you have set, means if you want to buy 10 ETH for 0.05 BTC/ETH, your total would be 0.5 BTC+Fee.
Simply hit to Buy Button your order will be moved in the order book and once the price will hit will fulfill automatically.
Stop Limit Order
It is for the trader who is doing technical analysis to execute buy-sell order at the defined time only.
Imagine your current ETH price as 0.1 BTC/ETH but you have a prediction that if it crosses 0.11 BTC/ETH then may touch 0.15 BTC/ETH.
So you can place a condition like if ETH price equals to 0.11 BTC/ETH than place a buy order or either 0.11 BTC/ETH or 0.12 BTC/ETH. Similar to Sell orders.
Chose first order type as Stop Limit and Select condition from dropdown such as
- Greater than or equal to
- Less than or Equal to
Trigger Price – It is the point where you are predicting price movements means you can set that to any point where you feel that at this condition my buy or sell order should place.
Until your trigger price and condition did not match your order will not be placed.
Quantity – It is the same as how much quantity of Ethereum you want to buy.
Bid Price – The Amount of Bitcoin you want to pay in exchange of 1 ETH same as we have learned in Limit order.
Total – It will be the multiplication of quantity and Bid price including the fees.
Click to Buy Ethereum, it will be moved into order and waiting for the condition to match when price match to the condition than automatically quantity ETH for Buy will be placed with the Bid price.
In a similar way sell Order will be placed there will be instead of Bid price you would have to provide Ask Price.
Which will be your price at which you want to sell your Ethereum or any cryptocurrency on the exchange.
While placing the Buy or sell order make sure the available balance, it must be equal or greater than Total amount given on the Buy sell order.
My View on Bittrex
Bittrex is one of the most trusted cryptocurrency exchange and one of the first exchange which has proved a lot in this digital industry.
Bittrex only drawback is the fixed trading fees of 0.25% which is 1.5 times higher than Binance
Bittrex also listed with only limited cryptocurrencies have placed tighten rule to be listed for any new cryptocurrency on the exchange.
In terms of security, it is one of the proved exchange and user login is also following the standard security practices and use of the exchange is similar to the other exchanges.
Let me know your comment what do you think about Bittrex and which one is your best cryptocurrency exchange?