Bittrex is the preferred trading tool for the majority of crypto investors out there. It’s one of the most trusted exchanges on the market with a solid reputation, especially considering the fact, that the company hasn’t suffered any major hacks since it was introduced. This particular exchange is also known for its speed: Bittrex has almost instantaneous withdrawals and verifications. Apart from fast trades, deposits and withdrawals — it is also known for its flat 0.25% fee on every trade.
New to trading on Bittrex? Let’s go over the basics to get you started:
- How to sign up for a new account.
- How to deposit funds into your Bittrex account.
- How to perform simple trades.
How to sign up for a new account
The initial sign-up step is simple: just go to bittrex.com and select LOGIN then click SIGN UP — you will then be asked to enter your email address and select a password.
How to deposit funds into your Bittrex account
You can’t deposit fiat currency directly into Bittrex to trade for a cryptocurrency (this is commonly referred to as Bittrex one big flaw). So, users must simply purchase digital coins elsewhere and transfer them to your Bittrex wallet to buy one of the hundreds of altcoins available on the exchange.
The first thing you should do is head over to an exchange that easily allows you to pick up bitcoin with a credit or debit card — like Coinbase, for example. After you have received your newly purchased bitcoin in your Coinbase wallet (or if you transferred to a secure external wallet, which is much safer for storing cryptocurrency long-term), you can then make a transfer into your Bittrex account.
When you are logged in to Bittrex, you can select all of Bittrex markets at the top of the main screen. Then click on Wallets.
Deposit bitcoin — Bittrex
You type the cryptocurrency that you want to deposit into the search bar, but for this example let’s just use Bitcoin. After you select your preferred digital coin, click on the “+” — which will trigger a pop-up box that says DEPOSIT BITCOIN (BTC).
Bittrex will then generate a new, unique address for your Bittrex wallet. Copy and paste that address. Go to your external wallet and send your Bitcoin (or whichever crypto coin you have chosen) to the address you were given.
Alternatively, if you are using a mobile wallet on your tablet or smartphone, simply open up the wallet application and scan the QR code that Bittrex displays under the typed address.
Now you just need to wait (this can be as short as 25 minutes). Once your deposit gets a certain number of blockchain confirmations, your funds will be verified and ready to trade.
Making simple trades
Now that your Bittrex account is funded with bitcoin, you are ready to execute a trade. Just one thing first: you need to create API Keys and configure your Hopper. This will allow the platform to trade on your behalf when you submit orders. Just go to SETTINGS, then API KEYS. Then confirm ALL of them EXCEPT WITHDRAWAL.
Now that you’ve finished with the API keys, go to your Hopper’s dashboard and select Config. Select Bittrex as your exchange and input your API key as well as your API secret key — then click SAVE. Ok, so NOW you can finally execute a standard transaction. First, go to the MARKETS drop-down menu at the top of the main screen — and select which pair you want to trade. You can select how many units of the cryptocurrency you want to buy, and at what price. You can see what value people are selling for by checking out the Order Book section — but don’t bid too much below the Ask price or your order may not be completed.
Withdrawals are much easier: simply press the “-“ instead of the “+” and you can select how many units of which cryptocurrency you want to send to an external wallet. Enter the external wallet address and the withdrawal will happen almost instantly — just go and check your other wallet!