Introducing Bittrex
On Bittrex, a user can buy and sell 400 different digital currency pairs and deposit USD and EUR directly from their bank account to make digital asset purchases.
Currently, you can buy bitcoin and 21 altcoins on Bittrex with US dollars. However, USD trading is not allowed in six states, including New York and Nevada.
To buy and sell digital currencies on Bittrex, you will need to verify your identity by uploading a document such as a passport or a driver’s license.
Bittrex is not the most beginner-friendly digital currency platform, but it doesn’t take too long to get used to.
However, we do recommend making your first purchase of BTC, ETH or USDT from another vendor, such as Cash App, as this process is often the most long-winded.
Buying and Selling Digital Currencies on Bittrex
To buy and sell on Bittrex, you will need to understand some trading terms.
Bid Price: This is the price you receive when you sell an asset. The bid price is always lower than the ask price.
Ask Price: This is the price you pay when you buy an asset. The ask price is always higher than the bid price.
The difference between the bid price and the ask price is called the bid/ask spread, and this goes to someone called a market maker.
When you trade on Bittrex, you can place either a stop-limit order or a limit order.
A limit order is simpler. When you place a limit order, the trade will be filled either at the price you specify or a better price.
A stop-limit (or conditional) order is a little more complicated. Here you can set the price you are willing to pay if the price falls below a given amount.
According to its website, Bittrex charges a fee equal to 0.35 percent of the value of the trade, this is also variable depending on the user’s 30-day trading volume.
Depositing and withdrawing USD or EUR directly from your bank account is free, but will incur through the quick deposit feature you will pay a 3 percent fee. There are small fees when withdrawing digital currencies depending on which coin you’re using.
You have two options for the trade’s “Time in Force”. If you choose “Good ‘Til Cancelled”, the order will remain open until it is either filled or canceled.
If you choose “Immediate or Cancel”, the trade will be canceled if it isn’t filled immediately.
Now, let’s walk through a trade on Bittrex. For the purpose of this example, we are going to buy OmiseGo (OMG) with Ethereum.
Step 1: Create an Account
If you don’t already have a Bittrex account, you will need to first sign up for one.
Go here: https://bittrex.com/account/register.
You should see something like this.
Enter your email address and choose a password. You will then need to enter personal information, including your home address and date of birth.
Finally, you will have to upload a document such as a passport or a driver’s license to verify your identity.
Step 2: Deposit to Your Account
Before you can buy or sell anything on Bittrex, you will need something with which to trade. You can deposit US dollars, bitcoin, or altcoins into your account.
We are going to deposit ETH into our account. To deposit ETH, click on this link: https://bittrex.com/Market/Index?MarketName=BTC-ETH
You should see this on your screen:
Go to the top right corner of the screen and click on “Deposit”.
This will pop up:
You can copy this address, open Coinbase or wherever you store your ETH, and send Ethereum to this address.
WARNING: DO NOT SEND BITCOIN TO THIS ADDRESS!
If you do, the bitcoin will go to someone else and will be gone forever. This is your Ethereum address, not your bitcoin address.
Once you’ve received the Ethereum, go to https://bittrex.com/balance.
We received around $20 worth of Ethereum.
Step 3: Choose a Currency to Buy/Sell
As mentioned earlier, we will buy OmiseGo with Ethereum.
To do so, go to this link: https://bittrex.com/Market/Index?MarketName=ETH-OMG
Your screen should look something like this:
Scroll down a little bit to view the rest of the order form.
We are going to place a regular limit order, and this offer will be good until canceled. We will click “Max Buy” to convert our ETH to OMG.
Then click “Confirm”.
Once the trade clears, click on “Wallets” or go here: https://bittrex.com/balance.
We now hold both ETH and OMG.
We have successfully bought OmiseGo on Bittrex.
Step 4: Withdraw OmiseGo from Bittrex
Experienced investors don’t store digital assets on an exchange long-term.
They worry about exchanges going bankrupt or getting hacked, and so they store digital assets in an offline wallet. That is the most secure way to handle your digital assets.
Withdrawing from Bittrex is relatively straightforward.
First, go to this page: https://bittrex.com/Market/Index?MarketName=BTC-OMG.
Click on the icon in the top right corner next to “Deposit” that says “Withdraw”.
In this example, we will withdraw all of our OMG onto an app called MyEtherWallet.
MyEtherWallet allows you to store Ethereum as well as ERC-20 tokens such as OmiseGo, 0x, Binance Coin, ChainLink, BAT, and VeChain. This process can be easily replicated for other wallet providers, MyEtherWallet is one example.
You will then be asked to input in the amount of OMG you want to send and the address of the wallet to which you are sending to.
Just cut and paste the amount it says is available, then go to the MyEtherWallet website and copy your wallet address. Paste it in here:
You will then be asked to confirm the trade. Click “Email confirmation link”. Then check your email inbox for an email with a subject like “Bittrex Withdrawal Verification.”
Open the email, and click on the link.
Then when you return to Bittrex, you should see something like this:
Congratulations!
Now that you’re ready to trade on Bittrex, it’s time to educate yourself on which assets are worth investing in.
At Bitcoin Market Journal, we provide educational resources for aspiring and experienced traders, covering everything from digital assets to blockchain funds.
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- DeFi Investing 101: What Is It? Where Do You Start? What Are the Risks?
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