The cryptocurrency exchange known as Bittrex provides more than 250 tokens to purchase, trade, or sell. Its users may benefit from its order types and its various security features, which aid in the safekeeping of their funds.
Although Bittrex can be user-friendly, newcomers to the space may feel a bit overwhelmed nonetheless. Hence, it may be the case that it is more suitable for those who are comparably experienced at cryptocurrency trading or investing.
Regardless, you will eventually get used to its platform once you have traded enough, and navigating around will then come naturally. This article, however, will take a brief look at and focus more on how you can get onboard and begin your trading journey here than on the trading process itself.
How to Trade on Bittrex?
Step 1. Register
The trading process on any exchange begins with you signing up first, which we will be looking at here. So, to begin the registration process for your account, head over to the official Bittrex website and select the “Sign Up” button. A small thing to note here, however, is that you can also select the type of account you want to make, i.e., “corporate” or “personal.”
Add your email address in the appropriate field, along with a strong password. And to create strong passwords, make sure they are up to 12 characters or more, including symbols and letters.
Click “Create Account” once you are finished, and an email will be sent to your inbox asking you to verify the email address you just entered. So, visit your inbox and choose “Verify Email,” which will then direct you to a page where you can validate your email.
After you have successfully validated your email address, carefully review its Terms of Service and click “Accept Terms” once you have understood, agreed to, and read every condition and restriction that accompanies owning or using an account on Bittrex Global.
Following this, you might have to submit some basic profile information and select “Continue” to head over to the ID verification process, since every Bittrex account needs to be verified through government-issued identification.
Step 2. Complete KYC
To complete the KYC process on Bittrex, you may have to use a mobile device. Within the same session after the creation of your account, the following page will show “What you’ll need for this next step” and “See acceptable IDs for your country,” the latter of which is a button that you can click. Simply choose your country after clicking that, and then select “Continue.”
One thing to note here, however, is that if one returns to its website following a previous session that wasn’t followed by them verifying their identity, then they can just log in, click on their profile, and select “Account Verification.”
Choose a type of ID that is approved and select your preferred upload method. Using a mobile device, scan that QR code and continue your identity verification process on this device by going through the on-screen instructions. But try to make sure that you keep the webpage open here as well. Whatever information you add through your smartphone will then be sent to your computer.
Return to your desktop and wait for your ID to be fully verified. Click “Continue” once done.
Once you have verified your identity within the same session, following that page would be the “Additional Information” section. Fill in every single field here, click “Continue,” and then “Submit.” And that’s it. Now you’re ready to begin adding some assets to your account.
Step 3. Add fund
To start trading on the exchange, you’ll obviously have to fund your account first or make deposits. So, head over to the website and log into your account. Under that “Holdings” tab, you’ll see the balance summary of your account and a list of tokens as well, which you can deposit into or withdraw from the Bittrex exchange.
There will be a search bar towards the upper right of the page where you can enter any ticker, like BTC or USDT, for instance, and be able to “withdraw” or “deposit” funds by clicking the relevant options for them. So, click the “Deposit” button for your token once you have found it.
Following that, you will be directed to a screen requesting you to “generate a new wallet address.” Click that option, then, and you will get a wallet address that is automatically generated, which you will have to utilize for transferring whatever token you want from either an existing wallet or an exchange to this address. So, make sure to correctly enter every address detail.
A few things to note here are that there will be some deposit instructions that you will have to follow, like the minimum deposit amounts and more. Moreover, these instructions may differ depending on the token.
If you have followed every step asked of you here along with the deposit instructions, your deposit will be successful, and you can begin trading.
Step 4. Buy crypto
Bittrex offers a couple of options with regards to buying cryptocurrency on its platform, which we will be looking at in this section.
You can start by going to its “Markets” page. Here, you will come across the more popular tokens right away by going through its “Trending” section, or simply scroll down to look for some of the specific tokens you wish to trade with. In addition, at one point, there used to be an option to trade in “tokenized stocks,” which are essentially stocks of firms that can be bought using cryptocurrencies. Unfortunately, every tokenized stock has been suspended for the moment.
Once you open your preferred token’s trading page, you will see various information in the form of real-time price alterations, graphs, and more, which may be a bit overwhelming if you happen to be a beginner. Towards the right of this page, you will come across the sell or buy options. Under each of those tabs, there will be several options pertaining to order placements, like Limit, Market, and Stop Limit.
Besides the ones mentioned earlier, there are other options offered as well, like ladder limit, OCO, and trailing. However, these tend to be fairly advanced and are therefore better suited for professionals.
Click on the “Market” option if you want your order to be immediately processed at the best rate that Bittrex offers. Enter the amount you want to buy, and then place your order.
Fiat currency
If you have been wondering whether or not you can buy cryptocurrencies with pounds, euros, and the like, this exchange has already begun phasing in fiat options with regards to trading and more for a while now. Hence, other than your standard options pertaining to credit or debit cards, bank transfers, etc., you will even find fiat markets on its trading page.
Debit/credit card
If you want to buy cryptocurrencies using either your debit or credit card, just click the “Instant Buy & Sell” option towards the top of its homepage after you have logged in, and you will be instantly directed to a page where you can buy the token you want using these options.
What’s more, Bittrex has extended its debit and credit card onramps to 125 additional countries, making the exchange more accessible for its global users.
P2P
Unfortunately, from what we have gathered, it is unclear if Bittrex offers P2P trading like other exchanges. So, it can be safe to assume that you may not find this option here.
Step 5. Start trading
Now that you have some tokens with you, you can immediately start trading or experiencing what this exchange has to offer. From its homepage, you can begin your trading journey by either clicking the “Markets” or “Trade” options.
Frequently Asked Questions (FAQs)
How to sign up for Bittrex?
Signing up on Bittrex can be relatively straightforward. You can do that either through its mobile or web applications. If you pick the web path, simply pay a visit to its official website, click the “Sign Up” button at the top, and follow the steps asked of you on its registration page to get done with the registration process.However, one thing to note here is that you may have to complete KYC and add some additional information in one session.
What are Bittrex fees?
The fee structure at Bittrex varies depending on your 30-day trading volume. For instance, if your trading volume here is lower than $5000, then your maker and taker fees will both be 0.75%, respectively, which isn’t as competitive as other exchanges, like Binance, for instance. Still, if your trading volume increases from this point on, then your fees will decrease with it.
How to deposit in Bittrex?
After you have logged into your account, head over to the “Holdings” tab and search for the token you wish to deposit in the search bar. Once you have found it, click the deposit option for it, and following that, an address will be generated that you will then have to copy to the wallet or exchange you want to initiate the transfer from.
