What is Bittrex?
Bittrex is one of the largest cryptocurrency exchanges in the world. In terms of trading volume, Bittrex is definitely up there in the big league. It currently has the largest 24-hour trading volume after Bitfinex and Bithumb. One of the factors that have made Bittrex so popular is the emphasis on security.
Whilst many prominent cryptocurrency exchanges have been the subject of hacking scandals this year, Bittrex has not suffered a single incident. This is no mere coincidence. Since the launch of Bittrex in 2014, the CEO Bill Shihara has had as a goal to create one of the most secure trading platforms. With a professional career spent building security for the Blackberry operating system and the Amazon platform, Shihara knows a thing or two about security. Another thing Bittrex prides itself on is the speed at which verifications and withdrawals can be made. Trade fees are furthermore capped at 0.25%, making it a very affordable option for traders. Finally, Bittrex is also known for having a huge variety of altcoins and tokens listed on its platform.
How to start trading on Bittrex
Bittrex doesn’t accept deposits made with fiat money, so you will first need some Bitcoin or Ether tokens if you don’t have them already. Any other exchange that allows for fiat money deposits will do the job, or you can use Local Bitcoin to purchase some BTC tokens.
Sign up for Bittrex
With that out of the way, you can go to the Bittrex website and register an account by giving your name, email, and enable two-factor authentication.
Verify your identity
The next step is to verify your identity. This is done by giving Bittrex some personal details and a copy of your ID. Why should you verify your account? This is an extra security measure put in place to ensure your account isn’t abused. Unverified accounts can only withdraw 3 BTC/day, whereas verified accounts can withdraw 100 BTC/day.
How to deposit money on Bittrex
Depositing money on Bittrex is very easy. Simply log in to your account, click on ‘Wallets’ in the upper right-hand corner, and find the appropriate wallet (ie. BTC or ETH). Click on the green arrow next to the wallet and generate a new address. Send the coins to the address, and they’ll be credited within a short period of time.
Choosing a market on Bittrex
Now that you have an account and tokens to trade with, it’s time to choose a market. There are three to choose from Bitcoin, Ethereum, and USDT. If you deposited Bitcoin, then go to the Bitcoin market.
Creating orders on Bittrex
After choosing a market, it’s time to place an order! You can select how many units (tokens) you want to buy, how much you’re willing to pay per unit, and whether or not you want to create a Limit or Conditional order. Limited orders ensure that you will only buy the selected token if it’s equal to or lower than what you’re willing to pay for it. Conditional orders are for more advanced users and are only added to the order book once certain conditions are met.