How to use the Bittrex exchange?

in News/Use Bitcoin by

What is Bittrex?

Bittrex is one of the leading cryptocurrency exchanges in the world, and it has a tremendous trading volume.

As of now, Bittrex has the largest 24-hour trading volume right after Bitfinex and Bithumb.

Bittrex is well known for its high level of security. There are several cases where many popular cryptocurrency exchanges were hacked,  but the Almighty Bittrex has never suffered such.

That is never a coincidence because ever since Bittrex was launched in 2014, the CEO Bill Shihara has always been keen on creating one of the most secure trading platforms in the world, and that is the main key to the high level of security you find in Bittrex today.

It would interest you to know that Shihara has spent several years in building security for the Blackberry operating system and the Amazon platform, and it would be an understatement to say the CEO himself is well versed in security.

Another thing that distinguishes Bittrex from others 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 also has a huge variety of altcoins and tokens listed on its platform.

How to start trading on Bittrex

Bittrex only accepts Bitcoin or Ether tokens, it doesn’t accept deposits made with fiat money, meaning that you must have some Bitcoin or Ether tokens to get started.

There are some other exchanges that allow for money deposits, so contact them, or better still purchase some BTC tokens using the Local Bitcoin.

Sign up for Bittrex

Upon doing that, you can proceed to the official Bittrex website and create an account with them. The registration process will require your name, email, and enable two-factor authentication. So get prepared.

Verify your identity

The next step after signing up is to verify your identity. You can do this by providing Bittrex with some of your personal details and a copy of your ID.

Why should you verify your account? This is an extra security measure by Bittrex to prevent your account from abuse. Unverified accounts are limited, as they can only withdraw 3 BTC/day, unlike verified accounts that can withdraw 100 BTC/day.

How to deposit money on Bittrex

Making a  deposit on Bittrex is quite easy. Just 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 in a jiffy.

Choosing a market on Bittrex

Since you now have an account and tokens to trade with, choosing a market is the next thing.

You have three markets to choose from, and they include Bitcoin, Ethereum, and USDT. Go to the Bitcoin market if you deposited Bitcoin.

Creating orders on Bittrex

Finished choosing a market? It’s time to place an order! You have a  variety of options to make, such as the number of units (tokens) you want to buy, the price you intend paying per unit, and whether or not you want to create a Limit or Conditional order.

With limited orders, you will only buy the selected token if it’s equal to or lower than the price you intended paying for it.

Conditional orders are specifically designed for more advanced users and are only integrated into the order book once certain conditions are met.

Happy trading!

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I’m a freelance writer and full-time curious person. My main interests are philosophy, politics, art, culture, science, and how they’re all interlinked. When I’m not writing, I’m fronting a band, producing records, and making videos. I’m also currently working on launching a YouTube channel that will focus on culture and politics. I think blockchain technology is fascinating because of the huge potential it has to revolutionise not only the financial sector, but society as a whole.