How to Trade on Bittrex.com: A Comprehensive Guide
Bittrex is a Cryptocurrency exchange that offers the trading of many different types of coins, tokens, and other digital assets. Originally built to target traders who had technical experience with their trading platform, Bittrex has since expanded its features to include an advanced interface as well as offer support for new users. In this comprehensive guide, we will tell you everything you need to know about using Bittrex in order to trade cryptocurrencies successfully!
What is Bittrex.com?
Bittrex was established in 2014 by three entrepreneurs – Bill Shihara, Richie Lei and Rami Kawach. The company is headquartered in Seattle.
Bittrex became operational on the 17th of April 2017 and as a US-based exchange it has managed to grow quickly thanks to its strict selection process for new tokens ($100K per token) which ensures that only high-quality coins are listed
The founders have received investment from venture capital firms including Tim Draper’s DFJ Venture Capital, Michael Novogratz’s Galaxy Digital Ventures LLC
By 2016 there were 216 cryptocurrencies available on Bittrex with over $250 million worth traded daily
Why chose Bittrex.com as your primary crypto exchange?
It is one of the most comprehensive exchanges in terms of coins offered with well over 100 available for trading. Bittrex also offers much greater liquidity than many other altcoins, and trades can be completed quickly without any withdrawal limits. In addition to being able to purchase major world currencies like USD or GBP on Bittrex, there are also many altcoins available such as Bitcoin Cash (BCH) and Ethereum (ETH). These altcoin markets often have lower transaction costs than traditional exchanges which can provide significant savings opportunities. Finally, they offer a nice variety of tools that allow users to monitor their portfolio closely along with detailed graphs and technical analysis charts that enable traders to make informed decisions about when to buy or sell specific assets.
Is Bittrex safe to use?
It is safe to use Bittrex for your cryptocurrency investments as it has been around since 2014 with over $ one million USD committed by investors who have seen success so far. They go above and beyond what the average crypto exchange offers today providing traders with detailed graphs, technical analysis charts, detailed portfolio monitoring tools that allow them to make educated decisions about when to buy or sell specific assets. Without these helpful features, it would be much harder for new users making their first trades on the market or experienced veterans looking for quick opportunities without all of the hassles.
Start trading on Bittrex.com
To register on Bittrex.com, you need to provide a name and email address as well as create a secure password.
To fund your account, go onto the “funds” tab on the top menu bar under “Account.” Once there, click on the currency of your choice and then select how much money you want to withdraw from either USD or BTC. You can also choose an Auto-sell price for when Bitcoin’s value drops below target levels which will automatically sell off any holdings in order to make up for losses.
Once you’ve deposited funds, users have access to two trading markets: Basic or Advanced mode which changes some of the features available like different chart types but it is generally recommended that new traders stick with the basic model at first before moving into more complex territory where the experienced traders make the most gains.
Since we’re talking about Bittrex, let’s also mention that all trades made here are final and cannot be canceled or undone once the order has gone through – a major consideration to keep in mind when trading with Bitcoin.
Bittrex verification process
Click the “Account” tab on Bittrex.com’s homepage and then click “Verify My Account.”
You’ll need to provide your account information (username, password, verification code) as well as submit a photo of yourself holding a physical ID like your driver’s license or passport.
Once you’ve verified your account with these steps, tap on “Linked Accounts” from the top menu bar and select which types of accounts should be connected. You must link at least one type in order for funds to move into or out of this existing wallet without delays; once done, it will show up here automatically under balances alongside all other wallets that are already linked such as Coinbase if you chose to connect that as well.
Select ‘Wallets’ from the top menu bar and choose the type of currency you want to trade with; in this case, select US Dollar (USD). This will open up a list of coins that are paired against USD on the exchange – each coin has a “markets” tab showing its price over time as well as how much it costs per token or unit. You can also navigate through these options by tapping one at a time below your balance and choosing which market to view. Tap once again to return back to the balances screen.
If BTC isn’t already chosen in this example, tap it so that BTC appears underneath. You will then be able to select USD and then the amount of BTC or ETH in dollars you would like to buy.
Once an order is placed, it will take around 15 minutes for your cryptocurrency purchase to be fulfilled; when it happens you’ll get a notification on the top right that says ‘Your Order Has Been Fulfilled’. You can also find this information by navigating over to Bittrex at any time and checking where your balance sits – here you will see all completed orders with their corresponding balances as well as how long they took from start to finish.
If you want to cancel your order, tap it once and then select the cancellation option. The downside of canceling an order is that any fees associated with its creation will not be refunded – this is especially true if you’re only a few minutes in and have yet to pay anything.
Bittrex trading fees
The fees on Bittrex.com are up to par with other crypto exchanges, with a 0.25% commission on trades in the BTC/USDT trading pair. This is only charged when you buy or sell, and not when you make deposits or withdrawals to your account.
Trading fees are calculated as follows: 100 USD worth of BTC = $0.25 (USD) fee; 100 EUR worth of ETH = €0.35 (EUR) fee
The good news about this is that these commissions are paid by the person executing orders – so if you have an open order at .00125330 for Bitcoin then any trades made through Bittrex will be billed according to how much bitcoin was traded rather than what price it closed at after everything settles down from volatility swings.
Bittrex pros and cons
Bittrex has its fair share of positives, as well as negatives. The first is that they are one of the most reputable cryptocurrency exchanges currently operating in this space and have a long history of providing top-notch security to both traders and investors alike. In addition, there’s also an extra layer of protection for those who want it via two-factor authentication (as opposed to just your username/password). This type of added protection ensures that only people with access to your phone will be able to withdraw funds from your Bittrex account should someone else manage to steal them from you while on a different device or something along those lines.
Another positive aspect to consider is that there’s a solid selection of coins to trade with on the Bittrex platform. This is because they allow users to trade virtually any coin that meets their criteria and only exclude those which could be considered security risks or have been determined as no longer viable for one reason or another.
It’s hard to find much negative about Bittrex.com but you might consider this: it’s not as beginner-friendly as other sites. This is because they have a more stringent verification process to get started (though once you’ve been verified, there are no limits on how much you can trade).
The Bittrex exchange also has some of the most diverse security features available for crypto exchanges and seems to be doing an excellent job at protecting its users’ information from frauds or data breaches that could take place if their servers were breached by hackers.
So far, we haven’t found anything negative with regards to Bittrex Exchange which makes us think that this might just be one of the best places around when it comes down to trading cryptocurrencies online.
Wrapping things up
Bittrex is a global cryptocurrency exchange based and operated out of the United States. Bittrex.com has a wide variety of coins that represent different aspects of “coins” of what crypto means in general. Want to buy bitcoin? It’s there on Bittrex as well – they’re not just limited to one coin like some other exchanges are (although it does take up most of their trading volume).
So, are you going to join Bittrex.com? If so, why not start trading now and see what it has to offer.