If you want to find out more about how to trade on the Bittrex crypto exchange, then you’re in luck. Throughout our review, we’ll cover all you need to know about this cryptocurrency exchange. We’ll dig into key questions about Bittrex and also walk you through setting up an account and buying cryptocurrency on Bittrex. So sit down and buckle up as we take a ride through the exciting world of Bittrex.
- 1 Who Are Bittrex?
- 2 How to Use Bittrex – Our Step By Step Guide
- 3 Bittrex Exchange Fees
- 4 Why Open a Bittrex Account?
- 5 How to Open a Bittrex Account
- 6 Why Verify Your Identity on Bittrex?
- 7 Verifying Your Identity
- 8 Securing Your Bittrex Account
- 9 How to Trade On Bittrex?
- 10 Keep Your Coins in a Wallet
- 11 Wrapping Up
Who Are Bittrex?
The Bittrex cryptocurrency exchange was established in 2014 by a trio of engineers focused on cybersecurity. With its very fast trades, high-security efforts, and reliable digital wallets, Bittrex is considered one of the premier cryptocurrency exchanges in the world. This blockchain platform seeks to advance innovation and emerging technology while fostering change in the cryptocurrency space.
Bill Shihara, the first of the trio, currently serves as the CEO of Bittrex. With a background in security management and threat analysis at both Amazon and Blackberry, Bill has the experience and credentials to help keep the platform secure. His duties as these two companies prepared Bill for establishing a platform known for protecting users from threats and hacks.
Richie Lai is the CIO at Bittrex, previously serving as part of Amazon’s Information Security division. In previous roles, Richie gained experience in advanced monitoring and analysis, application security, and external threat intelligence. Paired with Bill’s experience, these two make Bittrex a reliable and secure cryptocurrency exchange.
The current CTO at Bittrex is Rami Kawach, the third member of the founding trio. Before establishing Bittrex Rami was a Security Engineer at Amazon. Additionally, the served as Director of Engineering prior to Amazon at a company called Qualys. Prior to Qualys, he spent a decade at Microsoft supporting mitigation efforts and leading multiple projects.
How to Use Bittrex – Our Step By Step Guide
Below we’ve covered everything from trading fees to account setup in more! Everything you’ll need to trade cryptocurrency on Bittrex.
Selecting the right cryptocurrency exchange can be a challenge. That is why we here at Total Crypto have sifted through all the useless information to provide you with exactly what you need to know. Here is a quick summary of what you need to know about Bittrex:
- Supported Countries: Bittrex is supported globally, although each country has different requirements for documentation.
- Conventional Currencies: Does not support traditional currencies unless you have an enhanced verified account. Then you can use USD.
- Method of deposit: Cryptocurrency or wire transfers of greater than $10,000 USD
- Support: Bittrex offers an FAQ section for typical questions, and a ticketing system if you need additional help.
- Location: Bittrex is located in Seattle, Washington in the United States.
- Trading Pairs: Bittrex supports trading pairs in Bitcoin, Ethereum, USDT, and many others.
- Margin Trading: Currently, margin trading is being tested on Bittrex and is not available to its users at this time.
Start Trading Crypto On Bittrex Now
Bittrex Exchange Fees
You can expect the following fees with Bittrex:
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All trades on Bittrex incur a charge of 0.25%. If any part of the order does not complete, users are fully refunded once the order cancels.
Bittrex does not charge a fee for deposits. Users may see a charge required by the coin network, which is something the exchange cannot avoid. Otherwise, there are no fees on deposits.
Withdraws are charged a small fee to cover the network transfer cost, which is built into the coin itself. Bittrex will let you view the amount of that fee by selecting the up arrow icon located next to the coin.
Why Open a Bittrex Account?
What makes Bittrex different from other exchanges? Here are some of the key reasons you should consider opening a Bittrex account.
Bittrex offers an automated and efficient trading platform that allows its user to perform fast transactions on a daily basis. Transaction types include trade criteria, wallet information, and balance updates.
To help drive innovation, Bittrex supports both established and novice blockchains. With a growing selection of digital tokens and blockchain technologies from which to choose, Bittrex aims to make sure only the best are listed on its exchange.
Custom trading platform
Bittrex offers a custom-built trading engine which is designed to ensure every order is executed in real-time. It’s also scalable and will support third-party platforms.
Bittrex is committed to compliance. The exchange seeks to comply with all U.S. regulations, which helps to detect and prevent unlawful behavior by its users before it becomes a problem. This is true not only for the Bittrex trading exchange but also for any of its other services.
The Bittrex cryptocurrency exchange prides itself on being able to provide its users with a secure platform. WIth reliable and dependable technologies, Bittrex users know they can trade with the peace of mind that their digital assets are protected. These include two-factor authentication and the strategy to store 80-90% of all funds offline in cold storage.
How to Open a Bittrex Account
When you’re ready to open up your Bittrex Account, head on over to the Bittrex site and click on the blue “Signup” button.
On the next screen, you’ll notice fields that ask for an email address and a password. Fill in that information and click on the Sign-Up button at the bottom to proceed.
Once you click Sign Up, Bittrex will send you an email asking you to verify your address. Click on the link included in your email. You’ll be directed to a confirmation page, where you can return to the Bittrex homepage to login. Accept the terms and you’ll be taken to your profile page.
Here you can fill out your personal information, change your password, or set up two-factor authentication to give your account more secure. Once you’ve filled in your profile information you can move on to verify your identity.
Why Verify Your Identity on Bittrex?
Bittrex offers two types of accounts on its exchange. Basic accounts allow you the ability to withdraw up to three Bitcoin a day or the digital currency equivalent, as long as two-factor authentication is enabled.
Enhanced accounts, on the other hand, let users withdraw up to 100 Bitcoin per day as long as two-factor authentication is turned on. 100 Bitcoin sounds like a lot, and it is, but what do you do if you happen to come across a great opportunity and you’re limited to three Bitcoin?
Verifying your identity on Bittrex is as simple as the old cliche. It’s better to have it and not need it than to need it and not have it. But how do you verify your identity?
Verifying Your Identity
Once you’ve filled in your profile information, Bittrex will take you to a screen to start the verification process. Click on the green button labeled “Start Verification” to continue on in the process.
Once you click on the “Start Verification” button, you’ll get a popup toward the bottom of the screen. Scroll down and you’ll see another green button labeled “Start ID Verification.” Click on that to move on to the next screen.
Next, you need to select which ID type you want to use for verification. You can choose between your Passport, an Identity Card, or your Driver’s License. Once you choose one, Bittrex will request that you use your device to capture an image or upload a file from your device.
Follow the instructions provided by Bittrex to upload your identification. You’ll need to provide an image or a selfie so Bittrex can confirm your identity. Once you’re done with those steps you’ll get a message letting you know that it will take about ten minutes for the process to complete.
Refresh the screen. If everything went through without a problem, you’ll have a message letting you know that your identity has been successfully verified.
Securing Your Bittrex Account
Ensuring that your Bittrex account is secure only take a few minutes, however, it can go a long way in protecting your digital assets. It makes it more difficult for would-be cyber criminals to access your account and adds an additional layer of protection for your cryptocurrencies.
Using two-factor authentication (2FA) means your adding another layer of security to your account. This type of protection on your account means that even if someone knows your password, they must also have the randomly assigned code to access it.
To enable 2FA on your account, head back into the settings and select two-factor authentication from the bar on the left side of the screen. Instructions on how to download and use Google Authenticator will show up on the right side. Follow this process to ensure that your account has the protection it needs.
Whitelist Crypto and IP Addresses
Bittrex gives you the option to whitelist crypto and IP addresses. You’ll find this option in the same place you’ll find enabling 2FA, in the settings on the left side toolbar. These features are great in the event that you forget your credentials.
Crypto Whitelisting allows you to specify a withdrawal address. This means you’re telling Bittrex that you want to send your digital funds only to the authorized address. Remember that when you set this feature up, you’ll have to create a whitelisted address for each different type of cryptocurrency.
Whitelisting an IP address is telling Bittrex that you only want to allow withdrawals or trades from a specific IP or IPs. This prevents trades and withdrawals occurring with you being aware of it.
Monitor Account Activity
Of course, one of the best ways you can prevent your account from being compromised is to keep a close eye on it. Monitor your transaction history, validate that the transactions are ones you made. You can view four weeks of history by going to the settings menu and choosing “My Activity.”
How to Trade On Bittrex?
The first thing you want to do before you get started trading on Bittrex is depositing your base currency. You can deposit Bitcoin, Ethereum, or USDT to get started. Your base currency is the currency you’ll use to purchase altcoins.
To deposit your digital assets, click on the Wallets option in the top right of the site. From there, you’ll see a list of cryptocurrencies. Select the Green icon with a down arrow next to the currency you wish to deposit. You’ll now use this currency as your base currency.
Next, you’ll choose your Bittrex market. You can select among three: Bitcoin, Ethreum, and USDT. These three markets represent the common base currencies which are used to purchase the majority of altcoins available on the exchange.
For instance, if you chose to deposit Bitcoin as your base currency, find the Bitcoin Market under the Markets tab, and choose the altcoin you want to purchase. Likewise, if your base currency is Ethereum, you would choose the Ethereum Market.
Find the trading pair you want to use and click on it while you’re in the Market of your base currency. Scroll down until you find the “Buy” option. You can input your buying requirements, then hit the “Buy” button at the bottom of the screen.
The Order Type is self-explanatory. It is the type of order which you are creating. You can choose between “Limit,” which is the default selection, or “Conditional.” A Limit order determines the maximum price at which you’ll buy. Conditional orders are more complex and require you to determine conditional prices you’ll set. Unless you’re familiar with this option, it’s best to leave it be.
Simply put, the quantity is the number of coins you wish to purchase. You’ll manually input the amount into this field.
This is the price you will pay for each unit of your chosen altcoin. For instance, if you will pay .005 Bitcoin for one Ripple, you’d input that number here.
This is the total amount of your base currency you are willing to part with in exchange for the number of altcoins you wish to purchase.
Time in Force
Your options here are “Good-til-Canceled” or “Immediate-or-Cancel.” “Good-til-Canceled” means the order will remain open until it’s filled or canceled. “Immediate-or-Cancel,” on the other hand, means the order needs to be filled immediately. If it cannot be filled, it should be canceled.
You can sell your altcoins on the same screen you buy them. Just switch over to the “Sell” option and input your information. Your options for selling are the same as they are for buying. You can choose your order type, set your quantity, enter your ask price, and put in the total number of altcoins you wish to purchase.
Additionally, just like with “Buy Orders,” you can do “Time in Force.” So you can decide if you want your order to sell immediately or cancel immediately, or if you want it to stay pending until it sells or you cancel it manually.
Keep Your Coins in a Wallet
Remember that at the end of the day the best way to secure your coins is by storing them in your personal wallet. Exchanges let you trade your coins, and you hope they’ll keep your coins safe, much like a bank with your traditional currency.
However, there is the possibility that an exchange gets hacked or shuts down, which means you’re out all your coins if they were left on the exchange. At the end of the day, it’s safest to move your coins to your own wallet, so you know where they are and you have control of them.
No exchange is perfect. Each one has its advantages and disadvantages. Here’s a quick look at some of the pros and cons of the Bittrex exchange.
- Good security
- Fast signup
- Quick verification process
- Completely compliant and fully regulated in the U.S.
- Supports over 200 cryptocurrencies
- Available in many countries
- Margin trading not available
- No mobile application
- Slow customer support
- No fiat currencies supported for deposits (unless above $10,000 USD)
The Bittrex exchange is a good place for novice altcoin traders. If you haven’t yet clearly set your trading expectations or don’t need leverage trading, this is a great platform to get started. Bittrex offers a fair amount of liquidity without a huge amount of inherent risks. The altcoin liquidity is comparable to other exchanges, and as Bittrex continues to grow and expand, this trend will only continue.
If you are a more seasoned day trader, Bittrex may not be as useful. It does not offer margin trading, has higher fees than other exchanges, and offers limited liquidity by comparison. On the other hand, if you’re a long-term investor, Bittrex isn’t a bad option. The exchange offers strong security and is a great competitor in an expanding market.
Overall, Bittrex isn’t a bad exchange. It’s easy to get started and verified, and the site makes buying and trading straightforward. Depositing and withdrawing take a little time to figure out, and if you’re not familiar with trading the site can be a little intimidating.
It would be nice to see Bittrex make things easier on its users, but if you’re familiar with buying and selling Bitcoin or Ethereum, it’s a good place to buy, sell, and trade altcoins.