This Step-by-Step Guide to Bittrex shows how to use Bittrex to buy and sell cryptocurrency. Bittrex rebuilt itself from the ground-up to become a sleek and easy-to-use modern trading platform to trade dozens of cryptocurrencies with BTC, ETH, or USDT. The chart interface at Bittrex is unmatched by its competitors. The withdrawal fees at Bittrex are often lower than its competitors. Serious cryptocurrency traders take note — Bittrex is back and better than ever. Let’s get started!
The first step to trading on Bittrex is to create an account. Visit Bittrex’s website and select the register button from the front page. Then supply your email address and a password to create your Bittrex account. Remember to use a unique and complex password.
Check your email inbox for further instructions and a link to complete your account registration.
Bittrex will display the below notice after you click the verification link in your email. Select Login to continue.
You have now created an account and verified your email. The next step is to log in to your account on Bittrex.
Bittrex requires email verification each time a new IP address seeks to log in to your account. This includes the first time you log in to Bittrex. We like this security feature because unauthorized attempts to access your account from an unknown IP address will fail unless the hacker also has access to your email. To gain access to your account, simply confirm your IP address by clicking the link sent to your email by Bittrex.
You will land on the below front page of Bittrex when you log in. It is necessary to configure some settings before you can trade on Bittrex. Select settings from the upper-right of the front page.
In this Step-by-Step Guide, we will review the settings that are vital to address before you start trading on Bittrex. In particular, you cannot withdraw cryptocurrency from Bittrex until you submit information about your identity for your account profile. You will have a relatively low daily withdrawal limit — currently 0.4 BTC or approximately $3,000.00 USD in value — if you fill out your profile. Your daily withdrawal limit increases to 1 BTC in value if you verify your identity and 100 BTC in value if you verify your identity and enable two-factor authentication.
With two factor authentication, Bittrex sends a temporary code to your mobile phone that you enter to log in and confirm transactions. Two factor authentication is a vital security setting that helps prevent unauthorized access to your Bittrex account if your username and password are hacked. Go to the setting for two factor authentication and follow the directions to enable it. Make sure you backup your secret key to a safe location. The secret key is necessary to restore your two-factor authentication code if you replace your mobile phone.
Check your email and click the link to verify your two factor authentication settings.
Choose “My Profile” to enter your birth date, address, and phone number. You must enter this information before Bittrex will allow you to withdraw approximately 0.4 BTC or $3,000.00 USD in value each day.
Choose “Identity Verification” if you want a daily withdrawal limit more than 0.4 BTC or $3,000.oo USD in value. You must submit a photograph of yourself and of your country’s ID document to verify your identity.
This Step-By-Step Guide filled out a profile, but did not verify an identity. Therefore, we received a daily withdrawal limit of 0.4 BTC in value.
You obviously need to deposit cryptocurrency into your Bittrex account to start trading. Choose Wallets from the upper right to view your current cryptocurrency holdings, withdraw funds, or deposit funds.
Select the green deposit button next to the cryptocurrency you want to deposit. Then copy the deposit address from Bittrex and paste it into the wallet or exchange that you are using to send cryptocurrency to Bittrex.
Once you have deposited funds to your Bittrex account, visit the markets page from the upper right to start trading. You can trade dozens of cryptocurrencies with BTC, ETH, or USDT on Bittrex. In this Step-by-Step Guide, we demonstrate how to trade ETH for Worldwide Asset Exchange (WAX). On the markets page, scroll to Ethereum markets, search for WAX, and then click on currency name.
The trading chart is where the revamped Bittrex really shines above its competitors. Ordinary investors will have a smooth and beautiful chart to use at Bittrex. Technical traders can customize the chart view with an array of tools and studies that are industry-best for a public altcoin exchange and comparable to the popular TradingView. The main sections of the trading chart are the markets list, main price and volume chart, depth chart, order book, and market and order history.
The left side of the trading interface allows you to quickly change between cryptocurrency trading markets with a click or search.
Bittrex has an incredible assortment of charting tools at your disposable. Even non-technical traders will enjoy trying out ways to customize the chart on Bittrex. Note that the default chart on Bittrex is linear scale. Choose log scale from the chart dropdown box if you prefer a log scale chart.
Scroll to the bottom of the trading chart to view a history of the recent trades in the selected market, your open orders, and your order history.
The order book is just below the depth chart. For example, the left side of the ETH-WAX order book shows the current bids to buy WAX with ETH. Meanwhile, the right side of the ETH-WAX order book shows the asks to sell WAX for ETH. The center of the order book is where you place orders. You can place limit orders or more complicated conditional orders, set the bid price, and choose two options for time in force.
This Step-by-Step Guide will demonstrate how to use Bittrex by placing an order to buy WAX with ETH. The first step is to determine how much to pay for each WAX, which is called the bid price. We entered a bid price of 0.00052069 ETH per WAX because that amount would place our order at the top of the order book and, likely, get promptly filled by a seller. You can click on any bid or ask price on the order book to enter it into the bid price field.
We must also enter the size of the order in addition to the bid price. There are three ways to do this. First, we could enter the quantity we want to buy and Bittrex would automatically calculate the total sale price. Second, we could enter the quantity we want to sell and Bittrex would automatically calculate the total buy quantity. Finally, we could press the “Max Buy” button to spend our entire available balance in one order. In the below example, we selected Max Buy so that Bittrex auto-filled the quantity of ETH to sell as our entire available balance and calculated the quantity of WAX for our order. We chose “Good’Til Cancelled” for the time in force because we want our limit order to sit on the order book until filled. Select the buy button once all the order information has been entered.
Bittrex will ask for order confirmation before an order is placed. In the below example, Bittrex asked for confirmation of an order for 162.83834527 WAX, with the total amount of ETH spent as 0.08478830 ETH, and a small commission to paid to Bittrex.
Bittrex will display a popup once the buy order is placed. For our order, Bittrex immediately displayed our buy order of 162.838 WAX at the price .00052069 ETH per/WAX.
Our order to buy WAX for ETH is now reflected in the order book. We will receive 162.838 WAX and send out 0.0848 ETH once a seller fills the order.
After you are done trading, you may want to withdraw your cryptocurrency to a wallet rather than keep it on the exchange. To withdraw from Bittrex, first visit the Wallets page from the upper right and choose the red withdrawal button next to the applicable cryptocurrency. Next, enter the amount you want to withdraw. Finally, copy the address for the recipient wallet or exchange to proceed with the withdrawal.
Enter your two factor authentication code to confirm your withdrawal. Bittrex will reflect your withdrawal first in the pending withdrawals and eventually in the completed withdrawals. Congratulations, if you followed this step-by-step guide you learned how to deposit funds, make trades, and withdraw funds from Bittrex.