Bittrex is one of the largest exchanges by daily trading volume. Customers on this exchange enjoy various benefits such as fast transactions, reliable customer service, and security among others. Unlike most exchanges that support direct trading using fiat currencies, the US-based exchange is “Crypto-only.” Here is a guide on how to use this exchange.
1. Creating an Account
Bittrex allows users to open two types of accounts:
i. Basic account – This account is ideal for small traders as it allows a maximum withdrawal of 3 BTC/day.
ii. Advanced Account – This account is ideal for institutions or big traders as it has a maximum withdrawal of 100 BTC/day.
Opening an account is the first step when using Bittrex. Go to the exchange’s homepage and click on “sign up” to create an account. You only need to provide your email and type your preferred password. Agree to the terms and conditions. Check your email click on the verification code to activate your account.
You cannot use the account until you have checked on the KYC (Know Your Customer) verification. At this stage, you will be required to provide your ID documents. If you are opening an advance account, you will need to use your phone to set up a two -factor authentication.
2. Sending Funds to Your Account
You can only transfer funds to your Bittrex account in only 3 base Cryptos namely Tether (USDT), Ethereum (ETH), and Bitcoin (BTC). Most people prefer topping up their accounts with ETH as its transactions are processed fast.
You need to load your other exchange/wallet with USDT, ETH, or BTC and the send then transfer them to your Bittrex account. Create a Bittrex-specific address by clicking on the “Wallets” sections on your account. Click on the “+” next to the coin you want to add to get an address.
Be careful not to send your Cryptos to the wrong address. It may take from a few seconds to hours before the amount you send reflects on your Bittrex account.
3. Trading on Bittrex
When your Bittrex account has some funds, you can buy and sell different Cryptocurrencies on the home screen. The various trading pairs on the platform are based on the three main Coins. The three markets on this exchange are USDT, Ethereum, and Bitcoin markets. You select your market depending on the coin that you deposited.
For instance, let’s assume you have ETH in your Bittrex account and you want to buy LTC. You’ll go to “Ethereum Markets” and then choose ETH-LTC pair. Go to “Trading”, provide the required information, and give your quantity and/or price.
Bittrex is one of the cheapest exchanges to trade on as they charge a standard fee of 0.25 percent per transaction.
4. How to Withdraw Funds from Your Account
After trading on Bittrex, you may wish to withdraw that profit. Go to the upper right side and click Wallets to go to the wallet you want to Withdraw from. Use the Search box to search for the wallet. Click next to the Cryptocurrency name to get the Withdraw screen where you will provide the Address and Quantity of coins you are withdrawing. Click Withdraw. You may be required to enter your 6 digit code when two-factor is enabled. If you not, you need to login to your email account to verify the transaction.