Bittrex - what is it and how to trade in Bittrex?

2 min reading

The Bittrex Exchange is one of the most popular cryptocurrency exchanges in the world. Learn how to use it and what functionalities it has!

bittrex guide

Bittrex - what is it?

Bittrex is one of the most popular cryptocurrency exchanges in the world. It was founded in 2014 by three cybersecurity engineers. The platform's headquarters are in the US and are fully subject to US law. From the very beginning, the Stock Exchange is distinguished by its commitment to compliance. It also pays attention to the safety of its users, respecting, among others, banking secrecy. There are currently over 190 cryptocurrencies listed on the Stock Exchange in pairs for BTC, ETH, USDT as well as for USD and EUR. This means that Bittrex supports fiat currency, making it one of the few platforms that requires full verification.

How to deposit into Bittrex?

 To deposit money on the exchange, full account verification is necessary. You will need a passport, driving license or ID card and a selfie photo. The exact instructions described by Bittrex support can be found here. With a fully verified account, it is possible to fund it using cryptocurrencies or USD and EUR fiat currencies. To do this, go to the "Holdings" tab in the upper right corner of the page:

When depositing cryptocurrencies, find the appropriate coin on the list and then click "deposit". When paying in USD or EUR, the transaction is carried out using a credit / debit card. Then click 'Deposit by credit / debit card' on the right.

How to buy, how to withdraw from bittrex?

With funds on your Bittrex account, you can buy cryptocurrency. To do this, go to the "Markets" tab. A whole list of cryptocurrencies will appear, divided according to trading in pairs to USD, BTC, ETH, USDT and EUR, respectively. After finding the right pair, click on it. The next window seems to be very complicated, however, the purchase is very simple. Note the frame on the right:

Enter the accepted purchase price and quantity in the appropriate place marked in the image above. The next step is confirming the transaction and waiting for the order to be completed. A graphic picture of the order in the form of a line on the chart may be useful. In the picture it was shown by an orange arrow. You should also pay attention to the total purchase cost in the "total plus fee" field. The real transaction cost is visible there, including the commission for Bittrex. In this case, USD 9018. It is also worth paying attention to whether the opened bookmark is green "BUY". In the case of the red "SELL", the sale is commissioned, not the purchase of cryptocurrency.

Reviews on Bittrex - is Bittrex safe?

The stock exchange has good reviews among most users despite its mishaps related to the registration being blocked and the long time of customer verification. They resulted from a very heavy load on the platform during the bull market in 2017. The community values Bittrex for putting security first, although there are unfavorable comments juxtaposing cryptocurrency anonymity with full verification necessary to use the exchange.

In addition to security, users are positive about innovations introduced on the stock exchange. An example here may be an extensive trading platform that gives great opportunities and is valued by advanced traders. Bittrex fees vary. For popular couples they are low and amount to approx. 0.25%. Some users, however, complain that on less popular pairs these fees are much higher and rank the stock market among the most expensive ones. To sum up, Bittrex is definitely a noteworthy, safe exchange with 6 years of experience, and the cryptocurrency market is a very long experience.

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