Introduction
This comprehensive guide walks you through trading on Bittrex, one of the largest cryptocurrency exchanges by volume. Whether you're a beginner or an experienced trader, you’ll learn how to navigate the platform, execute trades, and secure your assets.
Step 1: Acquire Bitcoin or Ethereum
- Purchase BTC or ETH from a local exchange (e.g., Coinbase, LocalBitcoins).
- These act as base currencies for trading altcoins.
- Pro Tip: Ethereum transactions are faster and cheaper than Bitcoin’s.
👉 Compare crypto exchanges here
Step 2: Create a Bittrex Account
- Sign Up: Provide your email and enable 2-factor authentication (2FA).
- Verify Identity: Submit ID documents to increase withdrawal limits (up to 100 BTC).
Step 3: Deposit BTC/ETH into Bittrex
- Navigate to the Wallet section.
- Generate a deposit address for your base currency.
- Transfer funds from your local exchange.
Step 4: Select a Trading Market
Bittrex offers three markets:
- Bitcoin (BTC)
- Ethereum (ETH)
- Tether (USDT)
Choose the market matching your deposited currency.
Step 5: Place a Buy Order
Limit Order Example (Buying Monero with ETH)
| Field | Value | Description |
|-------------|-----------------|---------------------------------------------|
| Units | 2.50 XMR | Amount of altcoin to buy. |
| Bid | 0.42100972 ETH | Price per unit. |
| Type | Limit | Guarantees max price. |
| Total | 1.05252430 ETH | Total cost. |
Conditional Orders: Hidden until target price is met (advanced use).
Step 6: Place a Sell Order
Limit Order Example (Selling Aragon for BTC)
| Field | Value | Description |
|-------------|-------------------|---------------------------------------------|
| Units | 500 ANT | Amount to sell. |
| Ask | 0.00018449 BTC | Min price per unit. |
| Type | Limit | Ensures min return. |
| Total | 0.09224500 BTC | Total earnings. |
Final Step: Secure Your Assets
- Withdraw to a Private Wallet: Control your keys (e.g., Ledger, Trezor).
- Avoid keeping large amounts on exchanges due to hacking risks.
👉 Explore secure wallet options
FAQs
1. How long do Bittrex verifications take?
Typically 1–3 business days.
2. Can I trade without ID verification?
Yes, but withdrawal limits are restricted (0.4 BTC/day).
3. What’s the difference between Bid and Ask?
- Bid: Highest buyer’s offer.
- Ask: Lowest seller’s price.
4. Are conditional orders risky?
They’re advanced tools; stick to limit orders if unsure.
Key Takeaways
- Use ETH for faster/cheaper trades.
- Always enable 2FA.
- Store long-term holdings in private wallets.
By mastering these steps, you’ll trade confidently on Bittrex while minimizing risks. Happy trading!