Bittrex is one of the more popular exchanges available online today. The exchange consistently sits in the top 10 exchanges by trading volume. It offers strong liquidity across a diverse selection of trading pairs along with competitive fees and strong customer service.
Ready to get started with Bittrex? Keep reading to discover the step-by-step guide to buying or selling your first crypto or bitcoin with Bittrex.
1. Create an account. Visit Bittrex.com and click the “Sign Up” button.
2. Begin the registration process by entering your email address and desired password and agreeing to the terms of service.
3. Verify your email address by clicking the activation link sent to your inbox.
4. After clicking the activation link, you’ll be able to sign into your Bittrex address. You will need to verify your phone number. Enter your phone number and verify the text message sent to your number.
5. Next, activate two factor authentication (2FA) to protect your account. 2FA ensures you and only you can open your account. It means you’ll be prompted to enter a second authentication verification when you login to your account from an unfamiliar device or location. 2FA is optional, but recommended.
6. Create a wallet. Now that you have purchased bitcoins, registered your Bittrex account, and secured it with 2FA, you can create a wallet on Bittrex. This part is surprisingly easy. Just click on the Wallets tab on the top right corner of your screen. Then, look for the list of cryptocurrencies. Click the “plus” symbol beside a currency like bitcoin, and Bittrex will automatically generate a wallet. If you are purchasing coins for the first time from the Bittrex market, then the platform will automatically create a wallet for whichever coin you’re purchasing. You can use your Bittrex wallet to deposit or withdraw funds from your Bittrex account.
7. Deposit money into Bittrex. Bittrex works best for cryptocurrency deposits. To add bitcoins to your Bittrex wallet, open your existing bitcoin wallet app. Then, scan the QR code provided by your Bittrex wallet (generated when you pressed the “plus” symbol in the step above). Alternatively, copy and paste the string of characters into your wallet app. Verify the wallet address is correct before you confirm the deposit. After you deposit bitcoin, it might take anywhere from 10 minutes to 24 hours for the bitcoin to appear in your wallet balance. Before depositing money into Bittrex, you may need to complete KYC/AML verification, which involves taking a picture of your government-issued photo ID and submitting a selfie of you holding your ID. This verification can take anywhere from 5 minutes to a week, depending on how many new registrations Bittrex is currently processing.
8. Buying bitcoin for the first time? If so, then you’ll need to visit a website like Coinbase to purchase your first bitcoin using a credit card, bank transfer, or other payment method. Bittrex exclusively accepts cryptocurrency deposits in bitcoin or Ethereum. Once you have bitcoin or Ethereum, then you can transfer money into Bittrex and begin making trades. We explained how to setup your bitcoin wallet and purchase your first bitcoin in previous chapters.
9. So you’ve created an account on Bittrex and deposited funds into your account. Now, you’re ready to start trading. There are multiple markets available through Bittrex, including bitcoin markets and Ethereum markets. The bitcoin markets section will include pairs like BTC/LTC while the Ethereum markets section will include pairs like ETH/LTC. Bittrex also supports Tethers, which means you can trade cryptocurrencies for USD Tethers. USD Tethers, or USDT, are theoretically valued 1:1 with the USD. You can use USDT to hedge your bets while the crypto markets fluctuate.
10. Choose the bitcoin or Ethereum market on which you wish to trade. Once you’ve found your desired trading pair, you’ll see a trading dashboard. This dashboard will have a “Buy [Coin]” section on one side and a “Sell [Coin]” section on the other side. Under both headers, you’ll see a “units”, “ask”, and “type” option. “Units” lists the number of units (like the number of ETH) you wish to purchase. The bid refers to the price you’re willing to pay per unit. And the type refers to the type of order you wish to place (market or limit). If you just want to buy cryptocurrency at the market rate, then click “Market” under type and enter the number of units you wish to purchase. Once you’ve verified the information, click “Buy [Coin]” or “Sell [Coin]” to send your order to the Bittrex matching engine.
11. Bittrex will accept and process your trade. If you’re purchasing a small amount of crypto at the market rate in a high-volume market, then your order should be processed instantly. You should see a pop-up appear in the top-right corner of your screen while your order is being processed. The pop-up will track the progress of your trade, and you might see a green progress bar underneath the box. You can also view pending or completed orders on your account dashboard. Once you’ve completed this step, that’s it! You’ve successfully made a trade using Bittrex. Whether you’re purchasing bitcoin for the first time or selling cryptocurrency for another cryptocurrency, you can use Bittrex for all types of bitcoin trading, Ethereum trading, and altcoin trading.