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Bittrex is one of the most popular crypto exchanges for trading altcoins in the U. Its complexity can be intimidating, but the learning curve is worth it. It is not like Bittrex is the only exchange that offers a wide selection, it is only that it is one of the more popular choices for altcoin exchanges in the U. Here is a super simple guide to signing up for Bittrex and getting started trading for more detailed directions click the links below: If you are trading alts then I strongly, strongly, strongly [strongly] suggest using stop losses and averaging into positions with small buy-ins.
For more information on using Bittrex, you can see: Stop loss orders are a little strange on Bittrex. You have to set the price you want the order to trigger at, and the lowest price you want to bid. You have to set the price you want to sell at the ask price lower than the price you want it to go on the books at the condition , or you risk your order not going off. Its a strange choice of semantics, but this is how it works. Of course, that is for a stop loss, you can also use this tool to set buy orders if a certain price is hit for those set your bid price a little higher than the condition for the same reasons.
Thus, if you think the coin could plummet and you want to get out no matter what, try setting your ask a few points lower than your condition if its too tight and the coin falls hard, it really could end up skipping over your order… that is never fun.
See our guide to setting orders in Bittrex. There are generally fees associated with trading crypto unless an exchange says otherwise for specific order types. So you have to make more than. Meanwhile, there are generally no fees for withdrawals or deposits.
However, you should note that this is subject to change and you may pay transaction costs moving to and from Bittrex if the other entity you are using charges transaction fees or other fees.
See What fees does Bittrex charge? To use Bittrex you need to have coins already. This will cost you a pretty penny in transaction fees. Thus, you will need a good bit of profit to cover all the transaction fees in and out of Bittrex especially if you want to turn your coins back to USD at some point.
Not only that, but Bitcoin often goes on bull runs leaving alts behind. If Bitcoin goes flying to the moon, and you are paying transaction fees and waiting out other coins, you could take a net loss vs. Bittrex is not a novice level exchange, but once you a ready for it, it is a place where a lot of digital money can be made!
Exchanges have inherent risks. They can get go down for a while, they can get shut down, they can get hacked, the owners can go rogue. This is a great article, very helpful. How to Sign Up For Bittrex, Send Coins, and Start Trading Here is a super simple guide to signing up for Bittrex and getting started trading for more detailed directions click the links below: So you need to obtain one of those first. You can also send any coin you have that trades on Bittrex.
Click the login button in the top right of the screen on the Bittrex home page. Then click the signup button below the login box. Creating an account is as simple following the on-screen steps. That extra layer of protection will help protect your account. Go to the wallets tab at the top of the screen. Find the wallet you want to send to, for example Ethereum. Click the little plus button next to Ethereum, then click the create an address button.
This is your on exchange Etehreum wallet. Please note the directions in the box below the address you created carefully. Follow those directions, they can differ by coin. You only need to create an address once. Now its time to send your coins. For our example we will send Ethereum from Coinbase to Bittrex. Copy and paste in the wallet address the HEX Address from Bittrex into the send screen on Coinbase, triple check everything including the directions you found under your address in Bittrex.
Hit send and your Ethereum will begin the process of being sent to your Bittrex wallet. You can always open a support ticket if you do think something is wrong. Send a small transaction first to ensure you got everything right. To send coins from Bittrex, it is nearly an identical process, the only difference is that you hit the minus button under wallets in Bittrex.
In the trading screen Units are how many of a coin you want to buy, Bid is the price you are willing to pay, order type is either a limit buy when a price is met or conditional which places a limit order when a price is met , or ask the amount you want to get from a sale. The left-hand side order form is for buys, the right-hand side order form is for sells.
See more information below. What do you think? Haha, oh man, that is funny.