Bittrex Tutorial: Buying & Selling Cryptocurrencies
Bittrex is one of the largest cryptocurrency exchanges in the world.
If you want to get your feet wet into investing or trading Bitcoin, Ethereum or other altcoins, Bittrex provides an easy platform to do so. First you would need some some bitcoins to deposit into Bittrex. An easy way to do this is to buy bitcoins from a reputable website which allows you to purchase bitcoins with a credit/debit card or a bank transfer.
Getting a Coinbase Account
One of the easiest ways to do this is through Coinbase. Coinbase allows you to buy and sell Bitcoin, Ethereum, and Litecoin tokens. Coinbase runs a special promotion where you get a $10 USD credit to your account if you initiate a buy or sell of $100 USD (or 100 USD equivalent of your domestic currency) or more. You can start signing up for a Coinbase account here.
If you already have cryptocurrencies in your wallet, you can skip the Coinbase section and scroll down to the Bittrex section to get started with Bittrex.
If you purchase with your credit or debit card, your coins will show up in your Coinbase wallet instantly. Using a bank account for the purchase takes approximately 4-5 days on average.
Let’s sign up for account. You will see the registration screen like this:
After you complete this form fill out your profile, you will be asked with authenticate your identity to prevent fraudulent purchases. Depending on your country, you will be asked to submit a photo of your driver’s license or passport. The verification is fairly quick and you should be approved within 10 minutes. Now on to buying some crypto.
Once you are approved, you will see your Coinbase dashboard. At the top are the current market prices of bitcoins, ethers (Ethereum), and litecoins. The Buy/Sell tab at the top allows you to buy and sell your cryptocurrencies. The Accounts tab shows your wallet balance in each currency. We will select the Buy/Sell tab to begin the purchase. You have three choices: Bitcoin, Ethereum, and Litecoin.
Now we will add our credit/debit card information in the payment method section.
Below that we can enter in the amount of cryptocurrencies you want to buy. For this example, we are going to purchase bitcoins to trade on the Bittrex exchange. Notice above that Coinbase has a weekly card limit. This limit increases with time, but for new accounts, they usually limit the card purchases to under $1500.
You can now put in the amount of bitcoins you want. You can either put the dollar amount in bitcoins in the left box or the exact amount of bitcoins. By filling in the number in one box, Coinbase will automatically computer the value in the other box. For this example, we are going to purchase $125 worth of bitcoins.
After that is done, hit the Accounts tab at the top of the page, and under BTC wallet, you should see your bitcoins. Congratulations on your first bitcoin purchase!
Creating a Bittrex Account
Hit the login button at the top and then choose the sign up option at the bottom. You will be asked to fill out basic information such as your name and address. Once that is completed and your account is verified, you will be presented with a screen like this:
First you would need bitcoins in your Bittrex wallet to start trading. Click on the wallets menu at the top menu and you will be presented with a wallet for each cryptocurrency in Bittrex along with the current balances held. You should see the Bitcoin (BTC) wallet, if not, just type in Bitcoin or BTC in the search. Note: Bitcoin has the symbol BTC and is a different cryptocurrency than Bitcoin Cash (BCC). Next to the Bitcoin name, you should see a plus and minus sign like this:
The “+” sign means you want to deposit bitcoin into this bitcoin wallet. The “-” means you want to withdraw bitcoins from this wallet and send it to another wallet.
Once you hit the “+” button, you will be presented with this screen:
Now let’s go back to Coinbase and get the address from the Coinbase bitcoins wallet. Select the Accounts tab at the top, and you will see your Bitcoin (BTC) wallet. Click on the send button (circled in red below)
You will now see a similar bitcoin address form that you saw on Bittrex.
Go back to Bittrex and copy the address that you saw when you click on the “+” sign next to Bitcoin.
Go to Coinbase and paste that address in the Recipient field. Remember to double check that the address matches on Bittrex and Coinbase. Choose an amount to send and click on send funds.
Now you must wait for the transfer of bitcoins into your Bittrex wallet. This can take anywhere from 20 minutes to a few hours. If you refresh your browser from time to time, you can see the status of the pending deposit. Once the deposit is complete, you are now ready to do some trading.
Let’s say we are interested in buying some OmiseGo (OMG). Just go to the main page and type in OmiseGo or its symbol, OMG. You will be presented with Bitcoin, Ethereum and USDT markets.
Bittrex primarily deals with trading pairs consisting of two cryptocurrencies such as Bitcoin to OmiseGo (BTC-OMG), Ethereum to Litecoin (ETH-LTC), or USDT to Bitcoin (USDT-BTC). USDT is a cryptocurrency who’s value is pegged to the US dollar and backed by Dollar reserves held by the Tether Platform.
Since there are now bitcoins in our bitcoin wallet, we want to use the BTC-OMG pair in the Bitcoin market section.
You will know be taken to the OmiseGo trading page. On the left side is a graph depicting the price of OmiseGo over a span of time. You can adjust the time intervals (1 min, 15 min, 1 day, 1 week, 1 month, etc) and zoom in and out with the chart. You can also choose how the graph is presented visually (candlesticks, line, mountain, colored bars, etc). There is an option called studies which allow for technical analysis of the plot with over 30 different metrics to use.
Many traders prefer the candlestick method as it shows the highest and lowest price point in a given interval of time.
The right side lists the current price of a single OMG coin along with the 24 hour high and low price and volume of trading activity with this cryptocurrency. The bid price is the current highest price for a single OMG that someone currently is offering to buy. The ask price is the current lowest price that a person is currently willing to sell a single OMG coin.
Below that are the trading and order book sections. The order book section lists the current OMG trades available currently. The asks section is where you want to look at if you are buying OMG coins. ASK(BTC) price at the top is the lowest someone is willing to sell a single OMG coin for. There is also 1671 OMG coins available at this price.
The current asking price in this example is 0.00251 bitcoins (BTC) for a single OMG coin. You can Google BTC to USD converter or find an app that does this. Once you input the numbers, the 0.00251 bitcoins would equal $8.71 U.S. dollars.
That’s the price for a single OMG coin. Let’s say you want to buy $100 worth of OMG coin. Since we know the value of an individual OMG coin, $100 divided by $8.71 would get you 11.481 OMG tokens.
If you click on any of the numbers of the fields in the order book, these numbers will automatically fill themselves in their respective boxes in the trading section as seen below.
You can now fill in how many OMG coins you want and hit the buy OmiseGo button. After that is finished, go to the wallet section and see your deposit in the OMG wallet.
Congratulations! You’ve just made your first trade on Bittrex. Now to the moon and beyond. If you find this tutorial help, please share it with everyone you know.