Are you willing to invest in cryptocurrencies but haunted with the process used in it? No worries! We are here to help you out. Trading cryptocurrencies from Crypto exchanges can be a little complicated, especially when you don’t have a background of finance. But nothing is impossible! Right? In this article, we are going to help you learn about how to trade on Bittrex.
Bitterex is one the largest exchange worldwide, which is often mentioned among the top three Exchanges in the US. It currently supports more than 260 cryptocurrencies, which is why it is also considered as the largest supplier of altcoins. Bittrex has an easy to use and intuitive platform with many advance trading features. Instead of talking, let’s start right away with how does Bittrex work.
Whether you want to buy cryptocurrencies or sell them out, the process is going to be somewhat similar. Trading on Bittrex includes the four steps given below:
Before you sign up for the platform, make sure you are well aware of the risks associated with the cryptocurrency market and have enough knowledge of all the practices you need for your trading to be successful. Let’s know how to trade on Bittrex by learning about these points individually.
After you’ve uploaded your documents for verification, you need to wait for about 10 minutes to get it verified. Sometimes the check can take a little longer, so don’t worry about it. Keep refreshing the page to see the status, and once you are verified, you can proceed further with depositing the funds.
To Deposit Bitcoins into Bittrex, you need to generate the wallet address for your account first. To create a wallet address, head to Wallet section and click on make deposit option next to Bitcoin. On the next page, you’ll get the option to generate a new wallet address, click on it and wait there for a while. Do not refresh the page until your wallet address gets generated and once you get the address, use it to deposit Bitcoins. Transfer the Bitcoins from your existing wallet to Bittrex wallet. Make sure you enter the wallet address correctly and double-check it before submitting.
In case you are wondering how to deposit money in Bittrex and if it is possible or not, then let us tell you that it is possible. However, the process is a little longer as you would have to submit a form and get yourself verified for doing so. The minimum limit of depositing USD is $1000, and the verification takes a little longer. Just so you’ve deposited the base currency in your account, whether Bitcoin or fiat, you are ready to trade it for other cryptocurrencies.
You can buy cryptocurrencies through three markets, i.e. Bitcoin market, Etheruem Market and USDT Market. Now that you’ve deposited Bitcoin go to Bitcoin Market and select the altcoins your wish to buy. However, if you’ve chosen any other base currency such as Etheruem or USDT, you need to go to their market to make your trade.
To make your trade you need to fill up some details about your order such as how much you want to buy, what’s your price limit etc.
Conditional orders are a little bit confusing and used for buying high amount of cryptocurrencies basically. If you select conditional order, your order will not show in the order book until it is executed. We suggest you stick to limit orders unless you have adequate knowledge about conditional requests.
The process is somewhat similar for the sell orders. You need to fill the details such as the units you want to sell, what price you want to per coin, and again the type of order.
Now that you know how to trade on Bittrex, its time to withdraw the funds from your Bittrex wallet. The reason why we suggest storing cryptocurrency in private wallets instead of these exchanges is because of the security risks. Exchanges are secure for buying and selling cryptocurrencies, but as there are risks of it getting hacked or bankrupt, you must transfer your coins to your offline wallet. Hardware wallets such as Ledger Nano S, and Trezor one are considered most secure among all.
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