is one of the largest US-based cryptocurrency exchanges offering hundreds of different coins to choose from and often makes its presence into the world’s top-notch exchange relying on Bitcoin trading volume. Bittrex is available globally, including in Malaysia, alas several US states have limited or no access to this crypto exchange due to the cryptocurrency regulation in those states, as stipulated in the Bittrex International Terms of Service. Users can access different account types, depending on the level of verification obtained, namely; “Unverified”, “Basic” and “Enhanced”. The higher the verification level you obtain, the more freedom for you to take out cryptocurrency to your crypto wallet. In this guide, let’s have a step-by-step look at how to use Bittrex.
Let’s get started!
Upon signing up, you will be prompted to enter a valid email address and desired password before you receive a link to verify your account in your email.
Fill in your personal information on “My Profile” tab under “Account Setting”, ensure you fill all details correctly.
Underneath Account Setting, you will see “Identity Verification”, click on that and start the process.
You are required to upload official government IDs such as passport or driving license.
Once you have submitted the appropriate documentation for the procedure, you will be redirected to another page to await verification, which takes about 10 minutes. Once you have been verified, you can load funds to your wallet and start trading.
Your account is your liability, secure it now!
To note, you are highly recommended to allow “Two-Factor Authentication” in favour of adding a second layer of security to your Bittrex account where it is intended to ensure that only you the person who can access into it.
Simply download the 2FA Application to your mobile device and scan the QR Code that is provided to you under “Settings > Site Settings > Two-Way Authentication” then enter the code you received from your phone.
To deposit cryptocurrency on Bittrex, click “Wallet” in the upper right corner of the site, search for the wallet you are going to deposit into.
Let’s have a look at the example as shown below:
- Type in “BTC” in the search bar
- Click on the green icon (make a deposit).
You will then be taken to a new screen asking you to select the option to generate a new wallet address.
Note: This can take a moment, don’t refresh the page.
Once completed, you will receive an automatically generated wallet address that you can use to transfer your bitcoin to-or-from an existing exchange wallet to your Bittrex wallet address.
If you are wishing to load USD to your account so that you can trade in fiat pair, you can choose to fill in this Form Request, which could take some time to get verified. Be alert of the $1000 minimum limit.
Once you have made a deposit (e.g. bitcoin or fiat) from another exchange, you are ready to begin trading on the Bittrex exchange.
Placing a Trade
You can go back to the main page of the website and select “Explore Markets”, you will then be directed to the page (as shown below) where you can choose your favourite token/coin and pairings.
After you have selected your desired coin/token, you will be brought to the markets exchange page where you can view the price chart, order book for both buy and sell as well as the list of assets with percentage changes on the left-hand side of the screen.
You can choose to enter a specific amount for your particular asset, in this guide, we selected USD-BTC pairing with the order type set to default.
Next, choose your quantity and select “Bid Price” from the drop-down menu then select “Good-Til-Cancelled”.
- Good-Til-Cancel (GTC) order: an order to buy or sell a token that lasts until the order completed, expired, or cancelled.
- An Immediate-Or-Cancel (IOC) order: an order to buy or sell a token that must be executed immediately. Any portion of an IOC order that cannot be filled immediately will be cancelled.
Last but not least, click on “Buy Bitcoin” and there you have it, you have now successfully purchased digital assets via Bittrex exchange!
The step of withdrawals is as simple as when you first deposited your funds. Begin with clicking on “Wallets” in the top-right corner of the screen, then select the cryptocurrency you are wishing to withdraw.
Select the red icon that says “Withdraw”, enter another wallet address (the one you wish to off-ramp to, for example) and enter the desired amount, then click on “Withdraw”.
Things You Have to Know
Recently, Bittrex has got a number of banking licenses which allows them to take fiat funding and to process fiat withdrawals. This could give them privilege over a few of the larger exchanges that do not have this functionality.
As Bittrex offers first-class security standards, of course, stringent verification requirements are needed ― The verification process is quite lengthy, so you may have to be patient if you want to create an Enhanced account.