Bittrex Cryptocurrency Exchange Review (2020)

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Bittrex supports two types of accounts:

  1. Basic Account – a withdrawal limit of 3 BTC/day.
  2. Advanced Account – a withdrawal limit of 100 BTC/day.

Step 1: Create an Account

Go to this link to visit Bittrex’s official signup page. You will be prompted to go through a typical account setup process. If you run into any issues, you can use this guide as a reference.

 

Step 2: Buy Bitcoin or Ethereum

Once your account is set up, you’ll need to transfer some money in so you can start trading. You’ll remember that Bittrex doesn’t allow you simply pay in with USD or Euros so you’ll need to buy BTC elsewhere (many people use CoinBase although they charge higher fees) and transfer the BTC to your new account on Bittrex.

This can be done by generating a Bittrex-specific address and transferring the BTC there. Ethereum can also be used. A complete guide is here, if needed.

 

Step 3: Start Making Some Trades

With your Bittrex account loaded with funds, you can now start trading.

From the dashboard, search for whatever coin you want to buy, Litecoin for example. Click on the currency ticker when it comes up and you will be directed to the page seen below.

Here you have your basic price chart, which you can adjust to show data by the minute by the hour or by the day. You can play around with other settings under the chart tab to turn your candle depictions into a line or bar graph.

On the right-hand side of the screen, you’ve got your latest price, trading volume (number of transactions), bid and ask price – the difference between them being your spread.

At the bottom, you’ve got the 24-hour high and 24-hour low. All of these figures are shown with their USD equivalency (or another currency you choose).

At the top, you have the available amount of BTC (in this case 0) and as you can see there are options to buy and sell. Enter the amounts you wish to purchase, accept a rate from the order book below, and click buy.

  • “Unit” refers to the number or percentage of a new coin that you are buying.
  • “Bid” refers to the price per unit.
  • “Type” refers to timing and you have two options, “Good ‘Til Cancelled” and “Immediate or Cancel”.
    • “Good ‘Til Cancelled” means the transactions can be done in a piecemeal manner.
    • “Immediate or Cancel” means the transaction must be done at once or canceled altogether.
  • “Total” refers to the total amount of coin you will be spending for the coin you desire to buy.

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