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Saturday, September 26, 2020

How to Trade on Bittrex?

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If you are looking for an exchange site you can trust, bittrex is one of them; Bittrex is one of the largest cryptocurrency exchanges which you can buy and sell your digital coins.

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So without wasting much of your time, let’s move straight to business.

Step one: creating your account

The first thing you need to do is to visit the page bittrex.com and sign up if you are yet to do that or simply log into your account. Before you do anything further, ensure you activate your 2FA (two-factor authenticator). Please secure your account; 2FA is important especially when you are dealing with virtual currency.

Moving on, the next page is the market page; where all altcoins are displayed with their latest prices. The market is divided into three different groups;

The Bitcoin markets: the altcoins against Bitcoin

The Ethereum markets: Altcoins and bitcoin against Ethereum, the value of each coin reflects against the value of Ethereum instead of bitcoin.

The USDT markets: altcoins against USDT, the value of each coin Ethereum and bitcoin inclusive will be in dollars. If you think the bitcoin value has appreciated, you can quickly sell off or exchange your bitcoin with the USDT, and you can buy for a lesser price with a higher volume.

Step two: funding your wallet

The next thing you need to do is to deposit some bitcoin or whatever coins you want to trade with into your wallet. The wallet is at the top right of your bittrex interface; select the digital currency or in this case bitcoin. Click on the + button; it will give you the wallet address of the bitcoin.

Please note, if it is your first time click on the add address, and you will be given a new wallet address where you can deposit or withdraw bitcoins. Do not deposit any other coin except bitcoin; each coin has their specific wallets.

Once your wallet has been credited you can start trading; however, you need to create a wallet for the coin you want to exchange with your bitcoin. You can create it just the way you created your bitcoin wallet. The sign is for withdrawal while the + sign is for deposit.

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Step three: Trading

Click on the coin you want to trade (buy or sell), then you see a chart; you can change the timeframe; 1 hour, 30 minutes, etc. you also have your tools- you can draw your trend lines, rectangular, resistant basically whatever lines you want to draw.

You can change your candles to your preferred choice and also the studies icon. On you have some information about your coin. It is pretty much the same thing as your chart but in a different format.

Below is where you actually execute your trade; the first one by your left is for purchasing your coin, and your right is for selling your coin.

Buy coin

The unit: this is where you type the number of coins you want to buy.

The BTC price: is the amount you want to spend on the coin; you can go higher, or below the market price, it is totally up to you.

The bid: you have the last, the bid and the ask options available; the “last” shows the amount of BTC your coin was bought. The “bid” connotes the current amount a buyer is offering to get the coin, and the “ask” is the current amount a seller is willing to sell the coins.

You can select whichever price you prefer to buy your coins. Once your choice is made, click on the buy coin and it will be executed immediately.

The sell coin work the same way; it has the same options, but in this case, you are selling instead of buying.

FAQ

Can you set a future order?

You can set your sell order for a higher price, and once it hits that price, it will sell the coins that you have. You can also do it the opposite way by setting a buy order lower than the current price and then when it is hit you will buy.

Can I withdraw my bitcoins from my cryptocurrency exchange to my wallet?

You can deposit and at the same time withdraw your coins to your wallet. However, you need to be sure of the wallet you are withdrawing your coins to; any wrong steps may result in losing your digital currency.

Are there other cryptocurrency exchanges like bittrex?

There are several cryptocurrency exchanges you can trade your digital coins; Binance, KuCoin, Poloniex, CEX.io, GDAX, Kraken, and Cryptopia.

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Joy Ebarefeyehttps://sterlingtips.com/
Joy is a creative writer who loves to decode boring information and transform them into the simplest, but innovative ideas for positive impact. She provides practical tips on how to solve life's challenges. Joy is also a full-stack developer who designs and develops beautiful and responsive websites.
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