Bittrex - cryptocurrency exchange
Bittrex crypto exchange is one of the leaders among the platforms to trade bitcoins and cryptocurrencies. Initially, Bittrex served as an exchange, but after some time its founders decided to expand its functionality, which made it a full-fledged cryptocurrency exchange. Bittrex exchange is especially popular among altcoin traders, as it offers coins that are not available on other exchanges.
Contents
- Basic information about the exchange
- Registration
- Depositing and withdrawing currencies
- Verifying your account
- Types of orders
- How to trade on the Bittrex cryptocurrency exchange
- Account Security
- Advantages and Disadvantages of Bittrex
Basic information about the Bittrex exchange
- Official website: bittrex.com
- Official Twitter: twitter.com/BittrexExchange
- Place of registration: USA
- Date of registration: 25.01.2014
- Site language: English
- Trading assets: 274
According to the statistics of coinmarketcap.com, the turnover of the Bittrex exchange exceeds 2 billion dollars at the beginning of December 2017.
Registration on the Bittrex exchange
Registering on the exchange is nothing complicated. To do this, you need to go to the "Login" tab on the welcome page of the exchange's website.
In the registration form that appears, you need to enter your e-mail address and your password.
After confirming your e-mail address, you can log in to the exchange's website under your login credentials.
Please note that Bittrex implements IP-based user binding, so you will receive an e-mail notification every time you log in. This is especially relevant for users with a dynamic IP.
Deposit and withdraw currency on Bittrex exchange
Depositing and withdrawing money on the Bittrex crypto exchange is a bit easier than on other platforms. The fact is that on Bittrex, deposit/withdrawal operations take place exclusively in cryptocurrency. For financial transactions, you need to go to the "Wallets" tab on the main page of the site.
In order to, to make a depositYou need to click "+" opposite the desired cryptocurrency, after which in the window that appears, the system will generate an address to which you can transfer the cryptocurrency.
Accordingly, to withdraw money from the accountYou need to click "-" against the cryptocurrency you are withdrawing.
Verifying your account
Despite the fact that the deposit and withdrawal of fiat money on the Bittrex exchange is not carried out, the system still has a verification procedure, which has several levels.
At the beginning of 2017, new rules were introduced on Bittrex. For users who registered after January 8, 2017, withdrawals without verification are not available.
The level of account verification determines the amount of funds available for withdrawal:
- Basic Verification (basic verification) allows you to withdraw no more than 3 BTC per day. To pass it, you need to enter your passport data.
- Enhanced Verification allows you to withdraw up to 100 bitcoins per day. To pass it, you need to upload scanned copies of the necessary documents and confirm their ownership via webcam. Advanced verification can only be completed after passing the basic verification.
Please note that the first time you log in to the Bittrex exchange after registration, your account is not verified in any way, so the system will not give you the opportunity to deposit funds. This is possible only after passing the basic verification.
Types of orders
Two types of orders are supported on the Bittrex cryptocurrency exchange:
- Orders Limit - are the usual limit orders familiar to every trader;
- Conditional orders - are orders that are opened under certain conditions.
Conditional type orders can be of two types:
- Greater Than Or Equal To - price is greater than or equal to.
- Less Than Or Equal To - the price is less than or equal to.
In addition, there are two types of order execution on the exchange:
- Good ‘Til Cancelled - execution of the order at the set price or its cancelation by the trader.
- Immediate or Cancel - the order is immediately executed by the Exchange if the conditions are met. Otherwise, the Exchange will cancel the order.
We should immediately note that such an order system is not very convenient and may cause difficulties for novice traders. In addition, in this format there is no possibility to set stop loss and take profit at the same time.
How to trade on the Bittrex cryptocurrency exchange
The homepage of the Bittrex exchange displays a feed showing the top cryptocurrencies by Top Volume and Biggest % Gain (strongest growth in percentage terms).
There are two buttons in the upper left corner of the page to select markets:
- the first button (with bitcoin icon) is a market where currency pairs consisting solely of cryptocurrencies are traded.
- the second button (with a dollar icon) is the market where cryptocurrencies are traded paired with the dollar.
Having selected the necessary market, in the drop-down window we find the trading instrument we need.
By clicking on it, we get the chart of the selected currency pair and the necessary tools:
Window No.1 - currency pair chart
There are 9 timeframes available for analyzing the chart (M1, M5, M15, M30, H1, D1, D3, W1, M1). The chart itself can be presented in a linear form, in the form of bars and Japanese candlesticks.
Unlike other exchanges, Bittrex has a large set of technical indicators (36 pcs).
Window No. 2 - High/Low points, Bid and Ask prices, and trading volume for the last day.
Window #3 - directly to open trade orders.
Below that are the windows:
- ORDER BOOK - order book
- OPEN ORDERS - information about your open orders
- MARKET HISTORY - last deals on the selected pair
- MY ORDER HISTORY - information about your closed orders
The trading process itself is intuitive and does not require additional explanations. It is enough to select the necessary currency pair and then open a buy or sell order in the corresponding window.
Please note: Bittrex exchange charges a fixed commission of 0.25% on each transaction.
Account Security
Like other top cryptocurrency exchanges, Bittrex takes the security of its clients' accounts seriously. Its reliability is evidenced by the fact that DDoS attacks directed at the exchange several times failed to cause any damage.
In addition, the Bittrex exchange practices storing cryptocurrency not used in trading in "cold" wallets.
As with other cryptocurrency exchanges, security measures are used as safeguards:
- two-factor authentication
- API key access
- Use of white lists for IP addresses and withdrawal of funds
Advantages and disadvantages of Bittrex exchange
- user-friendly interface
- huge selection of cryptocurrencies for trading
- high trading volumes, high liquidity
- simple verification procedure
- high security of personal funds and accounts
- adequate and prompt technical support
- availability of technical tools for analyzing charts
- fixed fee
Disadvantages of Bittrex
- absence of exchange localization in Russian
- no possibility to deposit/withdraw fiat money
- complex system of trading orders, causing difficulties for beginners
- no leverage (this point may as well be considered an advantage)
Bittrex cryptocurrency exchange is among the top platforms, has a high degree of reliability and is very popular among crypto traders. The lack of a Russian-language interface may initially scare away newcomers, but the exchange's functionality is extremely simple and clear and does not cause any difficulties in trading.
Attention! Registration is temporarily stopped on the Bittrex exchange!