Introducing Bittrex
On Bittrex, a user can buy and sell over 280 different digital currency pairs and deposit USD and EUR directly from their bank account to make digital asset purchases. Users may also buy cryptocurrency using USDC or USDT.
Currently, you can buy bitcoin and 83 altcoins on Bittrex with US dollars. However, US residents can no longer purchase on the Bittrex platform. Only investors outside the United States can trade on Bittrex through the Bittrex Global platform.
To buy and sell digital currencies on Bittrex, you will need to verify your identity by uploading a document such as a passport or a driver’s license.
Bittrex is not the most beginner-friendly digital currency platform, but it doesn’t take too long to learn.
However, we do recommend making your first purchase of BTC, ETH or USDT from another vendor, as the process at Bittrex can be slow for new users.
Buying and Selling Digital Currencies on Bittrex
To buy and sell on Bittrex, you will need to understand some trading terms.
Bid Price: This is the price you receive when you sell an asset. The bid price is always lower than the ask price.
Ask Price: This is the price you pay when you buy an asset. The ask price is always higher than the bid price.
The difference between the bid price and the ask price is called the bid/ask spread, and this goes to someone called a market maker.
When you trade on Bittrex, you can place either a stop-limit order or a limit order.
A limit order is simpler. When you place a limit order, the trade will be filled either at the price you specify or a better price.
A stop-limit (or conditional) order is a little more complicated. Here you can set the price you are willing to pay if the price falls below a given amount.
According to its website, Bittrex charges a 0.10% trading fee for makers and a 0.15% trading fee for takers, equal to the total value of their trade. This is also variable depending on the user’s 30-day trading volume.
Depositing and withdrawing USD or EUR directly from your bank account is free, but will incur through the quick deposit feature you will pay a 3 percent fee. There are small fees when withdrawing digital currencies depending on which coin you’re using.
You have two options for the trade’s “Time in Force”. If you choose “Good ‘Til Cancelled”, the order will remain open until it is either filled or canceled.
If you choose “Immediate or Cancel”, the trade will be canceled if it isn’t filled immediately.
Now, let’s walk through a trade on Bittrex. For the purpose of this example, we are going to buy OmiseGo (OMG) with Ethereum.
Step 1: Create an Account
If you don’t already have a Bittrex account, you will need to first sign up for one.
Go here: https://bittrex.com/account/register.
You should see something like this.
However, if you’re trying to access the exchange from the U.S. you’ll see this instead:
Presuming you aren’t accessing the exchange from within the U.S. you can get started by entering your email address and choosing a password. You will then need to enter personal information, including your home address and date of birth.
Finally, you will have to upload a document such as a passport or a driver’s license to verify your identity.
Step 2: Deposit to Your Account
Before you can buy or sell anything on Bittrex, you will need something with which to trade. You can deposit US dollars, stablecoins, bitcoin, or altcoins into your account. Make sure to double check the wallet status before making a deposit.
We are going to deposit ETH into our account. To deposit ETH, click on this link: https://bittrex.com/Market/Index?MarketName=BTC-ETH
You should see this on your screen:
Go to the top right corner of the screen and click on “Deposit”.
This will pop up:
You can copy this address, open Coinbase or wherever you store your ETH, and send Ethereum to this address.
WARNING: DO NOT SEND BITCOIN TO THIS ADDRESS!
If you do, the bitcoin will go to someone else and will be gone forever. This is your Ethereum address, not your bitcoin address.
Once you’ve received the Ethereum, go to https://bittrex.com/balance.
We received around $20 worth of Ethereum.
Step 3: Choose a Currency to Buy/Sell
As mentioned earlier, we will buy XRP with Ethereum.
To do so, go to this link: https://global.bittrex.com/trade/xrp-eth
Your screen should look something like this:
Scroll down a little bit to view the rest of the order form.
We are going to place a regular market order, and this offer will be good until canceled. We will click “50%” to convert our ETH to XRP.
Then click “Confirm”.
Once the trade clears, click on “Wallets” or go here: https://bittrex.com/balance.
We now hold both ETH and XRP.
We have successfully bought XRP on Bittrex.
Step 4: Withdraw XRP from Bittrex
Experienced investors don’t store digital assets on an exchange long-term.
They worry about exchanges going bankrupt or getting hacked, and so they store digital assets in an offline wallet. That is the most secure way to handle your digital assets.
Withdrawing from Bittrex is relatively straightforward.
First, go to this page: https://global.bittrex.com/wallets
Click on the icon in the top right corner next to “Deposit” that says “Withdraw”.
In this example, we will withdraw all of our XRP to another exchange called Binance.
Binance allows you to store hundreds of cryptocurrencies, including bitcoin, ethereum, and XRP. This process can be easily replicated for other wallet providers, Binance is one example.
You will then be asked to input the amount of XRP you want to send and the address of the wallet to which you are sending it.
Just cut and paste the amount it says is available, then go to the website and copy your wallet address. Paste it in here:
You will then be asked to confirm the trade. Click “Email confirmation link”. Then check your email inbox for an email with a subject like “Bittrex Withdrawal Verification.”
Open the email, and click on the link.
Then when you return to Bittrex, you should see something like this:
We are going to place a regular limit order, and this offer will be good until canceled. We will click “Max Buy” to convert our ETH to OMG.
Congratulations!
Now that you’re ready to trade on Bittrex, it’s time to educate yourself on which assets are worth investing in.
For U.S. Investors
As of April 30, 2023, Bittrex halted its operations in the U.S., locking out US investors from making purchases on the platform for the foreseeable future. This unfortunate outcome was announced weeks after the company faced SEC accusations of running an unregistered securities exchange. While Bittrex refuted these claims, the company still agreed to a $24 million settlement over registration failures.
Less than a month later, Bittrex would file for bankruptcy and reveal assets and liabilities between $500 million to $1 billion. On top of this, Bittrex would cease their US operations. US customers’ crypto assets were stored safely and securely until August 31, 2023, the deadline to withdraw assets.
For US investors, alternative centralized crypto exchanges include:
- Coinbase
- Kraken
- Binance US
- Crypto.com
At Bitcoin Market Journal, we provide educational resources for aspiring and experienced traders, covering everything from digital assets to blockchain funds.
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