Bittrex.com: Virtual Platform for Cryptocurrency
Bittrex is a digital asset trading service, which is gaining popularity rapidly in the arena of cryptocurrencies. However, we are going to discuss the basics of this exchange in this article. For better understanding, go through the article with a great patience.
How to Register
Registering at Bittrex.com is a simple process, which does not cost any user much time. First of all, you have to go to www.bittrex.com. Then enter your email and password in the sign-up form. Once you have confirmed it, your account has been created immediately. To add the basic information to your account, you have to log in first. After logging in, press on the “Settings” button that appears in the upper right side. Remember, a two-factor authentication is a must to get verified at Bittrex, and you will find the authentication option in the settings.
How to Make a Deposit to Bittrex
Making a deposit to your Bittrex account is as easy as the registration process. However, you have to go to “Wallets”—which appears beside the “Settings” button—to make a deposit. Here you will find a “Plus” tab and a “Minus” tab under the title “Account Balances”. Click on the “Plus” tab, and you will find a box requiring important information. Once you have filled in the box, your account will be deposited within a short time.
How to Withdraw
Withdrawing funds from Bittrex follows the same way as depositing a fund does. After going to “Wallets”, click on the “Minus” tab then. Instantly, a pop-up box will appear in front of you. In the pop-up box, you can see your current available balance in your Bitrex account.
In the address bar, you need to paste your desired cryptocurrency address—you will find it where you bought the particular currency. Then there comes the quantity bar, where you have to put the exact quantity of the currency you intend to withdraw. Once you have filled in the entire box, giving the required information as mentioned above, you are ready to withdraw the funds. It should be mentioned that they will charge a specific amount as their tax fee.
How to Buy Cryptocurrencies
To buy any cryptocurrencies at Bittrex, you have to click on the “Markets” button appearing on the main page. Then search on the bar to find out your desired cryptocurrency; you can search it by writing the name of the currency or the symbols of that particular currency. For example, you want to buy NEO cryptocurrency at Bittrex. For this, write “NEO” on the search bar, and you will find that NEO has appeared at the beginning of the search result.
However, once it pops up in front of you, go ahead to click on it. After clicking on it, you will find some pricing information about the desired coin on the right-hand side. To get the “Buy” and “Sell” buttons, scroll down to the middle of the page; it appears under the title “Trading”. On the left-hand side, there is a box requiring some information to buy the particular cryptocurrency. There are three fields—units, bid and type—in the box.
Fill in the above-mentioned fields with the required information. For instance, if you want to buy 50 units, write 50 in the “Units” field, bid on the “Last price”, and select “Limit” in the type field. Now you are ready to buy your desired cryptocurrency at Bittrex. For this, click on the “Buy” button. Once you have clicked on it, a pop-up box will appear in front of you for your confirmation. Just confirm it and your buying procedure is complete.
Advantages and Disadvantages of the Exchange
There are both advantages and disadvantages at each exchange available on the internet. Bittrex is no exception. However, the advantages of the exchange include:
- Fast sign-up and verification process
- Satisfactory support and security
- Good platform for arbitrage
- There are 1-minute charts available at the exchange
- Almost no interruption of the actual service
The disadvantages of the exchange are as follows:
- There is no margin trading
- Trading fees are solid 0.25%, which is a big negative aspect
- Lack of full transparency and accountability
Feedback from Users
To have a clear idea about the exchange, you should consider the experiences of other users. Here are a few for your convenience:
“So far, Bittrex has been great. They answer my customer service requests, and no problems depositing, withdrawing, and trading cryptos.”__ Mckee.
“I don`t know why people have problems here, I have been using Bittrex for about 8 months with no issues what so ever!”__ Mr. Nex.
“Transferred in and out ETH, Bitcoin Cash, ZCash, and Monero.Never had any issues with transfers or exchanges. Their posted fees were always accurate, website was easy to use and had a good UI. I only wish the fees were a bit less.” __ Mathew.