Bittrex is one of the most prominent crypto currency exchanges at the moment. It is relatively new on the market, yet currently holds a place as of one of the largest multi-altcoin cryptocurrency exchange. Currently in June of 2017, $156,110,157 is the Overall daily volume making bittrex a top10 exchange by volume.
How to Trade Bitcoin on Bittrex
We will introduce trading on Bittrex by describing the interface, how to navigate through the site and, the process itself. The walkthrough has been divided into sections, so that it becomes easier for your understanding:
Sign up at Bittrex.com
Signing up on Bittrex is very basic and easy. Basic phone verification is sufficient and you don’t even need a registered account to look around and test the platform beforehand.
Create an (anonymous) account
If you never want your name beeing connected to a trading platform, it looks like you could sign up with fake data, an anonymous e-mail only created for this purpose and trade within the basic account, which means deposits and withdrawals in Cryptocurrencies only and with limitations concerning the amounts.
How to navigate:
The dashboard is very simplified, which can also make it slightly confusing. They could have done a better job designing the layout so that the amount of cryptocurrency pairs didn’t smother the clients, but I could be nitpicking.
All your basics such as Wallet, Settings and Orders sit on the upper right. And in the middle you will be able to view price change of most of the currency pairs on the site in real-time:
Also a “Lab” dropdown menu in which the exchange experiments with new trading functionality and position management options such as Auto-sell, in which you can enable separate altcoins to be auto sold to bitcoin at any point in time.
How to make a deposit/withdrawal:
Deposits and withdrawals can be made in Fiat in the form of the BITCNY and USDT tethers, and that also makes arbitrage in tethers possible.
Click on a “+” next to the coin you want to deposit, or in the “-” if you want to withdraw.
For Basic and newly opened accounts, the daily maximum withdrawal is 1 BTC, at current price of BTC.
For 2FA identified accounts, that would increase to 3 BTC, at current BTC price.
For Enhanced Accounts, it is 50 000$ and the verification process requires you to take a selfie with your personal ID or passport. Their system works together with Jumio, here’s a list of their supported countries.
The verification process is usually fast.
How to analyze the graphs
Like most other Altcoin crypto currency exchanges, and especially bittrex as somewhat new to the market, the charts offered are very basic in nature. This is most of what you will see:
How to place an order on Bittrex.com
Bittrex offers a market order and a really convenient conditional order types. It also has the buy/sell dialog unconventionally flipped compared to most sites, which can be confusing to some traders.
Where to check your orders and current position
You can browse your open and completed orders under the menu of the same name, and besides looking at them, you are given the chance of canceling any unfilled position.
This page implements basic filtering to search for orders as your history gets populated, and a dropdown to control the number of results shown per page.
Margin Trading on Bittrex.com
There is also no margin trading option ‘ but they are planning a site relaunch in the end of 2017 with new functions and margin trading encluded.
Trading fees are 0.25% with no reductions, making it one of the more expensive platforms out there, although high level of security and potential US based regulations might make the fees more self-explanatory.
Withdrawals are free of extra charge from Bittrex’ side, but of course you pay the transaction fee of the particular crypto currency which is specified in the coin’s blockchain.
Critics of Bittrex
Besides some minor complaints about inefficient customer service and withdrawals, comments about Bittrex are mostly positive as seen, for example, here. Ratings on the web are slightly positive, often spanning in the 3.5
Bittrex employs the most reliable security technologies available. They leverage an elastic multi-stage wallet strategy ensuring that 80-90% of funds are offline and safe. Additionally, Bittrex (like most other exchanges) implements Two-factor authentication utilizing Google Authenticator, for withdrawals and API usage. Whitelisting of addresses is also available, for an extra layer of security which is a very nice option of them to add.
Complaints against their security are very rare to non-existant. The last and possibly only active complaint from Bittrex.com users against their security was back in 2016 on the bitcointalk forum. User accounts that were using 2fa google authenticator were not vulnerable.
In the past their main focus was how quick they could vet and add new altcoins to their platform. In the end, the exchange did have a very high turnover of crypto currencies, while also offering some of the shady scamcoins the opportunity to also advertise on the bittrex platform, leading some to accuse it of enticing or giving tacit approval to pump and dump schemes that have always eroded confidence in the crypto currency ecosystem as a whole. Hopefully most of that shady business is in the past as bittrex team is now doing their best to ensure that “scamcoins” do not enter through their vetting process any longer. Apart from the occasional they are United States based, which has always added to an overall positive sentiment for their integrity as a whole.
FAQ for submitting new coins by coin developers:
There is no interactive chatroom, such as that of poloniex.com, which can either be a plus or a minus, depending on how much you like to have a “trollbox” at your disposal. Years ago, at least pump and dumps used to be announced in the chatroom, nowadays – exchanges have mostly stood against it. Bittrex is a No distraction, pure trading zone.
Bittrex uses Zendesk for their support, and although every exchange has been experiencing backlogs , you should expect bittrex support to answer most of your support tickets within a week, often faster.
You can also try their IRC channel #bittrex on freenode.
Support Email: support[at]bittrex.com
Media email: media[at]bittrex.com
Their facebook and their twitter is how you can also get current updates from their team if any issues arise:
For Trading Beginners
The platform is good for beginner altcoin traders that haven’t clearly defined their trading goals or ones that definitely do not require leverage in their trading. Beginners will find a decent liquidity without too many unforeseen counter-party risks. Plus altcoin liquidity is sometimes comparable ,or in some cases higher than other big altcoin exchanges and that trend should continue to follow through, as bittrex is becoming less of a backup exchange and more of a mainstream option for altcoin traders.
For Professional Traders
For professional (bitcoin) arbitrageurs, this exchange can be very useful, but for the seasoned bitcoin active daytrader, bittrex is not going to be a great option, because of the insufficient or limited liquidity, the lack of a margin trading option and the high fees. Liquidity has always been their biggest struggle point, although with the recent surge of visitors and new accounts in 2017, liquidity may soon be much less of an issue.
Often the price for bitcoin is slightly lower than your average exchanges, so you can arbitrage between exchanges just like it was possible during the 2013 mtgox debacle, so every trader, not just arbitrageurs, must take that into account.
For long-term investors (rather than short term daytraders) and maybe the average trader that is looking for the least amount of counter-party risk in the altcoin markets, bittrex is a very viable option. Ultimately their strong focus on security will always make Bittrex a key competitor on the market as that is what sets them apart, and will make them a winner in this space if they keep to their pledge.
Abridged Version of Bittrex.com’s Origin
Bittrex LLC is a company formed and operated out of Las Vegas, officially registered in Nevada (the United States), with business ID NV20141155096, which is active from the 3rd of April 2014.
It is a cryptocurrency trading platform created by security professionals with the purpose and pledge of delivering the fastest and most secure trading platform available. The crypto world’s biggest gap in execution has always been the multitude of security breaches and reliability issues experienced by the exchanges that offer these financial products. The founders’ focus is on the right track as to standing behind the promulgation of the variety of altcoins, while simultaneously committing their project to the highest security standard possible.