What is Bittrex?

Built and operated in the United States, Bittrex is the next generation crypto trading platform created by security professionals. Bittrex is a crypto-coin enthusiasts bringing more than 50 years of combined security and development experience to the trading community from companies, including Microsoft, Amazon, Qualys, and BlackBerry.

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Trading on Bittrex Guide

If you have never traded on a regular fiat currency exchange before, then you may have a tough time navigating cryptocurrency exchanges like Bittrex. In this guide I will explain many of the features and nuances that will make your initial trading journey easier. Basic technical and financial literacy is assumed. In all examples I will consider Ripple (XRP)  as the target cryptocurrency and Bitcoin (BTC) as the transacting cryptocurrency.. Otherwise hold onto to your seats… you’re about to hop on the XRP blockchain rocket to the moon.

  1. Get Bitcoins (BTC)

For most people, getting Bitcoin (BTC) is the first step to acquiring cryptocurrencies like XRP. BTC is the world’s crypto reserve currency, like the role USD plays for fiat. There are tons of ways to get BTC, but the easiest way is to use crypto platform in the Philippines, Coins.ph. Click here to read How to Buy Bitcoins in the Philippines. (If you already have BTC, jump straight to the Fund Bittrex Account section)

  1. Fund Bittrex Account

What Bittrex account address, you ask? If you haven’t already, make an account on Bittrex, making sure you have 2FA enabled for the extra security. Bittrex Basic Account with verification allows you a 0.4 BTC daily withdrawal.

Once you finish creating your account, navigate to your “Wallets” page from the top menu. You will see this page:

step1.png

Click on the “+” box at the far left of the “BTC” row and the line will expand to show you a Bitcoin address. This is the address where you should be sending your BTC that you bought from Coins.ph in the previous step.

step2.jpg

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3. Learn Trading Basics

Basic Transaction

The basic transaction elements are so important that I want to give you a refresher here. A basic transaction has 4 key components: buyer, seller, price, and volume. Remember that we are talking about XRP/BTC in our examples.

Buyer: Owns BTC and wants to buy XRP in exchange for it. The lower the price the better for the buyer, as then they can get more XRP for their BTC.
Seller: Owns XRP and wants to sell it in exchange for BTC. The higher the price the better for the seller, as they can get more BTC for their XRP.
Price: The amount of BTC for one unit of XRP. As of this writing, it costs 0.00002163 BTC for one unit of XRP.
Volume: The amount of XRP that is to be exchanged. Multiply the price by this amount to get the total transaction cost.

Setting a BUY ORDER

A Buy Zone is a price range set by a trader as an indicator of a safe place to buy in at with minimal chance of a big drop in price. To take advantage of the buy zone price (or to buy coin at any price), you must create a buy order.

buyxrp.png

In this example, we are purchasing 1,000 XRP for 0.021654 BTC. What does this all mean?

Units – This is the number of units you will receive. Bittrex will do some math calculations for you, so, you can purchase an arbitrary amount of the desired unit or you can purchase the maximum amount afforded by the number placed in the Total box below.

Bid – This is the price per unit. For example, in this scenario, we will be paying 0.00002160 BTC per 1 XRP.

Type – This is covered more extensively in the STOP LOSS section. There are two options here, “Good ‘Til Cancelled” and “Immediate or Cancel.” “Good Til Cancelled” will allow small portions of your order to be executed until it is complete. “Immediate or Cancel” requires the full order to be filled immediately, anything else is cancelled.

Total – This is the total amount of coin you currently have that you will be spending for the coin you desire to buy.

Setting a SELL ORDER

A Sell Zone is a price range set by a trader as an ideal place to sell your coin where we feel that it will not continue climbing. This is to allow for maximum profits.

Sell orders are a nice way to automate the sell of your coins when they hit a sell zone. Set up orders and walk away.

Sell orders are very similar to buy orders.

sellxrp.png

In this example, we are selling 1,000 XRP in exchange for 0.02150610 BTC.

Units – This is the number of units you will be selling. Bittrex will do some math calculations for you, so, you can sell an arbitrary amount of the desired unit or you can sell the maximum amount available in your wallet.

Bid – This is the price per unit. For example, in this scenario, we will be selling each XRP coin for 0.00002156 BTC.

Type – This is covered more extensively in the STOP LOSS section. There are two options here, “Good ‘Til Cancelled” and “Immediate or Cancel.” “Good Til Cancelled” will allow small portions of your order to be executed until it is complete. “Immediate or Cancel” requires the full order to be filled immediately, anything else is cancelled.

Total – This is the total amount of coin you will be receiving. For example, we will be receiving 0.02150610 for BTC.

Setting STOP LOSS ORDER

A Stop Loss is a price set by a trader as a type of safety net. Stop losses are set in place to minimize damage caused by a falling coin.

sellxrpcondition.png

In this example, we are setting a stop loss for 1 XRP IF the price falls to LESS THAN OR EQUAL TO 0.0001 BTC per XRP

Units – This is the number of units you will be selling. Bittrex will do some math calculations for you, so, you can sell an arbitrary amount of the desired unit or you can sell the maximum amount available in your wallet.

Bid – This is the price per unit you want to sell the coin for. For example, in this scenario, we will be selling each XRP coin for 0.1BTC.

Type – In a stop loss, you want to change the type to Conditional. When you switch to conditional, you are required to fill a “Sell When” field. For example, we will sell our 1,000 XRP when the price is less than or equal to (<=) 0.0001BTC.
Protip: You can also use conditional types for sell zones as well by utilizing the greater than or equal to condition.

Total – This is the total amount of coin you will receive if the stop loss is triggered.

Congratulations! You’ve submitted an order to buy XRP using BTC! Once your trade goes through, you can either leave your XRP on Bittrex, or you can transfer to other wallet. Now just sit back, watch the XRP Gas flow in, and get ready for the moon!

Questions? Feel free to ask in the comments.

DISCLAIMER – Read here

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