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Guide to Bittrex Exchange: How to Trade on Bittrex
Get ready to get (Bitt) rext
By Aziz, Founder of Master the Crypto
Home »Exchange» Guide to Bittrex Exchange: How to Trade on Bittrex
Bittrex exchange and how to trade on Bittrex exchange.
how to trade on bittrex exchange
You are extremely interested to buy your first altcoins and you're in the process (or have already) of opening a cryptocurrency exchange. However, the complexity of buying cryptos can be daunting for many who do not have a financial or trading background. Do not worry! This guide will provide you with the necessary skills to buy and sell cryptocurrencies easily. (See also: 4 Reasons Why Now is the Best Time for You to Invest in Cryptocurrencies)
Bittrex Verification Issues, Resolution
Several users disclosed that withdrawal of funds on the Bittrex cryptocurrency trading platform have been delayed for many weeks, up to a month, for reasons made unclear to users.
According to a Bittrex customer, the withdrawal issues and delays on the Bittrex trading platform have emerged due to the platform’s verification issues. As with every other regulated cryptocurrency exchange, Bittrex has different withdrawal, deposit, and trading limits for users. For traders to increase their daily withdrawal limits, they are required to submit government-issued IDs, passports, selfies, and additional sensitive information.
However, because of the rapid increase in the user base of Bittrex and surge in the volume of verification requests, the process of increasing the daily trading limit and completing account verification often take over a month for regular users.
According to stats on CoinMarketCap.com and which have been posted on the official zclassic.org, the dipping price has shrank the market cap of ZCL to just $80.74 million. It’s causing panic in cryptoland as some investors bought ZCL at $100 in anticipation of the promised 1:1 airdrop for holders of ZCL and BTC. Now before the coin distribution is done, ZCL is nose-diving to the ground, FOMO now turned into full throttle panic selling.
ZCL on Bittrex and Cryptopia locked!
Bittrex had announced there would be a 15-minute pre-fork snapshot lock on ZCL wallets as they sorted out issues related to the fork. However, at the time of writing this (approximately 10 hours later), Bittrex ZCL wallets are still offline.
“The next step is for you to submit a Support Ticket, which I then completed. My Support ticket was opened on November 6 with not a single response from anyone at Bittrex. This is going on for almost 30 days now. I updated the ticket many times to no avail,” a Bittrex trader told Business Insider in an interview.
Earlier this month, Bittrex spokesperson said in a statement provided to Business Insider that the company is implementing various solutions to ease the verification process and increase the daily trading limit of users in a prompt manner.
The spokesperson also noted that the company has reached out to all of the users and traders affected by the verification issues. “Bittrex recently reached out to its affected customers to explain more fully the improvements we have been making to our identity verification procedures and the reasons some accounts may have been affected. A small percentage of our overall user base has experienced delays in getting their account issues resolved, and we have recently added more staff to address those delays,” said the Bittrex spokesperson.
On November 29, Bittrex founder rami Kawach announced that the company had completed an upgrade on the back-end system of Bittrex, as a part of a initiative to address the rapid user growth and request load on the trading platform.
“Due to unprecedented user growth and request load, we are currently performing upgrades on our back-end system. We are attempting to minimize trading impact but we expect short rolling outages on all markets,” wrote Rami.
In the upcoming months, the Bittrex team aims to roll out additional updates and improvements onto its back-end system to address the exponential growth of its user base.
For this guide, we 'll be mainly using Bittrex exchange since it is the biggest Crypto - accepting exchange, with over 1 billion dollars in daily trading volume. Most other exchanges share the same functionalities and therefore, the trading process is similar. (Read more: Crypto Guide 101: Choosing The Best Cryptocurrency Exchange)
So, let's get started!
Step 1: Buy Bitcoin / Ethereum
Ensure that you've already bought Bitcoin (BTC) or Ether (ETH) from your local, crypto exchange that accepts your local currency. Bitcoin and Ether are the biggest coins that represent the base currency for the crypto world; buying any of the 1,300+ altcoins available require the use of BTC / ETH since you can buy altcoins using your local currency. A popular exchange is Coinbase, which is easy to use for beginners but has relatively higher fees. Alternatively, you can check out Local Bitcoin, which is a peer-to-peer marketplace. (Read also: Coins, Tokens & Altcoins: What's the Difference?)
Recommendation: Ethereum can process much more transactions than Bitcoin, therefore making transfer and confirmation times much faster. On average, you might wait for a few minutes for your ETH transfers while BTC transfers can take hours. Additionally, the transfer fees are much smaller using ETH than BTC.
Step 2: Open a Bittrex Account
how to trade on bittrex exchange, bittrex, bittrex exchange
Open a Bittrex account by registering your name and email, and make sure you activate 2-factor authentication to secure your account against hacks. The next thing to do is to verify your account by furnishing your personal information and your official identification documents. Verifying yourself allows you to increase your withdrawal limit from 0.4 BTC to 100 BTC saving you lots of headache for future withdrawals. You can follow the verification guide here.
Step 3: Deposit Base Currency
You can now deposit the BTC / ETH that you've bought from your local exchange opened your Bittrex account. You will use the base currency to buy the altcoins of your choice. For a detailed process on how to deposit your BTC / ETH, please follow this guide here.
These 3 markets are represented by the common base currencies used to buy the variety variety of altcoins available. If you deposited BTC as your base currency, then got to the Bitcoin Market and pick an altcoin that you want to buy using Bitcoin. If you
The intended forking of ZCL and BTC to introduce BTCP was announced about three months ago (4 Dec, 2017). And so most people knew what was coming: an airdrop of both ZCL and BTC. Prices jumped from about $50 on 5 February, 2018 to an all-time high of $200 at one point in mid-February. While most crypto enthusiasts have all along known that ZClassic (ZCL) was going to dump hard, very few can attest to having thought it would be this hard. And the general belief was that the price would dunk after the fork, certainly not before and not so sharply after the snapshot.
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