Are you thinking of investing in bitcoin? Would you like to get familiar with Bittrex.com and buy cryptocurrency there? This article will give you some useful tips about this trading platform and explain how to buy bitcoin on Bittrex.
Before we start, here are the basic things you should be aware of. Bitcoin is a decentralized, shared digital currency. It is associated with the PC of each individual working with it. So, it is a digital currency. Therefore, you don’t need a national bank for performing exchanges. It has now turned into a hot item since more people are now willing to invest in the best cryptocurrencies. The exchanges are carried out by utilizing advanced monetary standards, which often happens in a split second, and there is no exchange charge included. Best of all, no one can control the bitcoin transactions. This simple fact has made it very possible for anyone to buy and sell the cryptocurrency.
A few people say that it is tough to manage bitcoins, yet truly getting bitcoins is simple. It is considerably less demanding than opening a bank account, which requires that you go through lengthy processes.
As a matter of first importance, you will require a cryptocurrency wallet. You can do this by enlisting yourself with any provider that has a wallet. There are several providers out there, and it is best to carefully study what they have to offer before taking your final decision on the exchange to use. Keep in mind that the goal is to find a place to keep the cryptocurrency. You ought to have one on your PC.
How to buy bitcoin on Bittrex
People have been buying and selling bitcoin and other cryptocurrencies for a couple of years already. The acceptability of these digital currencies keeps increasing, and most people are willing to invest in the trend. It is worthy to note that the value of bitcoin is simply determined by what people are willing to pay for the digital currency. It means it can go up or down at any given point. That’s is why it would be better always seek professional advice before buying or selling the cryptocurrency.
There are several options available to people looking to buy bitcoin, which includes paying for the currency offline or visiting a website to provide your credit card information for payment. Regardless of the method, you opt for; you still need to provide the seller with your bitcoin address i.e. where the money will be sent to, more like an account number. Unlike other currencies such as Euros, Dollars or Pounds, you need to have a bitcoin wallet to store the cryptocurrency. There are several cryptocurrency wallet providers out there, and when looking for a provider, your focus should be on security and ease of use. Check the list of top anonymous bitcoin wallets and choose what suits you best if you don’t have a wallet.
So, shall we learn how to buy bitcoin on Bittrex?
Step 1. Get an account
If you are new to crypto exchanges, you’ll like buying and selling altcoins or bitcoin on Bittrex. It is a very popular cryptocurrency exchange, where you can easily create an account to trade bitcoin. To get started, you need to create an account. You may find instructions on the Bittrex site. When you have a Bittrex account, you have a lot of different coins you can trade, this means you can easily choose which cryptocurrency to buy. After creating a Bittrex account, you also get a wallet created for you, which contains your address. Note that you are going to provide a valid form of ID for you to register on Bittrex successfully.
Cryptocurrency wallets on Bittrex are displayed based on the balance you have in each wallet. It means if you have a greater amount of cryptocurrency on your bitcoin wallet on Bittrex, it will be displayed at the top of the list of your existing wallets. Bittrex homepage shows which cryptocurrencies are movers and shakers.
Step 2. Deposit bitcoin
So, for buying bitcoin on Bittrex, you first need to deposit bitcoin into the exchange. The Bitrrex exchange has different markets within the platform. There is the Bitcoin Markets, the Ethereum markets also have cryptocurrencies that are closely related to Ethereum. Note that they also have the USDT (tether.to) markets.
If you own bitcoin from Coinbase.com or some alternatives to Coinbase, you can deposit it to your Bittrex bitcoin wallet. It means all you need to do is go to your wallets on Bittrex and choose bitcoin. Keep in mind that different results will come up when you search for bitcoin. You do not want to do bitcoin cash, bitcoin gold or any other cryptocurrency, just select bitcoin, which is simple, so you are sure that you are exchanging bitcoin.
- Add bitcoins with the Plus button
To proceed, press the Plus button, which is next to the bitcoin wallet. By doing so, you deposit bitcoin into your bittrex account.
- Check “Deposit Bitcoin (BTC)”
You need to make sure it says “Deposit Bitcoin (BTC)” at the top of the popup dialogue box that will show up. After clicking on that button, the popup box contains a place where you can get the bitcoin wallet address of that account. It means you can copy that address and then go over to Coinbase or any other exchange you are using. Go to the accounts tab, while keeping in mind that your focus is on the bitcoin account, not any other cryptocurrency you might have.
Step 3. Send bitcoin
Once you click on the send button, you will be provided with a box, which requires the recipient details, which is the Bittrex wallet address. You must take the time to check the address carefully because this simply means you are transferring bitcoins from your Coinbase account or any other exchange to your Bittrex account.
Mind the correct address
When it comes to depositing bitcoin to your Bittrex account, note that when you get the address wrong, the bitcoin will not be sent to your Bittrex account, and you will not be able to recover it, if, for some reasons, you provided the wrong address. So, you need to be extra careful when you get to this stage.
As long as you are sure that the address is correct, then you can easily specify how much you wish to transfer to your Bittrex account. When it’s done, it can take a little while for it to be acknowledged, so you will notice that just after you send the bitcoin to your Bittrex wallet, it is going to show up under pending deposits.
Be patient
Keep in mind that it is going to take a little while, sometimes up to an hour or two, for it to be available for use on Bittrex. The delay is because it has to verify on the Blockchain multiple times that the transaction has been made.
Once you have successfully deposited bitcoin into your Bittrex account, you can go ahead and buy any type of cryptocurrency you want, not just bitcoin. So, since our goal is to buy bitcoin, let’s focus on that for a moment. All you need to do is search for bitcoin (BTC). So, find bitcoin and click on the symbol, which is BTC, in this case.
You are going to see a chart that shows you what the price action is doing. The easiest way to buy at this stage is just to scroll down to where it says “Buy Bitcoin.” The next thing you need to do is click on the asking price, which will then show up as the price for bitcoin. You also get to see the asking price, the last price, and the bidding price. It is relevant that you also pay attention to the 24-hour high, which should give you an idea of how the cryptocurrency changes the value.
Get familiar with Bittrex
- Buy stop and Sell stop limits
Most people opt for trading on Bittrex because of amazing features. Some of them you won’t find on any other exchange out there. The Buy stop limit and the Sell stop limit are among them. It gives you more flexibility when it comes to buying bitcoins since you don’t have to monitor your computer every second. Setting the limits can help you manage your transactions even better. When your fixed limit is hit, the cryptocurrency will be automatically purchased for you. If you want to sell, you can easily set a maximum limit. When the limit is hit, your cryptocurrency will be sold automatically.
- Market history
Another useful Bittrex feature is the Market history. It shows you how many people are buying and selling at a time. This feature is handy because it can help you determine the price of the cryptocurrency. It simply means if more people are buying, the price is going to go up. If more people are selling, the price may go down. You also get to see your open orders and orders completed, etc., which are all shown on the orders tab. It is easier to track your deposits and withdrawals on Bittrex.
Summing up
Buying bitcoin on Bittrex is gaining a lot of popularity. It’s one of the safest and most efficient exchange to use today. It has everything to do with the features of the platform. It makes it very easy to manage all your transactions without any stress. Part of the success of the platform is due to the positive reviews that users leave on the Internet as well. It is however, important that you fully understand how to use the platform before taking your final decision on buying bitcoin on Bittrex. Hopefully, this article gave you some useful thoughts about how to buy bitcoin on Bittrex, and you’ll succeed with it.
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