Your Simple Guide to Trade Crypto on Bittrex

If you look for an affordable exchange to buy and sell crypto instantly, Bittrex might provide a good solution and here's how to do it.

There are around 600 crypto exchange platforms available globally for people who want to enter the crypto market, whether to trade or invest in cryptocurrencies. A few of them lead the market by trade volume and/or popularity, while some others are in a good prospect of gaining a bigger share of the user base. One of the good-performing platforms whose momentum is currently rising is Bittrex.

Sitting in the top 25 of the biggest crypto exchanges by volume, Bittrex has succeeded to disrupt the crypto exchange competition and has taken some share out of the biggest there is. As of August 2022, its 24-hour trade volume has surpassed US$25 million or about 1,059 BTC.

Bittrex has registered up to 400 crypto coins to fulfill the needs of crypto traders and investors, from beginners to the most advanced. Although it does not have the lowest fees, Bittrex has been considered reasonable when it comes to costs and offers solid, advanced features including digital wallet support as well as IP address whitelisting. It also provides the ability to protect your portfolio stability by limiting coin removals from your account.

Why Should You Use Bittrex?

You may have tried several crypto exchanges and discovered that some of them have certain unique features that make them stand out. Bittrex is no exception. Not only IP address whitelisting and coin protection, but Bittrex also offers some in-depth features most advanced crypto investors and traders need, including instant buy and sell, API Key, Conditional or Stop-Limit Orders, and various displays of trading view. So far, Bittrex is available in the United States and a growing list of other countries.

If you are an advanced or expert crypto trader or investor, Bittrex can support all the technical features that you may need. With scores of its advanced features, you may find it a good platform to trade, invest, and track all of your progress. Its fee structure is also based on the maker/taker model, so the capital dichotomy can be utilized to expand the market and give everyone an equal opportunity in the market regarding liquidity. And since maker orders infuse liquidity, a lower fee can be charged to balance everything out.

If you are just getting started as a trader, you can also benefit from Bittrex by utilizing the available liquidity with affordable taker fees. And to help you get started, Bittrex offers volume discounts to reduce the fees you pay for trades. This is calculated based on your previous 30-day trading volume. So the more you trade, the less you pay. This may encourage some traders to qualify, although the minimum requirement of ten thousand dollars of monthly trade can be challenging.

Buy and Sell on Bittrex

One of the key features offered by Bittrex is the instant buy and sell options where you can purchase and sell your crypto coins in a matter of a few clicks. This is particularly good news for newbies since any complicated hassles may tamper with the fun of learning crypto.

By using the instant buy and sell feature, early investors can do some purchases of leading crypto coins directly from a linked bank account. So, they may not need to convert the money into stablecoins first.

Meanwhile, debit card transactions come with an additional 3% fee, excluded what the bank may charge. To minimize these kinds of expenses, some advanced traders suggest using free ACH transfers.

To secure your transactions, Bittrex comes with two-factor authentication, as well as wallet and IP address whitelisting. This will reduce the risk of crypto fraud or account theft, hacking, and impersonations. To minimize the risk of major hacks — an issue that always bothers some major exchanges, Bittrex stores the majority of its assets offline in cold storage. Although this may not reduce the risk to zero, it is usually enough for beginners to have peace of mind to deposit their funds in an exchange.

How to Use the Instant Buy and Sell

Instant Buy using Web

1. Log into your Bittrex account then choose "Instant Buy & Sell" on the top right corner (menu bar).
2. Select the currency you want to use (dropdown menu).
3. Type in the amount of currency you would like to purchase in US dollars (make sure you have the fiat currency in USD, either on your debit or credit card).
4. Select "Payment Method" and choose the one you prefer.
5. Confirm the purchase and keep the transaction record.

Instant Sell using Web

1. Log into your Bittrex account and then click "Instant Buy & Sell" on the top right corner (menu bar).
2. Select "Sell Now" and choose the currency that you want to sell.
3. Enter the amount of that currency (note that a prompt may appear when you input the number below the minimum requirement).
4. Select "Next" to review your Sell order and its details (make sure everything is correct as you intended).
5. Select "Sell" button to complete the order.
6. A confirmation would appear and you may keep a record of it.

Instant Buy using the Bittrex App

1. Log into your Bittrex account and choose "Instant" on the bottom menu.
2. Select the currency you would like to purchase by browsing or from the currency list.
3. Type in the amount of the currency you would like to purchase in USD. Remember: you will need the minimum amount of the same currency to make a purchase.
4. Select your payment method.
5. Confirm your purchase and keep the receipt.

Instant Sell using the Bittrex App

1. Log into your Bittrex account and click "Instant" from the bottom menu.
2. Select "Sell" at the top of the screen.
3. Enter the amount of currency that you would like to sell. Note that the sale requires the same amount in your fund account as the minimum requirement.
4. Select "Next" and review your Sell order details.
5. Select "Sell" to confirm the order
6. A confirmation prompt would appear and you may keep a record of it.

How Much are Bittrex Fees?

As explained above, you can pay less fee for every transaction if you are considered a maker, and a normal fee if you are a taker. It is calculated by a 30-day trading volume (in USD) and it starts with $0.

This maker/taker scheme subsidizes people with funding concerns to get started in crypto. Although the maker/taker status will only be revealed once you put your order through, it is a good feature to give some motivation for traders to gauge their contributions in the ever-expanding crypto world and peer-to-peer cooperation.

Bittrex's maker/taker fee scheme is as follows:

Final Words

Buying and selling crypto instantly on Bittrex offers more simplicity. As for security, it offers account locks and limits to protect your account's stability. There are also some anti-fraud and anti-hack measures to protect your identity. When it comes to choosing an exchange to trade cryptocurrency, always start by always keeping in mind the basic principles of minimizing risk and optimizing security.