Bittrex Cryptocurrency Exchange Trading Tutorial with Bitcoin, Steem & Altcoins

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Cryptocurrency trading has evolved into a dynamic and accessible financial frontier, with digital asset exchanges at the heart of the movement. Among these platforms, Bittrex stands out as a powerful option for traders seeking variety, speed, and security. Whether you're new to crypto or transitioning from other exchanges like Poloniex or Bitstamp, this comprehensive guide walks you through everything you need to know about using Bittrex—step by step.

Why Bittrex Is a Top Choice for Crypto Traders

Bittrex is consistently ranked among the top cryptocurrency exchanges globally by trading volume. While platforms like Poloniex and Kraken dominate headlines, Bittrex offers something unique: an expansive selection of altcoins—over 179 at last count—including emerging tokens like Aragon (ANT) and Humaniq (HMQ).

What sets Bittrex apart isn’t just variety. It’s performance:

👉 Discover how to start trading securely on a trusted global platform.

Comparing Major Cryptocurrency Exchanges

When evaluating where to trade, it helps to compare leading platforms:

While Bittrex currently lacks direct fiat-to-crypto trading (USD, EUR), it supports Tether (USDT), a stablecoin pegged to the U.S. dollar, enabling near-fiat stability within the ecosystem.

Key Advantages of Using Bittrex

1. Massive Altcoin Selection

From well-established projects to newly launched tokens, Bittrex frequently adds new markets. You can sort coins by:

This makes it easy to spot fresh opportunities—like Aragon (ANT), which dropped 67% shortly after listing—offering potential value plays for informed investors.

2. Fast Account Upgrades & Verification

Unlike competitors that take 24–72 hours for identity verification, Bittrex processes enhanced accounts within minutes. Once verified, users gain access to higher withdrawal limits—up to 100 BTC per day.

This speed is invaluable for:

3. Auto-Sell Feature for Passive Income

One of Bittrex’s most underrated tools is its auto-sell function. If you run a masternode or mine cryptocurrencies directly into your Bittrex wallet, you can set rules to automatically convert rewards into Bitcoin or another base currency.

This feature helps manage risk by avoiding emotional decision-making and locking in gains automatically.

4. Fast Withdrawals & Reliable Wallets

Bittrex supports wallets for nearly every coin listed. Depositing is simple: click “Generate New Address” for any supported asset.

More importantly, withdrawals are among the fastest in the industry:

Though speeds may vary as user volume increases, early reports show Bittrex outperforming most rivals.

Limitations to Consider

Despite its strengths, Bittrex has notable drawbacks:

No Native Fiat Trading (Yet)

You cannot deposit USD or EUR directly. Instead, you must use Tether (USDT) as a bridge currency. While USDT aims to maintain a $1.00 value, its price can fluctuate slightly based on market demand—currently trading around $1.866 when BTC is $1,800.

For full fiat control, platforms like Bitstamp or Kraken remain better options—though they sacrifice altcoin diversity.

Reliance on Stablecoins Adds Complexity

Using USDT introduces an extra layer:

  1. Convert USD → USDT via another exchange
  2. Transfer USDT to Bittrex
  3. Trade USDT for BTC or altcoins

While manageable, this process adds time and potential slippage.

Security: Two-Factor Authentication Done Right

Bittrex mandates two-factor authentication (2FA) for withdrawals—a major plus for security-conscious users.

Using apps like Google Authenticator, 2FA ensures that even if your password is compromised, your account remains protected.

🔐 Always back up your secret key. If you lose your phone and don’t have the backup, you’ll be locked out permanently—even with your password.

Many exchanges use Google Authenticator, so consolidating your 2FA codes in one secure location simplifies management across platforms.

⚠️ Caution: Never leave 2FA codes exposed—especially in shared environments like dorm rooms or public workspaces.

How to Buy Cryptocurrencies on Bittrex

Let’s walk through a real trade example.

Step 1: Navigate to Markets

Go to the Markets tab and filter by:

For this example, we’ll look at Aragon (ANT) and Humaniq (HMQ)—both newly listed at the time of writing.

Step 2: Analyze the Chart

Use the interactive chart to:

Aragon showed a sharp drop post-launch—down 67%—indicating possible overselling or weak initial demand.

Step 3: Place a Buy Order

To buy instantly:

  1. Go to the Order Book
  2. Under Asks (Sell Orders), click a price you accept
  3. Enter amount in BTC (e.g., 0.1 BTC)
  4. Confirm the order

The system auto-fills the price and estimates your coin return (e.g., 154 ANT for 0.1 BTC).

After confirming, you’ll see:

👉 Learn how to execute trades with precision and low fees today.

Selling Cryptocurrency: A Real Example

Suppose you regret buying Aragon after seeing further declines.

To sell:

  1. Go to Sell Aragon
  2. In the Bids (Buy Orders) section, select an offer that covers your holdings
  3. Enter amount (e.g., 154 ANT)
  4. Click Sell

Your order fills instantly if there’s matching liquidity. After selling:

This illustrates a core truth: frequent trading erodes capital due to spreads and commissions—even in flat markets.

Risk Management Tips for Crypto Trading

📉 Don’t Chase Pumped Coins

Buying assets that have already surged increases risk. Instead, consider:

💡 Avoid Over-Trading Small Amounts

Frequent small trades create complex tax reporting. Simplify by:

🎯 Diversify Strategically

One effective strategy:

A trader once invested $600 across 50 coins on Poloniex and made $1,000 in a month during a bull market—a testament to market momentum.

But remember: past success doesn’t guarantee future results.

Frequently Asked Questions (FAQ)

Q: Can I trade fiat currencies like USD directly on Bittrex?
A: Not yet. Bittrex does not support direct bank transfers or credit card purchases. Use Tether (USDT) as a dollar-pegged alternative.

Q: How fast is identity verification on Bittrex?
A: Typically just a few minutes—much faster than many competitors that take days.

Q: Does Bittrex have an auto-sell feature?
A: Yes! You can set automatic conversions of mining rewards or staking income into BTC or other base currencies.

Q: What happens if I lose my 2FA device?
A: Without your backed-up secret key, you cannot regain access. Always store recovery codes securely offline.

Q: Are there withdrawal limits on Bittrex?
A: Yes. Standard accounts have lower limits; enhanced accounts allow up to 100 BTC daily after verification.

Q: Is frequent trading profitable on Bittrex?
A: Not necessarily. Spreads and fees mean you lose value over time unless prices move significantly in your favor.

Final Thoughts: Trade Smart, Stay Secure

Bittrex offers one of the most robust environments for altcoin trading—especially for those who value choice, speed, and automation. However, cryptocurrency markets are inherently volatile and risky.

Success requires:

Whether you're exploring new tokens like Aragon and Humaniq or building a diversified portfolio, approach each trade with caution and clarity.

👉 Start your journey on a platform built for performance and security.

By understanding both the mechanics and risks of trading, you position yourself not just to participate—but to thrive—in the evolving world of digital assets.