How to buy Cryptocurrency on Bittrex
The Bittrex exchange is a great place to buy and sell cryptocurrencies. They have trading pairs in BTC, ETH, and USDT. Bittrex also has great volume and a wide selection of cryptocurrencies. Luckily, the process to buy cryptocurrency on Bittrex is easy.
This guide assumes you have already deposited BTC, ETH, or USDT into your Bittrex account to trade with. I will be using ETH in this guide, but the example will work if using BTC or USDT. Bittrex does not currently accept fiat currency, so you would need to use an exchange like Coinbase first to buy BTC or ETH. Follow this guide to purchase BTC and this guide to purchase ETH.
Steps to buy cryptocurrency on Bittrex
1. Go the Bittrex website and login
2. Click the “BITTREX” logo to get to the ‘Markets’ page
3. Search for the cryptocurrency you want to purchase by using the search box for the market you are interested in. If you wanted to trade your Bitcoin, use the search box beside “Bitcoin Markets”. I scrolled down to the “Ethereum Markets” section and searched for NEO.
4. Click the link under the “Market” column. In this case, it was “ETH-NEO”. The bottom 2 screenshots are what you should see after clicking the pair. I split them up because it was a lot of information for one screenshot.
Info: Now we can place an order to buy NEO with our ETH. We have two choices for the type of order on Bittrex, a “Limit” order and a “Conditional” order. The limit order lets us specify the exact price we are willing to pay per NEO. The conditional order lets us specify a condition before our order is added to the order book. We will be placing a basic limit order with this example. Using a condition is the same with the exception of waiting until the cryptocurrency is at a certain price point before adding the order.
5. Since I am buying, I will fill out the “BUY NEO” box and then click “+ Buy Neo”. In this example, I want to buy 2 NEO at a price of 0.0852 ETH per NEO. The total price will be 0.170826 ETH. Details on the fields below.
> Units: Enter how many you would like to purchase
> Bid: What are you willing to pay per NEO. You can use the drop down box (highlighted green below) to auto-fill.
> Type: Leaving as the default, “Limit”
> Time In Force: The “Good ‘Til Cancelled” option means the order will stay in the order book until we come back and choose to cancel it. “Immediate or cancel” means it will fill what it can at that moment and then cancel. I am leaving it as “Good ‘Til Cancelled”.
> Total: This will show the total cost (in ETH for this example). It simply multiplies the Units field and Bid field.
6. Validate your order details are correct and then click the “Confirm” button.
7. If the order is placed, it should show in the “Order Book” section, as well as your “Open Orders” section. A ‘Star’ will be placed in the row where your order is in the order book. This gives you an idea of where it is in the current list. Multiple orders can be grouped together, so some of the bigger orders you see could be hundreds of small orders.
NOTE: If your order does not show here it might have auto-filled. Go to the “Wallets” tab and search for the cryptocurrency you placed an order for to see if it did. Or go to the bottom of the screen to the “My Order History” section and see if it is listed there
8. That’s it for how to buy a cryptocurrency on Bittrex. If you made a mistake after placing your order, just hit the “x” button on the order in the “Open Orders” section as shown below. This will cancel the order.
Summary on how to buy cryptocurrency on Bittrex
The process to buy cryptocurrency on Bittrex can be somewhat confusing if you are not familiar with trading on an exchange. After you place an order or 2 it becomes a lot clearer though. After you have bought your cryptocurrency you may want to withdraw it to a private wallet. Check out this guide for those instructions! If the cryptocurrency you want to buy is not on Bittrex, try another exchange. Here is a review of Binance and KuCoin for 2 other exchange choices.