How to buy Altcoins from Bittrex

This is a quick Tutorial on how to buy Altcoins with Bittrex. I have embeded the video below and thats probably the easiest/fastest way to learn how to buy from Bittrex.

 

Introduction

Usually after people buy Bitcoin using Coinbase they see there are two other Cryptos available to buy and are far cheaper than Bitcoin, so their thought process usually goes along the lines of ‘hey this is cheap it might one day go to the price of Bitcoin’ thats a flawed thought process that I won’t get into here. Following that it’s only natural to look for other alternative crypto currencies, look for gems that are in really early development that have a lot of room for growth.

 

 

Visiting Coinmarketcap you will see that there are a lot of Alternative Cryptos on offer. You can’t just buy these at Coinbase or GDax you need to use an exchange that offers the Alt coin you want paired to the Coin you have. Bittrex is a good place to start but there are alot of exchanges available some Altcoins will only be available on specific exchanges. Etherdelta for example is an exchange that has a lot of Crypto’s before any other but is diificult to use and only accepts Ethereum, do not ever send BTC to etherdelta, you will lose it.

So to buy an Altocoin open an account at Bittrex and find the currency you want. At the moment of publishing this I would recommend buying your Alts with Ethererum as it’s quicker and cheaper to move at the moment so see if the pairing exists between the Alt you want and ETH if it doesn’t you will have to send BTC which is what I do in this tutorial.

Buying Alts from Bittrex Tutorial

Okay so the first thing to do is sign up to Bittrex the process is pretty simple just sign up with your email and set a password. They will send you a confirmation email, confirm it and you will get a notice saying you are logging on from a new IP, this will happen each time you login from a new IP. Go back to your emails and confirm access to the new IP. You should be able to Login now.

After that I would recommend doing the Identity Verification steps. You can start trading without doing these. You can deposit Ethereum or Bitcoin but you won’t be able to withdraw it without doing the verification steps. If you do the simple verification steps you will be able to withdraw up to 3 BTC per day.

Once that has been done go to your ‘Wallets’ and press the ‘plus’ button on the Crypto Currency you want to deposit, this is probably going to be Bitcoin or Ethereum if you are new.

When you have done that you will need to generate a new address, now you can send money to that address

Before going to the Market place it’s worth generating an address for the Crypto currency you want to buy and seeing what the fee is to transfer it from Bittrex to your wallet. If you want a whole amount you will have to add this transaction fee onto the amount you want to buy plus the transaction fee when making the purchase.

Bittrex Market Place

Go to the Bittrex market at the top you will see all the Alts you can buy with Bitcoin under that is currency pairs for Ethereum and under that is the currency pairs for tether (USDT) click on the pair you want to trade in this case it is NEO

Once you enter the Market for the Alt you want you will be able to see its price again the pair you are trading with (BTC, USDT or ETH) you will be able to see the daily volume, high and low of your Altcoin. To buy or sell scroll down to the Trading area. You need to fill out the unit (the number you want) and also the price you are wanting to pay in the currency you are trading with (BTC, USDT or ETH) You can set a price lower than the current price if you think the market is going to go down and you can buy for a cheaper price or you can try and buy for the current best price.

To buy on the current cheapest price go to the asks section and click on the top result. That is the cheapest that someone is currently willing to sell for.

Then this will fill in the price you are willing to buy for. If you have entered the ammount you want you will see how much Btc that will cost you. If you are happy press buy. The order will be placed, make sure to see if the order is actually filled though. If by the time you went to buy the price has gone up and someone already bought at the price you were after you may not actually get the Altcoin and instead have an order open waiting to be filled if the price comes back down.

If successful you can go back to your Bittrex Wallet and see that it is now there.

Conclusion

It’s actually pretty simple once you trade a couple of times and become familiar. Right now at the time of writing this though I would use Ethereum rather than Bitcoin to make Altcoin purchases. If you are adding new FIAT funds to buy Alts as soon as possible Use Ethereum. Though the transaction times and Charges of Bitcoin will change it’s worth seeing what they currently are, if they are expensive use ETH