To understand how to work on bittrex.com, we need the “Markets” buttons. There are two of them, and each of them has its own purpose. For example, the first is needed to exchange one type of digital coin for another. A bitcoin icon is drawn next to it. The second button with the same name allows you to buy a cryptocurrency for USDT (marked with a regular dollar icon).
To start trading on the bittrex.com exchange, you need to open the Markets section of interest. It will display a graph showing the movement of the value of a certain type of digital coins. It can be customized to your needs:
- selecting a time period for displaying statistics;
- changing the scale;
- setting trend lines;
- changing the design, etc.
The only drawback of the schedule is the inability to transfer to a new tab and turn to full screen.
The graph is the first thing you should pay attention to
A little lower on bittrex.com we see the “Trading” section, where two columns are highlighted – Buy and Sell. They allow you to buy or sell the type of cryptocurrency of interest. Both columns include several fields that are required when creating an order. To understand what information and in which lines to write, consider the decoding of the names:
- Units – the number of coins that you need to buy or sell. You can specify it with a number or choose a ready minimum or maximum acceptable value;
- Bids / Ask – the cost at which you are ready to purchase or sell cryptocurrencies;
- Type – a type of order. Initially set to its limited form. But, you can choose the market value of the asset or create a “Conditional” order. To implement the latter, you will need to specify one of the values: “Greater Than Or Equal To” (“Price is greater than or equal to”) or “Less Than Or Equal To” (“Price is less than or equal to”);
- Time in Force – way to execute an order: until it is canceled by the trader or until the specified conditions are met.
Below you can see the “Total” field. The transaction value is displayed here taking into account the commission of the site. Those who are interested in how to trade on Bitrix need to know that for each operation a fee of 0.25% of the amount exchanged is charged.
Important! On the platform, the specified commission is valid for any transactions and traders. This distinguishes it from other sites where this indicator can vary depending on certain conditions or user status.
If you move further on the page, you can see the following sections:
- “Order Book” – displays the current glass of quotes;
- “Market History” – shows the latest deals;
- “My order history” – archive of personal orders.
There is one more nuance that a trader should pay attention to. The fact is that the cryptocurrency market is very volatile and it is often very difficult to track it so carefully to enter into profitable transactions and reduce the likelihood of a loss. Help in this situation will have a special function. It is called Stop Loss. The user sets certain parameters for the value of the asset used, at which the transaction will be executed and rejected. Finding out how to put Stop Loss on Bittrex is easy. This is done in a few simple steps:
- in the Sell order window, set the number of cryptocurrencies that will be used in the transaction. If you set everything, then other operations will not succeed, because the assets will be blocked in full;
- in the Ask field indicate the value of cryptocurrencies at which the transaction should be completed;
- in the Type line, click on the red Limit marker and select Conditional;
- in the Sell line, click on Condition and select Less Than Or Equal To. Here we set the price at which the order will be put up for sale;
- using the Sell button, confirm the creation of the order.
These are the main points that should be known to those who plan to trade on the Bittrex cryptocurrency exchange. The remaining nuances are easy to notice in the process of independent development of the site. But, there is one more point to which you should pay attention, wanting to get acquainted with the features of the system as detailed as possible.
Talk about reviews about bittrex.com. The first thing that traders who have some experience working on the exchange note are that there are enough tools to conduct a full and effective analysis, as well as organize large-scale and fairly successful trading. And those who already have practice in this direction say that the platform is more focused on experienced traders, for beginners, it may not be completely clear.
Also, if you watch reviews about the Bitrix exchange, you can note one nuance that many attributes to shortcomings – the lack of margin trading and the lending function. On the site, only ordinary transactions aimed at trading cryptocurrency are concluded.
Testimonials from experienced traders are very helpful. They will not only help to understand the features of trade but will also be useful to increase its profitability. For example, specialists can tell you how to short any type of cryptocurrency on Bittrex, how and when to place orders. They will also help to make correct forecasts, monitor the value of digital coins, use the technical analysis tools that the site provides.