In our previous article, we talked about how you can fund your Bittrex account by transferring your bitcoins from Coins.ph, Abra, and other wallets. Today, we will walk you through a step-by-step process on how to quickly buy your altcoins at Bittrex.
Just a quick note. Bittrex is a cryptocurrency exchange and trading platform. Its trading mechanism is a bit complex and will not be the subject of this article. We will only cover the part on how to buy and sell your altcoins on Bittrex the easy way.
This is part 2 of our Bittrex Guide: How to Buy Altcoins from Bittrex. Read Part 1 Here.
Altcoins to buy on Bittrex for Beginners
Below are just some of the coins you can buy and trade on Bittrex:
How to buy altcoins from Bittrex
This part assumes you have already transferred your bitcoin to your Bittrex bitcoin wallet address. If you haven’t already, click here.
The first step is to decide what altcoins do you want to buy. Do you want to buy ether? Do you want to buy Monero? After that, we will go to its trading page on Bittrex. For this article, we will focus on buying the altcoin, Cardano.
Steps in Buying Altcoin from Bittrex
- Go to the Altcoin’s Bittrex Page (screenshot).
- Go to the part where it says “Trading”. You are presented with a box where you can “Buy the Altcoin” on the left side and a “Sell the Altcoin” on the left side. (screenshot).
- Focusing on the “Buy Side”. You can freely decide on how much bitcoin you will use to purchase the altcoins. But the market has 3 *established set prices (screenshot).
- Last Price – This is the last price that the altcoin is sold for.
- Bid Price – This is the price of the altcoin that the top buyer is currently offering to buy the altcoin
- Ask Price – This is the lowest offer that a seller is willing to sell their altcoin.
- Put the Amount of Altcoins you want to buy with your Bitcoin
- If you click Max, you will get the maximum number of altcoins you can buy with all your bitcoins depending on your selected base price.
- Select Ask, Bid, or Last Price.
- Click Buy.
- Click Confirm.
*you need to familiarize yourself with the terms “Last” “Bid” and “Ask” Prices as they will appear in other exchanges. Most importantly, they are basic fundamental terms not just in cryptocurrency trading but in financial/stock trading as well.
Best Tips when Buying Altcoins on Bittrex
- Test small amounts first! Do not go all-out in the beginning.
- Depending on your risk level, withdraw your coins to your altcoin wallet. Never leave your coins on exchanges. Exchanges are prone to hackers because of the amount of money/coins being traded. So it is best to keep your coins safe in your own wallet.
That’s it, you have successfully bought your first altcoin even though we don’t have a cryptocurrency exchange in the Philippines. Keep in mind that this is only a beginner-guide for trading cryptocurrencies in Bittrex. The platform has a lot of awesome (and complicated) things it can do, and seasoned traders will even set their own prices depending on their research. What’s important is that you are able to understand the basics, which will be the foundation as soon as you learn more about cryptocurrency trading.