Trade Monero on Bittrex
Bittrex is one of the most well established exchanges on the cryptocurrency market. The exchange was founded in 2013 by Bill Shihara, Rami Kawach and Richie Lai, three cybersecurity specialists. Bittrex accepts customers from across the globe, with some exceptions. Technically, the platform is divided into Bittrex and Bittrex Global – the first serves customers from the United States, while the other serves customers that are outside of the US. However, the user experience is very similar on both platforms. In this guide, we’ll actually be featuring the Bittrex Global platform.
Bittrex offers a huge variety of crypto assets for trading in addition to Monero – if you’re looking to trade a specific cryptocurrency, there’s a good chance you’ll be able to find it on Bittrex. Here’s just a few examples of popular cryptocurrencies that are listed on Bittrex:
Before we get into our step-by-step guide for trading Monero on this exchange, let’s check out some of the main advantages and disadvantages of Bittrex.
- Bittrex lists more than 200 cryptocurrencies
- The exchange has a strong track record on security and was founded by cybersecurity specialists
- Bittrex has insured the cryptocurrencies it’s holding in cold storage for up to $300 million
- Bittrex can be used as a fiat-to-crypto on-ramp and off-ramp
- Liquidity can be low for certain trading pairs
- The exchange doesn’t offer leveraged trading
How to trade Monero on Bittrex?
The Bittrex crypto exchange is suitable for both beginners and advanced users. Now, we’ll be guiding you through the process of setting up your Bittrex account and getting started with trading Monero. In this guide, we will be using Bitcoin as an example for funding our Bittrex account and trading against Monero.
1. Sign up on Bittrex
Head over to the Bittrex website and click “Sign Up”. You’ll have to provide an e-mail address and a password. We recommend using a very strong password to provide better security for your funds.
If you’re finding this guide helpful, make sure to enter our referral code GXZ-XSM-ZIL when creating your Bittrex account.
After this step is completed, you will have to confirm your e-mail address. Bittrex will send an e-mail to the address you provided, and the e-mail will contain a verification link.
2. Complete your profile and verify your identity
To get the full functionality of the Bittrex platform, you will need to provide some personal information to Bittrex. This is a very common practice in the cryptocurrency exchange industry, and is required by practically every crypto exchange that also supports fiat currency deposits and withdrawals.
Identity verification is necessary for the purposes of fraud prevention, and it also ensures that Bittrex is compliant with the relevant anti-money laundering and counter terrorist financing regulations.
Follow the steps presented after you have verified your e-mail account. You will have to provide basic information about where you’re located and verify your identity. You will need to provide a selfie and a photo of your government ID card.
3. Fund your Bittrex account
After you complete your profile and verify your identity, you’re ready to fund your Bittrex account. In this example, we will be funding our Bittrex account with Bitcoin.
Head over to the “Holdings” tab at the top of the Bittrex interface.
Find the cryptocurrency that you’re looking to deposit – in this case, Bitcoin.
Now, a new window will open up where you will be asked if you want to generate a Bitcoin deposit address. Click “Generate new wallet address”, and the exchange will provide you with the address that you will need to send your BTC to in order to fund your account.
TIP: Make sure to send a small amount of BTC first to test if everything is working correctly before depositing the full amount that you intend to trade with.
Under normal conditions, your Bitcoin deposit will take about an hour to complete. However, if the Bitcoin network is under stress, it might take a bit more time – while BTC is the most valuable cryptocurrency in the world, speed is not one of its strongest features!
4. Trade Monero on Bittrex
After your deposit arrives and your Bittrex account is funded, you’re ready to start trading on Bittrex. In this example, we will be buying some XMR through the BTC/XMR trading pair, but the process is the same for any other trading pair. Go over to the main Bittrex page and search for “XMR” under the “BTC Markets” section. In this section, you can also find all of the other coins that have trading pairs against BTC on Bittrex – there’s more than 100.
When trading Monero on Bittrex, you can choose between 4 different order types:
- Limit order
- Ladder limit order
- Stop limit order
- Market order
Limit orders let you specify the exact price at which you want to buy the asset in question. However, we’ll be featuring a market order in this example, as it’s the most convenient and fastest method.
Enter the amount of the cryptocurrency you wish to purchase. Below, you will find the estimated price at which your market order will execute and an estimate of how much BTC will be exchanged into XMR.
Your market order should execute very quickly and you will be able to see your newly acquired XMR under the “Holdings” tab. Make sure to uncheck “Show zero balances” to find your XMR balance easier.
The bottom line on trading Monero on Bittrex
If you’re looking for a versatile and reputable exchange for trading cryptocurrencies, it’s hard to go wrong with Bittrex. Hopefully, this guide helped to get you started with trading on the exchange. If you’d like to explore more options, make sure to check out our list of top cryptocurrency exchanges. If you want to know more about Bittrex’s features, you can get up to speed with our Bittrex review.