Topic: Bittrex Questions - page 2. (Read 3154 times)

Hi there.  So do those rates and numbers i mention sound right for shapeshift?  I thought.. wow im paying close to 250 to do 5k in swapping btc with another currency etc.


So are you telling me if i did this with bittrex, that 5000 dollars worth of swapping from bitcoin to another currency would cost me 0.0025 percent only so 12.50?  And doing it with shapeshift would cost me like 250 dollars like what i mentioned? 


With bittrex, u still have to put a price u want to sell it at or not?  For example say i have bitcoin and want ETH.  Say bitcoin is 3000 and ETH is 300.  So say i want to trade 4500 worth of btc thus 1.5 btc.  So 1 btc is around 15 ETH.  So if doing that trade, i would pay 4500 x 0.0025 percent so 11.25 in fees so i would get around 4488.75 worth of ETH?  But if i do this with shapeshift, i get only around 4250-4300 worth of ETH?


But when i sell bitcoin for ETH for example, do i just look for a seller that list the ETH they are selling for bitcoin and then just click buy?  Or would i have to make an offer?  I believe everyone just buys or trades immediately with the lowest price trader right?  Like if someone says i have 10 ETH for 300 each... but the next person has 2 ETH for 300.35 etc... then when you order it, you always buy it from the guy who selling it at the lowest right?  Thus the guy offering ETH for 300.52 will not get their order fulfilled unless the people who are selling it to them cheaper gets sold first? 


Because i heard there is a market order where you buy or sell immediately or you do a limit buy or sell order.  But here... i would want to do market order since i want the trade immediately right?


And if what i mentioned is correct with the prices about shapeshift and bittrex, why would anyone use shapeshift then?  Because didn't using shapeshift as oppose to bittrex cost me over 235 dollars etc?  And of course the trade takes a while as well as it isn't instant?

Simple.  Shapeshift say they have no fees because their business model is to give you shit exchange rates.  Presumably they buy in bulk and then sell back to you for worse amounts than the price on proper exchanges.

Proper exchanges get arbitraged to death if they differ from the price on the other exchanges unless there's some kind of problem with moving coins.

You seem to be overthinking Bittrex.  It's very simple.  You deposit coins that you want to sell.  Someone else wants to buy them.  Boom, you make a trade.  And vice versa.  If too many people want to sell, the price will move down because people need someone to buy their coins (and they're only willing to do so at a lower price).  

Hey all i would like to know from someone who has used bittrex to trade coins and shapeshift.  I only used shapeshift to convert coins like bitcoin to waves and vice versa etc as i dont have bittrex account.


For example it would show 1 btc is say 600 waves.  Max deposit is say 0.60.  So i would send in 0.5 btc for waves.  So i should have around 300 waves.  So when i get 300 or so waves, i would then multiply it by the current waves price.  Let say the waves price is 5 dollars to make it simple.  So thats 1500 worth of waves.  However the 0.5 btc would be worth like 1560.   I have done transfers with bitcoin and waves and another coin etc and ni notice that i lose close to around 50 dollars each transaction assuming i do close to the max.  Is this normal since its not an exchange etc?


Here is what confuses me.  Is the price shapeshift uses the price that is below on the bottom?  Like if btc is 3k... waves is 5 dollars, they divide it to where 1 btc = 600 waves?  I noticed coincap the price is very similar to shapeshift.  However, bittrex... the price of the coin is always much higher by a few dollars.  Is this normal since its an exchange and thus with an exchange you get the best value?


The reason i ask all this is because i noticed that i did many trades with bitcoin for another coin on shapeshift and it seemed like it cost me 50 dollars each time.  So imagine you are doing 5000 usd total worth of bitcoin for another coin, it cost between 2.5% to 4.5% each time.  Is that normal?


Because if i traded 5k worth of bitcoin for say ETH or waves, it seemed like i only got 4750 worth of ETH or waves only.  But if i traded 5k worth of btc for ETH or waves, how much ETH or waves would i get?  Would it be around 4987.50 because i read all trades on bittrex are 0.25 percent?  Thus 5k worth of bitcoin times 0.25% is 12.50?  Thus if i used bittrex as oppose to shapeshift, im basically saving like 237.50 when i trade 5k worth of btc for eth or waves etc?  Because i thought i read the fees on shapeshift were like 0.5%?  Because this was nothing like that.  I mean if it showed 5k total bitcoin i only got 4975 worth of eth, thats no big deal.  But wow... it was like over 200 dollars minimum...

Thank you
I meant withdraw it to any wallet or exchange.
we can trade Crypto to USDT (Tether) which is a coin backed up by US dollar. After trading crypto to USDT we can withdraw it to the tether wallet and from there we can send it to our bank account.
Yeah i think its unlimited, I don't trade on that much higher volume but its probably unlimited because sometimes i see more than 1 btc orders.
Almost all the exchanges have similar prices . Sometimes there might be a fluctuation of price due to timely updation or some reason but most of them have similar prices. Bittrex is the best option than any other exchange.
I'll answer the rest questions if nobody else answers them.

Lets make it simple bro . Want to trade on bittrex ? (buy and sell btc or any alts)

1) go to Bittrex
2) go to settings , click on verification , enhanced , verify your email , verify your mobile number , upload your id scan , take selfie with it (everything explained on the site) = in 10 minutes you will be able to withdraw and deposit 100 btc per day
3) deposit btc to your bittrex account
4) go to trade any alt : btc/eth , btc/dash ................ buy low , sell high
5) make profit = rince and repeat
6)stop thinking , start living

cheers

Yesterday I needed to do my first withdrawal, less than 1 ETH actually. For some reasons they've asked me to verify my account. It's been hassle-free though - ID, one photo and in 5 minutes everything was sorted. Still strange though 

I try my best to answer your questions about bittrex based my trading experience on it.
1. No, you don't need verification documents to trading, exchanges, withdrawal, deposit. I never had an issue though everytime i trading here.
3. Yes, all people around the world, coinbase is different from bittrex, cmiiw.

PS: i'm just a casual trader, not a whale.

Hi there thanks for the response.  I did visited the site but it just looks very complicated to me.  I appreciate your answers to my first few questions.  Could you answer the other ones as well? 


Your answers are very clear and detailed.


On the first part... so you say you can withdraw up to 5 btc for free.  You mean withdraw it to bank account or what do you mean by that?  Because even if you withdraw 0.02 btc to bank account, well you dont you need to do verification as you need to add in your bank account etc?


When you mention the trading crypto to crypto is free and unlimited... you are telling me i could trade bitcoin for litecoin or bitcoin for lisk etc as much as i want?   For example if i have 1 btc and want to trade for lisk... they would offer 1300 lisk.  But if i do this on shapeshift, i might only get 1280 etc?  Thus i get more coins for my bitcoin via bittrex as oppose to shapeshift no matter what?  The other thing that confuses me is so you basically could do anonymous crypto to crypto currency trading?  That doesn't seem right if you know what i mean.  For example those people who have like 500 bitcoin etc could basically just trade for ETH and other coins where there is no trace at all?  That doesn't really make sense if you know what i mean as i read bittrex is regulated.   The thing is shapeshift i know is anonymous but how could someone trade crypto to crypto without verification on a regulated site like bittrex?  I had read there are ppl that dont use their real name etc when creating an account at bittrex with no issue.  So basically ppl who have lot of bitcoin or altcoins and only trade altcoins could that without any issue?  I find this a bit hard to believe if you know what i mean unless im missing something here?  Im guessing a huge issue that would happen is if theres an issue in the trade and they didnt use their real names, they would have issues?


Another thing i want to ask is does bittrex offer the best price compared to most exchanges?  For example, im pretty sure coinbase offers the worst rate for bitcoin right?  The other exchange i heard of is gemini.  Then i heard of kraken, gdax etc.  But the best one is bittrex?  Are all these sites pretty much similar to terms of how to use the site etc?

There is a buying price and selling price. For example the buying price is 2480 and selling price is 2500. If you want to sell, you can sell at 2480 and the order will be executed instantly beacuse somebody is willing to buy it at 2480. You will be credited the USD in USD wallet from where you can withdraw the amount to whatever options they have. Every trade(buy & sell) has 0.25% fee so you can do the math.

The seller puts the order and you can fulfill his order buy buying his coins. If you want to buy 10 coins and he has 8, buy 8 from him and 2 from the other guy whoever is offering next. The price difference depends on the seller but on an average the difference will be in cents.

You have alot of questions for which you will get the answers if you just visit the site once. Just visit the site.

No need of verification for sign up. We can withdraw more than 3 btc. i guess 5 btc for free after that we need verfication. I dont know what does it require because i dont trade at that high price. We can trade unlimited crypto for crypto. Just the withdrawal of BTC is limited to 5 btc for free.
The fees is 0.25% per trade. For withdrawal there is separate charge depending on the coin.

An exchange means exchanging coins with other users around the world. The site does not have coins but the users do. Bittrex gains profits and keeps their coins on the blockchain.

Hey all i have questions about bittrex and would like if anyone who has an account there can answer my questions.  I have some detailed questions as i dont want to be confused when using it.


1.  Do you need to send them verification documents?  And if so, what do they require?  I assume either passport or id... but what else?  I read someone mentioned they only require that if you are turning coins into cash and vice versa right?  Thus if you have bitcoin or altcoins and want to trade coins... then they don't require any verification documents.  Is that true or false?  I also read you can withdraw max 3 bitcoin a day or something like that without verification?  Can someone explain what is meant by this?  You mean trading cryptocurrency with crytocurrency etc?  Or do they mean bitcoin for wire etc?  However if its wire, then it requires verification right?



2.  I have traded bitcoin for altcoin like Litecoin with shapeshift.  That is pretty easy but people say the fee they charge on sites like that are higher than on bittrex.  So if you trade 1 bitcoin for ETH on bittrex, how much in fees are you paying?  I heard its like 0.25 percent?  Thus its that number whether its trading cryptocurrency or bank wire etc?  On shapeshift you just type how much bitcoin you want to trade and they will tell you how much ETH you will receive etc. 



3.  Since bittrex is an exchange, you are basically exchanging with other users around the world right?  Thus as oppose to coinbase and shapeshift where that site has the coins itself or the money itself like coinbase when you are selling to coinbase?  Or am i wrong here? 



4.  So let say you have 1 bitcoin you want to sell.  Let say value is 2500 usd to make it simple.  If you want to sell it for cash... i know that on coinbase or circle when circle used to allow selling of bitcoin and buy... you then receive an ACH transfer to your bank account.  Thus its like instant sell etc.  But with bittrex, this is not how it works right?  Thus if the price of a bitcoin is 2500... well when you want to sell bitcoin for bank transfer... you actually have to post how much you want to sell it for right?  Thus there would be sellers that say they have 1 bitcoin for 2490?  The next seller would be selling it at 2488 and they could say they have 0.5 btc for sale only?  Is that how it works on a site like bittrex?  You dont sell it for the price that is shown like on coinbase/circle?  But you have to make an offer like okay the lowest price is 2488 someone is selling... so if you want to sell it fast... then just make it 2485?  And then someone might buy it pretty quickly?  So if you put 2480 someone would probably buy it very fast?  Is that how it works?  And when you sell the bitcoin for cash, so that mean your bittrex will have a cash balance right?  Thus there is a cash balance on your bittrex account, a btc balance, and altcoin balances?  Like for example you transfer 1 bitcoin to bittrex you want to sell.  You send it from your wallet to there.  Then once you sell it for 2480... then it show a cash balance of 2480?  Or is it 2480 - 0.25% fee?  Thus 2480-6.20 = 2473.80 cash balance in your bittrex account? 



5.  Assuming what i posted above is correct... say you want to do a bank transfer to your bank.  Would this be a bank wire or ACH?  How much would it cost to transfer 2473.80 usd to your us bank account?  How long does it take?  Now let say you want to buy bitcoin or altcoins with it.  To make it simple... say you want to buy bitcoin or ETH.  Let say ETH price is 225 dollars.  You want to buy 10 of them.  So when you do this, you have to look for the sellers of ETH on the exchange right?  Then look for the lowest possible price which should be shown pretty easily?  Then request to buy 10 of them?  Thus the seller selling ETH at cheapest price might be 225 and have say 12 on hand?  So you buy 10 off of them?  Is that how it works?  But let say he only have 8 of them.  You buy 8 off of him at 225... then the next guy who sell it at 225.80... you buy 2 off of him?  Is that correct?  And can someone tell me how the prices look on bittrex?  Like one seller might sell ETH for 225 usd.  The next lowest seller would be selling it how far from that 225?  Like 50 cents off?  1 dollar off?  5 dollars off?



6.  This is what confuses me very much and would appreciate if someone could answer this.  So many times on cryptcurrency sites, for example ETH.  It would show as 220 dollars on the site.  Then under it would show like 0.08131280 btc.  I always wondered why they show this as i only look at the price of btc of each altcoin etc.  Well from what i checked on bittrex, if you are exchanging one altcoin for another altcoin... you have to manually calculate how much the price you want to buy an altcoin in terms of btc?  Is that true or false?  If true, how is that even possible as that would be very complicated?  For example if ETH price shows 230 dollars.  You want to buy some ETH at 225.  You wait till it hits 225.  Now you want to buy 10 of them.  If you buy it with cash balance on bittrex account, then its a breeze right?  But if you want to trade btc for ETH... then how are you suppose to do this?  You need to manually type out how much 10 ETH is in terms of bitcoin?  Like okay 10 ETH is now 2200 usd.  And assuming btc is 2500.... then its 0.88 btc?  However this will never be the case since im using flat numbers to make it simple.  So could someone explain how this trading would be work when trading cryptocurrency for cryptocurrency?  Now what if you want to get a cheap altcoin like lisk for example.   Its 2.06 usd at the moment.  Say you want to buy 1000 lisk at that price.  So if you have cash balance, its easy... but if you want to do this with btc or ETH, you need to manually enter the number?  How is the number even right if these coin prices change all the time?



7.  I heard of market orders where you set how much you want to buy or sell.  Thus there is a buy order and sell order.  Can someone explain how this would work on bittrex?  So for example say btc is 2500 usd now.  You want to buy btc when the price is 2300.  Well if you want to do this manually, you have to be on the computer all the time etc.  Am i correct or wrong about this?  Because isn't that how coinbase or circle worked?  Like they show you the current price, you can buy or sell now?  But with a buy or sell order... you dont need to do any checking?  So say you want to buy 2 bitcoin when the price goes from 2500 to 2300.  Let say you want to buy 2 bitcoin for 4600 total @ 2300.  So when you do this, whenever a seller offers bitcoin at 2300... it automatically buys 2 bitcoin in your account and 4600 is automatically deducted from your balance? However, what confuses me is what if no one offers to sell bitcoin at 2300?  I mean people could be offering it at 2350, 2300.50, 2298.22.  Then how would this even work?   


8.  Same question but what if you are selling.  Say you btc is around 2500 now.  You want to sell 2 bitcoin when price is 2550.  So you set a sell order for 2 bitcoin at 2550 right?  Then when you do that, once it hits 2550, it auto sells 2 btc so you profit 100 dollars?  However... what are the fees when doing a buy order or sell order?  Also is it true that there is a smaller fee doing this as oppose to yourself manually buying or selling a coin?  Im not sure if i phrased this right but im sure someone gets what im saying here?



9.  This is related to the market order above.  If you want to trade btc for ETH and vice versa and btc with LTC for example.  How in the world do you do this?  What about if you want to buy ETH with cash?  Say ETH is 220.  If you want to buy 10 of them with cash.  You would buy with 2200 cash balance plus fees right... then get 10 ETH in your bittrex account?  But if you want to trade btc or LTC for ETH... how in the world would this work if this is a market order?  I mean say you want 10 ETH for your LTC?  Let say you have 50 LTC and want to get 3 ETH.  Are you suppose to put in market order of x amount of LTC for 3 ETH?  Thus you have to manually calculate how much LTC is needed for 3 ETH?  Or do people just make sure they trade everything back to bitcoin first before they trade it for a different altcoin like lisk etc?  I also assume people do not want to trade to cash over and over right because you have to calculate the gains/loss every single time so thats why they do bitcoin to altcoin and vice versa?  However someone mentioned there are gains/losses when going from bitcoin to altcoin and vice versa but not sure if true or not. 



10.  I saw there are 3 markets.. one is bitcoin, then one is ETH and the other is USDT.  From looking at this, does that mean you cannot buy lisk with cash balance?  I looked at the bottom of the usdt/bitcny market and i dont see this.  However im confused what this is actually.  So if you have usd in your bittrex account, you cannot buy lisk directly?  You need to buy bitcoin if you dont have any before you could trade the bitcoin for lisk?  And if you want to sell the lisk, you need to first convert it into btc first... then sell the btc for usd cash?  Thus its like 2 steps?  However how are you suppose to do the amount of money you want to buy or sell lisk at?  For example its 2.06.  Say you want to sell it at 2.50.  So you do a sell order for 2.50 for 100 coins.  But you dont put 2.50 as the amount right since you cannot sell lisk for usd?  You need to find out the btc amount like its 0.00000523btc etc?  This is confusing because btc price changes all the time.  So how could you make sure you sell lisk at 2.50?  Im sure it cannot be this complicated right?



11.  Are most buy/sell on bittrex market orders?  Or are they just instant trading like... okay ETH is 215 now.  I want to buy 10 of them immediately etc.  What percentage are buy/sell market orders?  What is regular trading?  What is the term when you are looking at the screen and the price is this... then you buy or sell?  Im guessing majority of ppl do this as oppose to buy/sell market order right?  The pro of buy/sell market order is you dont need to be on the computer checking price all the time so that seems like a huge plus.  I also believe the fees for this is less than regular trading? 



Would like if someone who uses bittrex could answer these questions.  I want to use bittrex soon but just do not know how to do this etc.


Thanks.