My current favorite exchange to buy altcoins on is Bittrex. The exchange has nearly all of the most sought after digital currencies and the interface is easy to use. Most importantly, Bittrex only requires a verifiable Email address to open your account. You can provide additional personal information if you choose to by activating 2-Factor Authentication (2FA), which will allow you to transfer more than one Bitcoin per day off of the exchange, but I prefer to not provide unnecessary information when possible.
PIVX is the coin I am going to showcase here, but all digital currencies on Bittrex can be bought in the same way using the steps below.
This guide assumes you already have some Bitcoin (BTC) and are ready to move it to Bittrex to buy other digital currencies with it. If you are looking to buy Bitcoin, please check out my guide on “How To Buy Bitcoin Using LocalBitcoins.com.”
Step 1. Go to Bittrex.com and click the Login link on the top right. This will send you to a screen with the option to ‘Sign Up’ for a new account.
Step 2. Enter a valid Email address you will be able to verify and a password. According to the sign-in screen, “Your password must be at least 8 characters long and contain an uppercase letter, lowercase letter, and a number.”
Step 3. You will receive a confirmation Email with a link to verify it is valid. Click the link and Login on your new Bittrex account.
Step 4. Bittrex has recently started requiring you to verify your account via Email each time you sign in from a new IP Address. Obviously this is the first time you have logged in from your current IP Address, so another Email verification will be sent to you. Once you receive this Email, you will need to click the link provided in it and sign in from that new screen. The previous screen you signed into will not work and can be closed.
Step 5. After signing in again you will be brought to the main screen which shows some information from the most popular coins trading that day. Take a look around to familiarize yourself with the different coins and the interface. If you have traded stocks or other commodities in the past it will look familiar to you.
Step 6. Click the ‘Wallets’ button on the top menu bar. When the Account Balances screen opens, type BTC in the Search box. The long list of digital currencies will be narrowed down making it easy to find Bitcoin.
Step 7. Next to Bitcoin on the left you will see a two blue buttons, one plus (+) and one minus (-). In this case we want to Add Bitcoin to the account, so we will press the blue button with the plus sign. A screen will pop up with a button to create a new BTC address. Press ‘New Address’ and after a potentially long wait, a Bitcoin address Bittrex has created for you will show up with a matching QR code.
Step 8. Here you will need to know how to send Bitcoin from the other account where you already own it to this new Bitcoin address on Bittrex. You will need to do this from the other account, and I can’t cover each one here… there are many I have never tried. If you are not sure how, you will need to use the Support offered by the platform/wallet where your Bitcoin are.
Once your Bitcoin arrive on Bittrex your Wallet will update showing your new balance. This may take a while depending on how slow Bitcoin transfers are at the time you move them.
Step 9. Your Bitcoin have arrived… it is time to buy PIVX (or whatever currency you are looking for). In the Wallet Search box where you typed BTC earlier, type in PIVX. It will appear below. Under Symbol there is a link directly to the PIVX trading page. Click this link.
Step 10. Once the page opens you will see a chart on the left and the basic stats on the right. Below this information are your Trading order entry forms to Buy and Sell PIVX. You will see your available BTC listed at the top of the Buy PIVX form. You will need to specify how much BTC you want to use and at what price you are willing to pay for your PIVX.
If you just want to use all of your available BTC to buy PIVX, you can click your Available Balance in the red circle below, and the Total value will be populated with your Bitcoin balance. You can adjust this after it is populated, so go ahead and do that now.
Next, you need to specify the price you are willing to pay. The Bid and Ask prices are in fractions of a Bitcoin called ‘Sats.’ Look down below at the Asks listings next to the green arrow. This specifies at the current time, you can buy up to 101.08829014 PIVX for the asking price of 78802 sats each (78802 sats = .00078802 BTC). You can click on this price to have it populate the Bid price in the Buy PIVX form.
On the left side of the Order Book are the Bid listings. You can see the highest Bid (blue arrow) is at .00077834 BTC to buy 22.36290878 PIVX. You can click the Bid price to populate the price in the Buy PIVX form also. The number of Units will automatically be populated for you based on the Total BTC and Price you have in the boxes. I always click the prices to populate them in the form instead of typing, and then update it if needed. This helps me not to accidentally forget or add a number to the price.
If you want your order to fill immediately you have to put in a price equal to or higher than the Ask price next to the green arrow. If you want to pay less than the current price, you can put in a price below the Ask price with the hope that someone will sell PIVX for less in the future. If you do put in a lower Bid, your order will sit there in an open status until someone fills it. If the price of PIVX does not drop down to your purchase price before you cancel it, your order will not get filled.
Step 11. When you are satisfied and ready to put in your order, click the Buy PIVX button. A confirmation screen will pop up detailing your purchase parameters. Go ahead and approve, and your order is executed. If your bid was lower than the current price, you will see your order listed further down the page in the Open Orders section. You can also cancel the order there if needed.
Step 12. If your order executed and you bought PIVX, you can go back into your wallet (top menu bar) and see them there. On the left hand side, under Account Balances, there is a check box labeled ‘Hide zero balances.’ When you select that option all of the coins you do not own will go away and leaving just your PIVX balance.