Bittrex Trading Questions

[jerry0]

I created an account on bittrex but never made a deposit there and have questions for traders on bittrex.



1.  I notice if you want to send btc or any other coin to bittrex, you have to click on wallets and then there is bitcoin, litecoin etc.  I notice when you click the + sign, its to deposit btc or any other coin into bittrex.  It then gives you an address to deposit into.  I read that if you deposit any other coin into say a btc wallet or ltc wallet etc... say you make a mistake a deposit bitcoin cash or ETH or say lisk into btc wallet, does that mean you lose all you bitcoin cash, eth or lisk?  I read that bittrex does only look at mistakes if you transferred at least 5000 usd?  So wouldn't that mean you have to be super careful though you should already be etc with this?  Because if you send btc from your bitcoin wallet to another btc address but say make a mistake with spelling somehow even though you copy and paste, wouldn't that mean the chance of someone receiving your btc is very low because of the amount of characters in a btc address?  Thus most likely it got sent to an address that there isn't so you get back the btc?  But with bittrex, if you send say lisk to btc wallet or btc to lisk wallet, you lose all your lisk or btc assuming you sent less than 5000 usd?  The thing that doesn't make sense is shouldn't you sending lisk to btc wallet or btc to lisk wallet be an automatic rejection where the transaction does not go through?  However if its bitcoin cash to bitcoin or bitcoin to bitcoincash, i assume the address is very similar and thats how a problem can occur?  Also i believe the litecoin address always start different with a btc address right?  So what would happen if you send litecoin to btc address or btc to litecoin address on bittrex?  But if you do this from a bitcoin wallet to litecoin wallet like with electrum... wouldn't the transaction get rejected? 



2.  Say i want to buy lisk with my btc.  I notice the price is $5.49 right now as the ask price and $5.48 as the bid price.  Let say i sent 1 btc to bittrex.  And i want to buy lisk with it.  I know the ask price is the price to buy lisk.  So here, i would notice they have ask price like this.  So basically the price is like 5.49, 5.50, 5.51 etc.  And it also shows how many lisk each trader is selling.  Im just going to write a number for each trader.



0.00127500     285.60 units
0.00127845     25.2 units
0.00127950     1328.12 units   
0.00127999     3.23 units
0.00128000     15231.22 units



A.  So let say i want to buy 200 lisk.  Well if i do this, i would type buy 200 lisk and put the price as 0.00127500 and then it would convert the total in btc price which is that 0.25% fees etc.  But when i do this, i assume its  A LIMIT ORDER and the time in force should be good til cancelled?  Or should it be immediate or cancel?  I assume most people just do the good til cancelled?  But let say i want to make sure this order goes through when im on the computer.  So i could still leave it as good til cancelled right?  Or is immediate or cancel what i want?


B.  I notice when i list those 5 prices of lisk.  The price wuld update many times as there are more sellers and buyers and the price the next seller would offer lisk would be 1 cent lower or something around that price.  So do people have to make sure keep up to date etc when buying lot of a coin like lisk? 


C.  Say i want to buy 2500 lisk.  And those are the prices and units that are available.  What happens here?  So do i put in a limit buy order of 2500 lisk at 0.00128000 and thus get 2500 lisk from one seller?  Or could i get the 1600+ or so lisk from the lower prices sellers and then get the last 900 from the seller with the 15000+ lisk etc?  And how would one even do this?  Make an order of that exact amount of units from each seller and place 5 orders?  Also if you put 0.00128000 and 2500 units, would bittrex automatically buy the first 1600 or so at the cheaper price and then the 900 from the 0.00128000 seller?  Or it does not?


D.  This is what confuses me a lot.  The price of btc fluctuate all the time.  So let say you want to buy 2500 lisk when lisk drops all the way to 5 dollars.  So if you do this, you would type 2500 units for lisk.  For the price, you would have to go to google and type in 5 usd =  how much btc in decimals?  Is that true or false?  And then when you do this, the type would be conditionally.  The time in force has to be good till cancelled as oppose to immediate or cancel right?  Because that wouldn't even make sense for you to be able to choose immediate or cancel when making this type of buy order when lisk is 5.49 and you want to buy it at 5 dollars?  And the buy when. option.  Here, there is 3 options.  None, greater than or equal to or less than or equal to.  I assume in this example, it has to be less than or equal to right?  Then you put the btc amount in decimals?  So why would there be an option for NONE?  I don't understand why none would be an option.  Greater or equal to make sense as well since assuming lisk is 5.49.  Let say it keep going up and then you make sure you buy it at 6 dollars in case it goes up even more.  But is there an option to buy it at say 5 dollars or 6 dollars with lisk if price is 5.49?  Or you cannot do both of these options?


E.  So in these buy or sell orders, bittrex automatically buys or sells lisk at the price that you set it at.  But say it looks like those 5 numbers i show above.  So when you want to buy 2500 lisk at 5 dollars.  So it would automatically buy the lisk for you but what if not that much is avalable at the time?  Let say it hit 5 dollars but someone was only selling 10 lisk for example.  Then it auto buys 10 lisk for you?  So it has to hit exactly 5 dollars for it to automatically buy you the other 2490?  So wouldn't that mean bittrex could buy you the 2500 lisk at say 10 or more different prices etc?


F.  This is another thing that confuses me.  BTC price changes a lot as i mentioned.  So if you set a buy order of lisk of 5 dollars.  You type in the amount of btc that is 5 usd at the moment.  However, btc price could go up or down a lot.  So if thats the case, couldn't the 0.XXX btc amount you put as the price for 5 dollars be a lot less or more when btc prices drops a lot or goes up a lot?  Im not sure how to explain it exactly but i assume most of you get what im saying?  Because if you are buying lisk and altcoins with USD, that would be very simple if you have a usd balance.  Like you have 10k usd balance.  You can buy lisk when it hits 5 dollars.  But with btc, the btc amount you have now when lisk is 5.49 could get you 1050 lisk.  But later on could get you 1088 lisk for example.  Or is this not really a big deal when you make these buy or sell orders etc?


G.  Same question but on sell orders.  Say you bought lisk at 5.49 and bought 2500 lisk.  You want to sell lisk when it hits 6 dollars.  Whether you do limit sell order when you check bittrex or if you do a conditional sell order ... that is the right word right?   So if a trader wants to buy lisk at 6 dollars and only wants to buy 10 of them.  But the next trader wants to buy it at 6 dollars and wants to buy 110 of them.  And another trader wants to buy 2700 of them.  Who gets your 2500 lisk?  The buyer who wants 2700?  Or would the first 10 go to first trader, then 110 the next one and then 2390 goes to the last one?  Because many traders would offer to buy at 5.99, 6.00, 6.01 etc.  And when you do a conditional sell order, here it would show 2500 lisk.  But what ask price would you even put down if you put a conditional sell order?  So on the sell order and you want to sell it at 6 dollars, you put down sell when greater than or equal to 0.001395 btc?  I got that from converting 6 usd to btc at the moment.  So here what is confusing is why would you even have to put an ask price for lisk if you are doing a conditional sell order?  Do you have to put anything there and if so what?  And i assume the time in force for a conditional sell order of lisk has to be good till cancelled right?  Cannot imagine it being immediate or cancel.



3.  So when your buy orders or sell orders go through in these conditional orders, they never show you the actual USD amount at the time this happens? 



4.  Does anyone trade for tether on bittrex and if so, are there any tips on this?  Because when you get tether, you could buy btc and a few other coins that trades with tether.  But most importantly how do you cash out to your bank account with tether?



5.  To those of you who cash out your profits to your bank account.  Obviously you need btc in the end.  Or possibly tether?  Then how do you get the btc to your bank account?  Could you sell it to bittrex and they send you a bank wire or ACH?  Or do you guys uses a site like coinbase or gemini to sell your bitcoin for bank transfer or deposit?  Because what is surprising is even though bittrex is a trading site, i heard there is no usd but theres is USDT.  So since that is tether, you cannot cash out directly to your bank account but you need to use another site?  That is very confusing.

[Serpens66]

1) Yes you will loose everything you sent, when you sent a coin to a wrong address. And yes, most exchanges have prevention to make sure you can not send BTC to an ETH address or similar. But as you mentioned, for BCH this is not possible since they are same format. But in some cases even this can be solved, don't ask me how (eg another exchange I saw has written at their deposit page that they charge 30EUR for restoring BCH sent to a BTC address).
But I doubt restoring coins is always possible.
So expect to loose everything, if you send coins to a wrong address -> tripple check every withdrawal!

2) A) "immediate or cancel" simply means, that your limit order is cancelled immediately, if it was not able to immediately fill your amount. Eg. wenn you place an order of 300 LSK at 0.001275, you only would buy 285.60 LSK and thats it. If you choose "good till cancelled" you will have your own "bid" in the orderbook for the rest amount, so a limit buy order o 14.4 LSK at 0.001275 and waiting for someone to fill it.
If you really immediately want 300 LSK at any price, you shold use a market order instead of a limit order. Then the missing 14.4 LSK are directly bought at 0.00127845.

2) B)
As mentioned above, you can make a market order, or set a higher limit price.
If you set a limit price of 0.00127999 for example, you would buy up to this price (but in case orderbook does not change meanwhile, you would still automatically buy first the 285.6 LSK at 0.00127500)
You can even place a limit order at 0.001274 and simply wait for someone else to fill your order.

2) C) See above.
You need to understand how an orderbook works:
You do not match a single order.
You simply tell the exchange what your max price is you are willing to pay, to get 2500LSK.
And then the engine is matching all the orders for you automatically, always getting the cheapest offer first of course.
So all you need to do is to place a limit order of 2500 LSK at 0.00128 and exchange will buy the cheapest coins available at the moment.

D) why are you always switching between USD and BTC price of LSK ?  Simply stick to one (but I guess this is a beginner behaviour to always value something in fiat)
If you want to place a buy order cheaper than the actual market price, simply create a limit order at your price. Just forget about additional options. Normally you NEVER need "immediate or cancel". Just stick to the default settings.
You also do not need a "conditional" if you simply want to buy LSK at 5USD (assuming that 0.001275 BTC/LSK is valued ~5.5USD), just use the default settings.
(Explanation of conditioanl: This is also called "Stop Limit" and here you can say the exchange eg. "if price gets equal to/greater than 6USD, then buy x LSK at limitprice of yyy" If you leave out the limit price here, I think it will create a market order.)

E) first understand how an orderbook works, described above. Then you should be able to answer this question to yourself.

F) As mentioned above, just stop converting in USD or BTC all the time. Just use the price currency the exchange is offering you.
Yes it gets complicated when btc price moves and the result can be, that although you wanted to buy at 5USD, you bought cheaper/more expensive cause BTC price changed against the USD.
So easiest thing is just stopping to convert against USD and use BTC as it is. You do not say "I want to buy LSK at 5 USD/LSK" , but you say "I want to buy LSK at 0.002175 BTC/LSK".  Some exchanges offer for some altcoins also trading against USD, there it is easier.

G) When you bought LSK and want to sell them at 6USD, then simply place a limit sell order at your price. Every setting is at default, no conditional nor anything.
Exchange is matching best offers automatically. If there is currently no one who offers 6USD or more for LSK, then your order will be added to the orderbook and you have to wait.

3) dont know what you want again with any USD value ..

4) Normally you can exchange your Tether at tether.io and bitfinex for USD (you need to verify there). But recently both had problems with their bank, so you need to imform yourself first, if they offer again withdrawals to bank account or not.
Bittrex itself treats tether like an altcoin, so not possible to do bank transfers there.

5) bittrex is no fiat exchange, so no bank transfer possible. You have to send your btc or tether or whatever coin to an exchange that has a fiat gateway. Eg. at Bitstamp (or coinbase/gemini as you mentioned) you can sell BTC for USD and then withdraw the USD to your bank.

[jerry0]

Hi there thanks for your response to every question.  I still have few questions on this.


You say stop converting the btc to usd.  Well... lisk is at 5.49.  Say i want to just buy 2500 lisk at that price then.  So when i put the btc price at the moment to 5.49, that means every lisk that i buy will be priced at 5.49 right?  Well the btc price that is 5.49 at the moment?


Okay so now say i want to sell the 2500 lisk at 6 dollars.  So wouldn't i need to convert 6 dollars to btc amount and then input that?  And then whenever lisk hits 6 dollars, bittrex automatically sells my 2500 lisk?  thus it could be someone buying all 2500 lisk at once... or maybe even 12 different people buying 2500 total?


Okay so assuming i don't manually buy or sell a coin, that means its not possible for bittrex to buy or sell lisk at different prices right?  Thus if i make it 6 dollars to sell, every single lisk has to be sold at 6 dollars?  The same as if i buy lisk at 5 dollars?


Well i have tough time looking at price of a coin in btc.  I don't know why they would do this.  USD would make the most sense.  I mean you are looking at the price of a coin.   So 0.00127500 could be 5.49 now.  But later on it could also be 5.25 etc.  Does that make sense?


Okay so when i want to buy a coin at 0.00127500 and i see that as a price someone is offering to sell.  Let say they only have 10 of them.  I want to buy 2500.  So when i do this, i would put that price and 2500.  But when i do this, only 10 lisk would be bought right?  Then there would be an limit order out there showing im willing to buy 2490 lisk at 0.00127500?  So then i look at my computer.  Then someone might choose to sell me 150 of them at that price?  Then that gets matched.  Then once my 2350 gets matched, my order is complete?  I assume if someone was offering lisk at 0.00127500 on the order page, then it probably wouldn't be long till someone or lot of other sellers sell the other 2490 i want to buy right?  Because when i look at the ask price to buy something, i obviously am looking at the lowest price at the moment.


So in the example i posted earlier with the 5 different prices.  If i want to make a limit order right now of 2500 lisk at 0.00128000 as the price... that means i would be buying lisk at 5 different prices since the first few sellers don't have enough lisk right?  Thus i would be buying the max from each of those sellers and the remaining bulk would be bought from the seller who has over 15000 lisk?