Would you like to learn how to use bittrexcom? Which is currently my favorite cryptocurrency exchange

I'll show inside bittrexcom I'll show how to do all the basic things in it, plus the most crucial getting started steps First, if you've never heard of Bittrex, what is bittrexcom? How does it fit into the larger picture of cryptocurrencies, bitcoin and trading

bittrexcom is one of the top exchanges in the world, but you might not have heard of it even I mostly traded on Poloniex I'm looking, this is coinmarketcapcom

It shows the top crytocurrency market capitalizations by volume The last 24 hours, Poloniex is consistently number one Kraken is consistently up towards the top I've not used OKCoincn or Coinone or— However you say that

Hew– Hoboy? Huobi? No idea Bittrex is currently, today at least, the sixth of the cryptorurrency exchanges I really like Bittrex There's so many different currencies you can trade in Upgrading your account to get the maximum trading volume is very fast

The downside of Bittrex though, you have to trade in US dollar tether or the same one that's available for one for China It doesn't have real Fiat currency trading, although I believe they're adding that to it I also use Bitstamp I really like Bitstamp for straight to BTC to USD, or XRP to USD I also really like Bitfinex

That's where I sold the majority of my Dash when I sold my Dash master node I like Bittrex; it's currently where I'm doing the majority of my trading and my buying and holding I don't do much trading Currently, I'm buying and doing my selling mostly on Bittrex because it has such amazing selection Look at these Bitcoin markets: it has

Poloniex, I was frustrated consistently with the selection The bittrexcom is trading fast; Poloniex right now often goes really slow That motivated me to switch and sign up for Bittrex If you look at Bittrex, it's got a lot bigger selection of currencies

You can do things like sort based on the order I can see I can sort this on the upper right by what order these were added I can easily sort it this way to see the very newest currencies which currently is Aragon, which is down 67% Ouch You can even sort by things like spreads

You can see how wide the market is "That's not even the right term" You can see the difference between the buy and the sell price that's up It also has this change in volume, just like Poloniex I find it works much faster, and I'm very happy with the selection

One of the most amazing things I've experienced on bittrexcom so far is the application for the enhanced account Bitstamp took 24 or 48 hours to verify my account, so that I could trade the huge amount of money, as much as 100,00 in Bitcoin back and forth in one day, which was well over $500 in fees plus even more loss in the exchange Bitfinex took up several days to get my application approved Poloniex is still fooling around with my application to trade larger amounts

But bittrexcom literally gave me an enhanced account with the ability to trade up to 100 Bitcoin per day, that I can withdraw Bittrex literally did that in just a few minutes I couldn't believe it I went through and set-up two factor authentication with Google Authenticator which I highly recommend

I submitted my identity verification, and it did it almost instantly That is one of the best parts I've seen about Bittrex They have a really good identity verification system that's fast I'm grateful that if for some reason I get a hold of 100 Bitcoin, I can withdraw all of it in one day on bittrexcom

If you are mining or getting little transactions on a regular basis, Bittrex is also one of the only ones I'm aware of It has this auto-sell feature which is really cool If you're mining, for example, you can send your mining rewards directly into Bittrex, and it will auto-sell it for you That's really cool if you've got something like a master note, or if you take orders, and if you just consistently want to dump say an Altcoin coin for Bitcoin every single day, that is a really cool feature that you can set up on Bittrex It will automatically dump it in the Bitcoin for you

Now, what is not ideal about Bittrex? I already mentioned it a little bit, if you want to trade Fiat currencies, they don't currently have that They are working at it, but right now you have to us USD tether or use the Chinese version as well If you go over, coincapio says the Bitcoin price is 1,800 If you want to use US dollar tether, it's currently 1,866

The US dollar tether price may become significantly different from the US dollar depending what was actually going on Whereas, for example, on Bitstamp you can just– or on Bitfinex, if you decide you want to pull everything in US dollars, at the drop of a hat, you can do that Not quite as easy on Bittrex, but it's still functional Bittrex has got a ton of different wallets to choose from as well There's wallet after wallet after wallet

It's very easy Say I want to make a deposit in CloakCoin, I can click "generate new address" and do a deposit So far, these are the deposits I've made and withdrawals Bittrex is also one of the fastest withdrawals I've made I withdrew two and a half Bitcoin on it, and it came through hours faster that Bitfinex

Poloniex took literally five or six hours longer than Bittrex I was very happy with that The more people use it, this could change over time I've made lots of different— Lots? Jerry, six is not lots I've made six different deposits in the first week or two that I've used Bittrex

I'm 200 dash here and then about four Bitcoin that I've deposited in I trust Bittrex I've got about 10 Bitcoin on Bittrex currently which is about 17, 18,000, whatever it is today That's where I do the majority now of my buying because there's so many options on Bittrex If I look down here, lots of times when I've looked to trade currencies, I see one that I want to buy

And then I went over to Poloniex, and it's not even on Poloniex I'm like, "This is depressing" Is that what you said? Yes If you're going to use Bittrex, Bittrex is the first exchange that pretty much forced me to use two-factor authentication Now, Coinbase did have me get text messages, but Bittrex pretty much demands that you use two-factor identification if you want to be able to withdraw

Two-factor authentication's awesome That means if you steal my password, but you don't have my two-factor authentication device, then you can't log in to my account, even with my password Two-factor authentication helped make an account more secure It also makes it easier to lose access to your account As it says, "Please back-up your secret key"

If let's say, you have your phone as your Google Authenticator, and you go lose your phone and you don't have your secret key backed up, guess what? Even with your password, you can't log in to Bittrex or wherever you've got your two-factor authentication It's important you've got to back up your secret key That way, if you lose your phone or whatever, you've got your two-factor on, whether your iPad or I don't know You probably could put in on a Kindle or another computer When you've got your two-factor on, you need that the secret key backed up

This I didn't notice at first I didn't notice there was a secret key to back up, and I just blasted right pass that Then I had to go through and disable two-factor authentication, copy in my new secret key and re-enabled it Make sure get two-factor authentication up, and back-up your secret key It's good to use Google Authenticator because all the main exchanges that I've used: Bitstamp, Poloniex, Bitfinex, Coinbase, they all take Google Authenticator and do two-factor authentication

Theoretically, you can back up all your two-factor keys in the same spot so your friend, who knows where that is, can come in and sign in and clean you out that way [chuckles] If you're trading in your dorm room, you might want to keep that in mind [chuckles] Your clever roommate is looking over your shoulder, waiting to clean out your Bittrex exchange Here's how you actually make some trades I'll make some actual trades now just for fun on here

We'll pick out a couple of currencies What I like to do is I like to look at ones that have been flat or down over time I don't like to buy stuff that's up usually because that's the biggest risk I started buying into Bitcoin There's different things that can happen if you've never traded or you're learning about cryptocurrency trading

There's a couple of bad things that can happen First, you can be all excited and put a bunch of time and energy in and buy and lose money Think about that You've paid your time and your money to trade Is this something you'd like to do for fun? That's a valid question

The first year I traded Bitcoin, I lost over $5,000 and spent hundreds of hours doing it Is that something I'd have thought of as a leisure activity? Absolutely not It was stressful I wanted to make money, which really made losing $5,000 plus dollars frustrating The other really bad thing that can happen to you is you can get lucky and win

That's even worst; that happened to me playing poker I thought I was the next World Series of Poker champion because I bought into a $10 poker tournament and I won a $1,000 out of it, I was getting drunk the whole time as well I thought, "My God I have some amazing poker skill" Then guess what? I proceeded

I won another $10 buy in for a $1,000, but I proceeded to lose thousands of dollars after that playing poker as I bought in to higher and higher stakes game Like, "Well, I'm the man now I can buy in to a $100 game Hell, I can buy in to a $500 game now that I'm so good at poker" The people who play small stakes tend to be easier in poker, at least, to win against

The people who play higher stakes tend to be a bit better in skill The same goes with cryptocurrency trading If you buy into something and get lucky, it can be easy to think, "Well, I'm just the man" I'm grateful this year I've made about $75,000 in profit in cryptocurrency trading That's before taxes; after the IRS get's their finger on it, it's $50,000

I've re-invested, as you can see on here, about $20,000 Really, that's a net difference of $30,000 and – anyway What was I saying? [chuckles] I could easily get a big head and think, "I know what I'm doing with crypto trading Now that I made all this money, I'm going to dump 50,000 in here I'll start trading

I'm going to try and turn this 50,000 into a 100,000, and this 100 into 200" I'm grateful I've that mistakes so many times that I can see I got lucky, and I promoted my own currency I made my own opportunity It's still just as easy for me to lose money as it's ever been in the market I'm not smarter than anyone because I happen to invest in one currency, which I promot a bunch, and it goes up, and then I dumped it as it started going down

I'm not smarter than anyone because I did that That is a pretty typical investing strategy that was mentioned in Money: Master The Game I didn't come up with that either [chuckles] The point is cryptocurrency trading from an ego standpoint is very risky If you start losing a bit of money in it, you'll be tempted, if you're like me, to try and put more in and get that money back and make it all about how much you've made

If you want to do this long term, it might cost you several thousand dollars to learn the basics I give you this upfront because I've made all these mistakes; all this has happened to me You can learn from my experience instead of doing it yourself But if you want to do all the same things I've done and be aggravated as hell when the Bitcoin price plummets, and you're losing money and throwing it and trading these You're wasting your time and money

Your wife and your brother saying you need to stop, and you may have a problem You can go do that if you want to I'll show you how to do it now As I figure out where to stick my face here Here's one of the coolest things I like about Bittrex is this easy way to see new currencies

To me, one of the attractive things about Bittrex is that it makes it easy when these new currencies are put on Some of these new currencies might be a really good opportunity to trade, and some of them might be a complete sink hole You might buy a new currency and it just might be way overvalued, and the value of it may drop 999% on you My jaw just cracked saying that

999% It's possible for a massive drop like that to happen with these online currencies It may go up way more than that too I like how easy it is

You can sort— where did I get to this? I went over to markets here, and you can sort then by the date the currency's added Let's take a look at this Aragon one which I guess has plummeted sixty-something percent It's the biggest down one right now If you look over here, you can then switch on each of these You can switch it to a day

It's so new, it doesn't have that much data You can switch it to 15 minutes here if you want The more you play around and switch these things, the more it'll take the table I'm using the mouse wheel to scroll, to move this back and forth Let's say I want to just buy a little bit of this

I've got the charts on the left I can see the price was way higher when it got listed and then it – I don't how that works but maybe someone lost a bunch or just came in down here I don't know This is where the price is at now I can see the volume of it on here

I think this is 690 Bitcoin in volume that is done You can see the 24 hour high here You can see the exact price in US dollars which is 364 I really liked that Poloniex is frustrating

If you want to equate stuff to US dollars, then you don't just want to be stuck in Bitcoin Maybe there's a switch or a setting input; I haven't found it yet Then to actually trade, there's two basic windows down here You've got the "Buy Aragon" and you've got the "Sell Aragon" You need to have some Bitcoin available to buy Aragon

Sometimes the Bitcoin – I'm not sure why it doesn't populate correctly I have Bitcoin in my account, but for some reason– maybe someone just unloaded all of it while I'm making this tutorial That certainly gives me less to do today You need to have some Bitcoin available over here to buy anything Once you go down to the bottom, you can go over here

You can see there's no open orders that it's showing yet There we go It's loading them up Sometimes on Bittrex, you have to refresh like that Sometimes it screws up, and it doesn't load correctly

Now, it shows that I've got my two and half Bitcoin available What I've got over here, I've got the bids To help this make sense, if you want to buy Aragon, these are other people who want to buy – Jerry, you're not saying right Aragon If you want to buy Aragon, then — or I could just say ANT

These are the people down here who also want to buy Aragon or ANT, or the abbreviation If I'm putting in a buy order, depending on the price, it's essentially going – this is the buy side Then on the right side, if you want to sell, this essentially is the sell side over here This means if I want to buy and I want my order to instantly be fulfilled, then what I need to do is look over here and pick out a price Let's say I want to buy— just a tenth of a Bitcoin over here

Let's say I could buy 238 Aragon What I've done, I clicked on the "Ask" This, whoever's put this order up, they've agreed that if I pay the 6, 4, 500 price here, they're up to one and half Bitcoin they'll give it to me at that price This means as soon as I hit the "Buy Aragon" button, it gives me a confirmation up in here It gives me a "Limit Buy" which means it won't buy it for more

But if there's one available for less, then it will buy it That's good but that means on the downside, if I put a price in that's higher than whatever is on the market, then it will stick my buy order up there and I'll wait for someone to come along I hit "Confirm" This says, "This verifies this order" Once, if you hit your order and then you decide to sell everything at once after that, then that's it

Once you push that "Confirm" button, the order is going though then It says the commission on here is 59 Bitcoin Some of these don't even make sense the exact way they put them in here Because if it says, "Commission," it says, "BTC" right here but I think it's got some of these in the wrong columns because I put a ton of Bitcoin in there

I totally screwed this up [chuckles] I hit it again; I put it in the wrong window, not a big deal What you have to do, you have to put the total Bitcoin you want there, and then this is your price in Bitcoin If you click on this order, it will populate it there Fortunately, I saw the confirm window

I would've dumped all of my Bitcoin in there, if I had hit that That's what the confirm window is good for Now, I can see the commission in Bitcoin over here This is the commission that Bittrex is taking out of it This is the subtotal in Bitcoin I'm putting in

This is the price, and I hit confirm now that I'm not dumping all my Bitcoin Now, you'll see up in real time over here which is really cool It shows you when the order has been placed It shows you when the order's been processed Now, you can see I have less Bitcoin over here, and I have more Aragon over here now

That's how you execute an order Do I want to keep some Aragon, and maybe it'll go up after it's been down 67%? I don't know I can zoom in I can look at the charts over here and see well, it's been up and down It's been as low as down

You can see the 24-hour highs and lows too I just bought it at 64, and it's been as low as 52 so there's no telling I prefer to buy on a flat market though, so if you'd take that out I prefer to buy on more of a flat market though For now, if I hold the Aragon this potentially gets more complicated for my taxes because what if it goes up, then I have the capital gains, and then whenever I sell it

The more you transact, the more you're potentially building your accounting work up and up The worst thing you can do is trade a bunch of different currencies in really small amounts, hold them for a little while like a week or a few weeks, and sell them because then you're theoretically making a whole bunch of accounting work for yourself In which case, depending on where you live, then you might need to simplify it a bunch That has its up and downs as well It's nicer, if possible, to buy either things and hold on them for a while because let's say, hold on to this Aragon for a year

I don't worry about it I just buy it I don't have to put anything on my taxes because I've just bought it Now, when I sell it, then I have to pay tax on that But if I just am holding on to it then nothing has to happen

For now, maybe I'll just hold on to my tenth of a Bitcoin of Aragon which was newly launched and see how much that's worth; give it a few weeks or months, see how much that's worth next year Because this is the exact day it came out here If I go back to markets, I can just go to Bittrex over here Just click on the logo, and then it has all the markets here If you want to get in to some new currency, for example, this is the newest one that's here

The new ones are, I'd say, they're quite risky For some, the price will come out just right; some of them will come way high Some of them will come way low Let's say I want to buy in to this new one also, and it just came out a week ago Then I'll show you how to look at the charts a more on this one

This has all the same data It's loading up Now, it's got the 24-hour high on here and 24-hour low It's stable relative to cryptos I can zoom back out here and see

It's pretty much trended down since it came out When it came out – I used the mouse wheel "How are you moving that?" The mouse wheel Right when it came out, the days after that, it's pretty much trended straight down Buying one of these can be really risky because some of these will keep going down for another six months or a year

At the same time though, buying a brand new currency like this could be a great investment There's lots of currencies if you bought them when it came out, you might have a whole lot of money now if you'd bought a little bit when they came out What I can do is buy a little bit on this if I want to This doesn't look that attractive in terms of coming straight down I don't know anything about this particular currency either which is a big problem

If you don't have any idea about the currency itself, what you can do essentially is bet the market and buy a whole bunch of different currencies But I don't have enough money in here to just buy a whole bunch now Sure, if I sold all my Bitcoin, I could put a tenth of a Bitcoin into a hundred different currencies I think Bittrex has almost 200, so I can't afford to just be putting a tenth of a Bitcoin into all these different currencies What I can do is buy– Let's say, I want to put in a bit less

I could buy a hundredth of a Bitcoin Right now, that's $18, I think If you divide 1,800 by a 100, that's $18 Now, that's not too serious of an investment If it goes up ten times, then I've $180 which is pretty good

But the temptation comes in like "If it's going to go up ten times, I might as well put in $180, then I've have 1,800" But what if it goes down 99%? If it goes down 99%, I put in $18 so what I lost $17 But, if it goes down; if I put in $180 it goes 99%, then I've lost $178 or so That does not sound like so much fun One strategy you can do if you know nothing about any of the coins, you can just go in and buy a little bit of a bunch of them

Then as I've done on Poloniex, I spent 600 on Poloniex I bought a hundredth of a Bitcoin on 50 different coins, and it made $1,000 in a month doing that If the market’s going crazy on a bubble like it is now, that's a great strategy If you just buy a bit of every new currency that comes out occasionally you'll be a huge winner and one of them will go up 100 or 200 or 500 times from wherever it was at coming out Still, you could do the research and balance it out and put more into a smaller number

I encourage what I try and do a combination I try and buy the market because I don't have time to research 190 different coins and be a part of the community I try and do some basic research, find a few that I like, promote them, and then also buy into some of the others for just a little bit For example, on this one, this one I can easily just grab a little bit of it at this price I'm on the buy side

If you're on the buy side, if you want an instant order fulfillment, you need to work over on the ask side And if you want instant sell, you pretty much need to work over on the buy side and pull your prices from there To pull my price in here – I figure, did it correctly this time I put in my 01 Bitcoin, and then I simply clicked on the price I want

Then I hit "Buy human IQ" over here I can see the commission is really small which that looks right I can see the total for my order, and then I hit confirm Now the order goes in over here The order was instantly fulfilled because it was sitting right there

And as soon as I fulfilled it, someone put in an even lower price order So that– [chuckles] Now, if I immediately try and sell it right now, then I would only lose a little tiny bit If I sold this right back right now, I'd get almost the exact same amount that I originally sold it for Why not just buy and hold this for a while It's essentially, I put in like $20 right now and then I've got – if it does really well, I'm investing in it

What I also want to do, let's say I have some buyer’s remorse about that last one I'm like, "My God, I can't believe I put in a $180 into this currency I've never even heard of before My God, it's going to go down," blah blah blah Let's say, I decide I have some buyer’s remorse I want to sell, sell, sell now

Let's say I put in a tenth of a Bitcoin Let's say I want to sell it back down to what I just did on the last one In order to do that, what I need to do is go over here and find a order in Aragon Now, I've a 154 Aragon up here I need to find a order that covers 154 Aragon at the price I put it in

What I can do now, I can click on this because that order will cover it right there I've got the price in It didn't put the price in right away on it for me here It put that in I can click on the price, and there it now filled the price for me on those

And then I can change the Bitcoin, and it’ll change the amount it sells Now, if I hit "sell Aragon," you'll see they're taking another small commission from me, but if you trade a bunch, these add up I place my ANT sell order; my ANT sell order was instantly filled You'll now see I started with about 255 or so Bitcoin, now and I have about 2

53 Now that ANT sell order was just filled If I go over to my order history, I can see both of these orders in detail You can see I just lost a little bit doing it that way If I zoom in a little bit, you can see I bought 154 for essentially 64,499, and then I sold 143 for 63,001

Now, this is the basic problem with trading There's a difference between the up and the down Just by buying and selling repeatedly, you're in the middle of the market difference Theoretically, if you traded enough times and the market stayed exactly the same, you would essentially lose all of your money eventually between just the difference in the market Volatility is good for being able to make some money, but the problem with volatility, it can make it even worse

Imagine if I'd bought that and it went down 15% or 20% between the time I bought it and the time I sold it That cryptocurrency trading is extremely risky Sure, there are some upsides to it, and there are some huge downsides as well I'm grateful I took 30 minutes here to show you exactly how to make trades on Bittrex If you'd like more tutorials and videos like this, please leave a like on this video

That way more people like you will find this That's what motivates me to keep making videos like this If you like the very best of what I have to offer, try visiting the University of Jerry Banfield I'm putting all of my online courses on here I've currently created more than 80 courses

I just launched my new school called the University of Jerry Banfield where I hope you can get much more than I did out of not only an undergraduate education, but out of a graduate education I've borrowed $50,000 in student loans Now, I've made up enough in crypto to pay for that, which I'm very grateful for And I want you to be able to get a more valuable education than I did going to school for six years My vision, my goal for you on the University of Jerry Banfield is to be able to learn skills that are extremely helpful for you

There's very few people in the world that know how to trade online currencies Now, in your world maybe a lot of people do, but, relative to the whole planet, almost no one knows how to do this When you join a bunch of skills that no one knows how to do, or relatively few people know how to do, you automatically make yourself really valuable That's my vision, my goal for you in creating this free tutorial and then putting it out I'm able to do so many free tutorials because of your generosity and the people watching alongside you who buy courses on the University of Jerry Banfield

That's what allows me to teach so much of what I know for free I put the very best of what I teach on my university, and then I do free preview videos on YouTube essentially to give you the basics, like I've just done with Bittrex I've got a cryptocurrency investment and retirement planning course which has two more hours in I’m showing you the strategies I've given you the tip of the iceberg here

I show them in the course on Poloniex However, if you'd like me to make an entire Bittrex course, leave a like on this video and subscribe Take a look on the University of Jerry Banfield There may be a whole Bittrex course by the time you go take a look today Thank you very much for watching

I love you You're awesome I appreciate the time you spent with me today I hope you have a wonderful day