HitBTC is a popular crypto currency exchange which has a lot of great currency pairs.
A currency pair is two currencies that can be traded. For example, BTC/ETH means that BitCoin can purchase Etherum at a set rate, and Etherum can be sold back to BitCoin.
Let’s get Started
First, if you haven’t signed up to HitBTC, you can sign up now. At the time of writing it’s one of the few Exchanges that are still accepting new users.
1. This is the base currency. In the screenshot we have BTC (Bitcoin) as the base currency selected. Meaning that any of the currencies listing can be traded with Bitcoin. We can see the tabs show that the other bases are Etherum and USDT (which is known as Tether). The final tab, ICO is a special tab which is for ICO’s, known as Initial coin offerings. Let’s ignore ICO for now.
2. These are the alt coins that are purchasable with the base currency. You can see there’s quite a number of currencies that can be purchased using BTC. 2. is pointing to XRP (Ripple) and in this guide we will focus on Ripple for the next 3 points.
3. This is the last price of Ripple against BitCoin. At the time of the screenshot, this means that 1 Ripple would be traded for 0.00013844 BitCoin, or 13,844 “Sats”. A “Sat” is the smallest unit of BitCoin (a Bitcoin can be broken into a decimal with 8 zeros, therefore one “Sat” is 0.00000001).
4. This is the volume of Ripple exchanged over 24 hours in BitCoin. So at the time of the screenshot 7172 BitCoins were traded over 24 hours.
5. This is the change in price since 24 hours ago. In this example, this means that the cost of 1 ripple is 3.76% cheaper against Bitcoin.
Click on the Base currency tab, then click on the AltCoin you’d like to trade on. In the example below we’ll click on XRP.
Let’s start TRADING
Once you’ve selected your currency pair by clicking on the coin you’d like to buy/sell.
1. Trading History and Open Orders. In this square, you’ll have a list of open orders (orders waiting to be transacted), and any filled and executed orders.
2. Balance. This is the balance of the base currency in your trading wallet, in this case, we have a lovel 0.0011 BitCoin.
3. Best Ask. This is the best rate that you can purchase 1 XRP (Shown as R on the platform) instantly. So someone on the platform is willing to sell you a Ripple for 0.00013873 BitCoin. If you click on this value, it’ll fill the value in #5.
4. Input an amount you want. This is the number of Ripple you’d like to purchase.
5. Price. This is the price per ripple, in BTC, you’re willing to pay. This can be below the “Best Ask” and wait for someone to sell on that price.
6. The Total is the Amount of Ripple you like (#4) multiplied by the price (#5). This is the total amount of BitCoin you’ll spend if a seller (or sellers) is happy to sell you Ripple at the price per BTC.
7. On the other side, if you own Ripple (R) you can sell it at a BTC price you’d be happy to sell it at.
In the top right corner. You’ll find a Deposit button:
On the deposit page, you’ll be able to select any currency and click the + sign under Deposit.
This will generate a wallet address where you can deposit your currency. In this example, we have an address we can deposit BitCoin to.
So from your other wallet or exchange, you can send BTC to this address. Note, it can take up to 4 hours for this to happen (with BTC). Other currencies can take only a few seconds, but each currency is different.
That’s it for now, if you have any questions leave them below!
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