trading in bittrex help

Want to trade for altcoins in Bittrex with least amount of fees.
I use Gdax.

Q1. Should I send BTC, ETH, or LTC to Bittrex for buying altcoins?

Q2. Also, what is cheapest way to liquidate altcoins back into USD? Best to trade them for BTC, then transfer back to GDax?

Read through reddit and youtube, and can't find a straight answer on transaction fees. Also looked at Bittrex docs which only states this: https://support.bittrex.com/hc/en-us/articles/115000199651-What-fees-does-Bittrex-charge-

Hello OP,

Yes you have to send cryptocurrency in order to trade in Bittrex.

The most easy way to buy BTC with USD is via Coinbase.

Cheers

waterworks said:

Want to trade for altcoins in Bittrex with least amount of fees.
I use Gdax.

Q1. Should I send BTC, ETH, or LTC to Bittrex for buying altcoins?

Q2. Also, what is cheapest way to convert by into USD from Bittrex?

Read through reddit and youtube, and can't find a straight answer on transaction fees. Also looked at Bittrex docs which only states this: https://support.bittrex.com/hc/en-us/articles/115000199651-What-fees-does-Bittrex-charge-

Click to expand...

I personally transfer BTC to Bittrex for buying alt coins. ETH and LTC will obviously be cheaper, but not many alt coins have pairings with them, so you will pay further fees by first changing your ETH/LTC to BTC. Not sure what you mean by your second question. You cannot convert any alt coins to USD on Bittrex. Its crypto to crypto. If you want to liquidate, the easiest way is to change your alts to BTC and transfer to an exchange where you can sell BTC for fiat.

For trade fees, they charge 0.25%. For transactions and deposits, you pay the transaction fees associated with the network you are using. So if you are withdrawing/depositing BTC, you will pay BTC transaction fees, which vary depending on how big the backlog is.

EDIT: Also, as much as I love Bittrex, it is typically slow with adding new tokens, which can usually result in you losing out on potential gains from new tokens entering the market post-ICO. Binance is a great compliment/alternative to Bittrex. They are also a crypto to crypto exchange and regularly list new post-ICO tokens quite quickly, before they make it onto Bittrex.

Thanks for the detailed response roman! Really appreciate it.

Second question had a typo. Good catch.

So if I want to buy altcoin, I should first compare which pairings are allowed for that altcoin. And if more than one pairing is available for example BTC -> XRP vs. ETH -> XRP, then I should choose the cheapest of the two. And if only one pairing is available, then I need to make sure I transfer the correct coin from Gdax because that's my only option.

Is there a place to view current network transaction fees? Google turned up a bunch of banking results.

waterworks said:

So if I want to buy altcoin, I should first compare which pairings are allowed for that altcoin. And if more than one pairing is available for example BTC -> XRP vs. ETH -> XRP, then I should choose the cheapest of the two. And if only one pairing is available, then I need to make sure I transfer the correct coin from Gdax because that's my only option.

Click to expand...

Yes, if it has more than one pairing with the alt coin you want to buy, you should use the cheapest pairing in terms of transaction fees, assuming the token you want to transact in is available on GDAX. All alt coins on Bittrex have a pairing with BTC.

waterworks said:

Is there a place to view current network transaction fees? Google turned up a bunch of banking results

Click to expand...

You can see average daily transaction fees here:
https://bitcoinfees.info/

Take the information there with a grain of salt, however, as it is not always accurate. Your exchange will typically let you know what the transaction fee will be when transferring your coins to another exchange or wallet.

To see the state of the backlog for BTC transactions:
https://blockchain.info/unconfirmed-transactions

Thanks for the help roman! Really good info.

i use coinbase, gdax and kraken. then i sent to either hitbtc or bittrex. but i have a few accounts everywhere, like coinexchange, yobit, liqu. so ,per your xrp example, buy btc first from eith coinbase or gdax. i believe you said gdax. then look at one of the other sites i mentioned (kraken,bittrex or hitbtc). then when you profit send it back to your gdax to exchange for fiat. the thing that will get you is fees. most of the sites tell you their fees . then you may want to consider using a cryptocurrency debit card. one i use in particular has "cash" back,,they pay you in tokens which is pretty cool. im a crypto nerd so ask away.... twitter @frederickbuss1