Step by Step Tutorial on How to Buy OMG (OmiseGo) Asset Tokens and other Altcoins on Bittrex’s Cryptocurrency Exchange
(1) Buy Bitcoin from Coinbase (learn how to buy bitcoin with my step by step guide). You can not directly buy OMG on Coinbase, so you’ll need to first buy bitcoin and then send it to an altcoin only exchange such as Bittrex.
(2) Register for an account at https://bittrex.com/Account/Register. As of December 15, 2017, Bittrex is halting new account sign-ups because they are not able to handle the volume of new registrations. According to Bittrex: “Unfortunately, we have to make a few upgrades to our support and backend systems to handle the increased traffic and load. As such, we have halted new user registrations for the time being.”
Binance is a good alternative altcoin exchange to Bittrex with lower trading fees (0.1% fee to buy and sell) than Bittrex (0.25% fee). Binance’s daily trading volume as of January 8, 2018 is approximately $6.5 billion. Another option is Kucoin also offering low trading fees of 0.1%. It’s a good idea to sign up for more than one altcoin exchange so that you can buy a wider range of altcoins; moreover, prices on exchanges often varies so you may find a lower price for the same coin.
How to use Binance Exchange:
WHAT IS BITTREX?
“Bittrex is the next generation crypto trading platform created by security professionals. We are crypto-coin enthusiasts bringing more than 50 years of combined security and development experience to the trading community from companies, including Microsoft, Amazon, Qualys, and BlackBerry.
At Bittrex, our mission is to deliver the fastest and most secure trading platform available.” – Bittrex
(3) Click “SIGN UP” and you will then see the screen above. Fill out your desired login info then click on the “Sign Up” button; you’ll see the following message:
(4) In order to complete the registration process, you will need to open your email and look for an email from “Bittrex Mailer” with the subject “Bittrex Account Verification”. Open the email and click the Verify Registration link. The link will look similar to this: https://bittrex.com/account/VerifyRegistration/r4qoiYl1msPMOz-Fcg2tYQ2. Once you have completed this process, you have successfully registered your account at Bittrex.
(5) You may now Click “Login” to access your account.
(6) Once logged in, Click “Settings” and complete a) Basic Verification b) Phone Verification and c) Enhanced Verification. What are the different levels of verification? Basic accounts can withdrawal up to 3 BTC worth of digital currency equivalent per day if they have two-factor enabled. Enhanced accounts can withdrawal up to 100 BTC per day if they have two-factor enabled.
(7) Look under ‘Settings -> Enhanced Verification’ to enable Two-Factor Authentication (2FA). Next, install Google Authenticator App to your smartphone: iOS / Android. Once installed, open the app and click start. Click on the “+” sign and take a photo of the QR code which will connect you with Bittrex’s server to access the one time login code.
(8) Click on “Wallets” then type “BTC” in the search box to upper right corner of the page. The BTC ticker will show up with the “+/-” buttons to the left of the BTC ticker. “+” button is to deposit BTC funds to your Bittrex wallet account. “-” button is to withdraw BTC from your Bittrex wallet account.
Click “+” symbol next to BTC in the table which will allow you to generate your own personal BTC address to deposit BTC into your wallet on Bittrex’s exchange. Copy the entire address alphanumeric string and go to Coinbase.
(9) Login to Coinbase, click on “Account” then click on “Send” next to BTC wallet.
In the Send Address bar, paste the entire address alphanumeric string you copied from your BTC Bittrex Address. Enter the amount you’d like to send. You can also use max by clicking on the link “Use max” above the Amount Box Entry.
Click on “Send Funds”. On the next page, confirm the amount and total, then send.
(10) After submitting your BTC to your Bittrex wallet, you can see the progress of the transaction by clicking on “Dashboard”, under Recent Activity, you can click on your pending BTC send to see the progress.
(11) Once Coinbase indicated that your BTC send have been completed, login to Bittrex and click on “Wallets”. Your BTC sent from Coinbase should show up. If not, look to pending actions, and you’ll see the confirmations in progress if it is not completed yet.
(12) Once your BTC amount from Coinbase has been deposited, type in the search box, “OMG”.
Click on the OMG ticker symbol to view the trading page for OMG.
(13) Under the Trading Graph, look towards the left of the page for “Buy Omisego”. Enter your bid price. You can click on the down arrow to select from ‘Last, Bid, or Ask’ price. Under Type, the default is Limit trading where it is set to proceed bids until you manually cancel or you can click on the down arrow to select conditional trading type option. Lastly, enter the amount of BTC you’ll like to buy which will automatically calculate the Amount of OMG you will receive based on your bid price. Click on “Buy OmiseGo” to initiate your bid purchase. You will need to confirm when the pop-up window shows to verify your purchase.
Congrats! You have purchased OMG tokens. Click “wallets” to check your balance and % change information.
To buy other altcoins on Bittrex, the process is the same; just click on “Wallets” then in the search box, type in the trading ticker letters to locate the altcoin, then click on the altcoin ticker name to enter the trading page for that altcoin where you can buy and sell.
About the Author:
A former EPA member, Tim is currently teaching in the San Francisco Bay Area. With his experience in computer engineering Tim tracks emerging blockchain technology developments in the crypto currency space. He became a digital cash enthusiast after seeing the rapid growth of the Ethereum blockchain enterprise in banking and trade. Tim has a successful record of selecting digital assets for exceptional return on investment.
During the winter months, you will likely find Tim skiing down the slopes of Squaw Alpine ski resort in Tahoe. If you are a skier or rider, you should check out SnowPals.org and join his San Francisco Bay Area based club to socialize and network with skiers and boarders who want to find like minded folks for ski trips to Lake Tahoe and to other popular ski destinations. Submit a question, suggestion or comment.
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