On our home page we explain the exchange of Cryptocurrencies in general. Because sometimes one of the used exchanges is down, we here provide alternative exchanges that can be used instead. Below we will explain the exchange process on HitBTC. The tree steps to complete are:
- How to create an account on HitBTC (step 3 on our homepage)
- How to get the deposit address to transfer funds to our HitBTC account (step 4 on our homepage)
- How to trade Cryptocurrencies on HitBTC (step 5 on our homepage)
If you want to compare different Cryptocurrency exchanges, head over to our Exchanges page.
Create an account on HitBTC
This step can be used to replace step 3 on our homepage.
Use the following link to access the HitBTC website
You will arrive on the HitBTC website. In the top right corner of the screen there is a register button. This will take you to the registration page:
Choose an Email address, a password and confirm that you’re not a robot. After clicking register, HitBTC will then send you a verification e-mail. Click the link in this e-mail to complete the register procedure. You have now completed your HitBTC account registration.
After logging in for the first time, we advise you to set up 2FA (2 Factor Authentication, meaning you need two forms of authentication to log in to your account). To do this, head over to your settings page (the settings button on the top right part of the page). Here you will be able to add 2FA via the Add new button. When clicking these you will see the below:
You will need to download the Google Authenticator app on your smartphone. Using this app you can take a picture of the QR-code. The app will then generate a code which you need to fill in under 3. This will add an entry for HitBTC in the Authenticator app which will get updated every x minutes. Next time you want to log in to HitBTC you will need to provide this code together with your password. This completes the registration.
Let’s get some funds in so we can start trading.
Get a deposit address to transfer funds
This step can be used in combination with step 4 on our homepage.
Before we can start trading on HitBTC, we need to transfer funds to our account. For this we need the deposit address from our HitBTC account (HitBTC wallet) for the Cryptocurrency that we want to deposit.
Let’s start by logging into our HitBTC account. On the top right corner of the screen, is a deposit menu-item in green. Click on it. You will get a list of possible Cryptocurrencies and you can use the search box to find the one you want to deposit. In our example we want to deposit Ethereum (ETH for short). Click on the + sign in the deposit column.
ATTENTION: Make sure you are using the correct deposit address (wallet) for the Cryptocurrency you want to deposit. When depositing Ethereum you need an Ethereum deposit address, when depositing Bitcoin, you need one for Bitcoins, etc. All these deposits are linked to your account but differ in which Cryptocurrency they can hold. Send Ethereum to a bitcoin or any other Cryptocurrency deposit address and you will lose it all!
Now that we know our deposit address, we can transfer funds to it.
No idea what this means? Or you have no Cryptocurrency yet? Head over to our homepage and follow our 5-step guide on how to start trading Cryptocurrencies. In step 1 and 2 we explain how to buy your first Cryptocurrency. Because you’ve already read this page, you can skip step 3 and parts of step 4, Nice!
How to trade Cryptocurrencies on HitBTC
This step can be used to replace step 5 on our homepage.
The final step of this guide/tutorial is to trade our deposited Ethereum for another Cryptocurrency. I will not tell you what are the best options for this. There are enough other sites which can give you advice about which altcoin (bitcoin was the “first” cryptocurrency of its kind. All other Cryptocurrencies that are being created now are alternatives to bitcoin. Or in short, Altcoins) is likely going to make it and which is not.
For our example I will just trade Ethereum for NagaCoin (NGC). NGC is a decentralized Cryptocurrency for trading and investing in financial markets, virtual goods and Cryptocurrencies. It is the currency used on the platforms SwipeStox and Switex.
Before being able to trade on HitBTC, you need to get your Coins from you main account to your trading account. The difference between these two is that the main account is used for deposits and withdrawals and is more secure than the trading account (although we advise to use a private wallet when you just want to hold on to your coins for the long term). The trading account is what you need to be able to trade on the exchange. When your trading account is empty, you won’t be able to trade!
To trade , go to Exchange (left menu item on the main website). HitBTC gives you the option to trade 3 major Cryptocurrencies: Bitcoin (BTC), Ethereum (ETH) and USDT. This means that you will need one of these 3 if you want to make a trade. If you have any other Cryptocurrency in your wallet, you will first need to trade it for one of these, before being able to trade it for another.
We bought Ethereum so we need to click on the ETH button in the top right corner of the screen (marked in red on the below screenshot). Than we need to choose our Trading Pair, which will be NGC/ETH (trading Naga with Ethereum). You can use the search functionality to find the Cryptocurrency you want to buy.
We want to buy via the Market method (marked in blue on the above screenshot and meaning we just want to pay the current market price for our NGC). So in the bottom right screen we choose market. You then enter the amount of NGC you want to buy, or the total amount of ETH you want to pay. The other field will be filled in automatically based on the market price. Than you just press the green Buy Market button to buy.
Hint: if you want to change the layout of the HitBTC Exchange screen, you can do so with the button to the far right of the screen, marked in green on the above screenshot. You can change the size of several frames or add/delete frames.
Because we are buying at market price, our order will be filled fast. You can view the status of your wallet by going back to you account screen (menu item next to Exchange).
You are now the proud owner of a Cryptocurrency wallet on your favorite exchange, containing your preferred coins. Now it’s up to you to decide how you will continue. Either you start trading on a daily basis, based on the information in the market or some technical analysis. Or you just HODL (Hold On for Dear Life) and hope your coins reach the Moon.
But remember, always do your own research before investing funds, and never risk amounts you cannot afford to lose. Every investor wants to see his favorite Cryptocurrency shoot for the moon. And this can only happen if a lot of people start investing in it. So, of course, they will propagate it as the best coin to have ever existed with a guaranteed huge ROI. That’s why you always need to do your own research!