How to Use the Online Cryptocurrency Exchange Cryptsy.com

Journalist:
August 26, 2014

Cryptsy.com is a popular online exchange for digital currencies. However, the trading process and system can often be difficult to understand; this tutorial will guide you through depositing a cryptocurrency and completing a trade. As an example for this tutorial, we traded Dogecoin for Bitcoin, however you can trade any cryptocurrency that Cryptsy supports.

1. Go to Cryptsy.com. Click ‘Register New Account’ in the top right. Fill out all of the requested information and confirm your email as you’re told. Go back to Cryptsy.com and click ‘Login’ at the top right of the website, right next to ‘Register New Account’.

2. Deposit a cryptocurrency to allow you to begin trading. This can be done by clicking on ‘Balances’ at the top of Cryptsy, then clicking on the cryptocurrency you wish to deposit. A dropdown should appear: click on ‘Deposit / Autosell <abbreviation for the cryptocoin you wish to deposit>’; ‘<abbreviation for the cryptocoin you wish to deposit>’ is the abbreviation for the cryptocurrency you plan on depositing (ex. ‘BTC’ for ‘Bitcoin’). For this tutorial, I’m going to deposit Dogecoin. In the screenshot below, ignore that I have 2 deposited dogecoins, as this is from a past trade on Cryptsy. If you have a new account, all of the cryptocurrencies should say ‘0.00000000’ as your balance.

3. In the box that pops up, click the green ‘Generate New Deposit Address’ button at the bottom of the box. Double click the blue address that’s shown and copy it (control or command + C). Go in to your cryptocurrency wallet and send however many coins you’d like to deposit to that address (the one you just copied). The deposit could take anywhere from a few minutes to a few hours before appearing in Cryptsy. To check the status of your deposit, click on the white text ‘Balances’ near the top of Cryptsy. Scroll down to the bottom of the page and look at ‘Pending Deposits’ in the ‘Pending Transactions’ section. Your deposit should show up there within 10 minutes after sending the deposit. To the right of your deposit it should say ‘Confirmations’ with a number. For Dogecoin, you need 6 confirmations, which should take about six minutes considering that the target block time for a Dogecoin block is one minute.

4. After six confirmations, your deposit should be successful! Now let’s trade some cryptocurrency. Find a cryptocurrency you wish to trade for; for this tutorial I’ll be trading my Dogecoin for Bitcoin (BTC). On the ‘Balances’ page click the coin you have a balance for (the coin you just deposited), then click on ‘Go to <coin you deposited>/<coin you wish to obtain> Market’, where <coin you deposited> is the one you just deposited and <coin you wish to obtain> is the coin you’re trying to trade for.

5. Look at the box with the title ‘Sell <coin you deposited> for <coin you wish to obtain>’. Enter the amount you wish to sell, and the price you would like to sell it at. You can view the buy and sell orders below where the box for trading is. Cryptsy will automatically calculate how much you’ll get of the cryptocurrency you want based on the amount and price you sell your deposited cryptocurrency at (check your ‘Net Total’ to see how much you’ll get). Click on the green ‘Submit Sell Order’ button and then ‘Confirm Sell Order’ in the box that pops up to complete the order. Depending on the price you sold the cryptocurrency at and the demand for it, the order will either complete immediately or after some time.

Congratulations, you’ve just traded cryptocurrencies on Cryptsy! I hope this tutorial helps you trade cryptocurrencies on Cryptsy, and if you have any questions don’t hesitate to leave a comment below.

Disclosure: Jonathan Saewitz often uses Cryptsy.com for trading cryptocurrencies, but is not sponsored by Cryptsy.com and has no affiliation with the company.

Neither Jonathan Saewitz nor CryptoCoinsNews.com nor anyone that works for it is responsible for anything that may happen due to this tutorial, including, but not limited to, losing digital currency. Use this tutorial at your own risk. Cryptsy and other cryptocurrency exchanges have been reported to have lost user’s cryptocoins in the past, so only keep an amount you recognize you could potentially lose on such exchanges.

Last modified (UTC): September 16, 2014 17:06

Tags: cryptsy
Jonathan Saewitz @SuperCryptoGuy

I am a teenager in high school who is very interested in digital currencies. I enjoy researching Bitcoin and other digital currencies, but my favorite crypto is Dogecoin. Please feel free to email me at jonathansaewitz@gmail.com.