I'll assume you have a Panoramic router and an all-in-one device (DOCSIS + Router) due to the My WiFi app...all of which I do not have experience.
The error may be attributed to a certificate error. There should be an icon near the address field to block/allow authentication.
The IP address you're entering may be the address of the modem side of your all-in-one. You'd need the IP address of the router-side to configure the router. The router IP should be listed in the Network Places directory of your OS. Or, if you're familiar with Trace Route (tracert), you could Trace Route to the IP of the modem to get the IP of the router.
I've never heard of bitrate permissions. Bitrate is negotiated between the NICs of your devices and router during logon. There is, however, a Quality-of-Service (QoS) feature on routers to assign priorities to certain devices. Check that out.