Bittrex announces minimum trade size raise and other info - page 3.

RGBKey

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Quote from: SyGambler on November 26, 2017, 06:10:36 PM

I laugh everytime I see bittrex announces about new features , they are busy making their site better and that's why they are ignoring thousands of tickets for people that want their money back
none of their changes at the moment make sense , there are many things to work on rather than that
also I don't know how these changes are supposed to be good !!

I think this is a common thing happening in exchanges trying to "come clean", making sure they have all their KYC info straight and everything, combined with their lack of handling scaling very well.

TheNostradamus

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Quote from: ololajulo on November 26, 2017, 04:35:05 PM

I tried withdrawal on bitrex today but couldn't get through. The complain was a limit of transaction for the day, is that what they mean with new updates

No that may be an issue on your end. The update of trex was that there is a new limit for orders, which seems to be inconvenient if you got some spare satoshi's you want to spend.
Orders having a frame of 28 days is something I can live with, but the min. order size should remain intact if you ask me.

It's not common practice to force users to certain actions, if those actions/rules don't benefit them.

richardsNY

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Quote from: 1Referee on November 26, 2017, 07:37:20 AM

I am quite sure that not many people will end up leaving that exchange.

It theoretically shouldn't really affect many people, but if we look at how many people disagree with all these changes, it may actually turn out to be a reason for them to leave. Sure, a good number of traders won't look down on Bittrex since they will just adapt to the situation, but the people who actually got affected by these actions are a majority in number. Not everyone can afford to trade with generally medium to larger amounts, and with these changes, people who were on the brink of leaving that exchange for various reasons before all this, will have more incentive to do so now.

SyGambler

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guess who's back

I laugh everytime I see bittrex announces about new features , they are busy making their site better and that's why they are ignoring thousands of tickets for people that want their money back
none of their changes at the moment make sense , there are many things to work on rather than that
also I don't know how these changes are supposed to be good !!

ololajulo

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I tried withdrawal on bitrex today but couldn't get through. The complain was a limit of transaction for the day, is that what they mean with new updates

babygun

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Bittrex is not my primary exchange and with these new changes it will never be my favorite. I am a small trader, so I am not happy with the fact that they increased the minimum trade size to 100k satoshi. I think I will move everything to some other exchanges.

Alns

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Bittrex is always updating their terms, and their policies, i dont even know why there are people trading in there, and there are some people who have all their funds in this exchange.

I can not wait until their turn scam, they have closed my account without telling me, and now they dont want to upgrade my account to enhanced verification, i sent a ticket about 10 days ago, and they have still not replied me.
They are scam people, they are updating their terms and they will always change whatever they want, it is a shame that they have turned to be this kind of shitty exchange, like novaexchange did.

alyssa85

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Quote from: cryptojedi on November 26, 2017, 01:19:50 AM

I have to say I like this part with disabling orders which re 28 plus days old. It ll reduce clogging and also prevent people from using exchanges as wallets, which is also good since it reduces risk.

Most of the stuff Bittrex does is the step in the right direction, besides limiting accounts of people from countries under sanctions. But again, this is politics.

All that will happen is that the order books become thin. So say there is a flash crash - there will be no old orders on there to soak it up, so it should crash faster than on other exchanges.

Having a good order book is essential for liquidity - and those old orders are what ensure a full order book...

1Referee

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Quote from: RGBKey on November 26, 2017, 01:37:58 AM

I don't see how removing old orders will stop people using the exchange as a wallet. You don't need to have money in an order to keep it in an exchange.

It won't, but perhaps he is referring to the fact that it may give people less incentive to keep their funds on-exchange, because as long as they have open orders that they believe might at some point get filled, these people will not withdraw their funds. People are a lazy bunch, they will grab every excure they can not to withdraw anything. Despite the fact that people seem to be unsatisfied with what Bittrex has done, I am quite sure that not many people will end up leaving that exchange. Bittrex aims to get rid of the lower value bot transactions by setting up higher standards. It's likely an attempt to make their exchange a bit more responsive, but then without them having to pay a single dime for it.

RGBKey

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Quote from: cryptojedi on November 26, 2017, 01:19:50 AM

I have to say I like this part with disabling orders which re 28 plus days old. It ll reduce clogging and also prevent people from using exchanges as wallets, which is also good since it reduces risk.

Most of the stuff Bittrex does is the step in the right direction, besides limiting accounts of people from countries under sanctions. But again, this is politics.

I don't see how removing old orders will stop people using the exchange as a wallet. You don't need to have money in an order to keep it in an exchange.

cryptojedi

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I have to say I like this part with disabling orders which re 28 plus days old. It ll reduce clogging and also prevent people from using exchanges as wallets, which is also good since it reduces risk.

Most of the stuff Bittrex does is the step in the right direction, besides limiting accounts of people from countries under sanctions. But again, this is politics.

richardsNY

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In times where the market is reaching newer highs constantly, the amounts that people can afford to trade will only get smaller. If you up the minimum trade amounts, you'll be working against a big part of your own traders, and this may turn out to cause people to shift to another exchange. Another thing I definitely can't agree with is how they plan to take action against stale orders -- let the traders decide whether or not their orders must stay on, or should get withdrawn. If you as exchange puts your nose into something that shouldn't concern you, you disturb how people trade, fill both sides of the order book, etc. An exchange should deliver a reliable platform for people to trade at, and not to dictate how people should trade, period.

marky89

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Quote from: RGBKey on November 24, 2017, 10:29:37 PM

Personally, I've been debating moving away from bittrex before but this is the final nail in the coffin. Their restrictive verification requirements and new $8 minimum trade size I'm not a fan of. I'll be moving to a less restrictive exchange.

I have mixed feelings. On one hand, I don't appreciate it as a trader. I literally have been seeing notifications throughout the day about my orders being cancelled. One the other hand, these are fairly standard measures that one would expect any institutional-level exchange to implement if they want to be a serious contender in a regulated market. With all the recent changes (included stiffer KYC), it looks like that's the direction that Bittrex is heading. The note about pump groups is indicative.

At this point, I'd definitely advise people to withdraw funds from the site if your ID documents aren't going to match the personal info you gave them. These are all signs of an exchange that's trying to "go clean."

ololajulo

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any bittrex account linked to any mail,must have gotten this update or probably. With improved bitcoin/blockchain, the exchanges should be requesting for more money to trade.

magneto

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Quote from: EXtremeAEX on November 25, 2017, 02:11:52 AM

Quote from: magneto on November 25, 2017, 01:00:51 AM

It doesn't make sense to me why they would want to increase the minimum order size. It's not even that big of a difference but it'll hit the small time traders pretty hard as they can't do small trades anymore. And $8 by no means is a small amount for someone in a third world country.

Also, lowering precision doesn't make sense either. Why? It doesn't even take much resources to do it, and in my opinion it's always good to have precise rather than approximate figures.

Time to move away from bittrex i guess.

It is probably due to the large number of dust trades, I guess, and this takes up way more resources, more than we think. I guess they just don't want to waste energy and time to sort those, but $8 is too large. With this policy, I wonder what will happen to Bittrex. Perhaps it may benefit the large investors with more support and less waiting time, but I'm not so sure.

I like Bittrex for its extensive list of coins, but I am not a large trader, so this is a no-go for me now. Sad

Yeah exactly. It feels like bittrex doesn't care about the grassroot traders that have brouht them to where they are now but only cares about their whale traders right now. That's not a good business strategy, you always look after the needs of every single customer whether large or small.

Quote from: BitHodler on November 25, 2017, 03:45:11 PM

I am perfectly fine with most of these changes since they don't affect me personally. It's mostly those who care about few buck trades that will be affected. It's obvious that Bittrex is trying to clean things up.

The only thing I am not really a fan of is that they will remove older orders, which is something that should never be messed with. In quite some cases orders aren't meant to be executed, and for that reason shouldn't be removed.

I am sure that a lot people waiting for Bittrex to respond to their tickets will not be happy with this. Bittrex has time to come up with changes concerning its trading platform, but doesn't have time to sort things out with people's accounts.

Small orders will affect a lot of the people who are trying to get a start with bitcoin trading or altcoin trading.

Now they can't do that, because of the new policies.

RGBKey

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Quote from: BitHodler on November 25, 2017, 03:45:11 PM

I am perfectly fine with most of these changes since they don't affect me personally. It's mostly those who care about few buck trades that will be affected. It's obvious that Bittrex is trying to clean things up.

The only thing I am not really a fan of is that they will remove older orders, which is something that should never be messed with. In quite some cases orders aren't meant to be executed, and for that reason shouldn't be removed.

I am sure that a lot people waiting for Bittrex to respond to their tickets will not be happy with this. Bittrex has time to come up with changes concerning its trading platform, but doesn't have time to sort things out with people's accounts.

To be fair, you see that pretty often. People make a new exchange, they grow huge and then they can't handle the volume.

BitHodler

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I am perfectly fine with most of these changes since they don't affect me personally. It's mostly those who care about few buck trades that will be affected. It's obvious that Bittrex is trying to clean things up.

The only thing I am not really a fan of is that they will remove older orders, which is something that should never be messed with. In quite some cases orders aren't meant to be executed, and for that reason shouldn't be removed.

I am sure that a lot people waiting for Bittrex to respond to their tickets will not be happy with this. Bittrex has time to come up with changes concerning its trading platform, but doesn't have time to sort things out with people's accounts.

alyssa85

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I'm glad I moved most of my coins from Bittrex last month. (I have a legacy account and didn't want to be forced to give them my ID stuff in case they get hacked).

The removal of "stale orders" that are over 28 days old is insane. I often place orders at various price points just so you can catch spikes up or flash crashes. Sometimes orders I've set a year in advance have come good and made me a lot of money.

It would be an utter nuisance setting these every month - I bet their entire order book suddenly dries up as a result of this silly policy.

Maum

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The best way would be on Bittrex to trade with only little amounts and withdraw as soon as you have exchanged your money. If larger trading amounts are needed, then proceed first your ID and wait until ID process is confirmed, before you deposit. Only send funds from wallet and the best is, to make sure, that past transactions can't be tracked. Don't put your whole money, that you want to exchange to one single exchanger.

Awnar

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Quote from: RGBKey on November 25, 2017, 12:15:43 PM

Plus, their ridiculous 0.001 BTC withdraw fee has always been a huge turn-off. They don't need nearly that much to send a transaction and I'm tired of getting scalped by that exchange.

If you are shocked by that, cryptopia has a .002 transaction fee. So yeah it is even more ridiculous, i dont how how users there would withdraw their transaction with that kind of high transaction fee. But some say it is fast compared to other exchange sites. But for me, i could wait hours as long as it will be sent and it was at least lower transaction fee.

Topic: Bittrex announces minimum trade size raise and other info - page 3. (Read 2963 times)