Topic: Something you should all know about Bittrex - page 2. (Read 977 times)

It is a regulation form govt to avoid money laundring, I think , all exchanger will do this rules except decentralized trading platform. Bittrex isn't decentralized trading platform. In INdonesia bitcoin.co.id the rules had been applied one or two years ago.

I think being as big a bittrex it is fine. My local trading platform asks for verifications and i happily did so. However one thing to think about is look at mtgox.... They were the biggest so if you had the same sentiment then you would be pretty screwed right now, who knows what they did with all their data they stored ect.

I guess its pretty much do and hope for the best these days

i think btrx is just fine but it takes expensive fees dont you agree ?

If i get it right, the only problem was that you were not able to send your ID so they did not approve your account - simple  send ID card and profit again!

Bittrex can disable and will disable your account, once you have money enough on it for them to be worth it.

The process goes as follows: You create your account and you have a basic verification that allows you (it clearly states that that's all its needed) to trade cryptocurrencies and withdraw up to 3 BTC per day. When this process if finished your account looks like this: https://pasteboard.co/GMY0153.png
Does it look like you are good to go to trade and withdraw up to 3BTC?? yes it does.

You may spend months trading, if you are with my a small investor, you will be moving amounts of less than 1BTC most of the time...

Then one day you are trading normally, with the difference that you probably have more amount at play than before... in my case it was 0.6 BTC, around $2600, and suddenly you get an "ACCOUNT_DISABLED" message that means that you are fucked.

Now you will write their tech support, that will send you an automatic answer with this new info:
"For security purposes, once your account is locked there will be a minimum 24 hour wait period before it will be unlocked.

If you have not verified your account, please login and do so now as this is a requirement in order to have your account re-enabled. Please click here to begin, https://www.bittrex.com/Manage#sectionBasicVerification

For Accounts valued at over $1000 USD we require additional information for proof of identity.

A government identification and a selfie of you holding that identification where we can match your face and information. Please also write "Bittrex" and today's date on a piece of paper and hold it in the picture. Please make sure the text on your ID is readable in all photos. Note: This means we need all 3 things in 1 photo. You, your ID, and the paper with "Bittrex" and the date on it. Also we do not accept .pdf, .doc or zip files, or links to files.

For expedited support and to streamline support agents verifying your account please consider performing Enhanced Verification by visiting https://www.bittrex.com, log into your account and click Settings on the top of the page.

After a minimum of 24 hours has passed we will check your ticket and enable your account. In some circumstances we may require additional information."

So now the rules changed, forget about the up to 3BTC and the free crypto trading, now for "security purposes" that basic verification that you did is not valid anymore, now we want a selfie holding your ID, and a paper with "Bittrex" and today's date.
They basically take your money and ask for more, in a way that wasn't shown anywhere when you go through the verification process or anywhere else in your account information.

I might be someone who just doesn't like to send selfies or I don't want my ID on that specific page. I wasn't warned about this, I am warned now that my money is held and that I can't decide if I want to go through that process.

Honestly, you might have a fake profile, and they have all the right to try to avoid that, but forcing users to unexpectedly send extra proof of verification?? what do they do with the money if you never verify all that info? extra profit for them??

Well, I knew the risks of trading crypto, and today sadly I see most of my savings gone. I am not involved in any illegal activity, but I have my reasons for not sending that extra verification proof that I wasn't ever told I would have to send.

I hope it is useful to some of you, if you also share my ideas.
Cheers.