Bittrex Fiat Trading

[acuriousinvestor]

Hey,

I just got verified to trade in Fiat on Bittrex (after a long time using USDT). However, there is still just BTC/ETH/USDT options, which I obviously already had. After searching I could only find that "Bittrex is talking about USDT trading when they say fiat".. I dont know about anyone else, but in my mind fiat is not a coin back by fiat. Also, on trading view, there is a chart for both DASH/USD and DASH/USDT from Bittrex exchange.

The other post about this topic in here was poorly responded to which makes me believe it's collectively just known that there is NO USD trading on Bittrex. But why would they say it? Why is there a chart?

Thanks for your input

[mobnepal]

Yes USDT is not fiat but tether calims it is backed by equal amount of USD which looks quite shady if you go through this page they have
https://tether.to/legal/

However, Tethers are not money and are not monetary instruments. They are also not stored value or currency.

There is no contractual right or other right or legal claim against us to redeem or exchange your Tethers for money. We do not guarantee any right of redemption or exchange of Tethers by us for money.

Its not store value or currency so what bittex is claiming as fait trading is not really a fiat trading. Kraken have USD and EURO trading pairs which is the real fiat trading.

[mmortal03]

Does Bittrex have USD on ramps now, or is it still the same as the OP?

[dekana]

Bittrex will allow you to deposit FIAT to them.

Provided you're willing to send more than 100K USD. They will exchange to USDT on 1:1 basis.

[magneto]

Bittrex will allow you to deposit FIAT to them.

Provided you're willing to send more than 100K USD. They will exchange to USDT on 1:1 basis.

Yeah pretty much. They're basically accepting fiat through this USDT proxy probably because of regulatory concerns, they do not want to become an actual fiat currency exchange and rather just stick to whatever they are doing now.

For anyone interested the change was made a while back in August and can be viewed here: https://support.bittrex.com/hc/en-us/articles/115001293992-Purchase-USDT-via-Wire-Transfer

It's not for everyone though with the $100k minimum deposit, and even for the whales i doubt they will choose bittrex honestly. There's a lot of exchanges with better features and more volume, as well as better support that support fiat direct.

[rapidleech]

lol yea
deposit your money
then you should wait 2 years to get your funds back

[kimmy6]

what exchange markets are being used by whales to move fiat directly? (and with better volumes than bittrex)

[CyberKuro]

what exchange markets are being used by whales to move fiat directly? (and with better volumes than bittrex)

Since Bittrex doesn't support fiat trading, instead using the tether to avoid financial regulations, people who want to deposit and withdraw fiat currencies may use another exchange but it's nearly impossible to state which exchanges that whales tend to use.
There are several exchanges which better than Bittrex even some exchanges have a higher trading volume such as Bitfinex, Bithumb, GDAX and Bitstamp.
You can check it here: https://coinmarketcap.com/exchanges/volume/24-hour/

[jerry0]

Bittrex will allow you to deposit FIAT to them.

Provided you're willing to send more than 100K USD. They will exchange to USDT on 1:1 basis.

This does not concern me as i don't have that type of usd money wire to send.  But does this still apply?


Why can't bittrex accept smaller amounts like 2k or 3k or maybe 10k usd then?  100k usd... very few people have that type of money.