Something you should all know about Bittrex

[lifeiscrypto]

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.

[fetka88]

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!

[Ging]

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

[RichardBTC]

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

[bitcoinvestor]

Used them for large transactions. Not had a problem. Just send your ID in.

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.

[Blakscorpion]

I don't see any problem here...

They don't want you to play with huge amount of money if you don't show you are not a fraud...

[rooster2000bka]

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!

For me! Bittrex is good to exchange! Withdraw fast but support slow than i think! ( because sometime i need contact to them)

[drm]

Maybe it's not a problem for some people, but lot's of people aren't comfortable handing over all their personal info to an exchange.
Decentralized exchanges are the future.

[lifeiscrypto]

Thank you all for your answers.

I don't see the problem on asking for verification to avoid money laundry.

I see a problem when I am being asked for a basic account verification (home address + phone number) that is supposed to be all they would ask up to 3BTC and suddenly coming from nowhere, with my account already verified since months with that basic account verification, they disable your account and they ask you for a different identification. I would have been totally ok if that was part of what they call basic verification from the very beginning!

[alyssa85]

Maybe it's not a problem for some people, but lot's of people aren't comfortable handing over all their personal info to an exchange.
Decentralized exchanges are the future.

This. When you consider how often exchanges are hacked, and then people's details sold on the dark web, it really doesn't inspire confidence, and it's a great risk uploading your id.

Thanks for posting OP - looks like the only way to be safe if you have just basic verification is to regularly withdraw coins so that you are always under $1000.

[buwaytress]

I suppose I'm in two (or even three minds) about this. I strongly disagree that customers of any service should be suddenly and forcibly required to provide documentation which was previously not needed. At the very least, it could have been the one selling point that made one sign up for it in the first place, and the very most, it constitutes unfair practices.

Then again, this could be a backlash from all the customers who have been hacked or who've claimed unauthorised withdrawals. But to me, this should be tackled with something similar to Bitfinex's "green lane" system, where security measures like 2FA, whitelisting addresses and IP, and email encryption are implemented to protect against fraudulent withdrawals - all without the need for ID verification.

I think, to be on the safe side, we should now expect to be asked to verify at some point. I really detest the idea of sending my ID and selfies too, but I'm afraid this is the way it's going to be from now on.

[fetka88]

I personally use Bittrex and I like it there, no problem with them. No high fees, no problem w/ deposits/Withdrawals.

[czyjj]

Indeed, it is not good to change the rules privately, thus losing customers

[fetka88]

Alright but the thing is that you have not sent your id. Send your id and your money is back!

[Caladonian]

Alright but the thing is that you have not sent your id. Send your id and your money is back!

you just need to follow in order for you to recoverits a big trading site who caters a lots of big volume of projects and they cater
it properly you just needed to comply with the rules mate.

[chiznitz]

The process has not changed.  Bittrex has been using the process outlined for over 3 years.

Accounts do not just become disabled on their own for no reason.

There are many reasons it can happen and they are listed here.

https://support.bittrex.com/hc/en-us/articles/115001352132

[drm]

Alright but the thing is that you have not sent your id. Send your id and your money is back!

I feel that if you deposit 1 btc to their site you should be able to take out 1 btc without first having to get verified.

[BitcoinHodler]

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

what fees? trading fees or withdrawal fees?

their withdrawal fee is medium, i wouldn't call it high nor low.

the trading fee is high though. it is a small amount 0.25% versus others being 0.2% or 0.15% but that small amount can amass to a much bigger sum when you trade a lot and trade larger amounts. but that is the price you pay for using an exchange which is better than poloniex.

[Carreuh]

I don't feel troubled with bittrex. However, i anticipate not to store huge amounts btc in bittrex. And prefer wallet qt that i have installed on my pc. So, i am not at risk to find my account disabled by exchange. Because, untill today i cann't access poloniex acc while still stored 0.2 btc there. 

[lifeiscrypto]

The process has not changed.  Bittrex has been using the process outlined for over 3 years.

Accounts do not just become disabled on their own for no reason.

There are many reasons it can happen and they are listed here.

https://support.bittrex.com/hc/en-us/articles/115001352132

Yes, and I am not matching any of those reasons. They blocked my account because the total value of my holdings was over $1000 (didn't you read the text of the email on the first post?), that's what they said, could you point me to a place on their documentation or help pages in which they say they would do so?, now they ask for extra enhanced verification (contradiction to what you can see on your account after doing the basic verification, that would allow you to trade and withdraw up to 3BTC per day).
And btw I have been over $1000 before and nothing happened, so this is not an automatic thing happening to everyone, is a selective measure happening when they see it fit. Maybe they were in need of some of my coins for whatever pike of demand they were having, so the system chose my account to be blocked.

I have submitted the damn selfie (even if i shouldn't have, because as I said, I was never warned about this, and they are basically forcing me to do it by holding MY money). Now let's see how long this takes to be solved.

You can look at it whatever way you want. It is not cool. I also were happy with Bittrex until now. I actually would like them to reconsider this kind of measures, implement a better system, and then i'll happily keep using it. But not with this kid of surprises that take your sleep way without you having done anything wrong.

EDIT: Another comment on this: I have of course done a search on Google and went through Twitter comments on Bittrex account... I am not the only one suffering with this issue. You can do a search by "bittrex account_disabled" and you'll find a few of them, on this site. Often with many answer like "Hey for me it works fine!"...