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Author Topic: Bittrex announces minimum trade size raise and other info  (Read 2726 times)
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November 25, 2017, 02:29:37 AM
 #1

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This email is to communicate policy changes for placing orders on Bittrex.  As you know, Bittrex is committed to providing fair and efficient price discovery and these changes are designed to improve the overall trading experience on our markets.
 
Removing stale orders:  Effective today, Bittrex will be removing orders that are older than 28 days.  As we’ve communicated in the past, many of these orders have no reasonable expectation of being filled and clog the order books.
 
Raising the minimum trade size:  Within the next 2 weeks, the minimum allowable trade value for orders will go from 50,000 Satoshi to 100,000 Satoshi.  We will also require a minimum trade quantity on a per market basis.
 
Creating minimum tick sizes: Within the next 2 weeks, on a per market basis, we will be instituting minimum tick sizes that are based on the current price of the market.  The target is to have minimum trade sizes that are near 0.1% of the current price.  The current minimum tick size is 1 Satoshi.  For example, Ethereum trades at 0.0577 Bitcoin.  Bids and asks can only be placed in 0.0001 increments.  So the next levels allowable levels on the order book will be 0.0576 and 0.0578.
 
A general statement about market manipulation tactics:  Bittrex actively discourages any type of market manipulation, including pump groups.  Consistent with our terms of service, we will suspend and close any accounts engaging in this type of activity and notify the appropriate authorities.   
 
For more details around these policy changes, see this article.  https://support.bittrex.com/hc/en-us/articles/115003004171
 
Thank you,
 
Bill Shihara
Chief Executive Officer

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.

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November 25, 2017, 03:39:54 AM
 #2

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This email is to communicate policy changes for placing orders on Bittrex.  As you know, Bittrex is committed to providing fair and efficient price discovery and these changes are designed to improve the overall trading experience on our markets.
 
Removing stale orders:  Effective today, Bittrex will be removing orders that are older than 28 days.  As we’ve communicated in the past, many of these orders have no reasonable expectation of being filled and clog the order books.
 
Raising the minimum trade size:  Within the next 2 weeks, the minimum allowable trade value for orders will go from 50,000 Satoshi to 100,000 Satoshi.  We will also require a minimum trade quantity on a per market basis.
 
Creating minimum tick sizes: Within the next 2 weeks, on a per market basis, we will be instituting minimum tick sizes that are based on the current price of the market.  The target is to have minimum trade sizes that are near 0.1% of the current price.  The current minimum tick size is 1 Satoshi.  For example, Ethereum trades at 0.0577 Bitcoin.  Bids and asks can only be placed in 0.0001 increments.  So the next levels allowable levels on the order book will be 0.0576 and 0.0578.
 
A general statement about market manipulation tactics:  Bittrex actively discourages any type of market manipulation, including pump groups.  Consistent with our terms of service, we will suspend and close any accounts engaging in this type of activity and notify the appropriate authorities.   
 
For more details around these policy changes, see this article.  https://support.bittrex.com/hc/en-us/articles/115003004171
 
Thank you,
 
Bill Shihara
Chief Executive Officer

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.

Well said. Bittrex has now become just another exchange that completely f***ed up their transition to becoming THE premier exchange. Previous personal favorite was poloniex but their support was so bad that everyone moved to bittrex.

Now we're seeing complaints against bittrex piling up, especially with verification issues.

Is it really worth it to stay with them, or should i move to binance or even just use shapeshift for day to day trading? I mean their rates aren't that bad even.

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November 25, 2017, 04:54:44 AM
 #3

Well said. Bittrex has now become just another exchange that completely f***ed up their transition to becoming THE premier exchange. Previous personal favorite was poloniex but their support was so bad that everyone moved to bittrex.

Now we're seeing complaints against bittrex piling up, especially with verification issues.

Is it really worth it to stay with them, or should i move to binance or even just use shapeshift for day to day trading? I mean their rates aren't that bad even.

Same here. I started in Poloniex but because of the issues, I moved to Bittrex as well but then due to sudden disabling and downgrading of accounts, I am considering of transferring to other exchange. There are many exchanges to choose from anyway and I can see some people having good feedback especially in their support who are active and responsive unlike in Bittrex and Poloniex that took quite sometime to respond on some customer issues. Even some of the trading fees are lower than the previous two.

A lot of newbie traders has a little capital to start trading and an $8 minimum trading size is just high. Well for some it maybe just a dust but for those who are just starting, it is quite high so better to look at other exchanges.

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November 25, 2017, 05:00:51 AM
 #4

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.

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November 25, 2017, 06:11:52 AM
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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


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November 25, 2017, 06:33:01 AM
 #6

Why are they discouraging any market manipulation? How they will know and how do they trace trader who are involve in these such activities?
This policy will give them two results, as like mention above, they will really lost small traders which will lead on switching on other exchange sites, so they can focus on big traders.
I'm a fan of this exchange because of their support and I didn't get any trouble with regards to verification. But I usually sell my coins only when it reaches my target point.

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November 25, 2017, 02:36:43 PM
 #7

The rise in minimum trade size has more of negative effects on the traders. Small traders might face trouble as the minimum trade size would now be 0.001btc which is quite a lot for small traders. Bittrex might also lose some of its users in this case. Usually the big whales manipulate the coins and fetch on small fishes but if there are no small fishes then the big whales wont be able to fill their tummy. Hence the big traders would leave Bittrex too. I guess many traders will now move to other exchanges.

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November 25, 2017, 03:13:29 PM
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i am not getting a good feeling about bittrex at all. these changes are not normal. and will all these shady activity and unsatisfied users, i am sure they are losing a lot of their old users who are now taking their business elsewhere. they will take a big financial hit pretty soon and may end up pump and dumping some coins themselves to make back some of the revenue they lost.

we really need to start thinking about switching to decentralized exchanges instead of these centralized ones like bittrex that can scam us at any second.

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November 25, 2017, 04:07:34 PM
 #9

Well, I'm not sure what to make of this exactly, but I think we're all getting immune to the wheeling and dealings all these centralised exchanges are doing. Of course, I suppose their bigger users won't be affected and may even welcome this news, assuming it'll return a lot of resources to service more serious traders. I've anyway been moving farther and farther away from guys like Bittrex simply because of the red flags and warning signs of randomly locked accounts.

I do find it funny to refer to "stale orders", though. I got affected, small orders, but they're just sitting there for under two months. To me, it's perfectly legitimateto set an order 10 to 15% variance from entry. Just because 28 days have passed doesn't mean they "have no reasonable expectation to being filled". Are they saying they're encouraging short term traders? Scalpers?

Goodbye, Bittrex!

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November 25, 2017, 04:15:43 PM
 #10

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.

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November 25, 2017, 04:59:35 PM
 #11

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.

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November 25, 2017, 06:42:29 PM
 #12

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.
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November 25, 2017, 06:56:41 PM
 #13

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.

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November 25, 2017, 07:45:11 PM
 #14

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.

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November 25, 2017, 09:22:40 PM
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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.

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

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November 25, 2017, 10:19:24 PM
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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.

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.

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November 25, 2017, 10:24:46 PM
 #17

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.

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November 25, 2017, 10:30:44 PM
 #18

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."
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November 25, 2017, 10:56:49 PM
 #19

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.
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November 26, 2017, 05:19:50 AM
 #20

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.
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