Bittrex announces minimum trade size raise and other info

[RGBKey]

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.

[1Referee]

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.

[alyssa85]

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...

[Alns]

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.

[babygun]

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.

[ololajulo]

 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

[SyGambler]

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 !!

[richardsNY]

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.

[TheNostradamus]

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.

[RGBKey]

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.

[pinkflower]

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.

From my perspective, it should be given a chance. If their changes can make their markets more liquid, more professionally run and make it better and easier for us to trade, then why not?

[e-coinomist]

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.

Why? Because it's shady. How? By naked eyesight, it's actually quite easy to spot a Quatloo tradebot beeing active at Bittrex. "Creating minimum tick sizes" directly targets that practise.
You have seen these orders piling up just 1 Satoshi above your last manually placed order? Next bot placing another +1 Satoshi on top of that?

However "suspend and close any accounts" sounds like suicide, I am assuming they are not doing this decision without any applied pressure from the legals. Between Poloniex, Kraken and Bittrex they could have taken the pole position with ease.

[btcney]

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 !!

Exactly, they've become such a shithole right now that i was a previous fan of theirs compared to poloniex and even i would not dare to use them with anything over 0.1 BTC. Just way too much to risk, i'd actually use poloniex right now.

They are very very unclear about the account limits and why some people get downgraded from previously verified accounts and get asked to verify again.

These new changes have not helped a single bit either.

[e-coinomist]

Exactly, they've become such a shithole right now that i was a previous fan of theirs compared to poloniex and even i would not dare to use them with anything over 0.1 BTC. Just way too much to risk, i'd actually use poloniex right now.

They are very very unclear about the account limits and why some people get downgraded from previously verified accounts and get asked to verify again.

At "Polo" you can run into the withdrawal limits, who are recalculated in realtime. So if you withdraw like 90% of your limit (any altcoin) and suddendly that coin jumps +30% you are crossing your 24 hourly limit.
I did not done that, but had been experiencing a bad day where that limits bar bumped really near to my limit.
And you know how it goes if you need to contact their nonexistant support.
People have grown old about that.

[alyssa85]

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 !!

Exactly, they've become such a shithole right now that i was a previous fan of theirs compared to poloniex and even i would not dare to use them with anything over 0.1 BTC. Just way too much to risk, i'd actually use poloniex right now.

They are very very unclear about the account limits and why some people get downgraded from previously verified accounts and get asked to verify again.

These new changes have not helped a single bit either.

The issue with Bittrex is that they are making changes retrospectively. They're actually amending old terms and condition pages but not changing the date (to pretend that these conditions have been in place since 2016). That is very very shady. Am glad I got my coins out last month - it was obvious something bad was going down.

[Erkallys]

Frankly I do not understand why they would be doing so. Bittrex is exploding in term of popularity and volume, it is completely destroying Poloniex and about any concurrent. Why doing so ?

[Maum]

Frankly I do not understand why they would be doing so. Bittrex is exploding in term of popularity and volume, it is completely destroying Poloniex and about any concurrent. Why doing so ?

Maybe they prepare their finish?
Luckily they still have concurrents. In any case, I will use bittrex with extreme caution like I do on poloniex and all others.

[Murloc]

Can anyone explain me how minimum trade of 10$ can help them to fight P&D groups? I'm not an experienced trader but it looks like those changes only make this exchange useless for beginners like me 

[RGBKey]

Can anyone explain me how minimum trade of 10$ can help them to fight P&D groups? I'm not an experienced trader but it looks like those changes only make this exchange useless for beginners like me 

I'm in the same boat. I used to use it to sell the small amount of altcoins that I've mined, but now it's worthless to me.

[carlisle1]

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.

thats the point how about the small traders,they want to be named as
Number 1 trading site thats why they make that policy but what would be the
Effect of those starter trading that wanted to use their site.better anticipate
Those small traders because they might be the next big player here,those
Aspirants.i hope bittrex would realize soon about the effect of this action