Tag: Bittrex

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Crypto Videos

Privacy Is Dead – Bittrex to Remove the US Privacy Coin Markets! Withdraw Your Tokens Or Lose Them!

https://youtu.be/rwGDStC_HTE

https://youtu.be/rwGDStC_HTE


Bittrex to Remove the US Privacy Coin Markets – No More Monero, Zcash, and Dash Trading

Bittrex announced on Dec 29 that its exchange will soon be removing the US markets for the three of the largest privacy coins by market cap. The privacy coin market removal will happen on Jan 15.

In the announcement, Bittrex stated it is giving its users up to 30 days to withdraw their holdings:

“After the markets are removed, Bittrex would seek to provide its users with up to 30 days to withdraw any delisted tokens. However, in certain instances, the withdrawal period may be shortened. Users are advised to withdraw any tokens before the aforementioned withdrawal deadline.”

While a specific reason for the delisting wasn’t announced in the post, The Block’s Director of Research Larry Cermak speculated that the delisting is coming as a response to the latest FATF (Financial Action Task Force) pressure talk regarding AML regulations recommendations.

According to Bloomberg, all “virtual/digital asset service providers” (VASPs) will be obligated to collect information about their customers as well as the recipients of funds, and then send that data to the receiver’s service provider with each transaction.

As FATF recognizes cryptocurrency exchanges as virtual asset service providers, they will essentially be held to the same standards that banks and other financial service providers are held to. The new standards, published on Friday, Jun 21, 2020, are the officialization of FATF’s proposal made earlier in February 2020.

The controversial rule caused turmoil and was not well received by the crypto industry, as many crypto exchanges and wallet providers simply aren’t equipped to collect and send the data that would be required by FATF.

In response to the announcement that Bittrex shared on its official Twitter account, the prices of top privacy coins such as Monero, Zcash, and Dash all dropped in the range of 7 to 15 percent.

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Crypto Videos

Bittrex Exchange In Depth Review Part 2

https://youtu.be/tS341fqp2Mg

https://youtu.be/tS341fqp2Mg

 

Bittrex exchange in-depth review – part 2/2

This part of the Bittrex exchange in-depth review will explain how the platform operates, the fees as well as the overall security of the platform.

Bittrex Chart view


Different exchanges often have their proprietary charts. However, all the user interfaces usually have a few things in common: they all show the order book, the price chart of the chosen asset as well as the order history. They also have buy and sell boxes. Before choosing an exchange, try to look at the user interface and determine if it will suit you.

Bittrex Fees

Bittrex has two types of fees! Trading fees and Withdrawal fees.

Trading fees
Bittrex is one of the exchanges that doesn’t charge different fees for market takers and makers. This type of fee structure is usually called “flat fees.” Bittrex offers its customer base a flat trading fee of 0.25%. Investors who prefer to take the orders from the market rather than set the orders themselves might prefer this fee model. The fees, however, do scale with trading size. The fees are divided between market taker fees and maker fees once the trading volume exceeds $200,000.

Bittrex’s flat fees the same as the majority of the industry that uses flat fees. However, more and more exchanges are now shifting to lower trading fees, ranging between 0.10%-0.15%. It is quite reasonable to believe that the 0.10% fee will be the new industry average.

Withdrawal fees

While many exchanges have competitive trading fees, they often have extremely high withdrawal fees to compensate. Bittrex does not do that. This exchange’s withdrawal fee is set at 0.0005 BTC when withdrawing BTC. This is either in line with or lower than the global industry average.

Deposit Methods

Bittrex, along with Poloniex, has been criticized for not providing fiat currency support to its customers. If you have money in a bank account and would like to start trading crypto, Bittrex is not a suitable exchange. However, this rule is not quite as strict and has an exception. If you want to deposit a sum of over $100,000, you could do that on Bittrex. The exchange decided to allow corporate clients to deposit fiat currency on 31 May 2018. When the news of partnering with the New York Signature Bank news broke out, Bittrex also announced that they would soon enable fiat currency deposits for all traders as well.

Bittrex Security

 

As exchanges store a massive amount of valuable personal info as well as assets, they need to have stellar security. The info they store can be anything, including names and addresses, government ID details, tax ID numbers, etc.
Bittrex’s hit a security score of B when performing a security test at Observatory by Mozilla. This is considered a very strong security score. When crypto exchanges go, it is far above average.

Bittrex also seems to be very committed to providing strong security to its customer base. They are stating that they “incorporate multiple layers of protection, using the most reliable and effective security technologies available.”
The exchange has a 99.95% uptime rate, which is quite an amazing proof of the trading engine reliability.

Categories
Crypto Videos

Bittrex Exchange In Depth Review Part 1

https://youtu.be/oH6mewieDSM

https://youtu.be/oH6mewieDSM

 

Bittrex exchange in-depth review – part 1/2

This part of the in-depth review of the Bittrex exchange will touch on the basics of the platform, its team as well as the liquidity of the exchange itself. This is the first of 2 parts of the Bittrex in-depth review.

General Info

Bittrex is an exchange founded in Seattle, Washington, USA. The exchange started off its operations in February of 2014. Back when the company was founded, there were a lot fewer exchanges, so the exchange became extremely popular as the industry was not as crowded.
Bittrex is still considered a popular exchange, though its popularity dropped over time. The Bittrex team considers this exchange to be a global leader in the crypto revolution. They market their exchange as a platform designed for people who require extremely fast trade executions, secure digital wallets as well as leading industry practices.

Bittrex doesn’t just have its platform, but also a “Blockchain Incubator.” To promote global innovation in the industry, Bittrex works with various teams so they could help new tokens with potentially great use-cases to transform the industry they are targeting.
Bittrex is one of the most popular exchanges that originate from the USA. As they are operating from the USA, they permit US investors to join the platform (Unlike BitMEX, which does not allow US investors on their platform).

Team

The main people who stand behind the Bittrex exchange are Bill Shihara (the company Co-Founder and CEO), Richie Lai (which is also Co-Founder as well as the CIO – Chief Information Office) and Rami Kawach (CTO). These three individuals come from a background of cybersecurity. They have previously worked at many well-established companies in the tech-sector (such as Blackberry & Amazon).

The Bittrex Trading Engine

Bittrex notified its user base of an update to its platform’s trading engine on 25 February 2019. The update then got carried out on 27 February 2019. The purpose of this major update was to make the platform much faster, scalable as well as to pave the way for “additional, exciting upgrades and features” later on. Since the update, the order book updates faster, while overall order execution is much smoother. In fact, the orders process speed is more than 20 times faster than before the platform update happened.

Liquidity

Bittrex’s liquidity is considered decent. However, there is quite a distance to cover if the exchange wants to catch up with the top 10 exchanges in terms of liquidity. Bittrex reported its 24-hour trading volume at approximately $13 million in February 2019. On 11 June 2019, the report showed Bittrex’s 24-hour trading volume increasing almost five times, coming at $55 million. However, the past months have shown us that Bittrex’s volume reduced overall.
Check out part 2 of our Bittrex in-depth guide to learn more about the platform itself, its fees and deposit methods, as well as the security of the exchange.