New Bittrex Policy Changes – Ban Accounts Linked with Pump Groups
All about the New Bittrex Policy Changes
Hello cryptocurrency traders, have you heard of the new bittrex policy changes? If you trade Bitcoin and Altcoins using Bittrex and haven’t read about the new policy changes then it is very pertinent you go through this short post.
This morning 25th November, 2017 Bittrex updated their policy making some necessary changes to improve traders experience as well as warn against some illegal trading strategies initiated by some individuals and groups to manipulate the price of alts.
Traders will also NOT be allowed to keep stale orders for more than 28 days again meaning if you have placed a buy or sell order and the order is more than 28 days Bittrex will have to revert it.
So it is important you read this new bittrex policy changes and adjust as fast as possible.
Here is the email sent to me by Bittrex containing the New Bittrex Policy Changes.
“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.
Here is an example of Minimum Trade Size in as stated in the new policy changes update.
DOGE trades at 22 satoshis. The minimum trade quantity is 4500 DOGE and the minimum trade value is 100000 satoshis. The smallest order in the book is 100000 DOGE at 1 satoshi each. The largest order in the book is 4500 DOGE at 2 btc each.
For more details around these policy changes, see this article.
Also read how to change bitcoin to other alternative coins.