Trading Accounts
Binance is a crypto currency exchange, focused mainly on the Chinese market. Of course, you could still use it, if you are based elsewhere.
The company, security of funds
Binance is a relatively new Chinese company, created by experienced professionals in the cryptocurrency space. The most recognizable name behind this project is that of Changpeng Zhao, former CTO at OKCoin.
Binance was created after attracting funds via an ICO (Initial Coin Offering – creating a new digital asset, backed by the project). The BNB tokens can now be traded on the exchange, or used as a method of paying your trading fees, which will reduce them by 50%. Additionally a small portion of the coin has to be paid to the company to cast your vote in the community poll, which determines which altcoin will be added to the exchange next.
That being said, whenever a new coin is added, Binance holds some kind of promotional distribution to existing clients. Usually it involves tracking the biggest holders of the new asset and rewarding them with extra coins. While these can not be taken as a guaranteed means of attaining more altcoins, they do raise attention towards the new tradign product.
Given its brief history, it is not surprising that Binance has not yet been hacked. That being said, the most obvious issue with this exchange is the fact it operates in China. Given the recent moves by the local authorities, it wouldn’t be surprising to see them register in a different country.
The English user reviews on Binance, while few, are fairly positive. Again, we must reiterate this is still a very new company, at the time of writing of this review.
Trading conditions
Trading instruments (cryptocurrencies)
Binance offers a substantial number of coins, which are traded mostly against Bitcoin and Ethereum. On the other side the two major coins are also paird with USDT (US Dollar Tether a digital asset, backed by US dollars, which aims to keep a 1:1 price ratio). The list of coins available at Bitnancie includes, but is not limited to (especially since new ones are added frequently): BTC, ETH, LTC, BCC, OMG, IOTA, ICN, MCO, SALT, KNC, CTRm SNLS, FUN, BQX, XVG, ZRX and BQX.
Minimum initial deposit
Binance does not provide information on the minimum deposit amount. As we cover mostly forex brokers, we are used to companies stating this information openly. The need for a minimum deposit level is associated with the legal costs of opening an account, which may exceed the potential commissions you will make with a broker, if you are trading too small. That being said several companies don’t have a required minimum, like the FCA-regulated industry leaders at IG.
Margin trading is not available at Binance. For those of you who are not familiar with the trading world – this is a system which allows you to trade with more money than you actually have in your account. Your balance is then used as a guarantee to maintain your position open. As an example, forex brokers require very little in collateral, in order to maintain massive positions. The so called leverage ratios can go as high as 1:500 or more. For instance, XM offers 1:888 in leverage.
That being said the cryptocurrency space is a lot more volatile, hence the need for lower ratios. Exchanges and forex brokers alike, rarely offer more than 1:20 in leverage.
The fee structure at Binance is simple to understand, but more importantly very competitive in the current environment. There is a flat 0.10% fee on all trading. Other exchanges often separate clients based on their trading volume and the way they enter/exit a transaction (traders who provide liquidity to the exchange usually get some benefits).
On the other hand forex brokers incorporate the costs of trading in the spread. While comparing them is a bit like comparing apples to oranges, we have made a side-by-side review of both services here.
Trading platform
Binance’s trading platform is web-based. Furthermore it offers two distinct trading layouts, a more simple one and a “Pro” version. Visually it reminds us a lot of the platform provided by Bitstamp. Here is how the “standard platform” looks:
The order book is placed on the left and more interestingly is arranged vertically. While being a bit avant-garde, this is by no means unique. The tape is on the bottom right, with a news feed placed directly above it. Overall, the presentation seems enjoyable. The “Pro” version, on the other hand looks like this:
This reminds us a lot of Bitstamp’s platform. The positioning of the order book and tape is a bit more convenient, with them being grouped up. The charting package also seems a bit more sophisticated, but it’s not even close to the forex industry standard which we have grown accustomed to, MetaTrader4 (MT4).
Methods of payment
Binance is one of the exchanges which doesn't accepts fiat currency payments and focuses only on the digital side of things. Clients can deposit and withdraw the coins supported at the exchange.
Conclusion
Binance is a cryptocurrency exchange, created by a former key member of OKCoin. While the company mostly focuses on the Chinese market, everybody is welcome. That being said, they do not accept fiat money deposits. The amount of coins available for trading is relatively high and still growing, but there are other exchanges offering the more exotic ones. The major issue we have with Binance is that the project hasn’t been around long enough to actually prove itself. Here are the pros and cons of this exchange:
Our Experience
As we mentioned in the beginning of our Bitstamp review, after testing their services, we transferred some coins to Bittrex in order to experience more exotic coins. While Bitstamp only offers four of the major cryptocurrencies – Bitcoin, Ethereum and Litecoin, Bittrex supports over 190 digital assets.
What was highly unusual at Bittrex was the vast number of wallets available. There were pages and pages, but then again all trading assets must be supported. We were very careful to transfer our recently acquired Litecoin to the appropriate address. We chose Litecoin, as the network fees (not charged by the exchange, but by the actual blockchain) for a Bitcoin transfer felt a bit too high.
Once we received the coins we started trading, after going through Bitcoin several times, as most altcoins are traded against it. After a couple of days we realized we had some Bitcoin “change” left over. This was obviously due to partial executions. Here is a preview of the multiple wallets we have and the “change” left in the third one (click to zoom-in):
While the 29 pages may seem scary at first, there are several filters, including the option to “hide zero balances”.
Trading Accounts
Bittrex is one of the most popular cryptocurrency exchanges. Its main advantage against major competitors, like Kraken or Bitfinex is the diversity of coins available for trading. Basically every coin you can think about is traded on Bittrex.
The company, security of funds
Bittrex, INC is based in the US, more specifically in New York. It is one of the few companies which has applied for the controversial “BitLicense”. If you are not familiar with the story, the New York Department of Financial Services (NYDFS) had plans to regulate bitcoin exchanges in 2015, which one may argue backfired. A lot of companies opted not to go through the stringent regulatory process, and simply moved out of New York. While at least nine applied for a license, only three were approved for two years. The fact, reputable companies decided to back-out, combined with the slow process, makes the entire law appear to be ineffective. While the regulation may not make New York a crypto-trading hub, Bittrex is still in the application process.
When it comes to the security of your funds at Bittrex, the company offers and recommends using two-factor authentication, which is a standard measure in the industry. The exchange hasn’t yet suffered a major hack, unlike others. However there are a few alleged reports by individuals, who claim their accounts were hacked. It is hard to verify their claims or if they aren’t to blame for mistakes like having a weak password or not enabling two-factor autentication.
The user reviews for Bittrex are fairly positive. Traders like the feel of the actual trading platform (which we’ll cover shortly) and the diversity of altcoins. That being said, given the number of assets available for trading, one must be careful when transferring coins to Bittrex. Some of the user issues with the exchange involve the company’s policy on recovering coins transferred to the wrong wallet, which we will get to in the Methods of Payment section. The other frequent complaint people have invoves slow responses from the customer support, but the amount of negative post is nowhere near the ones for Poloniex.
Update: While the majority of reviews on Bittrex were positive, the company apparently locked-out a lot of accounts in the days around the Bitcoin Cash hard fork. This prevented customers from selling their Bitcoin as the market rallied. While we had no issue, with our testing account a lot of other traders had. Check the comments section below this review for complaints. We have lowered the otherwise solid score of this exchange as a result.
Trading conditions
Trading instruments (cryptocurrencies)
As we mentioned in the beginning, the major advantage of Bittrex comes from the plethora of alternative coins it provides. Currently there are over 190 digital assets available for trading. There are two types of markets at Bittrex – USD and Bitcoin. As their names suggest, at one of them you are trading coins against the US dollar, while in the latter you are trading them against Bitcoin. The more exotic assets are only available in the second market type.
Minimum initial deposit
Bittrex does not provide any information on the minimum deposit level. While this is a common practice with cryptocurrency exchanges, we are used to forex brokers providing this information freely. Some even point out the low levels they have as a competiive advantage. For instance, you can open a cent-account at FXTM with only $5.
There is no margin trading at Bittrex, at the time of writing of this review. That being said, the company has announced it is working on its implementation. Forex brokers, who provide bitcoin trading (like IG) always provide margin trading. Additionally, almost all of their offers involve CFD trading, which is slightly different than exchange-based trading. For a full description of the differences between the two, read this review.
The trading fee at Bittrex is 0.25%. This is in-line with the current offers provided by other exchanges, although such a flat value is not often applied. For instance, some exchanges offer a different fee for market “makers” and takers”, encouraging people to provide liquidity to their order book. A market maker (in this context, not to be confused with forex market makers) is a trade who places a bid or ask on the exchange. A “taker” is somebody who buys directly from the best available ask (or sells at the best bid). Furthermore, discounts for large traders are also provided at some exchanges, based on the monthly trading volume.
Trading platform
As most other crypto-exchanges, Bitttrex offers a web-based platform. It feels fairly easy to use, while offering multiple capabilities. The charting package is average – worse than the one provided by let’s say MetaTrader4 (MT4), but a lot better than the ones which other exchanges offer. There are several technical indicators available, but again not as much, as these available at the leading forex trading platforms. Here is what a chart at Bittrex looks like (click to zoom-in):
The order book also feels very intuitive and as if it was developed by somebody who is familiar with trading. The “star” column on the inner-side of both the bid and ask tables fills up wit a … star, once you have placed an order. This makes it easy to visually recognize the price levels at which you are willing to buy or sell. Here is a preview (click to zoom-in):
Overall the Bittrex trading platforms is one of the better ones we have seen, with no major downside to it.
Methods of payment
Payments to and from Bittrex can only be made via cryptocurrencies. Given the plethora of available wallets, one must be careful not to deposit to the wrong one. We found a comment from an individual, who mistakenly transferred his Bitcoin Cash into his regular Bitcoin wallet. The support team managed to help him, but you must be aware of the official company policy on this matter. It is to review such transactions only if they involve coins worth over $5,000 and charge a 5% fee for fixing the issue.
While relatively inexperienced users will like to deposit via Credit/Debit Card or on-line solutions such as Skrill or PayPal, they will have to go through another party before trading at Bittrex.
Conclusion
Bittrex is one of the largest cryptocurrency exchanges. Its main advantage over the competition is the availability of multiple alternative coins – over 190 and counting. That being said, the company does not accept fiat money deposits – instead they only operate in the cryptoverse. This is a limitation for inexperienced people, but if they want to venture into the assets available at Bittrex, they would have to do some research anyway. The trading platform feels solid. Overall Bittrex is a top-contender for people who are looking to trade more exotic alternative coins. Here are the pros and cons of trading with Bittrex:
Stablecoin TrueUSD Is Now Trading on Bittrex
TrustToken has launched trading for TrueUSD, “the first independently verified asset-backed stablecoin on the market that fixes its value to the U.S. Dollar.” TrueUSD (TUSD) is live on the cryptocurrency exchange Bittrex.
“TrustToken is proud to launch TrueUSD so that traders can easily and quickly trade into a stablecoin that is 100 percent USD collateralized and independently verified by third-party accountants,” said Danny An, co-founder and CEO of TrustToken. “The market has demonstrated that there is strong demand for a trustworthy trading pair between cryptocurrencies and U.S. Dollars. TrueUSD’s presence on Bittrex meets that need."
Stablecoins are price-stable cryptocurrencies, meaning the market price of a stablecoin is pegged to another stable asset, like the U.S. dollar. A recent review explores the conceptual and technical aspects of stablecoins, discussing current implementations including TrueUSD.
TrustToken , founded in 2017 by a team from Stanford and UC Berkeley universities, Palantir and Google, has developed a legal framework for collateralized cryptocurrencies and a technical platform to tokenize real-world currencies and assets. TrueUSD is an ERC20 stablecoin that is claimed to be “fully collateralized, legally protected and transparently audited.” It is issued only against existing fiat reserves held by a central issuer, using multiple escrow accounts to reduce counterparty risk and to provide token holders with legal rights to the funds.
An interesting question is: Why would one want to buy a stablecoin? Instead of spending, say, U.S. dollars to buy a cryptocurrency whose value is pegged to the U.S. dollar, why not just keep the U.S. dollars in the bank? An answer is that a stablecoin can offer the best of both worlds: the stability of a fiat currency and the efficiency of a blockchain-based cryptocurrency with fast, cheap and traceable transactions.
Therefore, while stablecoins don’t offer value to speculators, they do offer value to digital cash users. “Normal people and businesses can enjoy the benefits of digital currencies (faster transaction speed than ACH [Automated Clearing House], global reach) without the volatility of Bitcoin,” notes the TrustToken FAQ . “Now you can pay a salary, take out a loan, or buy coffee with a cryptocurrency, enabling a new economy of cryptocurrency financial applications.”
According to a TrustToken blog post , TrueUSD launched on Bittrex first because it is the largest cryptocurrency exchange by trading volume in the United States, has solid Anti-Money Laundering (AML) and Know Your Customer (KYC) compliance practices, and is frequently used by institutional traders.
“Bittrex is committed to providing our customers with an extensive selection of blockchain technologies and digital tokens,” said Bittrex CEO Bill Shihara. “Our rigorous listing review not only identifies tokens that have innovative features, but also passes our robust compliance process. We look forward to having TrueUSD on the Bittrex exchange.”
At this moment, there is only a BTC/TUSD pair , and traders who want to exchange other coins or tokens for TUSD need to go through Bitcoin first. The TrustToken team is working toward developing more trading pairs to be implemented in the future.
Anyone with a Bittrex account can use the exchange to trade TrueUSD for BTC. To exchange TUSD for U.S. dollars, TUSD holders should follow the redeeming procedure outlined in TrustToken’s guide for traders . “If you hold TrueUSD tokens, pass a KYC/AML check, and comply with our terms of use , you have a legally enforceable right to redeem those tokens for the money in the TrueUSD escrow accounts,” ensures the guide. The redeeming process, partly implemented through Ethereum smart contracts, burns — deletes from circulation — the TUSD tokens and wires U.S. dollars to a previously indicated bank account.
The TrustToken team takes compliance seriously and intends to work with regulatory authorities. The introductory TrustToken post notes that smart contracts that issue tokens can help enforce compliance, for example, by ensuring that buyers are accredited investors or are citizens of certain countries.
Statement on Bitcoin Cash [BCC]
If you have a Bitcoin (BTC) balance on Bittrex during the BCC UAHF time on August 1st, 5:20am PT (12:20pm UTC), you will be additionally credited the equivalent amount of Bitcoin Cash (BCC) on a 1:1 basis. i.e. 1 BTC on Bittrex held during the on-exchange snapshot will get you 1 BCC. BTC held on orders will also be credited. Only the BTC held on your account is eligible for BCC. Full details below.
Bitcoin Cash [BCC] is a proposed digital asset based on the Bitcoin ABC client. BCC is set to perform a User Activated Hard Fork (UAHF) from the Bitcoin network on August 1st, 5:20am PT (12:20pm UTC). BCC includes some code and consensus changes such as SIGHASH_FORKID replay protection, support for 8 MB block sizes, modified difficulty adjustment and removed support for Segregated Witness.
At this time, several exchanges have expressed the future support for BCC trading as well as mining pools. Bittrex will be monitoring this situation closely. Bittrex will close deposits and withdrawals of Bitcoin (including 2nd layer protocol XCP/OMNI and associated assets) 24 hours prior to the BCC UAHF time on August 1st, 5:20am PT (12:20pm UTC). The wallet will remain closed until the majority hash power chain is clearly established. Trading will remain active during this time. In the event of a chain split, Bittrex will take all reasonable steps to ensure that customer funds can be preserved on both chains.
Bittrex will monitor the BCC network stability and developments and assess the viability of opening trading of BCC assets. There is no guarantee that any markets will open to allow BCC assets to be tradable on Bittrex exchange. In the case of no BCC market opening you will be able to withdraw BCC.
Update 1: Changed term "credited" to "additionally credited". Changed term "network" to "network stability". Added "In the case of no BCC market opening you will be able to withdraw BCC."
Update 2: Add "PT" timezone for clarity.
Statement on Bitcoin Gold [BTG]
If you have a Bitcoin (BTC) balance on Bittrex during the BTG snapshot block 491,407 occurring approximately on October 23, 11pm PT (6am UTC), you will be additionally credited the equivalent amount of Bitcoin Gold (BTG) on a 1:1 basis. i.e. 1 BTC on Bittrex held during the on-exchange snapshot will get you 1 BTG. BTC held on orders will also be credited. Only the BTC held on your account is eligible for BTG. Full details below.
Bitcoin Gold [BTG] is a proposed digital asset.
At this time, the information and codebase presented by the Bitcoin Gold team is not in a functional state and Bittrex will not commit to opening a Bitcoin Gold trading market.
Bitcoin Gold intends to perform a wallet balance snapshot at Bitcoin block 491,407 but the actual Bitcoin Gold network will launch publicly at a later undetermined date and time (the only guidance is the statement "after the launch on Nov 1").
Bitcoin Gold does not currently have:
- Fully formed consensus code
- Implemented replay protection
- Adequate code for testing and auditing
- Publicly known code developers
Bitcoin Gold codebase also contains a private premine of 8,000 blocks (100,000 BTG). Please be aware that if a market does open there is a possibility of the developers selling their premined BTG on the open market.
When considering adding tokens to Bittrex exchange we look at the risks involved. Bitcoin Gold does not satisfy our criteria for safety for our users. Taking a snapshot of the Bittrex exchange Bitcoin wallet is also a large disruptive undertaking that requires over 24 hours of preparation (Bitcoin deposits and withdrawals are also suspended during this time) and should not be taken lightly.
Bittrex will close deposits and withdrawals of Bitcoin 24 hours prior at block 491,263 to the BTG snapshot block 491,407 occurring approximately on October 23, 11pm PT (6am UTC). If any BTC deposits you had sent to Bittrex are not settled (e.g. marked as pending) by block 491,263 you may not be credited with BTG. The wallet will remain closed until the on-exchange snapshot is complete. Trading will remain active during this time.
Bittrex will make all reasonable attempts to credit our users BTG but until we have a fully supported wallet, we can neither guarantee tokens or consider creating a market. We will continue to monitor the state of the codebase and network. We'd also like to encourage the BTG development team to reach out to us.
Further information:
Developer statement from Bitcoin Gold Slack:
Update 10/22/2016: Update approximate snapshot block time. Further clarify closing of deposits and withdrawals time. XCP/OMNI and associated assets not effected.
US Search Mobile Web
Welcome to the Yahoo Search forum! We’d love to hear your ideas on how to improve Yahoo Search.
The Yahoo product feedback forum now requires a valid Yahoo ID and password to participate.
You are now required to sign-in using your Yahoo email account in order to provide us with feedback and to submit votes and comments to existing ideas. If you do not have a Yahoo ID or the password to your Yahoo ID, please sign-up for a new account.
If you have a valid Yahoo ID and password, follow these steps if you would like to remove your posts, comments, votes, and/or profile from the Yahoo product feedback forum.
- Vote for an existing idea ( )
- or
- Post a new idea…
- Hot ideas
- Top ideas
- New ideas
- Category
- Status
- My feedback
Improve your services
Your search engine does not find any satisfactory results for searches. It is too weak. Also, the server of bing is often off
I created a yahoo/email account long ago but I lost access to it; can y'all delete all my yahoo/yahoo account except for my newest YaAccount
I want all my lost access yahoo account 'delete'; Requesting supporter for these old account deletion; 'except' my Newest yahoo account this Account don't delete! Because I don't want it interfering my online 'gamble' /games/business/data/ Activity , because the computer/security program might 'scure' my Information and detect theres other account; then secure online activities/ business securing from my suspicion because of my other account existing will make the security program be 'Suspicious' until I'm 'secure'; and if I'm gambling online 'Depositing' then I need those account 'delete' because the insecurity 'Suspicioun' will program the casino game 'Programs' securities' to be 'secure' then it'll be 'unfair' gaming and I'll lose because of the insecurity can be a 'Excuse'. Hope y'all understand my explanation!
I want all my lost access yahoo account 'delete'; Requesting supporter for these old account deletion; 'except' my Newest yahoo account this Account don't delete! Because I don't want it interfering my online 'gamble' /games/business/data/ Activity , because the computer/security program might 'scure' my Information and detect theres other account; then secure online activities/ business securing from my suspicion because of my other account existing will make the security program be 'Suspicious' until I'm 'secure'; and if I'm gambling online 'Depositing' then I need those account 'delete' because the insecurity 'Suspicioun' will program the casino game 'Programs' securities' to be… more
chithidio@Yahoo.com
i dont know what happened but i can not search anything.
Golf handicap tracker, why can't I get to it?
Why do I get redirected on pc and mobile device?
Rahyaftco@yahoo.com
RYAN RAHSAD BELL literally means
Question on a link
In the search for Anaïs Nin, one of the first few links shows a picture of a man. Why? Since Nin is a woman, I can’t figure out why. Can you show some reason for this? Who is he? If you click on the picture a group of pictures of Nin and no mention of that man. Is it an error?
Repair the Yahoo Search App.
Yahoo Search App from the Google Play Store on my Samsung Galaxy S8+ phone stopped working on May 18, 2018.
I went to the Yahoo Troubleshooting page but the article that said to do a certain 8 steps to fix the problem with Yahoo Services not working and how to fix the problem. Of course they didn't work.
I contacted Samsung thru their Samsung Tutor app on my phone. I gave their Technican access to my phone to see if there was a problem with my phone that stopped the Yahoo Search App from working. He went to Yahoo and I signed in so he could try to fix the Yahoo Search App not working. He also used another phone, installed the app from the Google Play Store to see if the app would do any kind of search thru the app. The Yahoo Search App just wasn't working.
I also had At&t try to help me because I have UVERSE for my internet service. My internet was working perfectly. Their Technical Support team member checked the Yahoo Search App and it wouldn't work for him either.
We can go to www.yahoo.com and search for any topic or website. It's just the Yahoo Search App that won't allow anyone to do web searches at all.
I let Google know that the Yahoo Search App installed from their Google Play Store had completely stopped working on May 18, 2018.
I told them that Yahoo has made sure that their Yahoo members can't contact them about anything.
I noticed that right after I accepted the agreement that said Oath had joined with Verizon I started having the problem with the Yahoo Search App.
No matter what I search for or website thru the Yahoo Search App it says the following after I searched for
www.att.com.
WEBPAGE NOT AVAILABLE
This webpage at gttp://r.search.yahoo.com/_ylt=A0geJGq8BbkrgALEMMITE5jylu=X3oDMTEzcTjdWsyBGNvbG8DYmyxBHBvcwMxBHZ0aWQDTkFQUEMwxzEEc2VjA3NylRo=10/Ru=https%3a%2f%2fwww.att.att.com%2f/Rk=2/Es=plkGNRAB61_XKqFjTEN7J8cXA-
could not be loaded because:
net::ERR_CLEARTEXT_NOT_PERMITTED
I tried to search for things like www.homedepot.com. The same thing happened. It would say WEBPAGE NOT AVAILABLE. The only thing that changed were all the upper and lower case letters, numbers and symbols.
Then it would again say
could not be loaded because:
net::ERR_CLEARTEXT_NOT_PERMITTED
This is the same thing that happened when Samsung and At&t tried to do any kind of searches thru the Yahoo Search App.
Yahoo needs to fix the problem with their app.
Yahoo Search App from the Google Play Store on my Samsung Galaxy S8+ phone stopped working on May 18, 2018.
I went to the Yahoo Troubleshooting page but the article that said to do a certain 8 steps to fix the problem with Yahoo Services not working and how to fix the problem. Of course they didn't work.
I contacted Samsung thru their Samsung Tutor app on my phone. I gave their Technican access to my phone to see if there was a problem with my phone that stopped the Yahoo Search App from working. He went to Yahoo and… more
Bittrex Customers Locked Out: Are Crypto Exchanges Ready for Bitcoin?
Bittrex users took to social media to voice their concerns: something is wrong at the third largest cryptocurrency exchange in the world. Customers openly complain they’re having issues with withdrawals, and this has been going on for weeks. Certainly every popular platform has had its share of problems with runs in the wake of price spikes, but until yesterday the exchange offered no formal, public explanation.
Bittrex Has a Public Relations Problem
Bittrex hasn’t Tweeted since 30 November. Its Facebook page hasn’t been updated since Summer. Customers are starting to worry, loudly.
Important Information About Identity Verification, published the evening of 5 December, the exchange explained, “We are committed to making sure our services are not used to launder money, support terrorism, commit fraud or other illegal activities,” citing the Bank Secrecy Act and other regulations as catalyst.
Describing their services as “frustrating or a hassle,” the exchange blamed, essentially, lack of customer literacy in the identity verification process. Stressing they “cannot do this without the help of our customers,” the post then lists “common mistakes or issues that arise.”
Included are problems such as “Creating multiple accounts associated with a single individual or entity; Name mismatch; Unreadable IDs; Non-Latin characters on the Government IDs; [and] Opening multiple support tickets.”
Signed by The Team, the post ends: “We trust that you understand Bittrex is committed to following the law and ensuring that it has a robust compliance program. We ask for your patience and cooperation throughout this process.”
So, Criminals can Deposit but Not Withdraw?
Curious to outsiders, infuriating to customers, is the notion of the exchange taking orders, money, seemingly without issue … only to cover itself in cloaks of legalisms at withdrawal time.
Indeed, a user told Business Insider how “This is a big deal because when you sign up with Bittrex, they allow you to deposit funds into your wallet and even allow you to trade without Verification. But then you cannot withdraw your funds.”
The exchange has been around since 2014, and is based in Las Vegas though its mailing address is Seattle. Its daily trading volumes hover near 1 billion USD. As of this writing, it ranks second in daily volume among exchanges.
Though not Better Business Bureau (BBB) accredited, Bittrex nevertheless has a dedicated page of mounting complaints. Users have gone public with their stories, and most have documented something like the following, “Last night I tried to withdraw and got this: ‘Unverified account withdraw limit has been reached. Please try again in 24 hours. To increase your limits, please verify your account,'” Russia Today noted. There’s even a Twitter hashtag, #BittrexTrouble.
These are not the first problems for Bittrex, nor are they alone in this regard. Bitcoin’s price, as well as the value of the crypto space generally, has risen beyond expectations. It could just be the case of not being prepared. In these pages, flashes and run-ups were reported at Kraken, Coinbase, Tether, Gemini, among others.
Problems like these are not only worrisome for those unable to access their funds, but they’re also excuses for tighter government controls and regulations. With Wall Street and assorted whales headed crypto’s way in the coming months, readers can be sure such problems will not be tolerated.
As a matter of plain justice, however, in a volatile market, losing precious seconds, much less weeks or months, could literally financially break enthusiasts.
What do you think about exchanges refusing user withdrawals? Tell us in the comments below.
Bittrex Wallets Are Taken Offline as Companies Scramble to Patch the Intel Bug
On Wednesday, the tech world was rocked by revelations of a computer chip vulnerability that exposes critical data. Meltdown and Spectre are the names assigned to the newly discovered flaws which primarily affect Intel chips. From a security perspective, the bug concerns everyone who uses an Intel-powered device to connect to the internet, which is pretty much everyone. But from a practical perspective, the bug is already making its presence felt: today Bittrex exchange was forced to take numerous wallets offline while Azure servers were patched.
A Bug in the System
Computer bugs and vulnerabilities are discovered all the time, but the Intel one is particularly nasty. It risks leaving passwords and other critical data exposed on billions of internet connected devices, from smartphones to PCs. While patches are being rushed out for the major operating systems, hackers are trying to find ways to exploit the vulnerability, which could provide them with complete system access. Spectre forces programs to leak confidential data, while Meltdown noses around in the system kernel for the same purpose.
Cryptocurrency holders, who already face a heightened threat from hackers, have good reason to be concerned. In addition to affecting personal computers, Spectre and Meltdown spell danger for cloud-based systems. Cloud computing providers store data from multiple clients on the same server. If that server were to be exploited, it would theoretically be possible for an attacker to access multiple accounts.
A Dark Cloud
Cryptocurrency exchanges, whose websites carry a heavy load, are reliant on the cloud. While the likes of Amazon have been rushing to patch their servers, exchanges have been affected by outages and reduced service. Earlier today, Bittrex tweeted :
Azure accelerated a planned reboot due to the public Intel disclosure. Wallets will be online again once they complete post reboot audits.
At present, withdrawals and deposits for around 30% of the coins traded on the exchange are unavailable.
Bittrex wallets today.
Several other exchanges were temporarily taken offline, with some platforms specifically referencing the patch, and others simply referring to maintenance. Among those affected were Einstein Exchange, CEX.io, and Kucoin. Hardware wallet manufacturer Ledger also updated concerned customers on the situation, tweeting :
There is an added issue regarding the Intel bug: as a consequence of patching it, system performance will be reduced by as much as 30%. Cryptocurrency miners are unlikely to be badly affected, as the process doesn’t involve making a high number of kernel requests. But for anyone who prides themselves on running an overclocked PC with a high benchmark, the slowdown may be hard to stomach.
Are you concerned by the Intel bug and do you think cryptocurrency holders should be worried? Let us know in the comments section below.
TheBlogChain
Bitcoin Trading, News and Service Reviews
Bittrex Review: B
Bittrex is a US-based Bitcoin and cryptocurrency exchange based in Las Vegas, NV. Bittrex is an altcoin-focused cryptocurrency-only exchange that has the MOST pairs of all altcoin markets.
You can find a complete listing of their pairs on their website, but trust me, it is quite extensive.
The Bittrex Review Overview
- !Has not been audited publicly, to the best of my knowledge!
- Total volume between all pairs is in the medium range,
1k-2k BTC/day
Bittrex Review: Fees
- 0.25% on buys and sells. High, but given the blight of altcoin exchanges these days, not all that bad.
- Annoying and mildly deceptive ‘fees’ link on the website that directs you to a page that talks about coin withdrawal fees and minimum trade sizes, but not about the ACTUAL fee, the 0.25% fee on each buy or sell.
Bittrex Review: Security
- Two-Factor Authentication (required for withdrawals)
- Multi-stage elastic wallet system to safeguard coins
- Simple answers can be fine solutions, as they are here.
Bittrex Overall: B
Legitimacy: 8/10
Ease of Use: 6/10 (their trading interface in particular is confusing)
Trading Utility: 8/10
Customer Service: 6/10
Security: 8/10
Summary: Bittrex is a well-built, secure platform managed by what look to be excellent programmers and developers who are passionate about cryptocurrency and focused on developing a brilliant exchange.
Bitcoin Exchange Bittrex Reopens Registrations and Unveils New Design
April 12, 2018 14:00 by Shaurya Malwa
After four months of pausing new user registrations for a framework upgrade, Bittrex reopened registrations on April 10. However, the influx of new users caused a server overload ten minutes after the site went live, indicating a huge demand in the platform’s service and interest in bitcoin and altcoins.
Earlier in December 2017, the US-based crypto exchange paused all registrations for new users, citing their server’s saturated capacity and lack of staff for customer service. Potential new users had to fill out an application form and were added to a “waitlist,” with no clear date on when the exchange would relaunch its registrations.
Finally on April 10, 2018, without a prior statement, the exchange announced the relaunch of registrations on its revamped platform. In addition to this, the company introduced corporate accounts, which allow for multiple traders using a single account with a large asset holding.
CEO Bill Shihara said, “After diligently working to improve our infrastructure and upgrade our website, we’re pleased to announce registration for new users resumed today.”
The company also spoke of its recent team expansion, informing that they have brought on board former Amazon employees, as well as former members of the U.S. Departments of Justice and Homeland Security.
Server Failure
Ten minutes after its much-awaited launch, the company suffered an embarrassing server failure, which resulted in registrations to be suspended once again. The lapse was quickly attributed to unprecedented traffic from new users trying to sign up for the platform. Trading activities were suspended as well, but as of yet, there is no report of loss in funds.
Addressing the server failure, Bittrex said:
“Sorry for the inconvenience. Due to an overwhelming response from new users, registration is temporarily paused. We’re working to make the necessary tweaks and reopen signups again shortly.”
True to its word, the issue was solved in five hours, and registrations are now ongoing on the Bittrex website.
Early in 2017, U.S based Coinbase underwent similar issues. The cryptocurrency giant reported a mainframe shutdown, which it attributed to the large price increase of bitcoin, stimulating new investors to jump on the bandwagon.
Major Bitcoin Exchange Bittrex’s Customers Have Been Unable to Withdraw For Months
On various online bitcoin communities, forums, and social media platforms, clients of major US-based bitcoin and cryptocurrency exchange Bittrex have expressed their concerns over long-lasting withdrawal issues.
Bittrex Verification Issues, Resolution
Several users disclosed that withdrawal of funds on the Bittrex cryptocurrency trading platform have been delayed for many weeks, up to a month, for reasons made unclear to users.
According to a Bittrex customer, the withdrawal issues and delays on the Bittrex trading platform have emerged due to the platform’s verification issues. As with every other regulated cryptocurrency exchange, Bittrex has different withdrawal, deposit, and trading limits for users. For traders to increase their daily withdrawal limits, they are required to submit government-issued IDs, passports, selfies, and additional sensitive information.
However, because of the rapid increase in the user base of Bittrex and surge in the volume of verification requests, the process of increasing the daily trading limit and completing account verification often take over a month for regular users.
“The next step is for you to submit a Support Ticket, which I then completed. My Support ticket was opened on November 6 with not a single response from anyone at Bittrex. This is going on for almost 30 days now. I updated the ticket many times to no avail,” a Bittrex trader told Business Insider in an interview.
Earlier this month, Bittrex spokesperson said in a statement provided to Business Insider that the company is implementing various solutions to ease the verification process and increase the daily trading limit of users in a prompt manner.
The spokesperson also noted that the company has reached out to all of the users and traders affected by the verification issues. “Bittrex recently reached out to its affected customers to explain more fully the improvements we have been making to our identity verification procedures and the reasons some accounts may have been affected. A small percentage of our overall user base has experienced delays in getting their account issues resolved, and we have recently added more staff to address those delays,” said the Bittrex spokesperson.
On November 29, Bittrex founder rami Kawach announced that the company had completed an upgrade on the back-end system of Bittrex, as a part of a initiative to address the rapid user growth and request load on the trading platform.
“Due to unprecedented user growth and request load, we are currently performing upgrades on our back-end system. We are attempting to minimize trading impact but we expect short rolling outages on all markets,” wrote Rami.
In the upcoming months, the Bittrex team aims to roll out additional updates and improvements onto its back-end system to address the exponential growth of its user base.
Similar Problems on Other Exchanges
In May of 2017, prominent bitcoin blogger and trader WhalePanda revealed that he had waited more than a month to be verified on Kraken, another major US-based bitcoin and cryptocurrency exchange headquartered in San Francisco.
“Been waiting for a month to get level 3 verification on Kraken too,” said WhalePanda. In response, Kraken Support stated that the verifications team is backlogged, due to a surge in verification and daily limit increase requests.
CCN reached out to Bittrex for a statement, but the company was not available at the time of reporting.
Over the past few weeks, Bittrex has hired 12-year Amazon veteral Jim Waschak as chief operating officer and former Homeland Security Department Deputy General Counsel Kiran Raj as chief strategy officer to streamline the process of verifying user applications and better managing the platform’s operations.
On December 15, Bittrex CEO Bill Shihara stated:
“Our mission is to develop the most trusted cryptocurrency exchange in the world, and we believe the breadth of experience that these individuals bring will be critical to achieving that goal. They will drive our enduring commitment to foster a secure and regulated trading environment that creates more opportunities for blockchain technology and the future of finance and security.”
Комментариев нет:
Отправить комментарий