If you actively buy, sell or invest Safex Coins on the Bittrex Exchange, you’ve most likely seen an email from them regarding their recent policy changes.
Overall, these changes are a positive move for the Bittrex Exchange, and is a good direction to help reduce market manipulation and encourage the buying and selling of cryptocurrency as a fairer experience for everyone involved.
Here is a breakdown of the new policy, and how it affect Safex (if at all).
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.
This doesn’t change things much, but it does give us a slightly clearer view on upcoming buy or sell walls. Generally, traders are active and don’t leave positions open for longer than a day or so.
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.
This just means we’ll have to buy or sell more Safex Coins at a time. This may help curb a few small-time bot-traders, but won’t have a massive impact on the future of Safex.
At the time of writing this, it just means you’ll have to buy or sell a minimum of ~1000 Safex in a single order.
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.
Doesn’t really affect Safex much at it’s current price. This seems to be focusing more on the higher volume and larger value coins.
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
In my eyes this is a good move. Whether it’s executed proper or not is another story. In the past, like most low-cap coins, Safex has been a target of manipulation and pump & dump groups.
Thanks to Discord regulars johnny Walker, rtmattstrat and Tommyboy50 for their contribution to this article.
I mean upgrading from $5 to $10 is absolutely fair. At 50.000s it wasn’t even equal to transaction costs. I applaud the changes. Hopefully, this will draw some more serious investing to Safex.