The second of these incentives was announced in September 2019, when Bittrex revealed a new fee structure offering discounts for even higher volume accounts. This was generally targeting the deeper pocketed investors and not the average crypto day trader or hodler. Qualifying accounts that have generated more than $200,000 USD in trading volume over the previous 30 days across all markets will have its trading fees reduced. Again, there was very little reaction to this, presumably since the whales would not really be bothered by saving a few bucks on a trade when they’re dealing with such large volumes.
The following month Bittrex announced a credit incentive for clients on its new International platform.
Again, the rewards program, just like the trading fee structure change, had very little impact on overall volume on the exchange.
Due to regulatory pressure in the US, many exchanges launched a second global platform to serve international customers. Clients from a list of 31 countries were also told that they could no longer use the platform and had to withdraw their crypto assets. All trading and account access for these impacted customers will be halted on Tuesday, October 29 date at 19:00 UTC/21:00 CEST. Please remove your coins and tokens as soon as possible. So, effectively Bittrex has tried to keep its whale traders with trading fee reductions and offered very little to its regular traders, while alienating 16% of the world’s countries. Judging by some of the comments on the company’s twitter feed, customer support has been an issue too, with many complaints about blocked access to assets and restricted countries. It also appears that Bittrex International was closed in November last year and re-branded as Bittrex Global, though this too has had very little impact on exchange volumes and market share. The incentives have continued into 2020 with the launch of a new edition of its credits customer reward program, Bittrex Credits 2.0. According to the press release, this is essentially a $15 airdrop to new customers to be used on the exchange within 30 days.
Welcome Bittrex Credits 2.0. Tune in for the Airdrop promotion now! New signups will be airdropped $15 in credits, existing active users will be airdropped $10 in credits. See the details for a 30-day promo period, and learn how to earn extra credits here: https://t.co/yBgAtcKGbN pic.twitter.com/SDRdpioth7 — BittrexGlobal (@BittrexGlobal) January 13, 2020
Embattled Exchange Bittrex has attempted to incentivize traders back to its platform over the past year or so but to little avail. Binance meanwhile continues to consume the exchange and digital asset service industry like a ‘crypto google’, gobbling up all in its path. Do you think Bittrex will be able to recover from its recent decline? Add your thoughts below!
Images via Shutterstock, Charts by CryptoQuant, Twitter @BittrexIntl @BittrexGlobal The post appeared first on Bitcoinist.com.
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