Do/Did you have an unverified "Legacy" Bittrex account?

in trading •  15 days ago

Q. Do/Did you have an unverified "Legacy" Bittrex account?

I DID.. not anymore..

My old unverified legacy account which had a daily withdrawal limit of 1337 BTC has just been reclassified to a 'NEW' account which reduces my old withdrawal limit down to 0.025 BTC Per Day.. That is quite a large decrease in my ability to move funds.

It also seems like i cannot trade any digital currencies either (based of the check boxes that show which activities I am authorised to preform). I cannot test this as i withdrew all my digital currencies a few weeks back when Bittrex started redirecting me to the verification page on every login; i considered this redirection the death of the canary.

Was it not for the redirection mentioned above it would have been a very sad day today. As an example if i have 1 BTC on Bittrex at the moment it would take me 40 days to withdraw that single Bitcoin and over that 40 days i would have incurred 0.04 BTC (~$288 USD) worth of network fees, not to mentioned all the unspent UTXO that would have been generated and eventually formed into and outgoing transaction which would increases the fees payable due to the size of the transaction.

Just for fun i used estimatefee.com to calculate the fee charged for a 40 input, 2 output transaction. Today's rate for such a transaction for confirmation in under 6 block is estimated at $88.12

If you still have an unverified 'LEGACY' account with Bittrex and you are not keen on jumping through hoops to verify your identity i highly recommend that you consider withdrawing your fund immediately!.

This is not FUD; do what you want with this information but i would be interested in hearing from others who have had similar situation occur in the comments.

This is also not supposed to be a promotional piece either but if you have not noticed before i am a huge fan of the Bitshares network which is built on the same tech as Steem (so it is lightning fast, cheap, flexible and well decentralized).
Bitshares main purpose is to serve as a decentralized exchange which runs completely on the blockchain. If you are not familiar with the project i recommend you learn more about it HERE or on bitshares.org

Decentralized Exchange - No KYC - Smartcoins - Gold/Silver/BTC/USD/CNY and more


If you want to hold your crypto in your own wallets (recommended) but still want the flexibility to exchange them to other currencies from time to time you should check out instant exchanges like Blocktrades.us which allow you to seamlessly exchange from one currency to another without an account or any KYC requirements and all done with minimum counter party risk

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yup, I did have a legacy account. left bittrex with everything the second this shitty "verify" thing popped up.

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And what exchange are you using now? I'm trying to find a new one that satisfects me!

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BitShares, a decentralized and trustless exchange (witness system). It's just beginning to reach public notice, so volume is a little lower, yet fully capable of handling excessive loads of traffic.

Exclusive tokens available, ability to create your own tokens, ties with openledger and other services for bitGold and bitSilver, as well as other coins.

Pretty cool stuff. :D

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Yeah, I need to take some time to get used to bishares!

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i know what you mean, it was a bit of a shock first time round; second login was the same i took it as advanced notice.. Really happy they give us a month heads up even if it wasn't in the form of an official announcement

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yeah, good guy move... however, the 0.001 btc withdraw fee is a sham. unbelievable how they still keep it even with bitcoin at 7k

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yea you are right...it is very painful

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Bitshares is .0003 + .2332 Bitshares. Bithshares are about 9 cents USD right now? :)

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There is high withdrawl fee...

Where can I see if I have an unverified Legacy account?

I'm also being redirected to the verification page on each login since a few days, but I can trade and withdraw up to 3 BTC per day. No problems, but I don't know why they redirect me to this page. My account is 'basic' verified. Not enhanced.

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You can click on the summary tab (in settings) to see you current status. As you mention you are already basic verified i dont think the restiction mentioned in this post will apply to you.

Legacy account were older account setup earlier than august 2016 (i think) which had no identity verification.
Limits on these accounts were 2btc without 2fa or 1337 btc if 2fa was enabled and they could only trade crypto (no deposit or withdraw in usd)

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My Bittrex account is just a couple of months old so I assume this doesn't apply to my account. Thank you for your reply! :)

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I have a friend with a Bittrex account from October 2017 and he got trap into that verification process because he committed the error of starting enhanced process when he didn´t needed that. Now almost a month and Customer Services has not solved the problem.

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My account quite new and Basic Verified also started to being redirected to verification process. What I do is click over Basic Tab and everything goes well. That started to happen last week. Seems they are fooling around with the software/system, point where all the problems started as I could understood from my readings. And Customer Services is overwhelm with such a huge back load of claims.

Can you trade bitshares by coinigy?
I use Bittrex and i like the mass of coins available.

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AFAIK coingy does not interface with the Bitshares API; so you cannot use Coinigy to trade assets that are listed on the Bitshares DEX.

You could however trade the Bitshares token (BTS) although this would be on centralized exchanges such as Bittrex and PoloniEX ect..

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Thank you for the info and vote. I will look into it.

Thanks @steempower! So far I have clicked that Bittrex message away :)
I quite like Bittrex and don't really feel like getting used to another exchange... but bitshares would be my preferred one, too, since it's decentralised. It just doesn't look as easy at first glance as Bittrex does and I guess there's a lot less volume. Looks like I'm gonna have to watch a couple of tutorials... :) Thanks for your warning in any case!

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You'll quickly begin to appreciate BitShares as you use it a little bit. There ARE additional functions and you'll find you can easily ignore them until you need them. :)

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Seems like the days of clicking away from that message are limited. Hopefully your account has not already been downgraded.

Good to hear you are checking out the tutorials; Cronos Crypto on youtube did some really good videos that are well worth a watch if you want to know more about Bitshares.

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Thank you, I'll check those out!

Hello @steempower!
I do apologize for my question as is a little bit out of the topic but i notice your logos with BitShares and i need to ask you a question as i am a bit desperate...
Is there any way i can recover my password from my BitShares wallet as i forget it and now i can not log in anymore... and i do have around 1000 coins as well there.
Thanks a lot!

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Sorry to hear this and to be the barer of bad news but unless you can jog your memory and remember the password or crack the password (which is EXTREMELY difficult and would most likely take many years - This of course depends on the strength of the password you used) there is no way to recover/reset your password.

There are downsides to this as well but you might want to consider using a password manager in the future; just make sure remember the master password to unlock it and ensure you have backups stored in at least 2 locations.

Best of luck

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Thanks a lot for the replay @steempower!
Honest to be i was hoping for a solution but looks like what i have to do now is just try to remember what password i add that time. No chance in my case to crack the password so i will take one of this days when i have some free time and try different passwords and maybe i will be lucky!
For sure i will backup from now and store in at least 2 location as i learn my lesson with this situation...
Thank a lot for talking your time and replay to me!
Have a great day!

A number of exchanges have started with this « re-verify your ID » lark.

Poloniex

Tthe latest is Poloniex where I was previously fully verified with passport, proof of address and full face photo holding ID. Now I am back to ground zero with a $2000 limit.

It should be no. big problem for me to re-verify, (just a nuisance).

The big problem is that their photo upload portal does not like my camera “No compatible camera found”. All other portals can find the camera. The net result is that I can’t re-verify.

Kraken

I won’t use Kraken until I hear their overload problem and broken software is fixed.

Bitshares

I just started using this and trading. It seems much easier to trade profitably than any other site I tried. Fees seem low.

It has its limitations.

==> It is rather difficult for a beginner to understand.
==> You can’t use Bitcoin as security to leverage.
==> Volume and depth is very low. You really should not place any “market” orders of more than 0.1 BTC or the price may be worse than you expect.
==> The bitshres graphics seem buggy - certainly not as good as on other sites.
==> There is no API link for Coinigy
==> The difference between bit.btc and open.btc is unclear. They are both supposed to be 1:1 with bitcoin, except one is 7% more expensive than the other.

Despite the shortcomings and the difficulty to learn about what bitshares does, I recommend it for those who like to trade.

But trading great. It’s easy, fast and almost no bots.

a very useful post, thanks for sharing your post I myself very useful with your post.

Just knowing about Estimatefee.com today.
Thanks for sharing this ... I'll go check out how I can utilize this tool

very knowledable and helpful words you wrote there, i appreciate your work @steempower and much impressed from you. as a new user i am very thankful to you for sharing and guided such informative topics.

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@steempower i am really disapointed to bittrex,i can't verify my account anymore. I tried once i wait 7 days and it fails, i try it again another 7 days and failed again...i'm tired of doing it again..

thank you for sharing this information
success is always for you my friend.

good party bittrek

great post .... thanks for sharing

i'm no bittrex account :( ...., thanks for information

yes I have a legacy bittrex account...thanks for sharing @steempower

viewed, voted, commented, and re-steemed ...

anyone follows me i'll follow back within a few days

Me too i have an unverified account which is i Dont use it anymore :(

pretty informative article

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@sarahs (51) This comment is for your benefit so you don't find others downvoting or flagging you.

I have noticed that you have made a number of very short comments on other blogs, which are similar in style to the one above. They don’t really add anything to the discussion of the topic.

Please help keep Steemit free of spam posts.

If you like a post, it is generally sufficient to upvote it unless you want to join in the debate.

Why didn’t you upvote this post?

You seem to be repeating the same kind of comment on many blogs, without any mention of the subject matter.

This kind of behavour looks like spam and you risk others interpreting it that way and flagging you.

Another thing to be careful of is asking other people to upvote or follow. This is also counter-productive and irritating. Asking for upvotes and follows is against Steemit etiquette. Some users may downvote, mute, or flag you if you do this.

Downvotes or flags can lower your reputation, can result in the removal of rewards, and may result in your posts not being seen by others.

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Great Post!
This happened to me as well. It freaked me out at first when it redirected me automatically. The only solution is verification or to move on. Thanks for sharing & Steem On :)

If it weren't for all the government regulation, there wouldn't be the problem of having to identify yourself. They say it's to stop "terrorists." HA! What a joke. It's really just a backdoor way to tax us all to death.

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Its a lie, I'm a musician and they disabled my account. Bittrex sucks!

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Oh no, they're out to get the musicians!

Bittrex disabled my account a month agao and still nit activated I moved to Binance and Cryptopia. Bittrex sucks!

I think bittrex is best because it great for trading .

I like Bitrix because there are many different coins that are not on other exchanges. Although, I'm already worried, suddenly I will not be able to pass an extended test.

I know what you are saying!

I've been promoting bitshares network for a month now. The bitshares wallet is a beautiful piece of art that includes almost everything. But one thing that I don't like, sometimes when trying to trade my order booking gets cancelled. If not for that, I would score Bitshares wallet 10/10.

I never had any problems to date with bittrex and I vaguely remember having to jump through any hoops to get a enhanced account but I know 2 other people that signed up to bittrex shortly after I already had a account and they've had issues getting their account verified even after doing what was asked of them... I keep getting questions posed to me by these people on what did I do that worked for me. At least now I know that it's a actual problem not just limited to the 2 people I know... I've had similar issues with PoloniEX. I will check out BitShares.

Thanks for the useful post!!! I like it when I learn new things! :)

Sorry, i don't have account, i'm new in that business :) upvote and repost :)

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Thanks a lot,
your @treeplanter
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Great post @steempower..
if there is time to visit my blog to look around. Thank you very much

Nice done follow, upvote and commets. Back same to you

I just traded $30 SBD for Bitcoin using BlockTrades and only received $13 ..... that means their fees were $17 or 130 % of my Trade. That seems high to me.

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Depending on the day the fee for transferring bitcoin can be anything from a few cents to many dollars.

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I won't bother trading SBD (Steem dollars) for Bitcoin any more .... maybe just some Litecoin on the dips

I think that I am basic verified. But if shat happens, shat happens.
I'm in deep shat anyways. Always needing.

Hello,

I am new here, can someone really help me to get some steempower, I want to really engage in this community,but I'm not sure how to do that or how to get steempower.

Regards,
@alihassanmalik

I am surprised they could reduce your withdrawal limit by that much without notice? Bittrex does do some shady stuff.

Same here, I did have legacy account, but have to part ways with bittrex, this verify thing is killing small time miners such as myself...