On March 9, 2020, Bittrex Global announced on Medium their new trading upgrades and customer benefits, aimed at improving customer experience and rewards.
The new features and offers include Bittrex Credits, lower trading fees, new customer referral programs, Mobile App, and new interface changes to improve customer experience.
In their announcement, Bittrex stated:
“Today’s updates represent our continued focus on listening to and engaging without customers.”
Introducing Lower Fees and Customer Rewards
Bittrex will conduct a Lower Maker/ Taker fee promotion from March 9 to April 23, as a way of thanking their customers for celebrating their 6th birthday with them. The new trading fee schedule will allow customers to earn more for trading more.
“Bittrex Credits will be airdropped to the recipients’ Bittrex account within 72 hours of the qualifying event.”
The new referral program will earn customers “10% on all their trades, forever”. Additionally, “new customers that sign up and complete KYC verification receive $15 worth of Bittrex Credits to use towards commission-free trades.”
Bittrex Upgrades Mobile App and Web Interface Design
The mobile trading app is available for iOS and Android users:
“Recent improvements include mobile deposits, withdrawals, and conditional orders/stop-limit orders.”
Bittrex also upgraded its order types to include Limit, Limit Ladder, Stop Limit, and Market orders. The other new features on its website include real-time data TradingView charts, and enhanced user experience for both new and expert traders:
“We’re rolling out a new and improved trading experience, based on customer feedback, that delivers an easy to use trading experience for beginners and new products and features for advanced traders.”
The future of cryptocurrency transactions: Centralized Exchanges versus Decentralized Exchanges
Bittrex announcement comes seven years since its foundation in Seattle, Washington, in the US. The move is now being perceived as a rush for centralized exchanges to do better in the wake of a rising development of decentralized exchanges (DEX). One user on Reddit stated:
“Centralized exchanges need to up their game if they want to stay relevant with the amount of DEXs coming out as of lately.”
Centralized exchanges go against the very foundation of decentralized finance since they give power to the exchange, which is a third party. They are many and more popular than decentralized exchanges, which are, however, fast introducing peer-to-peer cryptocurrency trading, eliminating the third party aspect, and allowing users to stay in control of their digital assets at all times.
“A distributed exchange can’t be shut down by anyone. Decentralized meaning that nobody controls it, distributed meaning that it is everywhere and therefore impossible to stop.”
Issues such as hacking and regulation monitoring are rare, as the whole transaction process is enabled and automated by smart contracts.