Bittrex now supports USD deposit and withdrawal for Siacoin; to add more pairs

Bittrex customers with personal and corporate accounts operating outside the United States and in various territories in U.S. can from today perform USD deposits, withdrawals and trading for Siacoin cryptocurrency.

It means customers who have this feature enabled can deposit from and withdraw funds to their approved bank accounts directly to and from their Bittrex trading account.

The company tweeted on the addition of this feature yesterday. However, the feature would be active starting today. The coin responded by its price increasing at 2 percent following the addition of the USD market. Siacoin is listed on a number of exchanges including Binance, HitBTC, OKEx, Upbit, CoinEx and Poloniex but not against a fiat currency.

As of now, customers who created the Bittrex exchange account before September 4th, 2018 already have the USD trading feature enabled on their accounts, but those who created their accounts before the said date will have to request to have their accounts added for USD trading or add a bank account to enable fiat deposits and withdrawals.

Regarding deposits and withdrawals; for corporate accounts, deposits and withdrawals will be settled on the same day they are initiated and there is no deposit and withdrawal minimums or maximums. For personal accounts, the minimum to deposit via wire transfer is $1000 but there is no maximum set. The deposit and withdrawals also credit on the same day they are initiated. For personal accounts, the withdrawal minimum is $10.

Customers can also add multiple bank accounts and run multiple accounts on the exchange.

Those who do not need to withdrawal or deposit fiat can also enable USD trading only. That feature is also available for territories which, due to regulatory limitations, cannot have the fiat withdrawal and deposit enabled for their accounts. A USD trading only account means it can trade USD markets but the user will need to first sell the accumulated USD to supported cryptocurrencies such as BTC, ETH and USDT in order to withdraw their assets.

The company said in a post that it will also continue to add fiat trading for various cryptocurrencies to the top digital currencies on their platform. They want to use the limited number of pairs to test their system and processes. That will depend on customer preferences and the company said it was evaluating the blockchain projects they already list and taking other important considerations into account to decide which USD pairs will be next to add for fiat.

Bittrex has a market cap of over $274 million, it is managing the daily trading volume of about $5 million. It is listed above 32 top exchanges on CoinMarketCap and manages a trading volume of about $27 million. It also has about 276 number of markets.

David Kariuki

David Kariuki likes to regard himself as a freelance tech journalist who has written and writes widely about a variety of tech issues that affect our society daily, including cryptocurrencies (see cryptomorrow.com and coinpedia.org); climate change (cleanleap.com), OpenSim and virtual reality (see hypergridbusiness.com). He is currently pursuing a MSc in Environmental Management at Open University. He does write here not to offer any investment advise but with the intention of informing audience, and articles in here are of his own opinion. Anyone willing to use any opinion here as advise to invest in crypto should obviously take own responsibility and accountability of their losses (or benefits) thereof. You can reach me at eqariu@gmail.com or david@cryptomorrow.com