Stop Lamp: Overloaded Bitcoin Exchanges Give Up on New Traders

Stop Lamp: Overloaded Bitcoin Exchanges Give Up on New Traders

What else could any business dream of, if not about the enormous inflow of new customers? Not that much, if it is not about crypto businesses, which currently are suffering from the uncontrolled wave of new coming traders. Solving such an issue is not an easy thing, so the overloaded bitcoin exchanges are trying to find the most beneficial ways of dealing with the inflow. Therefore, lots of them came out with the decision to give up on novel traders.

Another time?

It does not matter whether you are attempting to break into the realm of bitcoin for the first time in your life or you merely want to make a regular investment, trying to enliven your assets, you, perhaps, have noticed that not all bitcoin exchanges are as friendly to you as they used to be before.

Today, it is not a piece of cake to open an account in lots of them. Pestered with applications, these firms are not succeeding in providing you with timely service. Some exchanges have already decided to close the doors for newcomers, whereas the others have even implied fees.

Bitfinex

This bitcoin exchange defended its decision to temporarily stop accepting new traders with an excuse that they are not able to provide all of their clients with qualitative service due to the influx to the whole system.

CEX.IO

CEX.IO complains for the extra pressure that its support and verification team have been experiencing within the last time. The company also claimed that they received a critical number of applications; therefore, they had to come to the same decision.

Bittrex

This exchange also emphasized the fact of the current wave of new clients, which is not easy to put up with. “We are excited to have so many new users who want to join the Bittrex community. Unfortunately, we have to make a few upgrades to our support and backend systems to handle the increased traffic and load,” explained its decision the company.

HitBTC

This platform also endured a lot of pressure because of the high number of bitcoin deposit transactions. To solve this problem, HitBTC has decided to deduct from any amount of the incoming operation a fee at the rate of 0.0003 BTC. Every client should take into account that no matter how low the deposit is, the fee will remain the same.

Bad Service

The current situation is common amidst lots of cryptocurrency users; however, not all exchanges have made similar announcements. Anyway, people still have been complaining about the improper service. For instance, the bitcoin exchange giant Kraken admitted that:

“Performance is extremely degraded and unreliable. Clients can expect severe latency and difficulty interacting with all web and API services. Requests will frequently timeout and fail. At the moment, the only solution is to wait and try again later.”

As News.Bitcoin.Com reports, the cause of such a load could be the step-by-step recovery of bitcoin, which endured a severe correction on December 22, reaching the rate of less than $12,000, and other cryptocurrencies as well.