When I started trading last year, I was looking up the different exchanges and settled for bittrex, trusting them to keep my funds safe while providing enough liquidity to get trades executed in a timely manner. I was keeping an eye on binance when they came up and even made some arbitrage trades bittrex-binance and vice versa. Due to their ever decreasing amounts to transfer without KYC, I shifted more of my funds to my Stellar Address and binance, this also credited to the way lower fees on binance.
On bittrex you pay 0.25% commission per trade, whereas at binance if you buy their native BNB-token, you only pay 0.05% in commission. With the amount of trades per day and the volume I pulled off, I would have saved almost 1 full BTC if traded on binance instead, not to mention that the spread between trades needed to be 0.2% higher to make the trade profitable which can be nerve wrecking in a volatile up/down market.
In February, I cashed out double my initial investment, took a break from trading in crypto except for a few trades here and there and when I wanted to continue again, I realized that trading on bittrex is basically dead. The trading volume is low and probably mostly provided by arbitrage bots nowadays. Add to that the 5-times higher trading fees, it needed only a split second to move completely to binance.
That’s it for me and bittrex. No hard feelings though, at one point my portfolios USD worth was 14-times the initial investment and the BTC worth 4-times the initial BTC I bought. Good trades, good times. Thank you bittrex.
I hope StellarX and FairX will be able to provide the liquidity needed for the SDEX to take off. Until then, binance it is.