Bittrex has confirmed that it will roll out an upgrade of its trading engine that drives the Bittrex and Bittrex International cryptocurrency trading platforms. The update is scheduled for February 27 and is expected to increase the transaction speeds as well as the ability of the exchange to scale effectively.
During the upgrade, services such as crypto trading and digital wallets will be temporarily unavailable. According to Bittrex, this update aims to satisfy the needs of their current and prospective clients.
What will happen during the upgrade?
- Bittrex exchange platforms will be accessible to customers. Clients will be able to check balances and their funds will remain intact throughout the process.
- Wallets will be inaccessible throughout the process. This means that deposits and withdrawals will be unavailable.
- Trading will be temporarily suspended for a maximum of three hours.
- All incomplete orders will be completed. Open orders will remain in the order books.
What will happen after the upgrade?
The update is expected to improve the efficiency of order execution, as well as the speed at which the order books are updated. According to estimates, the new trading engine will be 20 times faster than the current engine.
Features of the New Trading Engine
The upgrade will introduce several new functionalities to the Bittrex exchange platform. These include;
- Maker-Taker and other features for high-volume users
- New means of depositing fiat currencies
- Improved account management. It is easier to access transaction records, statements and so on.
- New order types
- Flexible conditional orders
What features will the update disable?
Conditional orders will be disabled, albeit temporarily, during the update. Bittrex has promised to issue an announcement concerning the reinstatement of the orders through their social media pages. Another feature that will become unavailable is Auto-Sell functionality.
#Bittrex Customers: On Wednesday, February 27 we’ll be performing a planned technology update which will result in markets and wallets being temporarily offline. Find out what this means for you: https://t.co/Gwo2G0ONt2 pic.twitter.com/mq58O0H8X9
— Bittrex (@BittrexExchange) February 25, 2019
Also, incomplete orders will be cancelled immediately trading is disabled to facilitate the upgrade. Customizers with pending orders are therefore advised to either complete or cancel their orders before the designated day for the upgrade.
Bittrex is renowned for its reliability and having lots of features that enhance the crypto trading experience. The new upgrade promises to better the existing features and further add extra functionalities to provide the best possible experience to the user. It will also prepare the Bittrex ecosystem for subsequent upgrades in the future.
To keep abreast with the various developments during the update, customers should follow Bittrex on Twitter.