Crypto Exchange Bittrex Launching USD Markets for TRON (TRX) and Litecoin (LTC)

On Wednesday (12 September 2018), U.S. based digital asset exchange Bittrex announced that it was planning to launch two new USD trading pairs.

It all started on 31 May 2018 when Bittrex said that it was offering US dollar (fiat) trading for corporate customers and planning "to expand these services over time to include all qualified customers." The initial markets for fiat trading on Bittrex would include Bitcoin (BTC), Tether (USDT) and TrueUSD (TUSD). Bittrex said that it was "implementing a phased roll out to help establish quality control for the new markets and ensure customers have the highest level of service possible."

At that time, Bittrex CEO, Bill Shihara, stated:

“As an incubator and leading advocate of blockchain technology, Bittrex is committed to listing tokens that not only have the best business applications, but also are the most innovative blockchain projects in the world. Expanding fiat markets to the top digital currencies on our exchange should further drive adoption of this revolutionary technology by providing customers even more options for purchasing and trading digital currencies in a secure, robust and reliable environment with high liquidity.”

Then, on 14 June 2018, Bittrex said that it was time to roll out the next phase by "starting to invite small groups of retail customers to participate in the USD markets." 

On 20 June 2018, it added Ethereum (ETH) to USD (fiat) markets. And on 8 August 2018, Bittrex announced that on 20 August 2018, it would be launching USD markets for XRP and Ethereum Classic (ETC).

On 29 August 2018, the exchange announced that it was going to launch USD markets for Cardano (ADA) and Zcash (ZEC) on 5 September 2018.

And today, Bittrex made many TRON (TRX) Litecoin (LTC) fans happy with the following announcement:

As Bittrex has said before, it is going to continue adding tokens/coins to its USD markets. With the addition of these two new USD trading pairs, from 17 September 2018, those customers invited to participate in the rollout will have access to USD markets for BTC, ETH, USDT, TUSD, XRP, ETC, ADA, ZEC, TRX, and LTC.

As for who is eligible to apply for USD trading, this is what Bittrex has said in the past:

"Current Bittrex corporate and personal account customers, who reside in eligible states and qualified international regions, are able to apply for USD trading at this time. Corporate customers may apply for USD trading by completing this request form, and personal account customers may apply by completing the following form. For current customers living outside the initially approved locations, please note more states will be added over time. With each new phase, we’ll continue to provide you updates and information about how to apply for fiat trading." Currently, the eligible U.S. states are Washington State, California, New York and Montana.

This move by Bittrex is significant because it increases TRX and LTC liquidity. Currently (as of 19:00 UTC on September 12th), according to data from CryptoCompare, TRX is trading at $0.01792, down 2.29% (in the past 24-hour period), and LTC is trading at $51.68, up 0.9% (in the past 24-hour period).

Featured Image Credit: Image Courtesy of Bittrex

Sub-accounts in Crypto: What They Are and How They Work

 

Julia Gerstein, a crypto trading bots enthusiast and a content writer at TradeSanta. My final goal is to help readers find what they need, understand what they find, and use what they understand appropriately.


Speaking generally, a sub-account is a segregated smaller account that is tied to a larger primary account. Sub-accounts may serve different functions depending on the objectives of their owners. The term can refer to multiple email addresses linked to one user or secondary accounts tied to a primary account with a financial institution or a bank.

For this article, we will be looking at sub-accounts as they exist in the crypto industry, and specifically on trading platforms.

Built-in Sub-Accounts

On trading platforms, the sub-accounts feature allows users to create a set of subsidiary accounts with different trading strategies, funds and end customers. On some platforms, general accounts already come with built-in sub-accounts.

For example, exchange platform Crypto Facilities provides each user with cash and margin accounts when they sign up. While deposits and withdrawals are completed with the cash account, trading an instrument requires users to make an internal transfer from a cash account to their margin account that corresponds to the instrument in question.

Each instrument has its own margin account. This grants users more control over their funds and allows them to manage risks for each instrument separately from their main balance.

Optional Sub-Accounts

Other cryptocurrency exchanges, such as Gemini and Binance, have launched sub-accounts as an optional feature for institutional investors.

As an optional feature, sub-accounts can serve to introduce additional security measures and different access levels between the main account and its subsidiaries. Binance has underlined the differences between a master account and its subsidiaries, providing the former with the exclusive ability to view all data and balances, transfer funds between accounts, and have full managerial control and access to a range of asset audit tools.

Here master accounts have sole control over the movement of assets between sub-accounts, and can grant each of them different access levels and permissions. This ensures that the main account has the power to direct and monitor the actions of all its associated accounts, while each sub-account can perform its function independently from other sub-accounts.

Not Only for Institutional Investors

While institutional investors have been able to create sub-accounts for a while, this feature is still being introduced by more and more major exchanges.

Now even individual investors can create subsidiary accounts to try and assess the performance of distinct trading strategies. For example, HitBTC recently introduced its own sub-accounts feature that is now available per user’s request.

At HitBTC, sub-accounts enable users to create separate subsidiary accounts with which they can utilize various trading styles and strategies with operational autonomy. While each sub-account is separate, all of them are still tied to a master account and contribute to the cumulative volume of all accounts connected to the master.

Because trading volume is measured cumulatively, the use of the subaccounts feature can open up additional benefits for traders such as lower commissions due to progressive fee tiers that reward users for contributing to the liquidity on the trading platform.

Therefore, users can perform a variety of different trading activities unconnected to each other, and all the activities will still weigh in the financial favor of the parties involved. Master accounts also have access to important data such as the performance of each sub-account and total trading fees of all linked accounts combined. While the feature is designed with institutional and corporate clients in mind, on HitBTC any user can create sub-accounts upon request.

The adoption of this feature by more and more trading platforms will be beneficial for both institutional and individual traders. Some users can utilize it to execute different trading strategies or try various algorithms with a clear picture of their effectiveness, others to manage their team and analyze the performance of each account securely and conveniently.

Featured image by Tyler Franta on Unsplash