A massive influx of new clients begging you to take their money is the best kind of problem any business could dream of having. Nevertheless, bitcoin exchanges are now having to cope with such a situation by finding ways to reduce the load. As a result new traders are left with fewer options as, one by one, venues have been closing their doors to clients.
Whether you are trying to get into the bitcoin world for the first time or are a veteran investor attempting to diversify your trading venues, you have likely noticed it isn’t easy to open an account with many exchanges these days. These companies are bombarded with applications and support teams are failing to maintain a timely service. A number of them have already given up on accepting new clients for the time being, so as to be able to handle existing business.
Other exchanges might not have announced an explicit decision to stop accepting new clients, but many people are complaining that this is what is happening in effect as their applications are simply not being handled. If you are waiting in line forever while the price of bitcoin is going up, the feeling can be agonizing.
Meanwhile, having to rapidly onboard so many new clients has made providing normal service much more challenging for exchanges. Kraken for example acknowledged 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.”
What recent exchange issues have affected your trading? Let us know in the comments section below.