BitMEX Exchange Increases “Spam Order” Threshold To Prevent Malicious Spam Trading
- BitMEX exchange announces a 300 percent increase to its spam order value.
- The latest increase will reduce the number of spams on the exchange, improving the exchange’s trading experience.
In an announcement released on its official Telegram page, Bitcoin futures exchange, BitMEX, announced an increase in the spam order threshold value. The minimum value of trade will be increased from 0.0025 BTC (~$23) to 0.01 BTC (~$94) starting at 04:00 UTC on 05 June 2020.
BitMEX will rename the orders that will be below the threshold as spam in a bid to “improve the trading experience on the exchange.” The official statement reads,
“After this change accounts with too many open orders with a value less than 0.01 XBT each will be labeled as a Spam Account (prior to the change, the value is 0.0025 XBT). This change is part of an ongoing effort to improve the quality of the tradable liquidity on the platform.”
So, what does having a spam order on BitMEX exchange mean?
Every order with a balance of less than 0.01 BTC as of June 5th will automatically become a ‘hidden order’. According to the BitMEX site, hidden orders do not show on the order book and will be required to pay the taker’s fees.
“Better Trading Services”
The spam order threshold aims to improve the overall trading experience on the exchange by reducing malicious traders’ efforts on the site. The exchange warns that having too many spam orders may result in having the account temporarily banned from the exchange.
BitMEX recently faced a couple of system crashes as the platform received an influx of orders on the exchange. The mega shut down on Mar. 12, followed by the more recent May 19 shut down are expected to be an uncommon occurrence heading into the future.
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