Connect with us

Bitcoin News

Bitfinex removes minimum equity requirement from its professional crypto trading platform



Bitfinex, one of the world’s largest cryptocurrency exchanges, has opened its professional trading platform for everyone. The company announced the news in a Medium post on Apr. 9, stating that its $10,000 minimum equity requirement has been lifted.

Hong Kong Cryptocurrency Exchange Lifts $10,000 Minimum Equity Requirement

While cryptocurrency transactions are on the rise, companies in the industry are also becoming increasingly active.

In response to an overwhelming demand from traders, Bitfinex has removed its $10,000 minimum equity threshold, opening its platform to everyone. The Virgin Islands-based exchange announced the news in a Medium post on Apr. 9, saying that apart from no longer requiring upfront equity, several new updates have been added to the platform.

Jean-Louis van der Velde, the CEO of Bitfinex, said that the decision came as part of the exchange’s push to cater to the needs of its clients. he said in the company’s release:

“We simply could not ignore the increasing level of requests for access to trade on Bitfinex from a wider cohort than our traditional customer base.”

The development has reportedly been in the works for the past six months, as the company had been working to ready its platform for a “new wave of customer accounts.” Van der Velde explained that by dropping the minimum equity requirement, Bitfinex enabled traders to set the limits by themselves.

Bitfinex Brings Several New Updates to Its Trading Platform

While the removal of the equity requirement was welcomed by Bitfinex users, the update doesn’t mean that traders can engage in unlimited margin borrowing. According to the terms and conditions page on Bitfinex’s website, customers are allowed to finance up to 70 percent of the value of the cryptocurrencies they buy on the exchange.

Bitfinex Has Enabled Margin Trading for Tether?

Related: Bitfinex Has Enabled Margin Trading for Tether?

Bitfinex also reserved the right to take over all of the clients’ liabilities and collateral if they end up owing more than their tokens are worth at the time.

The exchange also announced several other upgrades to its infrastructure, added in order to support the platform’s further development. Bitfinex said that it has been migrating the exchange’s operations onto “self-designed, dedicated servers” that will supposedly offer advanced security and low latency.

Finally, the company is also updating some areas of its client services, including an upgraded support center and better education on every token offered on the platform.

Filed Under: Crypto Exchanges

Commitment to Transparency: The author of this article is invested and/or has an interest in one or more assets discussed in this post. CryptoSlate does not endorse any project or asset that may be mentioned or linked to in this article. Please take that into consideration when evaluating the content within this article.

Disclaimer: Our writers’ opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.

Like what you read? Give us one like or share it to your friends
original post…

Continue Reading

Recent Posts

Copyright © 2019 The Crypto Report