Day-by-day Crypto transactions are increasing worldwide, so crypto exchanges are constantly upgrading their features in order to attract more customers.
Due to an increase in demand from traders, Bitfinex has removed its $10,000 minimum equity requirement to start trading their exchange. Also, crypto trading platform will be available for a wide range of audience. Popular Hong-Kong based Crypto Exchange announced the news via a blog post on April 9, stating that along with removing upfront equity, some new updates are being added into the platform.
Jean-Louis van der Velde, CEO of Bitfinex, said in the blog post,
"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."
He further added,
"For the last six months we have been working hard to ready our platform for a new wave of customer accounts and are now in a position to open Bitfinex to a wider audience. By dropping our minimum equity requirement, the only limits are now set by the traders themselves."
The announcement further says that Bitfinex has released its infrastructure in order to grant access to a wide number of user base. Also, Bitfinex allows traders to set their limit by themselves.
Bitfinex releases New Updates for its Trading Platform
Currently, the removal of the equity requirement was accepted by Bitfinex traders however this doesn't mean that traders have unlimited margin trading. Based on the terms and conditions of Bitfinex, customers can finance max 70% of their value of cryptocurrencies they buy on the exchange.
Bifinex has full right to take over all the clients liabilities and collateral if they end up owning.
Bitfinex has also declared some major updates. It will migrate all its operations on "self-designed, dedicated servers" that will provide more advanced security and low latency.
The firm has upgraded its support center, which is done for better user experience, providing automated responses to common queries and quicker issue resolution. Apart from this, Bitfinex has improved its Know Your Customer(KYC) Portal and also provides additional information about various tokens on the exchange.
According to the reports, trading of institutional Bitcoin (BTC) investment products have been increasing in the last four years, and are rising against United States-based crypto exchanges as a percentage of total trading volume.