Bitfinex Abandons Minimum Equity Threshold for New Accounts
- Bitfinex introduced the minimum threshold requirement during the heights of crypto trading boom in 2017.
Hong Kong-based cryptocurrency Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term Bitfinex has abandoned the $10,000 minimum equity for opening new accounts.
Bitfinex introduced the minimum threshold requirement during the heights of the crypto trading boom in 2017 when it struggled like other crypto platforms to cope with the number of new registrations.
At the time, several exchanges temporarily closed down new signups because they could not handle the inflow of new customers. Bitfinex was one of them, but later in January 2018, it applied an activation equity requirement, where new accounts were required to deposit fiat or crypto to achieve minimum account equity of $10,000 equivalent before they could trade.
After activation, however, clients’ account equity was allowed to drop below the required equity threshold without consequence.
Earlier this year, Bitfinex tried to sweeten its offering to institutional investors through a partnership with matching engine technology provider Connamara to create a Financial Information eXchange (FIX) gateway, which was then further enhanced following a similar deal with Market Synergy.
Bitfinex has gone live with new institutional-grade connectivity provided by Swiss-based Market Synergy, which offers trading and security solutions for banks, brokers and hedge funds to trade Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term.
Commenting on the news, Bitfinex CEO Jean-Louis van der Velde, said: “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. 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.”
Hong Kong-based cryptocurrency Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term Bitfinex has abandoned the $10,000 minimum equity for opening new accounts.
Bitfinex introduced the minimum threshold requirement during the heights of the crypto trading boom in 2017 when it struggled like other crypto platforms to cope with the number of new registrations.
At the time, several exchanges temporarily closed down new signups because they could not handle the inflow of new customers. Bitfinex was one of them, but later in January 2018, it applied an activation equity requirement, where new accounts were required to deposit fiat or crypto to achieve minimum account equity of $10,000 equivalent before they could trade.
After activation, however, clients’ account equity was allowed to drop below the required equity threshold without consequence.
Earlier this year, Bitfinex tried to sweeten its offering to institutional investors through a partnership with matching engine technology provider Connamara to create a Financial Information eXchange (FIX) gateway, which was then further enhanced following a similar deal with Market Synergy.
Bitfinex has gone live with new institutional-grade connectivity provided by Swiss-based Market Synergy, which offers trading and security solutions for banks, brokers and hedge funds to trade Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term.
Commenting on the news, Bitfinex CEO Jean-Louis van der Velde, said: “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. 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.”