Crypto exchange Bitfinex on Monday announced the launch of a sub-account feature for its institutional clients, easing portfolio management.
This will allow the traders on the platform to maintain up to 100 subsidiary accounts under one master account. The master account will play a managerial role and will be responsible for the distribution of funds among subsidiary accounts.
📢Bitfinex Introduces Sub-Account Feature
Whether you are already testing multiple trading strategies or just thinking to start, the new Master and Sub-account feature is what you need to trade like a Pro!
Discover all the advantages https://t.co/dDLBL1cocH pic.twitter.com/OcKYlL0xz7
— Bitfinex (@bitfinex) January 20, 2020
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Per the exchange, the feature was introduced following massive demand for its from its client base.
Commenting on the new feature, Paolo Ardoino, chief technical officer at Bitfinex, said: “There is huge pent up demand among institutional traders for a more sophisticated way of accessing crypto markets. The sub-account feature will facilitate myriad trading strategies across different accounts, and further underlines our capacity to meet the needs of institutional traders pursuing increasingly complex strategies.”
Notably, Bitfinex is not the first crypto exchange to introduce such features as its market competition, including HitBTC, Gemini, and CoinDCX are already offering similar features to their client base.
As the announcement detailed, the sub-account feature will offer benefits including shared volume with fee discounts, deployment of various trading strategies at the same time, and enabling traders to track their strategies more accurately.
The competitive sector of crypto exchanges
The crypto exchange industry has become very crowded and competitive in recent years, and even established giants like Bitfinex have to come up with innovative features to hold their client base.
Last month, the British Virgin Island-registered exchange allowed its customers to buy digital currencies using credit and debit cards after partnerships with two payment processing companies – Mercuryo and OWNR Wallet.
Meanwhile, the exchange also scrapped fees for deposits under $1,000, attracting more retail traders.