There are many people that use Bitfinex, which is why it is one of the most popular cryptocurrency exchanges by daily volume to this day. Its popularity is expected to receive an extra boost after the Bitcoin exchange announced on Tuesday that it is removing the minimum balance required to trade on its platform.
One of the reasons that the exchange has gained popularity is because it offers leveraged trading, which involves much more risk (and potential reward) with regards to the cryptocurrency markets. The platform used to require a $10,000 minimum equity threshold. This obviously will allow more traders than ever to trade on the platform.
The update comes after massive interest from traders that have not been able to use Bitfinex platform, according to the company. Bitfinex describes the demand as “overwhelming” and the announcement also elaborated that they had migrated onto more advanced servers for enhanced security.
Bitfinex has been quite controversial lately, with many trying to suggest that the exchange might be insolvent in 2018. Although the platform was founded in 2012, many believed that it would not be able to last until 2019 thanks to the amount of controversy surrounding the platform. The company responded to the rumors in October 2018. The new features that Bitfinex now boasts includes a new Know Your Customer (KYC) portal, an upgraded support center, and educational information about certain tokens as well.
The CEO of Bitfinex, Jean-Louis van der Velde, stated that this was an opportunity to reach a new demographic. Specifically, he said: “We simply could not ignore the increasing level of requests” with regards to accessing the platform. He also elaborated that the company had been working hard for the past six months in order to finally “open Bitfinex to a wider audience.”
“By dropping our minimum equity requirement, the only limits are now set by the traders themselves,” van der Velde pointed out.
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