Cryptocurrency exchange, Bitfinex, has removed its $10,000 minimum equity standard in order to allow more participation from a wider range of traders and investors.
The exchange claimed to have received “overwhelming demand from a wide variety of traders” and has taken the decision in order to make the platform’s services available to as many investors as possible. According to Bitfinex CEO; Jean-Louis Van der Velde, Tuesday,
“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,” he added. “By dropping our minimum equity requirement, the only limits are now set by the traders themselves.”
As a matter of clarity, the exchange’s terms and conditions page stipulates that margin borrowing on the exchange is still very much limited and traders can finance a value not more than 70% of their digital assets… However, the exchange reserves the right to confiscate all liabilities and collateral, in the event that a trader owes lenders more than the worth of their tokens.
The exchange also made known on Tuesday that few upgrades on the platform are underway. Efforts have been invested into migrating operations onto “self-designed, dedicated servers with premium hardware for advanced security and lowest latency”.
Furthermore, platform functionality relating to clients services such as, customer support for issue resolutions, automated response to frequently asked questions and the Know-Your-customer (KYC) portal have been upgraded.