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Bitfinex has removed its minimum capital of USD 10,000 to start trading in the cryptocurrency market, allowing more investors to participate.
The company, based in the British Virgin Islands, city "Overwhelming demand from a wide variety of traders" for change.
"We simply could not ignore the growing number of applications for trade on Bitfinex from a wider cohort than our traditional customer base," said Jean-Louis van der Velde, CEO of Bitfinex, on the company's blog.
"Over the last six months, we have worked tirelessly to prepare our platform for a new wave of customer accounts and are now able to open Bitfinex to a wider audience," he added. "By abandoning our minimum capital requirement, the only limits are now set by the traders themselves."
To be clear, this does not necessarily mean unlimited margin borrowing. According to the terms and conditions page on the Bitfinex website, customers can not finance more than 70% of the value of the digital tokens they buy in exchange.
In addition, if a trader owes creditors more than his chips are worth, "Bitfinex reserves the right to seize, badume, and badume all of your liabilities and guarantees, as well as to leave one or more of your positions ". conditions warn.
Upgrades
Bitfinex also announced Tuesday that it has migrated the stock market's operations to "dedicated stand-alone servers with high-end hardware for advanced security and minimal latency."
In addition, the company is upgrading certain areas of customer services, such as: "automated responses to common queries and faster problem resolution" of customer support; a new Customer Knowledge Portal (KYC); and additional information about the chips on the exchange.
The exchange has long been mired in controversy over its connection to the Stablecoin project, with which Bitfinex shares leadership. Tether struggled to provide proof of his dollar reserves on the stable US dollar, and ended up saying that tokens could not be secured solely by fiat money.
Both companies strived to maintain consistent banking relationships after Wells Fargo ceased serving them in 2017. For a short time, Bitfinex and Tether had accounts with the Noble Bank of Puerto Rico until the end of the year. month of october 2018 and were finally customers of Deltec based Bahamas. Also in October, Bitfinex customers complained that they had trouble withdrawing their funds.
Image of the Bitfinex logo via Shutterstock
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