Hong Kong-based cryptocurrency exchange, Bitfinex, said in an April 9 announcement that it would no longer require users to hold a $10,000 equity in Bitcoin before gaining access to their trading platform.
Bitfinex noted that the move which now opens the exchange to everyone came off the back of overwhelming demand in the last six months from crypto traders desiring to use their professional trading platform.
CEO, Jean-Louis van der Velde revealed that the exchange had spent the last six months working on how to make its offering available to the broader crypto community, He 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.”
He further expressed confidence that by dropping the minimum equity requirement, traders would now be the ones setting limits to the amount they want to trade or hold on the Bitfinex exchange.
Alongside the removal of the $10,000 equity threshold, Bitfinex also said it was introducing a suite of new features to improve its services, namely;
- An improved customer support desk with automated responses for frequently asked questions
- A new third-party based KYC Portal for faster processing of customer identity documents
- A section to educate users on every crypto token offered on the platform.
With Bitfinex finally opening its platform to the broader cryptocurrency community, it is very likely that the exchange would not be ideally positioned to compete amongst peers such as Binance and Coinbase which since inception onboard even small unit crypto traders.
As Coinfomania reported last month, Binance remains the leading crypto exchange globally in terms of trading volume while additional data suggests the firm is one of the few exchanges providing accurate data to the public. There are also rumors that Binance will soon launch margin trading on its platform.