One of the biggest crypto exchanges in the world is Bitfinex and they have recently revealed that they have removed the minimum equity of $10,000 that was required to start trading on a new account.
— Bitfinex (@bitfinex) 9 April 2019
The company is headquartered in Hong-Kong and made the update after being overwhelmed by the surge in demand from traders who were looking to access the platform in the past few months.
The Bitfinex CEO, Jean-Louis van der Velde wrote a Medium post announcing the news and 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. 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.”
With this upgrade, the exchange has just opened its door to anyone who is up for trade cryptocurrencies, as of April 9th.
Bitfinex’s Chief Technical Officer, Paolo Ardonio added that the key reason behind this update was to look for more involvement of the developer’s community.
One of the main reasons of this change is to get more dev community more involved. @bitfinex is quite significantly dev driven at its core and we want to let other devs building/contributing easily on/to our ecosystem. #opensource #decentralization https://t.co/y47FGoL5O8
— Paolo Ardoino (@paoloardoino) 9 April 2019
The exchange also said that they will be upgrading “automated responses to common queries, and quicker issue resolution” from customer support. In addition to this, users will find a new know-your-customers portal.
Last but not least though, the companies operations will move onto more “self-designed, dedicated servers with premium hardware for advanced security and lowest latency.”