{"id":20313,"date":"2019-04-10T18:50:48","date_gmt":"2019-04-10T18:50:48","guid":{"rendered":"http:\/\/ci027cfe65600a2697"},"modified":"2019-04-10T18:50:48","modified_gmt":"2019-04-10T18:50:48","slug":"bitfinex-scraps-its-10000-minimum-balance-rule","status":"publish","type":"post","link":"https:\/\/bitcoinmagazine.com\/markets\/bitfinex-scraps-its-10000-minimum-balance-rule","title":{"rendered":"Bitfinex Scraps Its $10,000 Minimum Balance Rule"},"content":{"rendered":"<div id=\"bsf_rt_marker\"><\/div><figure><img decoding=\"async\" src=\"https:\/\/bitcoinmagazine.com\/wp-content\/uploads\/2024\/11\/bitfinex-scraps-its-10.jpg\" title=\"\"><\/figure>\n<p>Bitfinex is now open to every trader as the Hong Kong-based cryptocurrency exchange has <a href=\"https:\/\/medium.com\/bitfinex\/bitfinex-removes-minimum-equity-requirement-opening-professional-standard-trading-to-everyone-6c5024a58867\" target=\"_blank\" rel=\"noopener\">removed<\/a> its $10,000 minimum balance rule.<\/p>\n<p>Citing a rising demand from retail traders who couldn&#8217;t trade on the platform due to the requirement, Bitfinex CEO Jean-Louis van der Velde said the platform is now ready for a \u201cnew wave of customer accounts,\u201d according to a company Medium post.<\/p>\n<p>\u201cWe simply could not ignore the increasing level of requests for access to trade on Bitfinex from a wider cohort than our traditional customer base,\u201d van der Velde added, per the post. \u201cFor 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.\u201d<\/p>\n<p>The minimum threshold requirement was introduced in 2017 during Bitcoin&#8217;s bullish run as a measure to stymie the inflow of new sign ups. Last year, it <a href=\"https:\/\/www.bitfinex.com\/posts\/registrations-reopen\" target=\"_blank\" rel=\"noopener\">announced<\/a> an equity requirement in which traders were required to deposit $10,000 minimum in crypto or fiat before they could trade on the platform. Once activated, the client&#8217;s equity could drop below the required threshold without them losing access to the platform.<\/p>\n<p>Per the Medium post, the exchange has upgraded its infrastructure with \u201cdedicated servers with premium hardware for advanced security and lowest latency\u201d as it gets ready to welcome a broader user base.<\/p>\n<p>The company also redesigned its support center for faster resolution to queries and developed a new know-your-customer (KYC) portal. Going forward, Bitfinex aims to provide education to users around the available tokens on its platform.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitfinex is now open to every trader as the cryptocurrency exchange has removed its $10,000 minimum balance rule.<\/p>\n","protected":false},"author":3435,"featured_media":20314,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[34],"tags":[1961,357,468],"class_list":{"0":"post-20313","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-markets","8":"tag-bitfinex","9":"tag-exchanges","10":"tag-trading"},"author_data":{"id":3435,"name":"Jimmy Aki","nicename":"jimmy-aki","avatar_url":"https:\/\/bitcoinmagazine.com\/wp-content\/uploads\/2024\/12\/jimmy-aki-promo-image-96x96.jpg"},"featured_image_url":"https:\/\/bitcoinmagazine.com\/wp-content\/uploads\/2024\/11\/bitfinex-scraps-its-10.jpg","_links":{"self":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/posts\/20313","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/users\/3435"}],"replies":[{"embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/comments?post=20313"}],"version-history":[{"count":0,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/posts\/20313\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/media\/20314"}],"wp:attachment":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/media?parent=20313"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/categories?post=20313"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/tags?post=20313"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}