Bitfinex - $10,000 Now Required to Open an Account
It seems Bitfinex have struggled to cope with the amount of new registrations they've received over the last year.
In fact, the company has just released a statement with guidelines for new account registrations.
Bitfinex is a global liquidity source with a focus on serving professional traders and regional exchanges. We suggest that traders who are new to cryptocurrency trading try another, more straightforward platform first and return to Bitfinex later.
To that end, and to allow us to maintain focus on our core customer base, all accounts created after January 1st, 2018, will have a new activation equity requirement. New accounts will need to deposit fiat or crypto to achieve minimum account equity of 10,000 USD equivalent before they can trade or offer funding. After reaching this minimum, an account becomes fully activated.
I'm not sure what I make of this news. On one hand, I can understand that they're looking to limit the load of new registrations with these regulations. However, $10,000 seems quite a large requirement, and effectively shuts out most newcomers.
What do you make of this change?
I kind of get why they are doing it, but at the same time, if there are coins which are only listed on Bitfinex, those coins are beeing kept hidden from most of the market. I just hope they don't present us with some unreasonable requirement like having to deposit $10 000 to withdraw deposits that is already on the platform.
It's a difficult one. I also get why they're doing it, but something doesn't sit quite right with me about it. I've heard arguments that it will keep newcomers out, allowing experienced traders to trade properly, but not all experienced traders have $10,000 capital to get started either!
Also, maybe experienced traders prefer to trade on platforms with inexperienced traders, as they can be more easily manipulated;)
Yep. That's a valid point. Take today, for example. The markets are down all over the place, and inexperienced hands are panic selling. It's a perfect recipe for experienced traders and investors to capitalise on that and mop up some bargains.
At least it's pretty safe to assume the volume is increasing since almost all the major exchanges are starting to somewhat limit the new users, that's one reason why the extend of this current correction was a bit unexpected to me.
Thanks for sharing!
Very true. The exchanges seem to have been inundated for a while now, and many of them as you say have been limiting user signups. It's going to be an exciting year!
Shame
Hello @philnewton I didn't know about this information. I have account on Bitfinex from last year. Maybe I can sell to someone for some money? :) Best from Serbia.
I would advise against trying to sell your account, but it's good to know that current accounts will not be affected by the change.
Now all we need is an ICO to raise money for AccountCoin;)
Did you see how Envion ICO finished? 100 milion dollars invest. I have some. :)
Now you make me envio(n)us;)
Hahaha, hows that envion doing?
Very informative post...thank you very much for sharing
It's been 6 years. So nostalgic https://9blz.com/bitfinex-review/