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Shailesh Panwar
Jan 21, 2020
by Shailesh Panwar

Bitfinex Starts Sub-Account Feature With Growing Crypto Demand

bitfinex
Bitfinex, a popular cryptocurrency trading platform, has started a sub-account feature that would enable the exchange's users to set up various trading accounts within a single master account. The sub-account feature would meet institutional demand to use complicated crypto trading strategies.

Ardiono's Statement On The Sub-Account Feature

Earlier, Bitfinex added KYC requirements and asked users for more information. The CTO of Bitfinex, Paolo Ardoino, stated that the institutional traders were asking for a more sophisticated way to have access to the cryptocurrency market. He further added that the sub-account feature would promote multiple trading strategies across several accounts, and would improve their capacity to satisfy institutional traders needs to try more complex strategies.

Benefits Of Sub-Account Feature

The sub-account feature would enable the users of Bitfinex to create about 100 subsidiary trading accounts within one master account, which would retain complete managerial control and the right to share funds between these accounts. Institutional traders, established as corporate users, who would want to give access at different levels to employees within the same organization, could do so by using the sub-account feature.

The benefits that sub-account feature would provide are

  • Shared volume with a reduction in fees among all accounts based on the cumulative fee tier.

  • Several trading strategies would be deployed at the same time, allowing more accurate monitoring for strategies for traders

  • After the account would be verified, the user could choose which sub-account would share the verification data.

  • A customer using the service would be allowed to transfer cryptocurrency funds amid the master account within the wallet of a preferred sub-account.

    • A master account could perform several tasks, including Switch access to make changes and view several sub-accounts (a customer's sub-account email would be verified first to complete this function). Users would be allowed to put security restrictions on sub-accounts, and they would be able to identify the desired verification status on every sub-account.

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    Bitfinex Starts Sub-Account Feature With Growing Crypto Demand
    Shailesh Panwar
    Shailesh is an ardent follower of the crypto world and keenly watches every development taking place in the cryptocurrency space. He loves to voice his opinions through well-curated blogs and articles, which throw light on different facets of the crypto industry.

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