Bitfinex to allow margin trading on Ether
Bitfinex Includes Ethereum
Bitfinex to allow margin trading ETH/BTC and ETC/USD starting Friday 4/22 @PM UTC.
Bitfinex, one of the well-known Bitcoin exchanges and trading platforms has finally relented to these increasing demands. The trading platform announced that they are including Ethereum support on Bitfinex. The announcement states that users will be able to trade ether – Ethereum’s cryptocurrency unit on their platform starting Monday. The company also makes it clear that it is not their general practice to include new digital assets, but in this case, the demand has been too high to ignore. Also, ether’s performance in the recent months has influenced their decision to go ahead and make an exception for the sake of their customers.
From the announcements on their site, upon login:
Starting at 3:00pm UTC on Friday April 22nd we will enable margin trading for the ether pairs ETHBTC and ETHUSD. Margin funding will also open at that time, allowing users to place ether margin funding offers and bids.
Margin requirements for ether trading will be identical to those of bitcoin and litecoin: 30% initial margin (3.3x leverage) and a 15% maintenance margin requirement. Positions on the ether pairs can be backed with bitcoin, USD, and/or ether.
Ether Market Cap
The market cap for ether (ETH), the platform’s publicly traded token, has risen to more than $1bn at press time, up from $768m on 7th March. 1 ETH is worth at the time of this writing $7 USD. I’ve seen it as high as $12 in the past few weeks. It’s even more volatile and risky than Bitcoin in my eyes.
New Bitfinex Supported Currency
Etherum from what I’ve seen is an up and coming crypto currency. This is one of the few cryptocurrencies supported on Bitfinex’s trading platform. I can’t stress how volatile and thus risky the price of Etherum behaves from my perspective. Bitcoin is volatile enough though with certain stabilizing periods. I’ll be continuing to concentrate my core focus on Bitcoin. The Etherum support is a nice feature on Bitfinex none the less.