Bitfinex launches sub-account feature
Bitfinex, a digital asset trading platform, has launched a sub-account feature that allows users of the exchange to set up multiple trading accounts within one master account.
The addition of the sub-account feature meets institutional demand to deploy more complex crypto trading strategies.
The feature will enable users to create up to 100 subsidiary trading accounts under one master account, which retains full managerial control and the authority for sharing funds between accounts. Institutional traders, verified as corporate users, who wish to give different levels of access to employees within the same organisation can do so utilising the sub-account feature.
“There is huge pent up demand among institutional traders for a more sophisticated way of accessing crypto markets,” says Paolo Ardoino, CTO at Bitfinex. “The sub-account feature will facilitate myriad trading strategies across different accounts, and further underlines our capacity to meet the needs of institutional traders pursuing increasingly complex strategies.”
The new sub-account feature offers the following benefits: Shared volume with fee discounts across all accounts based on the cumulative fee tier. The deployment of various trading strategies at the same time, enabling traders to track their strategies more accurately. If a user’s account is verified, the customer can decide which sub-account to share verification data. A user taking advantage of the service will be able to transfer cryptocurrency funds between the master account into the wallet of a chosen sub-account.
A master account has the capacity to perform a variety of functions, including: Switch access to view and make changes to the various sub-accounts (a user’s sub-account email has to be verified first in order to perform this function). Set security restrictions on sub-accounts. Identify the desired verification status on each sub-account.