Bitfinex unveils public leader board to chart trading performances of traders on trading pairs listed on the platform.
Bitfinex Leaderboard Comes with Time Frame
Bitfinex recently launched a public leaderboard for traders, traders will be able to compare their performances with rival traders. Interestingly, launching such a leader board is a common practice among crypto exchanges. As a matter of fact, even BitMEX had a leaderboard for several years which displayed the top 25 traders by both notional profits and return on exchange.
While traders were unable to filter by time frame on BitMEX’s leaderboard, Bitfinex’s leaderboard reportedly will have a number of categories. These include trading profits in USD and the user’s trading volume and will have a time frame of 3 hours, 7 days and 30 days.
100x Leverage Trading for Bitcoin & Ethereum
The previous week Bitfinex went live with a new set of 100x leverage Bitcoin and Ethereum derivative markets. Prior to the rollout of its two new derivative contracts, traders could only trade up to a maximum of 3.3x leverage. Bitfinex’s leverage trading is not available in the US, Canada, Switzerland or even the Seychelles—where the firm is registered. Presently, it is available only in Hong-Kong.
When trading at the new maximum leverage of 100x, a trade can be liquidated on a position that moves against them just one percent. Interestingly, such liquidations can be done hourly in the highly-volatile crypto market. This could also be a possible reason for a large number of liquidations on BitMEX, which also offers high levels of leverage trading.
With that being said, it is great news for traders who seek to make good fortunes in the crypto market. While a healthy competition will raise vigor and enthusiasm in traders, it is hoped that traders are not carried away in the unpredictable market scenario, which may invariably lead to their names being seen in the bottom of the leaderboard.
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Coming from a physics background the unpredictability and intrigue of the cryptoverse attracted me to take a dive in this field. I am all eyes and ears for the latest trends in blockchain and crypto sphere. Whenever I am not writing or researching, I love to read sci-fi novels, play basketball and watch action movies. I strongly believe that blockchain and cryptocurrency will bring lasting transformations in people’s lives in the years to come. You can reach out to me at supriya [at] coingape.com.