In an ongoing effort to provide our customers with the best possible trading experience, we are pleased to announce several enhancements to our swaps system. As the swaps market continues to grow, we continue to be extremely focused on ensuring that it operates as fairly and efficiently as possible, while mitigating systematic risks to the greatest extent possible.
Self Funding: To the extent that a trading wallet’s collateral is the correct currency, it will now be automatically used to offset the position’s swap requirements. For example, if a trading wallet contains USD, and the position is long BTCUSD, the USD borrowing requirement will be reduced by the amount of USD collateral. We believe that this change will result in significant cost savings to traders and help make the closely watched aggregate swap statistics more meaningful. This new feature essentially allows traders to pay no swap interest when the positions size is less than their collateral, i.e., “unlevered” (provided, of course that the collateral is held in the correct currency), and avoids the clumsy process of claiming unlevered position as this feature effectively enables traders to perform the economic equivalent of a “partial claim” when the position is reduced in size of more of the correct collateral is deposited in the trading wallet.
Daily Settlement: Up until now, swap interest to liquidity providers has always been paid daily, but swap interest from traders is only collected when the positions is closed. While this makes sense from a certain perspective, it has the unintended consequence of effectively putting Bitfinex in the position of making 0% loans to cover the payments imbalance created by large “unrealized swap” balances, which really should be serviced by the P2P facility that we already have in place. Moreover, from a balance sheet perspective, we feel that it simply makes more sense to match the frequency of the collection and payment process. In order to implement this change, traders will need to select how they wish these daily payment to be made. The system will support a new variable for each position, “Swap Type”, which can have one of two values:
Existing positions will be phased into this process, with daily “catch-up” payments of no more than 10,000 USD.
These first changes will be active on the 21st of July, 2014.
Real-time Autorenew: In the past, the “autorenew” feature for offering swap liquidity was only processed once every 15 minutes, which could sometimes create an offer “vacuum” if large positions were being opened and closed quickly during periods of heightened volatility. We have reduced that interval to less than one minute as we approach a true real-time solution to this important feature.
Swap “Bot”: We will soon be offering traders the ability to automatically replace the swaps that fund their positions with cheaper ones should they be available at the same or better terms, eliminating the rather laborious manual process that is available today. There are many nuances to making this work efficiently and it will be offered on an “opt in” basis, but we anticipate that this feature will make the swap market much more efficient and reduce volatility in the average swap rates. We will provide further updates on the specific functionality by the end of July.
Once again, we wish to thank all of our customers for their continued loyalty, which, in recent months, has made Bitfinex the number one platform for BTCUSD liquidity as measure by trailing 30 day volume. We look forward to serving the community’s ongoing trading needs as we continue to update and improve our trading platform. As always, we welcome your feedback.
In order to further increase the quality of your trading experience we decided the following
Fees on the LTC/USD, LTC/BTC and DRK/BTC DRK/USD pairs will be taken to 0.1% for market takers and to 0% for market makers. Adding liquidity to our orderbook will then originate trades free of charge. This plan will be kept in place until further notice
We hope you will appreciate this and we wish you a great trading day
We are pleased to announce that Darkcoin will be available to trade on the Bitfinex platform starting at 6PM CET. It is rare for us to add new trading products, but we believe that the advent of privacy-centric cryptocurrencies warrants our attention. Specifically, we believe that Darkcoin and the team behind it represent the most credible foray into this important frontier, and now that Darkcoin's market capitalization has reached non-trivial levels, we have decided to offer it as a trading option to our customers. As one might expect, will support trading in DRK/BTC, but, in addition, we will the first exchange to support trading in DRK/USD.
While we have no crystal balls at Bitfinex, we do nonetheless believe that the new features that Darkcoin aims to implement represents a substantial development in the cryptocurrency space, and we believe that any innovation that enhances privacy deserves our attention. Naturally, we do not condone the use of Darkcoin for illicit purposes, but we do believe in the right to privacy.
Initially, we will only offer cash exchange transactions. In time, as our order book deepens and Darkcoin successfully navigates certain milestones, we will also possibly allow swap leverage and shorting, should Darkcoin's risk profile and volatility merit it.
Darkcoins can't also be used as collateral for margin transactions.
We hope that you that you find these new trading products to be of value to you and we, of course, always welcome your feedback.
Please note that the deposit bank has changed. All verified customers can find the new bank details on the deposit page.
Wires sent to our previous bank accounts starting from tomorrow may be returned
To prevent orders spam, the price of new orders will be limited to 5 significant digits. All prices with more than 5 significant digits will be rounded to the closest 5 digits value.
For example, an order at 455.123456 USD/BTC will be rounded to 455.12 USD/BTC.
This change will be in effect the 7th of May, 2014 at 00:00 GMT
Please note that all open orders at this time will be rounded down to the next 5th significant digits for bids, and rounded up to the next significant digits for asks at this time
Thank you for your understanding
We can confirm that all the systems have been reviewed and patched.
All user sessions have been reset, which is why you got all logged out forcibly.
Our SSL certificates have been re-generated, just in case.
You can now safely access Bitfinex again.
No hot wallets or sensitive access was compromised, as those information/systems are not on our front-end servers.
Finally, withdrawals have been re-enabled. However, if you already have a pending withdrawal, you need to confirm it by sending us an email to [email protected]
Thank you for your understanding
As you may be aware, yesterday a vulnerability affecting latest versions of OpenSSL used by Bitfinex was discovered.
While this vulnerability has now been fixed, we strongly encourage you to change your password as soon as possible and enable/re-enable OTP authentication in your Bitfinex account.
Withdrawals will be disabled for 10 hours to let you the time to change your information.
We will update you about the situation in the coming hours.
We have some great news for our API users. Three changes has been introduced:
The 2 new API calls are both authenticated.
Furthermore, we are also please to inform you about 2 changes regarding the claim feature for margin positions:
Thank you for choosing us!
As you may have noticed, we recently introduced a new feature: One-Cancels-the-Other orders (OCO orders). This feature will allow you to place both a take-profit and stop-loss target for your margin position without having to manually manage your orders when one is executed.
To take the most out of it, here is how it works on our platform:
To place an OCO orders pair, you have to chose a LIMIT order price (buy or sell) and check the option 'OCO'. A new field will appear, allowing you to set the stop price of the order pair. You can then place the orders pair by clicking on MARGIN BUY or MARGIN SELL.
When one of the order is AT LEAST partially executed, the other one will be cancelled automatically.
In order to upgrade our infrastructure and keep pace with our growing success, we inform you that Bitfinex will be down for maintenance Friday, 21/03/2014, at 04:00 PM GMT. The expected downtime will be less than 30 minutes.
Thank you for your comprehension