Bitfinex Adds Margin Trading on Tether Gold With Pairs of Up to 5x Leverage

Bitfinex Adds Margin Trading on Tether Gold With Pairs of Up to 5x Leverage 1

Bitfinex, the world’s seventh-largest bitcoin exchange by trade volume, has launched margin trading for Tether Gold (XAU₮), enabling traders to execute more advanced strategies on the yellow metal in a digital form.

As of Jan 30, 12:00 UTC, traders are now able to execute on margin using Tether Gold against pairings such as tether’s native stablecoin (USDT), bitcoin (BTC) and the U.S. dollar (USD).

These pairs can now be traded with initial equity of as low as 20 percent, giving traders a maximum of up to 5 times leverage, according to a press release by Bitfinex.

Margin trading enables traders to borrow funds to increase leverage, offering the potential for greater profits than in traditional trading. However, the potential for greater rewards also comes with amplified levels of risk.

Chief technology officer at Bitfinex, Paolo Ardoino said in a press release that the launch of margin trading on Tether Gold would allow for a more sophisticated means of hedging exposure and managing risk.

“[Tether Gold] is timely given the growing interest in gold and other safe-haven assets amid the recent turmoil that we’ve seen in equity markets,” Ardoino said.

Tether Gold represents ownership of one troy ounce of physical gold on a London Good Delivery gold bar, with the gold backing each token stored in a Swiss vault. Holders of Tether Gold will be able to avoid drawbacks associated with physical gold, such as high storage costs and limited accessibility.

As of today, Tether Gold is the only product among its competition, such as PAX Gold, that offers zero custody fees while retaining direct control over the physical gold storage.

Bitfinex, through a spokesperson, declined to say whether the gold held in storage would be audited and those audits be made available.

Disclosure Read More

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

About the author

E-Crypto News was developed to assist all cryptocurrency investors in developing profitable cryptocurrency portfolios through the provision of timely and much-needed information. Investments in cryptocurrency require a level of detail, sensitivity, and accuracy that isn’t required in any other market and as such, we’ve developed our databases to help fill in information gaps.

Related Posts

E-Crypto News Executive Interviews

Automated trading with HaasBot Crypto Trading Bots

Crypto Scams

Millions in Cryptocurrency Stolen by Scammers in the Last Month According to Tenable Research
November 24, 2021
Behind The Scenes: How this Crypto Community Responded to + $50m Hack
October 18, 2021
Crypto Scams
Crypto Scams Still Persistent In 2021, SEC Warns About Red Flags To Watch
September 9, 2021
Poly Network
Here’s How Hackers Stole Over $600 million in the Poly Network Attack
August 12, 2021
The World’s Most Infamous Crypto Hacks and Scams
July 31, 2021

Blockchain/Cryptocurrency Questions and Answers

Crypto casinos
How Does Bitcoin Casino Work + 2021 Beginner’s Guide
November 8, 2021
How to Buy and Sell Cryptocurrency
November 8, 2021
What Are Bitcoin Futures And How Will They Work In 2022?
November 4, 2021
The Unconventional Guide to Ethereum
October 28, 2021
ICo Presale
The Science Behind ICO Presales…
October 14, 2021

CryptoCurrencyUSDChange 1hChange 24hChange 7d
Bitcoin56,976 0.41 % 0.38 % 0.39 %
Ethereum4,571.4 0.95 % 3.81 % 7.07 %
Binance Coin625.70 1.07 % 0.87 % 5.80 %
Tether0.9986 0.03 % 0.08 % 0.23 %
Solana225.52 0.84 % 2.59 % 9.72 %
Cardano1.550 0.69 % 2.91 % 7.18 %
XRP0.9776 0.93 % 3.17 % 5.31 %
USD Coin1.000 0.14 % 0.20 % 0.17 %
Polkadot30.87 2.19 % 17.29 % 10.73 %
Dogecoin0.2215 0.68 % 1.42 % 7.23 %

Bitcoin (BTC) $ 56,571.00
Ethereum (ETH) $ 4,519.34
Binance Coin (BNB) $ 617.44
Tether (USDT) $ 0.999
Solana (SOL) $ 222.21
Cardano (ADA) $ 1.54
XRP (XRP) $ 0.968664
USD Coin (USDC) $ 0.998615
Polkadot (DOT) $ 35.44
Dogecoin (DOGE) $ 0.205621