Bitfinex Launches A Social Network, Giving Traders a ‘Pulse’ on the Latest Market Insights
Major crypto exchange firm, Bitfinex has launched a new social network for its users. According to Cointelegraph, the exchange platform is seeking to take advantage of the social network craze. The new social network is dubbed Bitfinex Pulse and users will now have a chance to trade, collaborate on different concepts as well as various market related aspects.
Bitfinex Pulse, the next generation of social trading, has finally arrived!
— Bitfinex (@bitfinex) April 27, 2020
According to a report published by Finance Magnates, the new social network will offer users an advantage in the trading space since they will now be able to easily communicate with various traders around the world.
Differs From The Existing Social Trading Network
Bitfinex is the latest entrant in the social trading space. There are different platforms with their own similar products like eToro, which offers trader profiles, copy trading, messaging as well as statistics. The eToro platform also allows users to easily participate in comparable or related positions like other traders.
However, according to Bitfinex, the new product will be different from the one by eToro. The firm explained that unlike eToro, Bitfinex Pulse is designed to specifically address the needs of traders within the platform. Bitfinex explained:
“The emphasis will be on the niche, high-quality content that this more technically proficient audience requires.”
Bitfinex also clarified that its social network will not contain copy trading features. However, there are scanty details on how users will be verified on the new social network.
Crypto trading is highly a digital activity and traders and crypto enthusiasts have always been highly active on various social media platforms. Twitter as well as other social networks have always been platforms holding different discussions especially when there are unexpected events in the market.
Bitfinex has been in the news for various controversies in the recent past. The parent company iFinex has been involved in a class action lawsuit with claims of market manipulation. However, the firm has been involved in various activities aimed at enhancing its growth. Earlier this month, the firm launched staking services.