Bitfinex Up for a System Update

Bitfinex Up for a System Update.

  • One of the biggest and most advanced Digital currency exchanges Bitfinex is about to perform a system update.
  • The upgrading process of the system is estimated to go from about 3-7 hours.
  • This simply means that during the updating period users will not be able to perform any sort of trading activity on the platform.

Bitfinex, one of the largest names in cryptocurrency exchange has announced that they will be upgrading their frameworks’ systems which will occur on November 28, 2019.

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Through this upgrade, the company aspires to achieve its aim of boosting the stability and scalability of its iFinex framework.

According to the official announcement made on the website of Bitfinex, upgrading of the system is scheduled to be started at 10:30 A.M. (UTC) on November 28, 2019.

The upgrading process is estimated to be completed in about 3-7 hours and during this time all the services provided by the platform will be disabled.

This simply means that during the updating period users will not be able to perform any sort of trading activity on the platform.

It is advised for the users of Bitfinex to set their affairs in order prior to the time of updating.

Effects of upgrade on users accounts

There will be no immediate effect on the user’s accounts. The funds stored in the accounts of users will remain safe and will be accessible after the upgrading process is completed. During the time of upgrade, no orders will be accepted by the platform, they all will be kept on hold and will be accepted only after the process of upgrading is completed.

Though users will be at risk if there are significant dips in the market during the period of upgrading, so users are advised to check the market’s condition and make appropriate decisions regarding their assets.

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Anurag Agarwal
Anurag Agarwal is a writer for Thecoinrepublic. He is pursuant of B.tech in biotechnology from M.I.E.T Meerut, who's passion is to read and express through the medium of words. He is contributing the regular in-depth analysis of News and updates.

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