Bitfinex revealed yesterday that it is committed to providing excellent services to its customers all over the globe. Thus, the reason why it has launched an improved reporting tool that would serve both experts and beginners in crypto trading. The reporting tool has five new features that will enable cryptocurrency traders to optimize their trading.
Bitfinex Reporting Tool Adds Five New Features
The somewhat controversial cryptocurrency exchange, Bitfinex, launched an improved reporting tool earlier today, June 11. The reporting software is set to help both novice and experienced cryptocurrency traders navigate the trading space.
We are pleased to present an improved reporting tool, useful both for beginners and experts navigating the digital currency trading space.https://t.co/aEbAdkgxgB
— Bitfinex (@bitfinex) June 11, 2019
According to its blog post, the improved tool comes with five new features that will be very useful for crypto traders. The first feature is the ‘Equivalent USD Balance.’ This tool displays the USD value of all your cryptocurrency assets on the crypto exchange. The software takes into consideration the daily close price of each trading pair against the US Dollar when calculating the equivalent USD value.
The second feature is the ‘Average Win/Loss.’ Bitfinex introduced a new section on its platform where the average win or loss amount for a trader is displayed. A trader will know the extent to which they are winning or losing since the feature shows the daily, weekly, or monthly portfolio gains. The values for both winners and losses are shown in US Dollar or any other fiat currency a trader chooses.
The formula for calculating the average win or losses takes into account trades, equity, crypto price movements, funding earnings, transactions, fees, and funding costs. However, it doesn’t take into consideration open margin positions.
The third feature is the new ‘Account Balance‘ section. This section shows a trader’s daily, weekly, and monthly balances which are displayed in US Dollar or other fiat currencies available on the list. A trader can choose the selected timeframe for which the account balance will be displayed.
The ‘Bitfinex Wallet‘ is the fourth feature. According to Bitfinex, the wallet has shown to be accurate in displaying cryptocurrency prices and account balances while the market fluctuates. Thus, Bitfinex is removing the beta tag it had as a result.
The fifth and final feature is ‘Currency Breakdown,’ which is labeled as ‘Concentration Risk’ on the platform. This new feature shows the currency breakdown of a user’s account at any point in time, displayed in a pie chart format. Thus, it allows traders to have a visual breakdown of their crypto wallet, which shows the proportion that each digital asset occupies in the overall portfolio.
The new reporting tool is available for Windows, Mac, and Linux users. Alternatively, users can download the software here and follow the instructions attached to install it. After installing the software, users will need to create some read-only keys here. The keys should be stored safely as they will be required when logging in.
Bitfinex Will Further Improve the Reporting Tool
Bitfinex is looking to add more features to the reporting tool as it seeks to improve its platform for crypto traders. The cryptocurrency exchange is working on adding new features such as the ability to export digitally signed files, integration with its mobile app, improvements to the sorting and filtering feature, an optimized framework to enable data sharing amongst users, and a new subsite to help improve the downloading of public data.