The upgrade is set to commence at 8:30 AM UTC and services will be offline from three to five hours.
Please note that this is a rough estimate and the precise upgrade starting time may change based on market movements.
The platform upgrade will require taking all iFinex trading platforms offline for the duration of the maintenance period. This means that Bitfinex traders will be unable to trade, view or obtain access to their wallets during the update.
We kindly ask all our traders to plan ahead accordingly and make the necessary account adjustments prior to the start of the platform upgrade.
What this means for traders
Traders on Bitfinex will not be required to take any action:
All funds will remain safe and unaffected throughout the platform upgrade, and will not be at risk at any point.
No orders will be executed during downtime. All open orders will be kept (regardless of price movements) and resume once the platform is back online.
Users will not be liquidated during downtime. However, traders should be aware that if the price moves significantly during this time, they are at risk of liquidation as and when the platform is reopened. In line with this, we kindly ask all traders to review their margin requirements and assess the risk of market movement on their open margin positions before entering the maintenance window.
For more information on the day of the upgrade, please refer to the Bitfinex status page and Twitter account for official progress. We will let our users know five minutes before the platform reopens. Trading will start ten minutes after the platform is accessible again.
We appreciate your patience during the system upgrade and look forward to presenting you with an improved trading experience.
The post appeared first on Bitfinex blog.
