Bitfinex Review
The Home Of digital Asset Trading
Overview
Bitfinex is one of the oldest cryptocurrency exchanger in the world, with headquarters based in Hong Kong and managed by iFinex Inc. It’s a liquid exchange that deals with digital tokens, trading currency pairs (BTC/USD) along with seven other major altcoins like Ethereum and Monero.
Bitfinex has not been without its turbulent beginnings, as the exchange experienced two hacks and several other controversies for price manipulation and security breaches along with allegations of insolvency. However, it has managed to become one of the largest cryptocurrency exchanges in the world due to its unique features like safety measures which have enabled them to push through such difficulties.
Bitfinex offers margin-trading and the latest leading crypto trading signals from both Bitcoin long and short in their own house. Besides this, they also support fiat trades, deposits, and withdrawals.
Cryptocurrency trading is on the rise, as more and more people are investing in it. There are hundreds of cryptocurrency exchanges all over the world, out of which most exchanges have been regulated while a few others haven’t been. Bitfinex isn’t a regulated exchange but it’s one of the best ones available to traders who look for safety rather than to make profits. In this Bitfinex exchange review, you will find information about all important points that may be useful when choosing your preferred cryptocurrency exchange according to your preferences.
Bitfinex is a large cryptocurrency exchange with an extensive ecosystem of products and services, including spot trading, margin accounts, derivatives and more. If you’re new to the space or experienced in crypto trading Bitfinex likely has everything you need all under one roof.
Bitfinex is a premier destination for seasoned traders around the world and one of the top exchanges with regards to recognition and trading volume. It supports all but a few countries in the world (mentioned below) and offers both fiat-to-crypto trades as well as crypto-to-crypto trades. Other notable features include short selling, limit orders, OTC sales, margin trading etc. Notably, though it has been hacked twice (in 2015 & 2016), since then they have significantly improved security measures that compensate lost funds to every user that was affected by these hacks.
Features of Bitfinex
Bitfinex exchange offers the following unique features to its users.
Exchange
Bitfinex provides order books with high-quality liquidity, enabling users to exchange Bitcoin, Ethereum, EOS, Litecoin, Ripple, NEO, and other digital assets with minimal slippage.
Bitfinex provides a variety of order types that allow for greater trading flexibility.
Margin Funding
By offering margin funding to traders wanting to trade with leverage, the Bitfinex margin funding market allows them to earn interest on fiat and digital assets. The trader’s amount of leverage is funded at any rate and duration they choose. Furthermore, users can automatically use the Auto-Renew feature to renew offers upon their expiry.
Bitfinex Margin Trading
Users can leverage up to 10x on Bitfinex margin trading using peer-to-peer margin funding. They can open a position, and Bitfinex will take out the amount of funding they request, or they can borrow the amount they desire at the best available rate.
Derivatives
Perpetual agreements are already available, and future Derivative Products are under development. Users may trade Derivative Products on the Derivatives Site. To mitigate the risks associated with the volatility of Digital Tokens, they can trade Derivative Products. The Derivatives Wallet credited with USDt0, a Digital Token which can be obtained by converting USD, is currently available.
Customizable Interface
Set up your workspace to suit your needs: create compositions, choose themes, and set up alerts.
Security
It is our priority to safeguard user information and funds. Learn more about their security features and integrations.
Advanced Order Types
The Scaled Orders tool has made entering multiple orders less tedious and efficient. As a result, traders can focus on strategy rather than manually entering orders. The tool automatically creates multiple limit orders across a user-selected price range. Furthermore, traders can still adapt their orders’ quantity, diversity, and distribution. Go to their Support page for more information and a tutorial on Scaled Orders.
Paper Trading
Bitfinex’s Paper Trading feature allows traders to test trading strategies in a simulated market environment without depositing real funds. Sub-accounts mimic the master account’s trading functions.
Honey Framework
Now, non-specialist algorithmic trading firms can create custom order types and event-driven automated trading strategies without difficulty. Honey Framework integration has made these strategies available to their customers. Even if you do not have any coding knowledge or experience, you can now easily use their latest development.
Easy Signup Process
Despite the simplicity of the Signup process at Bitfinex, it may take a little longer to complete. Users don’t need to provide any information, except for the fiat currency trade. Additionally, the website is mobile-friendly and fast. There is also a compatible mobile app for Android and iOS users to navigate through the website.
Advanced Chart
Bitfinex provides a high-quality charting tool that enables traders to easily view order attributes, bitfinex price alerts, and trade positions. It allows them to tap and change order parameters.
Professional Connectivity
The Bitfinex trading platform users can benefit from professional traders and corporate accounts, which provide a fast and convenient trading experience.
Pros and Cons
Pros
- This software is intended for experienced traders.
- 100s of crypto coins supported.
- The exchange 2016 crypto exchange hack cost all traders their money back
- The bank wire facility has high liquidity.
- Wire deposits and withdrawals are permitted through this application.
Cons
- There are high trading fees.
- It is not regulated.
- Customer support is only available via email.
- Your deposits are not permitted via bank transfer or e-wallet.
Fees
The traders pay the following Bitfinex fees:
Bitfinex Deposit Fees
Suppose a customer deposits money into his Bitfinex account using a bank transfer. In that case, he will pay a fixed 0.1% fee on a nominal basis. If deposits money into their accounts using this best cryptocurrency trading platform, the nominal fee will be charged based on the specific cryptocurrency.
Bitfinex Withdrawal Fees
If the customers wish to withdraw using bank transfers, it is possible to cash out at a 0.1% fixed rate from traders. Still, if they want to have withdrawals (such as within 24 hours) fast, they may pay up to 1%.
For each BTC a user withdraws from Bitfinex, 3% of the amount is charged in withdrawal fees. As of November 2018, Bitfinex has increased the withdrawal charge to 3% on all withdrawals whether or not the user withdraws more than twice in the last 30 days or 1 million USD in the previous 30 days.
Bitfinex Trading Fees
When a trader fills an existing order or places a new limit order, they are called ‘market takers,’ while placing new orders is called ‘market makers.’ Bitfinex operates on a taker-maker fee structure, with takers paying a maximum of 0.2% and makers paying 0%. There are no trading fees on large orders initiated via the OTC desk for makers that compensate for the loss of orders. The costs for large orders decrease to as little as 0%.
Bitfinex offers maker fees of 0.10% for promoting liquidity at the exchange and fee discounts for frequents the best crypto exchange traders. In addition, these regular crypto traders may be rewarded with fee discounts. To obtain the discounts, traders must trade for an aggregate value of more than 0.5 million for 30 days.
Account Opening Process
It is straightforward to open an account in Bitfinex. Still, the process may take a little longer due to the number of applicants and the time required to process your account. Here’s how to sign up and start trading:
Create Account
To create an account on the Bitfinex exchange platform, users must first log in to the homepage of Bitfinex and click on the “signup” button. After providing their email address and password, the users must click on the “signup” button. This mail confirmation will be sent to the provided email address. The users must click on the “signup” button to activate their accounts.
Verification
Users must click on the Verification button and enter some personal information on the verification page before submitting a scanned copy of some government-issued IDs. After submitting their ID, they will direct to the verification page. They must enter some personal information and receive another scan of their government-issued identification.
Applying for Bitfinex’s best cryptocurrency exchanger is simple. Still, if you want to trade fiat money for bitcoin or other stablecoins, you must first confirm your details. Suppose the user has an individual or corporate account. In this case, the exchange may demand additional documentation such as a bank statement or a signed statement confirming that the document provided by the user is legitimate and personal information, ID verification, and proof of residence. The verification time may vary from two to four weeks, depending on the client’s interest.
Supported Countries
Bitfinex services are available to clients from all countries, except for the following ones:
- Bangladesh
- Bolivia
- Ecuador
- Kyrgyzstan
- In November 2017, Bitfinex ceased serving American clients due to challenging regulatory environments in the United States.
Bitfinex Crypto Trading App
You can view and open positions as you track and trade your Bitfinex positions and orders on the move using the Bitfinex best crypto trading app.
Trade digital currencies from anywhere in the world to preserve your market advantage. Simple order types, margin trading, and other features can help you maintain your advantage.
As professionals in the crypto exchange world, we can appreciate keeping up to date. The Bitfinex cryptocurrency trading app helps you accomplish this goal.
Bitfinex Security And Safety
Bitfinex is concerned about security and safety, not because it suffered a series of hacks immediately after its inception, but because it prioritizes the customer’s safety. Most Bitfinex’s funds are kept in a geographically separated cold storage system that also employs multi-sig technology. Bitfinex is the safest crypto exchange.
Buy cryptocurrency
Bitfinex is the best platform to buy cryptocurrency with your credit card or debit card. You may also buy Tether, Tether Gold, Tezos, TRON, Ethereum, and other ERC20 tokens with your debit or credit card on our cryptocurrency platforms, with a minimum purchase of $25. You may now buy crypto currency with ease, and there are so many platforms and best sites to buy cryptocurrency.
Customer Support
Although the customer support team is available 24/7 via email, it would be a severe drawback to traders trading on Bitfinex if they needed to reach out via email. As email is the only way to contact the exchange with their customers, traders’ issues are dealt with in as little as 12 hours from when they ask for assistance.
The Bitfinex team does not answer general compliance questions in the Telegram group. Still, anyone who wishes to discuss account-specific issues must contact their support team directly via support tickets. Because of this, there are no network security risks. If they ask questions about security or passwords must be addressed through the official support ticket system.
Traders must pass a 2-factor authentication procedure before logging into their accounts and withdrawals. The first layer of security is 2FA (Two-factor authentication). The second layer of security is the U2F (Universal 2nd Factor), which uses a physical security key. DDoS protection is also provided to secure the servers and IP addresses safelist.
Bitfinex Final Thought
Bitfinex is one of the most well-known best cryptocurrency exchanger in the world. They are providing access to thousands of cryptocurrencies. It has a comprehensive crypto exchange list of supported bitfinex coins list that enables cryptocurrency traders to purchase or sell their preferred currencies. The Bitfinex platform may not be ideal for starting if you’re looking for an exchange. Newcomers may not necessarily be a good fit.
