2021-1-4 13:39 |
Bitfinex is a full-featured cryptocurrency exchange that is trusted by millions of traders all around the world.
The company first entered the market in 2012, and has enjoyed steady expansion ever since. Since 2014, Bitfinex has emerged as one of the world’s largest Bitcoin trading platforms.
Today, Bitfinex is the leading exchange for USD-denominated Bitcoin trading, with daily volumes well north of US$1 billion. In addition to Bitcoin, it provides access to the world’s leading altcoins, including Monero and Ethereum, as well as full-spec wallet services.
Market participants who are looking for a one-stop exchange for all their cryptocurrency needs will definitely find Bitfinex both effective and convenient.
Visit Bitfinex Now What is Bitfinex?Bitfinex is one of the world’s largest and most advanced Bitcoin trading platforms. Access to multiple altcoins, deep liquidity and advanced trading features make Bitfinex perfect for serious traders looking to make money from cryptocurrency.
Bitfinex also offers a customizable interface that allows you to personalize your workstation. The platform is fully equipped with ten different order types and margin trading that give their users the opportunity to trade the market without limitation.
The exchange is incorporated in the British Virgin Islands and their executive team is based around the world. They also maintain their offices in London, Taiwan, and Hong Kong.
The exchange was hacked in August 2016, leading to the loss of 120,000 BTC and this is the second largest hack in Bitcoin history (after Mt. Gox). After the hack, Bitfinex moved from a hot wallet to a cold storage system. Bitfinex created BFX tokens after the hack (each token represented $1) and gave them to customers to represent their stolen equity. By April 2017, Bitfinex had bought back all of the BFX tokens from customers, which means that Bitfinex had paid their users back for every dollar stolen during the heist.
Bitfinex FeaturesHere’s an overview of the major features of Bitfinex:
Margin TradingBitfinex allows leveraged trading of up to 3.3 times by providing traders with access to the P2P funding market. Traders can open a position and Bitfinex will take out funding for the trader at the best available rate at that time, or they can enter an order to borrow the desired amount of funding at the rate and duration of their choice.
Margin FundingLiquidity providers can earn interest by providing funding (funding is traded on an order book at various periods and rates) to traders wanting to trade with leverage.
Using the Bitfinex margin funding system, you can earn interest on both cryptocurrencies and fiat currencies, including the US Dollar, Bitcoin, Dash, Litecoin, Monero, Zcash, Ethereum Classic and Ethereum.
Users can also choose to lend at the “Flash Return Rate” (FRR), or they can customize the rate and duration of the loan. Using the Auto-Renew feature, users can also renew offers automatically upon expiry.
Multiple Order TypesBitfinex offers a wide variety of order types. Thanks to this feature, traders are given the tools they need for every scenario. Bitfinex offers a suite of order types, including:
Post Only Hidden Order Fill or Kill OCO (One Cancels Other) Stop Trailing Stop Limit Market TWAP (Time Weighted Average Price) (Algorithmic Order)Iceberg Orders (Algorithmic Order) Mobile AppsBitfinex has mobile app available for Android and iOS devices. The mobile apps let you trade, transfer funds, access your wallet, engage in margin funding, and setup access via API keys. It is highly recommend that any trading of substantial value be performed only through a secured desktop or laptop because of the inherently less secure nature of mobile platforms.
Customizable Trading InterfaceBitfinex’s interface, with charts based on the popular Trading View charting site, is customisable, responsive and detailed.
Users can customize Bitfinex’s trading interface more intensely than you normally can with other exchanges. You can choose different themes, change your layout, and setup notifications or data preferences, for example.
You can also organize and sort the order book columns, set table preferences, manage tickers navigation, and compose the trading sidebar and choose whether it’s one the right or left side.
What Cryptocurrencies Can Be Traded on Bitfinex?
Bitfinex offers trading of the world’s leading cryptocurrencies, including:
Bitcoin Ethereum Ethereum Classic Dash Monero Litecoin Ripple NEO IOTA OmiseGo Zcash EOS BcashSantiment Supported CountriesBitfinex is available worldwide with few exceptions.
Bitfinex FeesBitfinex offers some of the lowest fees in the cryptocurrency world. Here are some of the most important Bitfinex fees:
Taker Fee: 0.2% (Volume Under $500,000 in 30 Day Period) Maker Fee: 0.1% (Volume Under $500,000 in 30 Day Period) Maker and taker fees drop on volume over $500,000 in a 30 day period. They continue dropping through 10+ levels, all the way up to the lowest fees, which are available to traders who make more than $30 million of trades in a 30 day period. Deposits via Bank Transfer: 0.1% (minimum fee of $20) Deposits via Cryptocurrency: Free (available deposit methods include Bitcoin, IOTA, Ripple, Litecoin, Dash, Zcash, Monero, Ether, Ether Classic, and TetherUSD) Bitcoin Withdrawals: 0.0004 BTC Ripple Withdrawals: 0.01 XRP Iota Withdrawals: Free Dash Withdrawals: 0.01 DSH Litecoin Withdrawals: 0.001 LTC Monero Withdrawals: 0.01 XMR Zcash Withdrawals: 0.001 ZEC Ether Classic Withdrawals: 0.01 ETC Ether Withdrawals: 0.01 ETH Tether USD Withdrawals: $2 Express Bank Wire Withdrawal (minimum fee of $20) (Within 24 Hours on Business Days): 1.000%Bank Wire Withdrawals (minimum fee of $20): 0.1% of the withdrawal amount Payment Methods Are There Any Transfer Limits?Payments can be made directly using cryptocurrency. Bitfinex had previously enabled USD payments. However, in September 2017 that appears to have been disabled because corresponding US banks appear to be blocking all USD wires.
How Fast Will My Funds Be Available?Withdrawals may take up to 12 hours to complete. However, if certain security requirements are met, this may be expedited. Ensuring that withdrawal addresses have been locked for at least 5 days and enabling 2-factor authentication can ensure that your withdrawals are processed faster.
Generally speaking, most withdrawals that are processed automatically will be available in a couple of minutes.
Customer SupportBitfinex offers comprehensive customer support, including an active forum, an FAQ section, 24/7 email ([email protected]) where you can ask questions.
Should you have any outstanding issues you can also submit a ticket to the support team once logged in.
Is Bitfinex Safe to Use?Bitfinex has tight security measures in place to protect client funds, and around 99.5% of client funds are held in cold storage and away from the prying eyes of hackers.
The platform also uses email encryption to monitor withdrawals by IP, and 2-factor authentication for logins and withdrawals. One more thing worth noting is that new withdrawal IPs are also locked for 24 hours.
These security features, combined with other data encryption techniques, also ensure that client privacy and confidentiality is protected.
Next Steps
If you’d like to get started, visit Bitfinex.com and select “Sign Up” at the top right hand side of the interface to create an account (only an email address is required). After that click the “Support” tab at the top right of the interface, and then click the “Tours & Guides” option and follow the interactive guides.
Note: If anything remains unclear, contact their support staff or research the topic in the “Help Centre”.
FAQs Can Bitfinex be trusted?Bitfinex is fairly controversial with their alleged Tether printing and lack of transparency in business conduct. We can’t claim with certainty that Bitfinex is trustful, like Coinbase or Kraken so proceed with caution.
Why are Bitfinex prices higher?Because dollars on Bitfinex aren’t the same as dollars other places as Bitfinex used to use Tether as the base currency which is pegged to USD but that peg is not always working as expected and a slip of 2-3% occurs causing the premium on BTC and other coin prices. It is what used to be called a Tether premium.
How to short on Bitfinex?To open a short position:
Go to the Trading page > Choose the pair you wish to open your short > Margin section (not Exchange)Place a Margin Sell order (enter the amount, order type, price).(optional) place the desired options for margin funding. “Advanced Funding Options” button.Set an order by clicking on “Margin Sell”, Margin Funding will automatically be done by the system through the p2p margin funding platform. To close the margin position, you can do it in two ways: use the close button (a Market Margin Buy order will close the short) or place Limit Margin Buy order of the same amount of BTC as your short. When the order is completely filled, the short also closes, borrowed funds are repaid and profit/losses will be credited to your trading wallet balance. ConclusionBitfinex is a giant in the cryptocurrency industry, and it offers one of the strongest value propositions on the market today. The exchange uses a cold storage system today instead of hot wallets, and also offers extremely competitive trading fees.
If you are not fond of Bitfinex, here is a list of potential crypto margin exchanges that can be good alternatives or read the full list by clicking here:
Binance reviewCex.io reviewPrimeXBT reviewPrimeBit reviewCoinbase Pro reviewKraken reviewBybit reviewStormgain reviewSimpleFX revieweToro reviewDeribit reviewFTX review Visit Bitfinex Now Bitfinex Pros and ConsPros
Has mobile appsLow feesThe world’s most popular crypto exchangeAdvanced trading featuresDeep liquidityMultiple order typesCons
May not be perfect for beginner tradersBitfinex was hacked in 2016USD payments have been blocked for some timeThe post Bitfinex Review 2021 – Is It Safe and Legit Or a Scam Exchange? appeared first on CaptainAltcoin.
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