Bitfinex exchange is also one of the exchanges with a large trading volume, along with a large number of communities. Operated by iFinex Inc., based in Hong Kong, Bitfinex has enjoyed a growing user base and has become one of the largest Bitcoin trading platforms in the world since entering the market in 2012. .
What is Bitfinex?
As one of the world’s leading Bitcoin trading platforms, Bitfinex facilitates trading between the dollar and Bitcoin along with many other cryptocurrencies such as Ethereum and Litecoin. Bitfinex is developed from experts of different financial industries, more versatile in providing financial services.
Bitfinex offers its services through a web-based platform and mobile application. The platform offers a full interface that can be customized to suit the unique needs of traders. It features charts based on the Trading View design that makes it easy for traders to follow and use.
Bitfinex’s interface is responsive and detailed. You can choose from different themes and layouts as well as notification settings and data preferences. It is also possible to set table options, manage navigation, order ordering, and more.
Newbies may find the interface complicated. It takes time to master this tool and therefore they are prone to making mistakes.
Trading and margin financing
Bitfinex offers margin trading. Essentially, margin trading increases a trader’s market exposure through leverage, allowing up to 3.3x leveraged trading. Leveraged margin trading is offered through a peer-to-peer funding marketplace.
Margin funding is when liquidity is offered to margin traders by users in exchange for daily interest payments.
This feature gives traders the tools they need for every possible scenario. Order types include: Post only (Meaning only posting orders to the order book and not buying from existing orders), Hidden Order (orders will not appear on the order list), One Cancel Other (OCO), Fill or Kill (Execute or cancel), Stop (stop order), Trailing Stop (stop loss), Market (market order), Limit (limit order), Time Weighted Average Price (TWAP – price average over time) ), Iceberg Orders (iceberg orders).
At the time of writing this review, Bitfinex supports quite a few coins: Bitcoin, Bcash, Ethereum, Iota, Litecoin, Ethereum Classic, EOS, BTG, Zcash, Monero, Dash, NEO, Ripple, OmiseGO, Santiment, ETP, Streamr, Qtum, Eidoo and Aventus…
Bitfinex Exchange Fees
Coin trade fees range from around 0% to 0.2% depending on your trading volume in the previous 30 days and whether you have to pay creator fees and receiver fees.
- Maker Fees: These are charged for placing a buy limit order below the price or a sell order above the current market price. Hidden orders will always charge a “maker fee”.
- Receiver Fees: These are fees charged for placing orders against existing orders on the list. Hidden orders will always be subject to a “taker fee”.
All deposits are free, except for bank transfers which will collect 0.1% of the deposit or 20 USD.
Withdrawals are also subject to fees depending on the currency withdrawn or the type of transfer.
Bitfinex currently has the 4th largest trading volume in the world. It attracts a large number of investors because of its high safety and security features. Bitfinex is also the exchange with the largest Bitcoin trading volume.
Safety and security issues
Bitfinex was hacked in 2016 where 120,000 bitcoins (worth around 72 million USD) were stolen. Users are compensated by receiving tokens, which is equivalent to the amount of bitcoin lost for each account, and the tokens are then redeemed for the bitcoin price within a certain period of time.
In less than a year since it started to refund lost customer funds, Bitfinex has bought back all the tokens, proving its liquidity and deep commitment to customers.
But in April of this year, Bitfinex had accounts frozen by banks. This caused customers to complain about fluctuations in Bitfinex prices. Regular services have been restored, but as a result, transactions in US dollars are not allowed and US customers are no longer accepted.
The platform uses two-factor authentication, which is an extra layer of security known as multi-factor authentication when logging in and out. leeches only Withdrawal IP is monitored via email encryption. For example, if there is a new IP, the withdrawal will be locked for 24 hours.
Bitfinex also verifies Tether users. This option appears on the Deposit and Withdrawal pages, next to “Crypto-Currencies” and “Wire Transfer”. This is a Bitcoin compatible token and its value is exactly 1 dollar. You can check it out on the official Tether website.
As a giant in the cryptocurrency exchange industry, Bitfinex is a perfect tool for an experienced trader but for those new to the market it is advisable to use simple trading platforms. than.
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