Bitfinex cryptocurrency exchange steadily holds its position in the Top 5 world platforms. In the history of the trade, there were several dangerous hacks, after which it managed to stay afloat and strengthen security. To this day, the average daily volume of transactions with Bitcoin and Ethereum on Bitfinex exceeds $ 3 billion. Read this detailed review to see all the reasons why
The main advantages of Bitfinex:
- The highest liquidity and deals closure time;
- Support of all types of orders;
- The user can adjust the interface individually;
- Great attention to security issues;
- A large number of available cryptocurrencies;
- The possibility of margin trading with a leverage of 3.3.
Site interface and user registration
Even though the site has its interface in Chinese, Russian, and English, the registration form is available only in English. Users will have to agree to the following conditions:
- Bitfinex is a platform for professionals. If you are a beginner, gain experience on other sites and return to Bitfinex later;
- The minimum amount of first deposit should be $10 thousand;
- The verification process is comprehensive and can take up to 8 weeks;
- Bitfinex is not a cryptocurrency wallet service. Therefore, those who do not carry active operations should withdraw their funds from the site. Besides, Bitfinex charges a fee from inactive accounts if there are funds.
After filling in the data and confirming registration by email, you will get to your account; its interface looks quite simple.
Like most other exchanges, Bitfinex com does not require mandatory account verification. But in this case, you can only deposit and withdraw funds in cryptocurrencies. To work with the US dollar, you need to verify it (select the type of account – individual or corporate). Documents must be in English.
- Step 1. Fill out the form and confirm that you are over 18 years old.
- Step 2. Upload a scan of your passport, ID or driverâs license
- Step 3. Attach a bank statement that confirms the source of your funds
- Step 4. Upload a scanned copy of utility bills to verify your place of residence
Get ready that the verification on Bitfinex is not a quick procedure. You will have to wait 2-3 weeks until the exchange experts consider your application.
You can fund your account on Bitfinex in the following ways:
- fiat money (dollar, euro, pound sterling, yen);
- via tether (USDT, EURT);
- Bitcoin, Ethereum, and altcoins.
The convenience of the Bitfinex exchange is that it allows both secured and unsecured transactions. The mechanism is very convenient and enables not only borrowing cryptocurrencies, but also borrow your funds to other users, getting a small, but guaranteed profit on interest.
The easiest way of the deposit is by using a cryptocurrency wallet. The procedure is standard: choose the name of the cryptocurrency, generate an account number, and transfer your coins to it. It takes from a few seconds to half an hour. Withdrawal and depositing funds are available for ETH, BTC, LTC, XRP, DASH, ZEC.
A bank transfer in fiat currency is not so beneficial since it takes much time, and the exchange charges a high fee – from $ 20 (at least 0.1%).
Important! For new accounts, the minimum deposit should be equivalent to 10 thousand US dollars. Without it, the functionality of the exchange will be unavailable.
In the Trade window, the user finds the platform for the purchase and sale of cryptocurrencies. The quotation chart looks like a common terminal for trading MetaTrader, so itâs comfortable to work with it. You can choose timeframes, chart type, plot indicators, screen layout theme. Quotes themselves are from TradingView. You can also trade from a mobile app.
Bitfinex exchange supports five types of orders:
- Market. The classic version of market trading carried out according to the actual list of exchange orders existing at a time;
- Limit. Limited orders close automatically after reaching the threshold value;
- Stop-limit. Another classic type of trading, in which the application close after getting to the requirable level but within the limit set by the user;
- One cancels other. It is a combined option that allows you to create both Limit and Stop-limit orders and closing of one of the buying or selling ones, automatically cancel the second.
- Fill or kill. This type of application allows you to set the time frame during which the orders must be closed. After that time, it cancels automatically.
The exchange provides full support for the API functionality, which enables building your software and various bots with full access to all types of orders and operations.
The Bitfinex exchange focuses users on the fact that the wallets existing in the system are intended solely for trading and not for storing cryptocurrencies.
The system offers three wallet options:
Fees differ for makers (open an order) and takers (close a deal) depending on the volume of trades. For example, for makers with sales of up to 500 thousand dollars, the fee will be 0.1%, from 500 thousand dollars to 1 million – 0.08%, and so on. After reaching a trading amount of $ 7.5 million, the service fee is zero. For takers, the maximum charge is 0.2%, and a minimum one is 0.1%.
The exchange platform takes a fee from any operations:
- deposit to your account;
- withdrawal of funds;
- execution of orders.
Bitfinex user reviews
Exchange users highlight the following advantages of Bitfinex:
- a wide variety of cryptocurrency pairs;
- high security;
- the mobile version of the platform;
- a variety of tools for professional trading.
The disadvantages of the exchange are periodical delays in payments, difficulties with depositing and withdrawing in fiat currency, frequent DDoS attacks on the site, during which the resource is unavailable.
This Coinforg Bitfinex review shows that this cryptocurrency exchange has a reasonably stable market position, despite several cases with security and withdrawal issues. The fact that the project managed to stay afloat shows a fairly powerful potential and active development. The platform offers robust functionality, API support, an extensive list of supported cryptocurrencies – the technical side is satisfactory.
The main drawback, for most users, is the minimum deposit amount to start working on the exchange, which is $ 10 thousand and a rather complicated verification system, which can take several weeks.