Bitfinex Cryptocurrency Exchange Review : Pros & Cons

About Bitfinex Exchange

Bitfinex Exchange is one of the oldest cryptocurrency exchanges, founded in 2012 and operated by the Hong Kong-based company iFinex Inc. Tether (USDT), the largest stablecoin by market cap, is also owned by iFinex Inc. The centralized exchange (CEX) platform was designed for professional traders and institutions, with support for both fiat and crypto. The exchange is considered one of the most liquid for BTC pairs and other major altcoins like ETH and XMR. To protect user assets, the platform offers both two-factor authentication and IP address monitoring.

The exchange focuses on professional traders and investors with experience, offering platform users the ability to engage in margin lending, margin funding, paired trading, over-the-counter (OTC) trading and more. Besides spot and margin trading, Bitfinex also offers various other products, such as: Bitfinex Borrow, Bitfinex Pay, Bitfinex Pulse, Affiliate Program, API and its native utility token — UNUS SED LEO, amongst others.

Information Table

How To Register At Bitfinex Exchange?

To register on Bitfinex , click Register Now button at the top of the page. You can also start creating an account directly through the form on the main page.

You only need to enter your e-mail and come up with a password. If there is a referral code, it is also entered at this stage. Password requirements: at least 8 characters, numbers, upper and lower case.

Click ” Create Account ” then go to your email to verify it. Enter the code you received and registration is complete. You can start replenishing your account.

How To Verify Your Bitfinex Account ?

There is no mandatory verification at Bitfinex , but you can pass it if you wish. At the moment, the only restriction imposed on unverified users is the withdrawal Fee of 0.001 BTC per day. In the future, depending on the actions of regulatory authorities, conditions may change.

For verification, you can use one of four documents to choose from: passport, driver’s license, identity card or residence permit. Artificial intelligence is used to evaluate the authenticity of documents. This service is provided by the Onfido online identification service, already used by the Bitstamp, Revolut platforms.

How To Buy Crypto Or Deposit Crypto At Bitfinex Crypto Exchange ?

There are two main options for topping up your balance on Bitfinex Exchange. Firstly, you can buy cryptocurrency with a bank card – it’s fast and convenient. Go to the ” Buy crypto ” -> ” Buy crypto with a credit card ” section.

Choose a cryptocurrency (currently there are 13 coins available for purchase in this way). Enter the amount and select the fiat currency to be used for payment.

Agree to the terms and confirm the transition to the site of the payment provider. Enter information about the card and its owner, confirm the transaction. Cryptocurrency will be credited to the exchange account within a few minutes.

Second Method

You can transfer digital assets to the balance of the exchange from any external crypto wallet. For this:

• Go to the “Deposit” section from the “Assets” menu.

• From the drop-down list, you can select the cryptocurrency you want to deposit into your account.
• The wallet address will appear. You need to copy it and send funds to it from another wallet or exchange. Please note that only bitcoin can be sent to bitcoin addresses, similarly with other coins.
• You can also click “Show QR code” – for transfers from a mobile wallet, this is a more convenient option.

How To Withdraw Crypto Asset From Bitfinex Exchange ?

Having completed all the necessary trading operations, it’s time to withdraw the received assets to an external wallet. Go to ” Assets ” -> ” Withdraw “. Please note that the operation is only available after enabling two-factor authentication in the settings. This is for added security and requires less than a minute, so don’t neglect this measure.

Select a cryptocurrency and enter the withdrawal amount. Each coin has its own withdrawal fee, for example, for BTC it is 0.00057 BTC. Click ” Output “. By default, the exchange processes applications three times a day, however, hourly withdrawals are available for Premium users. Also, the time of receipt of the cryptocurrency is affected by the workload of the blockchain network.

How To Secure Your Bitfinex Account ?

Also remember to go to the Security tab and activate two-factor authentication using the Google Authenticator app.

Fees and Charges

Comparatively, the fees imposed by Bitfinex are relatively fair. However, it is important to note that the fees imposed by cryptocurrency exchanges are completely different from the way forex brokers charge their clients. With cryptocurrency exchanges, the fees are imposed based on the type of trade made. Buyers have imposed a higher fee than sellers as buyers are considered as taking liquidity away from the market. The opposite is true of sellers as they are seen as providing liquidity to the market.

In terms of the fees and charges that are applicable at Bitfinex, “Takers” (those who take up the offers) pay a fee of 0.2%. For investors who place trades (Makers), they are charged a fee of 0.1%. In cases where the trading volume exceeds $7.5 million, the Makers fees are entirely waived. Takers fee, on the other hand, can be as low as 0.1% when there is sufficient volume.

For short selling, there are also additional fees involved with borrowing which vary according to the cryptocurrency exchange platform peer to peer functionality. In addition, investors as a general rule are not permitted to short sell more than 70% of their entire position.

Deposit

Note: Please exercise extreme care when depositing tokens. In cases where token recovery is needed due to a lack of information provided by you during deposit (e.g., missing or wrong tag, memo or payment id) Bitfinex will charge you a $150.00 fee for the token recovery.

Withdrawal

Features Of Bitfinex Crypto Exchange

Customer Support

The customer support team is available on a 24/7 basis but only via email, which is a serious drawback for the traders trading on the Bitfinex platform. However, as email is the only point of contact of the exchange with its clients, it makes sure that traders get their issues solved within a maximum of 12 hours from the time they have raised the queries.

There is a separate Telegram channel where the admin team answers general compliance-related questions. However, any account-specific queries require to be raised through the official support ticket system within the exchange to avoid any security issues. Bitfinex does not entertain private messages, and therefore traders should not share their passwords with anyone asking for it.

Easy Signup process

The Signup process at Bitfinex is very easy though it may be a little lengthy. It does not require much verification unless trade is made with fiat currencies. Also, the website has a mobile-friendly interface and is fast. There is also a compatible mobile app for Android and iOs users to navigate through.

Exchange

Bitfinex offers order books with top tier liquidity, allowing users to easily exchange Bitcoin, Ethereum, EOS, Litecoin, Ripple, NEO and many other digital assets with minimal slippage.

Margin funding

Liquidity providers can generate yield by providing funding to traders wanting to trade with leverage. Funding is traded on an order book at various rates and periods.

Margin trading

Bitfinex allows up to 10x leverage trading by providing traders with access to the peer-to-peer funding market.

Available At Android & IOS Store

Bitfinex Exchange application available on both world famous mobile store google play store and iOS store . You Can download App and start trading .

Order types

Bitfinex offers a suite of order types to give traders the tools they need for every scenario. Discover more about our most advanced Algorithmic orders types.

Customizable interface

Organize your workspace according to your needs: compose your layout, choose between themes, and set up notifications.

Security

Security of user information and funds is our first priority. Learn more about our security features and integrations.

Safety

Bitfinex security and safety are the major concerns for The, not because the platform experienced consecutive hacks soon after its inception but because the customer’s safety is prioritized.  In order to keep client funds safe, stores 99.5% of its user funds in a cold storage system that is also geographically spread out and uses a multisig feature.

Mind Blowing Design

They’ve done a great job with making the homepage easy to navigate. The only drawback is that, with the white background, it can be hard on your eyes. Other than that, you’ll find their charts and trade tools easy to use if you’re already familiar with Bitfinex .

Conclusion Bitfinex

Bitfinex is a cryptocurrency exchange founded in 2012 that has faced numerous controversies, including allegations of market manipulation, loss of customer funds, and association with the collapse of Tether, a stablecoin. Despite these issues, the remains a popular platform for cryptocurrency trading and has taken steps to improve its security and transparency. It is important to conduct thorough research and assess the risks before using any exchange.