Bitfinex Cryptocurrency Exchange Review : Pros & Cons

About Bitfinex

Bitfinex 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.

Bitfinex Cryptocurrency 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 Cryptocurrency 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 limit of 60, USD/Euro. 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 Bitfinex, Revolut platforms.

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

There are two main options for topping up your balance on Kraken. 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.

After that, you will need to select a payment channel: each of them has conditions. You can choose between Simplex, Mercuryo, Banxa and Moonpay. Click ” Buy ” next to the appropriate option.

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 – this is the most reliable way to prevent unauthorized access to your account.

Fees

Maker fees are paid when you add liquidity to your order book by placing a limit order at or below the ticker price for buy and at or above the ticker price for sell. Taker fees are paid when you remove liquidity from your order book by placing any order that is executed against an order of the order book. zero trading fee on the Tether/US Dollar (USDt/USD) pair to users who reach a trailing 30 day eligible trading volume of more than $15 million; applicable for both maker and taker orders.

Order execution

Withdrawal

Features Of Bitfinex Crypto Exchange

Available At Android & IOS Store

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

Security of funds and user information is your top priority

Your security team is continually improving your end-to-end security measures, improving auditing processes, and reducing the ‘attack surface’ of your infrastructure. Please note that cannot disclose too many details of the security measures implemented on the platform for security and proprietary reasons.

Professional connectivity

Partnering with Market Synergy, corporate accounts and professional traders can take advantage of the fastest trading speeds through institutional-grade connectivity and co-location services with direct access to your digital asset gateway.

Advanced chart tools

Bitfinex facilitates a graphical trading experience with advanced charting functionality that allows traders to visualise orders, positions and price alerts, tap to modify order properties, and annotate to their trading strategy.

Corporate account and professional trading

Bitfinex has a bespoke offering expertly tailored to meet the specific needs of professional and institutional traders including sub-accounts, expedited verification, and dedicated customer support.

Cryptocurrency storage

The overwhelming majority of system funds are stored in offline, multi-signature cold wallets. Only approximately 0.5% of crypto assets are accessible in hot wallets for day-to-day platform operation. As an added protection, the cold wallets are not available from the platform or the platform servers.

Automatic real-time backup of the database

The platform database is backed up in real-time on encrypted hard-drives and is replicated in several geographical locations. They are protected by automatic Distributed Denial of Service protection to prevent trading to be halted by outside attacks. Your servers network is protected using always up-to-date software and the best possible practices.

Withdrawals protection

• Security system monitors withdrawals by IP address and other user behavior patterns, triggering manual admin inspection on withdrawals that appear unusual.
• Withdrawal confirmation step that is immune to malicious browser malware.
• Define an address whitelist to ensure no withdrawals can go anywhere else.

24/7 Live Chat

If you’re awake, they are too. When you need help, your team of experts will work with you via 24/7 live chat to reach a quick and efficient resolution.

Bitfinex Conclusion

Bitfinex is a digital asset trading platform that provides exchange services for cryptocurrencies. It was founded in 2012 and is headquartered in Hong Kong. Bitfinex has faced controversy over its relationship with Tether, a stablecoin pegged to the US dollar, and allegations of market manipulation. Despite these issues, Bitfinex remains a popular platform among traders and investors.