Bitfinex Cryptocurrency Exchange: Complete Review
- 1 About Bitfinex Cryptocurrency Exchange
- 1.1 Special Features Offered by Bitfinex Cryptocurrency Exchange
- 1.2 Countries Supporting Bitfinex Cryptocurrency Exchange
- 1.3 Countries Restricting Bitfinex Cryptocurrency Exchange
- 1.4 Cryptocurrencies Offered at Bitfinex Cryptocurrency Exchange Platform
- 1.5 Bitfinex: Payments and Payouts
- 1.6 Bitfinex Charges
- 1.7 Does Bitfinex Cryptocurrency Exchange requires any kind of verification?
- 1.8 Bitfinex Cryptocurrency Exchange Review: Privacy and Security
- 1.9 Bitfinex Cryptocurrency Exchange Review: Cryptocurrency Wallet
- 1.10 Bitfinex Cryptocurrency Exchange Interface
- 1.11 Bitfinex Cryptocurrency Exchange Review: Final Review
About Bitfinex Cryptocurrency Exchange
Bitfinex is a cryptocurrency exchange platform that allows users to buy, sell and trade bitcoin and other cryptocurrencies. Bitfinex (BFX) has its Headquarter in Hong Kong and is a popular cryptocurrency exchange site that focuses on cryptocurrency trading. Bitifinex began operations in 2012 and is operated by ifinex Inc. The company initially allowed the use of US dollars as fiat exchange. That however changed when banks disallowed the wire transaction. Bitfinex cryptocurrency exchange has one of the highest trading volumes in the cryptocurrency market due to its robust UI, several easy pairings, and low fees.
The Bitfinex cryptocurrency exchange is incorporated in the British Virgin Islands, but maintains offices in Taiwan, London, and Hong Kong. The executive team is based around the world.
In August 2016, the Bitfinex Cryptocurrency exchange was hacked, leading to the loss of 120,000 BTC. In response, Bitfinex moved from a hot wallet to a cold storage system.
Despite suffering the second largest hack in bitcoin history (after Mt. Gox), Bitfinex continues to be one of the world’s most highest-volume exchanges to this day. As of April 2018, Bitfinex had paid customers back for every dollar stolen during the heist.
Special Features Offered by Bitfinex Cryptocurrency Exchange
- Margin lending that allows you to earn interest when you leave funds on the Bitfinex Cryptocurrency exchange platform,
- OTC services for anonymous trading,
- API allows for Automated trading,
- Mobile app for Android and iOS.
Countries Supporting Bitfinex Cryptocurrency Exchange
Bitfinex is available to customers from most countries worldwide, but is still restricted in some countries where crypto users use a VPN service to retain their anonymity.
For everyone else, it is as comfortable as logging on and signing up.
Since April 2017, US-based traders or users are not allowed to use the Bitfinex platform.
Countries Restricting Bitfinex Cryptocurrency Exchange
Cryptocurrencies Offered at Bitfinex Cryptocurrency Exchange Platform
Since Bitfinex is a premier platform for cryptocurrency exchange, there are a number of cryptocurrencies offered on the platform, not just the dominant ones. The list is as follows :
- Bitcoin Cash,
- Bitcoin Gold,
- Ethereum Classic,
Bitfinex: Payments and Payouts
Payments : Payments in and deposits can only be made in one of the accepted cryptocurrencies.
Payouts : Payouts can be made in your cryptocurrency of choice, and the fee depends on the currency chosen and the payout method.
It is worth noting that withdrawals can take up to 12 hours to process- something you can seed up if you set up 2-factor authentication on your account as well as various other security verification measures.
- At low volumes, Bitfinex charges 0.2% fee.
- For those who place trades in the order book, the fees is 0.1%
- The platform has waived maker fees for accounts that have traded over $7.5m, whereas taker fees may fall as low as 0.1% with sufficient volume.
Does Bitfinex Cryptocurrency Exchange requires any kind of verification?
Verification on Bitfinex is done via email. There are two levels verification: individual and corporate.
For individual verification you need to:
- Be 18yrs old
- Provide contact information
- Identification documents- 2 valid documents
- Have a bank statement in your name
- Provide proof of address document like a utility bill
For upgrading to corporate verification you need also:
- Provide corporate documentation
- Every director/major shareholder information
- Complete online form for each director/shareholder
Bitfinex Cryptocurrency Exchange Review: Privacy and Security
Bitfinex is a popular cryptocurrency exchange site, ranking among the top two or three on many stat sites. The owner and operator, iFinex.Inc is a respected company from Hong Kong. For the last six years, Bitfinex cryptocurrency exchange has provided good service to a growing market, despite the constant challenge of having to contend with hacking threats. For instance, the 2016 hacking may have crashed many other sites, but Bitfinex emerged from that with its reputation intact. The company was able to buy back and compensate affected customers. In short, the trading community trusts Bitfinex for the services it provides.
- Customer support- They offer a compressive customer support with a 24-hour active forum and email where you can ask questions.
- Handling speed- Bitfinex transaction takes a minimum of 12 hours to complete. Bitfinex offers fast transactions across the board. Most activities involving account opening, a verification process to deposits and withdrawals have a span of between 2-24 hours. Bitfinex cryptocurrency exchange encourages its customers to ensure they are familiar with the “Greenlane Conditions” to understand how withdrawals work and how that affects handling speed. In our opinion, Bitfinex does a good job in speeding up transactions. However, more needs to be done to make the whole process smooth for beginner traders.
Bitfinex Cryptocurrency Exchange Review: Cryptocurrency Wallet
Bitfinex offers different wallets to store your funds. Usually, only the margin trading wallet would be used for margin trades. So margin calls and losses would only affect the fund within this wallet. However, you can change the settings so the other wallets would also get involved in your margin trades.
Different types of cryptocurrency wallets:
- Exchange wallet – for exchanging funds between the supported currencies
- Margin wallet – for trading leveraged long and short positions
- Funding wallet – for providing financing/margin funding, other traders
Bitfinex Cryptocurrency Exchange Interface
Traders can customize Bitfinex more intensely than you typically can with other trading platforms. You can change your layout, choose different themes, and setup notifications or data preferences, for example.
You can also compose the trading sidebar and choose whether it’s one the left or right side, manage tickers navigation, set table preferences, and organize and sort the order book columns.
When it comes to features that it has to offer, there is plenty to keep you occupied:
In USD or your cryptocurrency of choice, to traders that employ leverage. This enables the trader to earn interest on any funds that are left on the Bitfinex platform. You can use various online tools to plot interest rates of a particular time frame and then calculate the possible returns.
Over the Counter Service
This OTC service gives customers the opportunity to facilitate broad and anonymous trades in an “under the radar” manner.
Bitfinex also offers an API with features that are great for automated trading. The trading interface bases its charts on the Trading View charting site which makes it responsive, easy to understand, but without compromising on detail and quality.
It is also highly customizable which is great for beginners and experts alike.
Bitfinex Cryptocurrency Exchange Review: Final Review
Bitfinex cryptocurrency exchange witnesses the largest volume of trading of Bitcoins amongst various other cryptocurrency exchange. In August 2016, the exchange was hacked, leading to the loss of 120,000 BTC. Since then, Bitfinex has been working to improve its reputation. The exchange uses a cold storage system today instead of hot wallets.
The exchange also offers extremely competitive trading fees, priced at 0.10% (maker fee) and 0.20% (taker fee) for traders with volume under $500,000 in a 30 day period, and dropping even lower from there.
Also if you are interested in more cryptocurrency exchanges apart from Bitfinex, here is the list:- List Of Best Cryptocurrency Exchanges To Buy/Sell Altcoins | Best Cryptocurrency Trading Platform
KryptoMoney.com publishes latest news and updates about Bitcoin, Blockchain Technology ,Cryptocurrencies and upcoming ICO’s.
Rohit Kukreja is a Commerce graduate with Financial Markets expertise involving Stocks, Forex, Futures & Options Market and now Bitcoins & Cryptocurrency Markets. Blockchain Enthusiast but not a techie, Rohit is an active member of various Blockchain & Crypto communities all over India.