Bitfinex cryptocurrency exchange review
Bitfinex — a Hong Kong cryptocurrency exchange that offers exchange and margin trading for all top cryptocurrencies. The domain was registered on October 11, 2012. The company takes security very seriously, so to top up your account in dollars, you need to enable two-factor authentication.
The platform is interested in investors and traders from different countries. This is evidenced by a large number of language versions of the site. The interface of the Bitfinex exchange has been translated into the following languages:
In general, almost all the main sections of the website have been translated into Russian with high quality, which makes the platform popular among Russians and users from the CIS. Below we suggest watching a video on how to register and buy cryptocurrency on the Bitfinex exchange.
Registration on the Bitfinex exchange
Before starting trading, each user must register. To do this, enter:
After that, you will receive a notification by mail with a request to verify the e-mail. Only then will the user gain access to their personal account and be able to replenish the account.
In order to fully use the exchange and freely replenish and withdraw money in dollars on the Bitfinex exchange, it is advisable for the user to go through verification. To confirm an individual account, you need to do the following:
- Fill out an online application (persons over 18 are allowed to trade).
- Confirm personal data by providing scans of your passport and other documents (all documents must be translated into English).
- Provide a bank statement for the account from which you will deposit and withdraw funds.
- Verify the address by submitting a utility bill no more than three months old.
Methods for depositing and withdrawing funds on the Bitfinex exchange
The cryptocurrency exchange supports many options for depositing and withdrawing funds. You can deposit or withdraw money to Bitfinex through the following systems:
- Ethereum Classic;
- bank transfer and so on.
The best way to fund your wallet is through cryptocurrencies. In this case, the platform does not charge user fees. When depositing and withdrawing funds at Bitfinex via bank transfer, the minimum commission is 0.1%, but not less than $ 20. Because of this, when depositing and withdrawing a small amount in USD, the user loses a significant part of the money.
Exchange and trade cryptocurrency on the Bitfinex exchange
The platform offers two trading options:
- Margin trading.
In the first case, operations are carried out at the expense of the user’s funds. Second, the leverage from the peer-to-peer finance platform. Thus, each trader can take a loan from another user of the Bitfinex exchange and trade with this money. However, if, after the transaction, the cryptocurrency rate goes in an unfavorable direction and drops significantly, the trader may lose capital, since the open position will be closed automatically, and the money will be returned to the lender with all interest.
A large number of orders work on the site, which are at the disposal of the trader. With their help, you can make trading more efficient. Among them are: The company offers to trade on the stock exchange through mobile applications for iOS and Android.
- limit – the purchase / sale of cryptocurrency occurs at the specified or better value;
- market – purchase / sale of cryptocurrency occurs at its current value on the Bitfinex exchange;
- stop – an order to buy / sell when a certain price level is reached;
one cancels other (one cancels the other) – a combination of stop and limit orders, when one of
- them is executed, the other is canceled;
- fill or kill is a limit order that, if not executed, is canceled after a certain period of time.
Bitfinex monthly trading volumes
In terms of daily trading volume, Bitfinex is confidently one of the five largest platforms. Among the most popular couples are:
- ETH/USD — volume per day 471 940 ETH;
- ETH/BTC — volume per day 183 309 ETH;
- BTC/USD — volume per day 40 236 BTC;
- LTC/USD — volume per day 413 843 LTC;
- LTC/BTC — volume per day 141 306 LTC.
The total daily volume of the Bitfinex exchange is $299 763 808.
Bitfinex already had problems with hackers. This platform has been attacked more than once. Therefore, the company takes care of the safety of user accounts. To improve security, it is enough to use the recommendations of the Bitfinex exchange employees. Among them are:
- two-factor authentication;
- blocking the withdrawal of funds when entering from a new IP-address;
- encryption of mail;
- disabling the “open session” function;
- restriction of access in the “Sessions” section;
- a secret phrase to confirm the withdrawal of funds.
Using such functions will reduce the risk of account hacking to a minimum. Therefore, even if an attacker receives a password from an account, he will still not be able to transfer money to his account.
Bitfinex advantages and disadvantages
Before registering and starting to trade on the exchange, users should carefully study all the pros and cons of this platform. It should be noted right away that this site has much more positive sides.
Among the advantages are:
- Russian language.
Not all exchanges on the network are targeted at Russian-speaking users. Thanks to the translation into Russian, it is much easier to use the exchange.
- Number of pairs.
Bitfinex will suit almost all users interested in cryptocurrency. All popular and demanded coins can be exchanged on this site.
- High level of security.
The developers of the Bitfinex exchange made sure that the user does not worry about his money. If you have followed all the recommendations of Bitfinex employees, then your funds will not be wasted anywhere.
- Mobile applications.
You can conclude deals from anywhere in the world, you just need to have a smartphone and access to the Internet. Most importantly, don’t forget to download the Bitfinex app.
- Many orders.
Trading has become easier and more efficient. Now traders have many additional tools at their disposal, which, if used correctly, will allow them to increase their capital faster.
Despite its abundant number of pros, Bitfinex has its downsides. Among the main disadvantages are:
For Russian-speaking users, the verification process is very complicated. The main problem is that you need to submit documents in English to verify your identity on Bitfinex. Actually, you will have to apply for services to the appropriate persons who will be able to arrange and certify the translation.
Trading fees are slightly higher than those of the top Poloniex exchange. At Bitfinex, you can deposit and withdraw money in dollars, but you will have to pay $ 20 for this if we are talking about small amounts.
Reviews on Bitfinex
The Bitfinex exchange has been operating for several years. Summing up the review, we can safely note that this site enjoys great trust among network users. A large number of reviews are positive, despite the fact that this platform has been attacked by hackers and periodically delayed payments.