Exchange Bitfinex: an overview of the crypto exchange, nuances, current recommendations

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Now there are incredibly many cryptocurrency exchanges, but only 10-12 services deserve the attention of investors and traders. These top platforms include the Chinese cryptocurrency exchange Bitfinex, which is now on the 2nd line of the rating list, taking into account the value of the daily trading turnover.

Bitfinex official website: bitfinex.com.

Read also: list of the top 25 crypto exchanges.

The Bitfinex crypto exchange has gained fame, popularity and an excellent reputation over its long history of work. But what are the nuances that distinguish this resource from the mass of similar sites? What do traders like here? Why do professionals seek to speculate in cryptocurrencies here? These questions and other important nuances related to the Bitfinex exchange will now be thoroughly disclosed and analyzed in detail by the editorial staff of Btcnewsweb.com.

Alternative exchanges: Binance, FTX, EXMO, Bybit, Huobi, OKEx, Bitmex.

General information about the Bitfinex exchange

The Bitfinex cryptocurrency exchange is located in Hong Kong. The service provides registered clients with 2 types of financial transactions – trading and exchange, as well as investment activities. It is worth immediately highlighting the extensive trading opportunities, but more on that later. The entire leading group of virtual currencies is present on the exchange.

Bitfinex started operating in the fall of 2012. The daily turnover exceeds 45,000 BTC (more than $ 351 million). There are 96 financial instruments representing 296 trading pairs. Most liquid crypto pairs: XRP / USD, BTC / USD / ETH / USD, EOS / USD, USDT / USD. Approximately 18 million visits by regular users are recorded per month.

Since the marketplace is interested in a large number of customers, the interface has been translated into Chinese, Russian and English.

Bitfinex Exchange Guide:

Features of Bitfinex

You need to recognize the professional attitude of the owners and the development team towards their creation. They are constantly striving to improve the quality of work on the crypto exchange, expand its functionality, introduce useful additions and improve the information and training base. The most significant features of the Bitfinex platform are rightfully considered:

✅  Huge daily trading volume.

✅  Ability to create 3 different cryptocurrency wallets. Everything is determined by the desire and capabilities of the client.

Explanation! If the user plans to engage in classic, simple trading or exchange operations, then the “Exchange” crypto wallet is needed. When margin trading is supposed, the crypto storage “Margin” is formed. There is a special option for investors – “Funding”. The first type of account is suitable for ordinary traders, but you can register all three wallets at Bitfinex at the same time!

✅  Good trading opportunities. Speculators are provided with several types of orders with interesting execution conditions. There are classic deals, as well as their specific modifications – a half-hidden order, a series of orders, limited in time, a dynamic stop order, etc.

✅  Unequal commission for different traders. There are makers on the exchange (place an order) and takers (redeem an open deal). For the former, the floating commission rate is 0.012-0.2%, and the latter pay the exchange 0.012-0.1%. The commission is calculated taking into account the transaction amount.

✅  There are many tutorials and training information on bitfinex.com. There are detailed instructions for all functions of the service.

✅  An impressive entrance deposit. To engage in trading on Bitfinex, you must deposit at least $ 10,000. Therefore, there are very few new speculators here.

✅  Protracted two-tier verification for clients using fiat money. This condition gives rise to some difficulties, however, it is a good demonstration of the serious attitude of the project administration regarding user safety.

✅  Customizable interface. You can choose a theme, set the layout of elements, customize settings for notifications and important data.

The benefits of Bitfinex

The Bitfinex cryptocurrency exchange has enough positive qualities. In addition to the noted features, the following advantages should be emphasized:

✅  Interface version for Russian-speaking traders and investors. The translation, of course, is very mediocre, but it allows you to thoroughly understand the functionality and conduct profitable trading.

✅  Advanced charting tools – changing order properties, price alerts, position visualization, etc.

✅  A sufficient number of liquid trading pairs. The list of available instruments will suit all Bitfinex clients. Of the cryptocurrencies, there are basic assets (ethereum, monero, bitcoin cash, iota, ripple, litecoin, naturally bitcoin, etc.), as well as less common and exotic representatives of the digital money world (aragon, odem, verge, etc.). Fiat currencies – JPY, USD, RUB, GBP and EUR.

✅  Top digital coins and real-life money are used for cryptocurrency trading, and all presented currencies are used for exchange and investment.

✅  High level of account protection. If users begin to focus on the recommendations of the developers when working on the Bitfinex site, then the funds will be safe.

✅  The ability to earn money by lending to successful traders.

✅  High-quality mobile apps. From wherever there is Internet access, you can conclude transactions via a tablet or smartphone.

✅  Futures trading is available.

Disadvantages of Bitfinex

Bitfinex has an impressive list of merits, however, there are some negative qualities as well. The disadvantages include:

✅  Complex, lengthy verification. To have a deposit in fiat currencies and use the additional features of the Bitfinex platform. The main difficulty that Russian-speaking clients have to endure is the provision of a notarized translation of the necessary documents. In this case, a lawyer must have a special certificate.

✅  A large amount for the initial replenishment of the deposit.

✅  Relatively high commission fees. For example, fiat currencies can be withdrawn and credited only in the form of dollars. If you operate with small amounts, then the exchange will hold about $ 20 per transaction. On Poloniex, Binance, HitBTC and EXMO, the percentages are significantly lower.

Nuance! Such an impressive limit must be overcome once. Then the main part of the capital can be withdrawn and a small amount left on the account for trading. Lending or investing!

✅  Some sentences or individual words are extremely incorrectly translated. For experienced traders, this is not difficult, since you can generally understand the essence of the information.

Registration at Bitfinex

New users who come to work on the service are required to go through the registration procedure and agree to the terms of the Bitfinex exchange. Anyone can quickly register an account here. You need to perform the following actions:

✅  On the main page of the site (bitfinex.com), switch the interface language at the top right and click on the “Register” button.

✅  Read the terms, conditions, and brief information about the trading platform and confirm the clarity of the information provided.

✅  In the form that opens, enter the data in the fields: password, email and login.

✅  Solve the captcha text and click “Open an account”.

✅  After a minute (if the address was …@gmail.com), confirm your desire to register on Bitfinex by clicking on the link in the email sent from the system robot.

Everything! The account has been created. You can now visit your personal account on the crypto exchange. To enter the Bitfinex website, you need to specify your email and password. The first time you log in, you will need to agree to the terms of service.

Verification

To carry out operations for crediting or withdrawing funds in rubles and other fiat currencies and activating access to advanced functionality, it is necessary to verify on the Bitfinex crypto exchange. The actions for confirming the identity are as follows:

  • In the main menu of the account (the extreme icon on the top right) select the “Verification” section Next, click “Start verification”.
  • You need to answer the questions: choose the type of account (individual), country of residence, reason.
  • Confirm that you are ready to wait 6-8 weeks and that all documents must be sent to start the process.
  • Select the type of account: individual or corporate. Read the requirements and the procedure for the account verification procedure.
  • Verification process. Name and contact details. It is required to enter data in the fields of a special questionnaire.
  • Provide photographs (scanned copy) of documents translated into English and certified by a notary.

Important! You should not use your national passport for verification. The administration of the Bitfinex cryptocurrency exchange only considers applications that have copies of an international driver’s license or passport!

  • Financial. Attach a copy of the bank account statement, which is supposed to be used for withdrawing / depositing funds. This is necessary if transactions will be carried out through a bank.
  • Identity. Provide an identity document (passport, driving license, etc.)
  • Address. You can attach a snapshot of an invoice from the housing office (utilities) indicating the place of residence. Account not older than 3 months.
  • Know your client. Sign the document of the same name.

All these documents, sent in electronic form, must be accompanied by copies translated into English and certified by a notary. This is important for Bitfinex verification.

The main sections of the site bitfinex.com

The Bitfinex trading platform has a very peculiar interface. Beginners should first at least navigate the location of the blocks and the localization of significant sections. It makes no sense to describe each interface element in this article. Practice is important here. You will definitely need a specially allocated time to work out all the nuances on your own. Therefore, a general diagram of the structure of the interface of the cryptoexchange will now be presented.

Top menu – buttons are important here:

  • “Trade” – transition to the Bitfinex trading platform.
  • “Financing” – opens a page with offers for investment.
  • “Replenish the account” and “Withdraw” – here money is credited to the balance and funds are withdrawn from here.
  • “Wallets” – you can create online wallets for any cryptocurrencies presented on the service.
  • The button on the far right is a submenu with account settings, verification, reports, notifications and other auxiliary sections.

Left or right sitebar (side menu). It can be pinned to any edge of the page. This column contains all the main working functionality – blocks for registering deals, switching order types, quotes, summaries and account balance.

3. The center area of the base of the page. In principle, elements from the side sitebar are duplicated here, but, first of all, the price chart with indicators is important here.

4. Bottom menu (page footer). There are tabs with organizational and legal information, a thematic library, commissions, contact with technical support, an overview of the Bitfinex exchange, etc.

Everything is simple, you just need to allocate time and make a little effort to fully master the Bitfinex crypto exchange.

How to top up your balance on Bitfinex

Since the Bitfinex exchange offers users three ways to earn money, it is automatically provided after registering 3 separate accounts:

✅  Credit – allows you to make money by investing with other traders.

✅  Margin – to speculate with leverage.

✅  Trading – for conversions and simple trading.

These accounts are segregated, so they are replenished separately. There is a possibility of internal transfers between these balances.

To deposit funds, you need to open the “Deposit funds” tab and select the digital or fiat currency that is supposed to be entered on the Bitfinex exchange.

Then you need to generate a virtual wallet, the address of which is specified in the details when making a transaction. Now you just need to confirm the operation.

Take into account! Remember about verification. Fiat money cannot be entered before passing the identity verification procedure approved by the service. Also, the functionality of the exchange will not work!

There is no commission for a cryptocurrency transfer when an amount is raised, the equivalent of which is more than $ 1000. For micro-deposits and transfers, an individual interest is charged on each currency. All details in the bottom menu of the account in the “Commissions” tab.

Work on the stock exchange – conversion, trading, lending

Any registered user who has endured all the hardships of the verification procedure can make money on Bitfinex in three main ways, one of which is unique. Lending, fully developed and optimized for convenient use, is available only at this trading platform.

The Bitfinex exchange offers traders and investors to work with:

✅  13 highly rated cryptocurrencies: Bitcoin (BTC), Litecoin (LTC), Ethereum (ETH), Ripple (XRP), Monero (XMR), Iota (IOTA), Ethereum Classic (ETC), Bitcoin Cash (BCH), etc.

✅  More than 30 exotic or lesser known crypto coins: golem (GNT), verge (XVG), limpo (LYM) aragon (ANT), etc.

✅  4 fiat currencies – JPY (Japanese Yen), EUR (Euro), GBP (Pound Sterling), and USD (American Dollar).

Top and fiat currencies are available for trading, and all types of electronic money are available for lending and conversion.

So, let’s analyze the general principles of work.

  1. Exchange operations. Each registered user can convert all available currencies in different combinations on the exchange. It is necessary that appropriate wallets be formed. The procedure is simple. It is performed in the “Trade” section. You need to enter the purchased currency and indicate the amount and type of funds to be spent from the trade balance. Mark the addresses of the required crypto wallets. The system will independently calculate the preliminary result of the transaction. The user will only have to click on the “Buy” button. The reverse transaction is the same, only the currencies need to be swapped.
  2. Cryptocurrency trading. It is presented here in two versions: usual speculative operations – sale / purchase. They are issued in special blocks located under the price chart of the selected currency. You need to specify the required data and click “Sell” or “Buy”; margin trading – the ability to conclude transactions using leverage. Actions are similar to the previous crypto trading option, only when placing an order you need to enable the “Margin” option. Maximum leverage on Bitfinex x3 (1 to 3). For your information, on the Bitmex exchange, the leverage for bitcoin reaches 1: 100.

Note! Margin trading on the platform in question is very peculiar. The trader is not provided with a leverage by the exchange, but by the investors working here. The profit is distributed in proportion to the funds invested in the order. Investors’ losses are covered by money from the trader’s account!

  1. Lending. This is an activity where the trader himself becomes an investor. You need to lend to other speculators by lending your funds. This strategy is almost a win-win, however, traders rarely use this function. The Bitfinex crypto exchange is 85% composed of wealthy professionals who do not need borrowed funds.

Withdrawing funds from the Bitfinex exchange

It is not difficult to withdraw cryptocurrency and get the money earned on the Bitfinex trading platform. Select the “Withdrawal” tab in the top menu. The actions are simple:

  • Choose a cryptocurrency account or a fiat currency balance.
  • Write down the amount of the transaction, taking into account the commission charged. The percentage for all currencies is different, so you should first study the tariffs in the “Commissions” section.
  • Double-check the accuracy of the specified data, especially the crypto wallet number.
  • Click on the “Create a request” button.

Cryptocoins are withdrawn from the exchange quickly, usually within a day. With fiat currency, delays of up to 12-15 business days can occur.

Attention! Since the Bitfinex cryptocurrency exchange closely monitors suspicious actions and incomprehensible customer behavior, you should always try to log into your account exclusively from one IP address. If the exchange visits come from different places, the administration instantly blocks all funds and the account. The proceedings last more than 2 months, and users are often left without money, which were in their wallets on the service!

Security

The Bitfinex cryptocurrency exchange has been operating for a long time. She had problems with hackers-thieves who attacked the service more than once. In recent years, developers have mainly switched to improving protective mechanisms and introducing new security schemes.

The crypto exchange offers its clients the following protection options:

✅  Two-factor authentication;

✅  Disable the “open session” option;

✅  PGP encryption of data sent over electronic channels;

✅  Account blocking with frequent logins from new IP addresses;

✅  seed-phrase to certify an outgoing transaction and some other features.

Enabling these options significantly minimizes the risk of hackers entering your account. If an attacker succeeds in stealing the account code, then he will not be able to withdraw money from cryptocurrency wallets.

Conclusion

The Bitfinex crypto exchange has been successfully operating for many years. The site is popular among skilled crypto traders. She is respected by most of the novice speculators. Basically, this is a well-deserved result of the incessant work of the development team and technical specialists. They are gradually improving the interface, expanding the functionality, introducing new crypto assets and improving the conditions for traders. Bitfinex is an entry into the rating of top cryptocurrency exchanges and ranks in the top ten in terms of daily trading turnover.

The only unpleasant moment is a large initial deposit, which opens access to all the possibilities of the bitfinex.com trading platform. But, this is the policy of the project administration, which rightly prevents an uncontrolled influx of unwanted individuals and rogues overloading the system.

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