The Forex College has made an assessment of Bitfinex for you today and we have concluded in our Bitfinex review that it is indeed a recommended exchange. You can understand why in this review. You can sign up with Bitfinex trading platform in the link below or continue reading to learn all you need to know.
iFinex inc established Bitfinex in the British Virgin Islands with its headquarters in Hong Kong. The company began as a Bitcoin-only peer-to-peer margin lending platform. It is a popular cryptocurrency exchange with powerful trading features and low fees. This Bitfinex review will cover all you need to know about them, including trading platforms, order books, and many more features.
The crypto exchange has grown to become one of the largest in the world, with operations in the United Kingdom (GBP), Europe (EUR), Japan (JPY), and elsewhere. Its services are most appropriate for experienced or professional traders. In addition to traditional cryptocurrency purchases, the platform provides margin trading, staking, and lending.
The Trading Interface offered by Bitfinex
Bitfinex is a name synonymous with ease of use, providing a trading experience you will never forget. Clients can use order books with high liquidity to exchange popular cryptocurrencies such as Bitcoin, Ethereum, Litecoin, and Neo.
A wide range of technical indicators and pattern recognition tools are available for advanced market analysis. APIs and improved reporting are also available. The value and variety of features are two factors that contribute to Bitfinex’s popular trading platform.
Account-holders can also gain access to
Margin trading – the peer-to-peer margin trading platform offers leverage of up to 10x.
Margin funding – the funding market allows you to earn interest on your fiat and digital assets by lending out capital.
Individual preferences can be accommodated by customising the dark interface, and the terminal is compatible with MetaTrader 4 and MetaTrader 5.
Although this exchange only offers trading in pairs, there are over 100 market pairs to choose from on this Crypto exchange. Ethereum, Dogecoin, Bitcoin, and EOS are among the most well-known cryptocurrencies that can be traded here.
You can use both crypto-only pairs and token pairs with traditional currencies such as GBP, USD, EUR, and JPY. With these options, most savvy cryptocurrency traders can benefit from changes in asset prices between various markets.
Some of the most reasonable rates are listed by Bifinex. It uses a taker-maker fee structure. Those who fill current orders are referred to as takers. While on the other hand, those whose job is to place new limit orders are known as makers.
Taker fees usually go up to 0.2%, while Maker fees vary between 0.1 and 0.0 percent. For huge orders which are placed via the OTC desk, there is no trading fee. Bank wire transfers incur 0.1% of the fee of deposits and withdrawals. For international withdrawals, this can be increased to 1%.
The least deposit and withdrawal amounts are both $10,000. The Fees page on the Bitfinex website contains a detailed breakdown of the fee structure. Prices are given in a variety of currencies for convenience.
Safety Measures and reliability
Bitfinex’s track record has been marred by a slew of security lapses. The exchange was hacked in 2015, and 1,500 Bitcoins were stolen. In 2016, the exchange faced a second cyber-attack, this time stealing 120,000 Bitcoins. The tragedy was one of the largest of its kind, prompting a thorough investigation.
Since then, the exchange has focused on enhancing its security. For login and withdrawal, it uses the Google Authenticator feature. The 2-factor authentication (2FA) process increases account security, but it can be reset if necessary, such as if it is not working, if your account has been frozen, or if a client receives a new phone.
Clients who want to withdraw higher amounts must go through a more meticulous verification process. These are uniform anti-money laundering (AML), know your customer (KYC), and counter-terrorism financing (CTF) validations. There are various levels of validation, and processing times fluctuate depending on the level of verification required, the public interest, and the amount is withdrawn.
Although Bitfinex has received a lot of criticism for its security flaws, if you’re a seasoned cryptocurrency trader, Bitfinex probably has everything you’ll need and more. It is an excellent trading platform due to its high cryptocurrency liquidity and advanced features such as margin funding, leverage, and multiple order types.