Bitfinex Exchange Overview
Bitfinex cryptocurrency exchange steadily holds its position in the TOP 5 world platforms. In the history of the exchange there were several serious hacks, after which she managed to stay afloat and strengthen security. To date, the average daily volume of transactions in pairs with Bitcoin and Ethereum on Bitfinex exceeds $ 3 billion.
The main arguments for choosing Bitfinex are:
- The highest liquidity and rate of closure of applications;
- All types of orders are supported;
- The interface customizable by the user individually;
- Great attention to security issues;
- A large number of available cryptocurrencies;
- The possibility of margin trading with a leverage of 3.3;
- Margin collateral service.
Site interface and user registration
Despite the fact that the site’s interface is presented in Chinese, Russian and English, the registration form is available only in the latter. Users will immediately have to agree to the following conditions:
- Bitfinex platform for professionals, if you are a beginner, gain experience on other sites and return to Bitfinex later;
- The minimum amount on accounts in dollar terms should be $ 10 thousand;
- The verification process is extremely thorough and can take up to 8 weeks;
- Bitfinex is not a cryptocurrency wallet service. Therefore, those who do not conduct active operations are invited to withdraw their funds from the site. In addition, Bitfinex charges a fee from inactive accounts if there are funds in the account.
After filling in the data and confirming registration by email, you will be sent to your personal account.
As you can see, the interface looks quite simple, and the translation into Russian is rather weak and incomplete. It will be more convenient for many to work precisely in the English version of the interface.
Initial verification involves:
- Filling out an online application form;
- Scans of a passport and driver’s license or other document with an identity photo;
- Bank statements;
- Paid utility bills confirming the address of the client.
You can fund your account on Bitfinex in the following ways:
- Fiat money (dollar, euro, pound sterling, yen);
- Via tether (USDT, EURT);
- Bitcoin, Ethereum and three dozen altcoins.
The convenience of the Bitfinex exchange is that both secured and unsecured transactions are allowed here. Functions for attracting credit funds are available for the latter, which means receiving even greater profit. The mechanism is very convenient and allows not only borrowing cryptocurrencies, but also borrowing it yourself, getting a small, but guaranteed profit on interest.
Bitfinex exchange supports 5 types of orders:
- Market. The classic version of market trading, which is carried out according to the actual list of orders existing at a given time;
- Limit. Limited orders are automatically closed upon reaching the threshold value;
- Stoplimit. Another classic type of order in which the application is closed upon reaching and within the limit set by the user;
- One cancels other. This is a combined option that allows you to create both limit and stoplimit orders, and, upon closing one of the orders, automatically cancel the second.
- Fill or kill. This type of application allows you to set the time frame during which they must be closed. After the time, the order is automatically canceled.
The exchange provides full support for the API functionality, with which it is possible to build your own software and various bots with full access to all types of orders and operations.
The Bitfinex exchange focuses users on the fact that the wallets existing in the system are intended solely for operations, and not for storing cryptocurrencies.
The system offers 3 wallet options:
- Exchange (Exchange);
- For debt operations (Funding).
The exchange takes a percentage of any operations:
- Withdrawal of funds;
- Execution of orders.
The Bitfinex cryptocurrency exchange has a fairly strong market position, despite several stories with security and withdrawal issues. The fact that the project managed to hold on indicates a fairly powerful potential and active development. The platform offers powerful functionality, API support, a large list of supported cryptocurrencies – the technical side is not satisfactory. The main drawback, for most users, is the minimum deposit amount to start working on the exchange, which is $ 10 thousand and a rather complicated verification system that can take several weeks.