Bitfinex

by iFinex Inc.
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A trading platform that provides users with functionality for various operations with digital money.

Bitfinex description

The Bitfinex crypto exchange is a trading platform that provides users with functionality for various operations with digital money. Bitfinex Exchange is focused primarily on the domestic Asian market, but at the same time provides a full set of services for the Russian-speaking market segment.

Unsecured and secured operations are allowed on the site. In other words, trading on the Bitfinex exchange is allowed both with its own and borrowed funds. A trader can only manage his own money, but the functionality of attracting loans is available to increase profits from operations. With the help of Bitfinex, users from all over the world can engage in trading, perform exchange operations, as well as conduct investment activities.

Bitfinex features a user-friendly and self-configurable interface. Each user of the platform can create a convenient trading environment for himself and make his account as convenient as possible for work. To trade cryptocurrency on Bitfinex, you just need to register. To enter or withdraw US dollars, euros or other fiat currencies, the user must complete the identity verification procedure. In addition, verified accounts have more advanced functionality. There are 3 types of crypto wallets available on the exchange:

  • Exchange wallet: for buying and selling currencies.
  • Margin wallet: for margin trading.
  • Finance wallet: for providing liquidity to margin traders.

You can top up your balance on Bitfinex with both cryptocurrency and fiat, transferring funds from external wallets or from other exchanges. On the Bitfinex exchange, the deposit is credited without a commission. For fiat currencies, the commission amount is 0.1 % with a minimum amount of 60 USD/EUR.

Given that the Bitfinex exchange has a peculiar interface, before you start trading, beginners will need time to understand its elements. The user's personal account allows him to perform various operations with cryptocurrency, including trading, exchange, deposit and withdrawal of funds. The “Trade” button is located near the exchange logo. Going to this section, you should select the cryptocurrency with which the operations will take place. You can get acquainted with the data about it and see the current Bitfinex rate on the corresponding chart located to the right of the list of currency pairs. On the left side of the page there is a section "Order form", where the user is provided with various options for orders, including “Limit”, “Market”, “Stop Limit”, etc. Data from catalogue Cryp​toDeFix. And the order book, located at the bottom of the screen, contains a price list for different types of operations with cryptocurrency. The background of the price glass is made in the form of a diagram that reflects the state of a particular cryptocurrency online. At the same time, the user can activate a signal that will trigger at the moment when the price reaches the required value. To configure this function, click on the empty field near the desired price for a certain amount of money.

The exchange supports various types of orders for more efficient trading:

  • Market-a simple solution for novice traders allows you to buy or sell crypto at the current price on the exchange without unnecessary actions.
  • A stop order will automatically sell the currency when the selected rate is reached. You can place an order and go to sleep, knowing that the exchange will automatically sell the currency.
  • A Trailing stop differs from a stop order in that it changes along with the price. This way, the trader has the maximum profit.
  • Interchangeable “One cancels other” orders are both a stop order and a limit order. If one of them is executed, the other one will be canceled immediately. It will be useful when creating a trading strategy.
  • A Limit order allows you to buy and sell currencies at the selected value or more favorable, if there is one in the glass. Allows you to achieve the best price for the transaction.
  • Execute or Cancel "Fill or Kill" is a limit order that will be canceled if it is not executed within the selected period of time. It is convenient to use it if the order is tied to some event.
  • A Post-Ordinary limit cancels an order if it matches an existing one. So that one transaction does not happen twice.
  • A hidden order is not displayed in the stock glass. Therefore, when making transactions for large amounts, the order does not affect the currency exchange rate.
  • Scaled – allows you to create multiple limit orders in a given price range. It is needed when creating a trading algorithm or bot.
  • There is either no commission for trading, or it is small. It all depends on the trader's activity over the past 30 days. There is a difference between the commissions – there is a “maker fee” (maker fee) and a “recipient commission” (taker fee).
  • The “maker’s commission” is paid when a limit order is placed in the stock glass at a price below the market for buying and above the market for selling, thereby the trader increases liquidity — the possibility of quickly selling cryptocurrency without loss in price.
  • The “recipient’s commission” is paid when the liquidity of the exchange cup is reduced by placing any order that is executed against the order of the exchange cup.

Advantages:

  1. Trading volumes. Bitfinex is one of the largest services for trading cryptocurrencies.
  2. Localization. The site has been translated into several languages.
  3. Mobile apps for Android and iOS.
  4. No withdrawal limits. It is useful for large trading volumes.
  5. Support for fiat currencies. You can trade dollars, euros, as well as withdraw funds using bank transfers.
  6. Leverage. Allows you to trade if your funds are not enough.
  7. A detailed guide to the exchange for beginners.

Multi-stage protective mechanisms were created and security schemes were significantly improved. Among them are:

  • Double authentication.
  • Inability to use the “open session” option.
  • PGP encryption for information that is sent using third-party resources.
  • Automatic account blocking in case of frequent IP address change
  • Using the seed phrase when conducting transactions
  • Complicated registration of new users, thorough verification of the documents provided by them.

Bitfinex features

Exchanges

Forms of trade: Margin trading, Spot trading 1
Check out Transaction protection Protection of transactions from scam and other types of incorrect actions 1
Check out Currency converter Currency converter integrated into the exchange 0
No Listing Ability to place your own cryptoservices on the exchange 0
Number of assets: 168 0
Cryptocurrency pairs: 429 0

Centralized exchanges (CEX)

Deposit methods: Bank card, Cryptowallet 0
Trade types: Spot, Margin, Derivatives 0
Minimal fee: 0,2 0
No Cryptocurrency exchange 0
Check out Staking 0
Check out Lending 0
No Liquidity pools 0
Reviews
News

Bitfinex, rather good

Recommend
Negative
Appearance

Bitfinex, is protected by an alternative to the coin-based platform and cryptographic forms. This is the main question for buyers as to how they spend their money for each transaction. There are many digital currencies that can be selected and traded on the same platform.The highlights of this trade are proper, (albeit some new trades have more highlights contrasted with bitfinex). In any case, the very highlights that bitfinex trade offers are sufficient for an expert merchant, except if he plans to exchange fates, which is beyond the realm of imagination in this trade. Obviously edge exchanging is upheld on bitfinex.

The best support I seen ever

Recommend
Positive
Reliability
Convenience
Support
Functionality

Liked

  1. The system works very quickly and support is ready to instantly answer any question.
  2. There are many possibilities. It's a big platform.

Disliked

The user interface could be better. Too complicated, many things are clear only to a professional. If you log into Bitfinex every six months, it will be difficult for you.

It is a reliable exchange with a great reputation that has gone through a lot, but has remained true to its good quality and a serious attitude towards the law. If you are a good crypto enthusiast, this is a good place to exchange assets and fund them.

Major exchange

Recommend
Positive
Reliability
Appearance
Price
Functionality
Negative
Convenience
Support

Liked

Liquidity on this exchange, Rest API and websocket, all types of orders for my needs.

Disliked

User interface.

This was the first exchange that I ever used. It gave me understanding how all exchanges work!