Bitfinex is a cryptocurrency exchange platform that launched in 2012. The Hong Kong-based company was founded by Raphael Nicolle and is owned and run by iFinex, Inc. Since its introduction, Bitfinex has managed to find its way to the upper echelon of crypto trading exchanges thanks to a suite of advanced trading features, fee structure, asset listing and deep liquidity.
The exchange also provides a highly customizable interface that lets investors personalize their trading interface. There are up to ten order types that traders can take advantage of as they trade the market without worrying about limitation. Users can also engage in margin trading. These and more make Bitfinex a brand to reckon with.
Today, Bitfinex has one of the highest daily trading volumes of all crypto exchanges. The company’s API has been built from the ground up to offer an easy and efficient way to design cryptocurrency trading applications and tools. This means that users can create their own charts, monitor and edit their orders and positions, as well as keep up with their trading history and wallets movements.
The Bitfinex Exchange Platform
Bitfinex offers services to its clients through a mobile application and web-based platform.
Web-based Trading Platform
Bitfinex allows you to trade the market through its web-based application. The program can be accessed from any desktop browser on your computer. You will find several pieces of information like graphical order book, candlestick charts as well as some of the most up-to-date trading data. Users can utilize different simple order types such as market, limit, and stop orders. Besides the simple order types, you are also furnished with the more sophisticated trailing stop, stop limit, as well as fill/kill orders.
Investors can also trade on margin. Bitfinex’s charting package is offered by TradingView, which speaks to the quality of charting tools available to traders. The charting suite is packed with many technical analysis tools like Fibonacci tools, indicators, trend lines, among others. TradingView features a complete suite of tools that traders can use to draw, annotate, download and share their charts. Similarly, the order book is very transparent.
Traders who prefer to have a graphical trading experience can have it their way, as Bitfinex allows you to trade directly from the Bitfinex charts. Users can also visualize their orders, positions, and price alerts. Traders can also tap to modify order properties, drag to change the price, and view their position profits.
Mobile Trading Platform
Bitfinex offers a mobile trading app that allows you to trade the market on-the-go, provided you are within a country where the platform is supported. The software comes with nearly all the features that are available on the web-based system, which helps to ensure that you do not miss an opportunity to profit.
Bitfinex offers around 72 market pairs that are based on both fiat and digital currencies like the USD, Bitcoin, Ethereum, and Euro. Bitfinex allows fiat purchases of Bitcoin and Ethereum, which are the two major cryptocurrencies on the market today. The company also facilitates the buying and selling of several other cryptocurrencies. In all, the platform supports trading on the following assets:
Note: The Tether digital coin (USDT) supported by the company is pegged to the US Dollar. Each Tether cryptocurrency that is deposited into the Bitfinex trading platform equals $1 in a user’s Bitfinex trading account.
Bitfinex fees depend on the volume of trade conducted over a 30-day period, as well as whether you are a maker or taker. Maker fees are paid when investors add liquidity to the order book. Typically, when purchasing, a limit order is placed below the ticker price.
Conversely, a limit order is placed above the ticker price when selling. On the other hand, ticker fees are paid when liquidity is removed from the order book. This can be achieved by filling an existing order in the order book.
Maker fees vary from 0.0% to 0.1%, while taker fees run from 0.1% to 0.2 percent. The higher rates apply to trading volumes of up to $500,000 per month. Trade volumes of more than $500,000 per month attract maker fees of 0.08 percent and 0.2% taker fees. $7.5m worth of trades attracts 0.02 percent maker fees and 0.2% taker fees.
A 30-day trade volume of $10m or more attracts 0% maker fees and 0.18 percent taker fees. Further, a trading volume of at least $15m will be charged 0% maker fees and 0.14% taker fees. 30-day trade volume of $25m or more attracts 0% maker fees and 0.12 percent taker fees. Lastly, a 30-day trade volume of $30m or more is charged at 0% maker fees and 0.1% taker fees.
This indicates that clients will need to accumulate over $30m worth of trades in a month before they will be charged the lowest fee rates.
Cryptocurrency deposits do not attract any charges. However, you will be charged a fee for initiating withdrawals. The fee charged depends on the type of cryptocurrency you are withdrawing. In the same vein, deposits made through bank wire attract a fee of 0.1 percent of the deposit amount or a minimum fee of $20.
Deposits and Withdrawals
The available options for customers to deposit funds into their Bitfinex account are:
Bank wire transfer
The bank wire option is expensive and can be slow, seeing as it sometimes takes several days for a transaction to be completed. This can be a limiting factor for users. The story is the same when withdrawing funds, as it takes up to five business days.
Note: Options like credit/debit cards, Skrill, or PayPal are not available. This means that you will have to make do with bank wire option if you are not comfortable with funding your account using cryptocurrencies.
Apart from your username and password, Bitfinex offers a two-factor authentication (2FA) system that allows you to enhance the security of your trading account. 2FA serves as a safety layer between you and anyone who might attempt to hack your account, as only you can enter the account using the randomly generated token code. Other security measures that Bitfinex takes to safeguard clients’ funds include:
Withdrawal feature is locked whenever a new IP address is detected
The platform deactivates the “Keep Session Alive” feature whenever you use a public device
PGP email encryption
Account access is limited depending on IP address
These features are advanced enough to help protect your account from hackers, which is a welcome development considering the fact that Bitfinex was hacked in 2016, an incident which resulted in a loss of more than $72m for traders.
The hack led Bitfinex to step up its security measures in a bid to strengthen funds security. Now, around 99.5% of customers’ funds are held in a cold storage system that offers more security. The company also said that it utilizes a withdrawal confirmation step that is invulnerable to malicious attacks.
There are no deposit or withdrawal limits on the Bitfinex exchange platform. Our investigation discovered that investors have no problems with limits.
Bitfinex is available in all countries around the world with the exception of the United States. Traders who are based in the US are not allowed to use the exchange platform for trading.
Bitfinex provides its clients with an extensive customer support through a broad range of channels 24/7. The company offers support services via email, a Frequently Asked Questions (FAQs) page, as well as a forum where traders can ask relevant questions and receive answers to their questions. Investors can also submit a ticket to the company’s customer support representatives if they want any issues resolved.
Bitfinex traders can contact support by opening a ticket for the organization’s support team. To do this, visit https://www.bitfinex.com/support and select the “Contact Support” option.
Bitfinex’s customer support members can be reached by email through email@example.com.
Bitfinex clients can submit their questions on the forum on the site and receive a response.
Bitfinex has a dedicated frequently asked questions (FAQ) page that should answer some of the questions you may have in mind.
Bitfinex is a large, trading-focused exchange platform that offers myriads of benefits. The company allows users access to a robust and highly customizable trading platform that is intended to meet the trading needs of more experienced investors. The platform is available both as a web application and mobile-friendly program that will allow you to trade the market regardless of whether or not you are at the office.
Bitfinex also offers robust security features that should safeguard your funds without problems of any sort. What’s more, the platform boasts high liquidity with around $2 billion total volume of trades being conducted per day. Traders also have access to advanced trade features and order types, which are meant to help them be in control of their trading endeavours. Overall, Bitfinex is a great platform for crypto trading. However, we would recommend that individuals who are new to digital currency stay away from the platform, as it is not beginner-friendly.