Ethfinex is a high-liquid digital asset exchange that is intended to bring great value to clients. The Hong Kong-based company is centred on assets that are fueled by the Ethereum network. That exchange is also built to act as a centre for the Ethereum community. Ethfinex allows traders to access several ERC-20 tokens. In addition, the company also has its own token which it calls Nectar token.
Furthermore, the platform is built to serve mid-level and more knowledgeable traders. Thus, this makes the platform a lot more like Bitfinex, its sister exchange. Ethfinex is owned by a group of firms that are involved with the famous platform. Clients can use the Ethfinex network to buy and sell coins, conduct ICO crowd sales, etc.
Ethfinex’s parent company, Ifinex Inc, also operates the Tether.to platform. The introduction of Ethfinex as a decentralized information and exchange program for tokens and assets that are based on Ethereum might provide them with the break they need considering the fact that they have not had it easy on regular exchange platforms.
The decentralized nature of Ethfinex means that all trades conducted on the exchange platform are handled by a high liquidity pool on-chain without client funds being under the control Ifinex Inc. Besides supporting Ethereum-based assets, Ethfinex.co also offers traders the option of margin trading as well as a peer-to-peer funding market. Furthermore, the company accepts fiat currency (US Dollars) via bank wire transfers.
The Ethfinex Trading Platform
Ethfinex offers exchange platforms that provide advanced services to users on the system. The platforms provided by Ethfinex for trading purposes include:
Ethfinex has a web-based application that aims at intermediate and more informed digital asset users. Therefore, there are several trading options available for traders on the exchange. In the same vein, the system offers several order types including limit, market, fill or kill, hidden order, algorithmic orders, post-only limit order, one cancels other (OCO), trailing stop, and stop.
The app also offers charts, price alerts, and allows you to monitor your historical movements and ledger, among others. Ethfinex’s platform offers cryptocurrency exchanges with high liquidity. The orders are processed in real time, giving users the added convenience of placing an order and getting instant execution. Furthermore, using the platform, traders can engage in margin trading. There are numerous modules and tools designed to help enhance user interaction.
Ethfinex offers the same mobile trading platform that its sister organization, Bitfinex does. The program allows exchange and margin trading and offers charts, wallet transfers, reports, price alerts, deposit/withdrawals, notifications on trades executions, margin funding, etc. Traders who wish to download the app onto their smartphones can download the Android variant from the Google Play Store and the iOS one from the Apple App Store.
Ethfinex supports the trading of various altcoin assets, usually in pairs with the US Dollar or with other cryptocurrencies. Individual assets include:
US Dollars (USD)
The pairings that are available for trading include:
Ethfinex’s fee structure is very transparent and without any hidden charges. The fee you are charged depends on the volume of trade conducted over a 30-day period, among other factors. This means that the fee is charged based on whether you are increasing the size of Ethfinex’s order book or reducing it.
Traders who add an order that does not match current offers add liquidity to the market, and as a result, pay maker fees. On the other hand, users who create an order that is immediately paired with existing orders take liquid assets from the market. Hence, they are considered takers and consequently charged a taker fee.
Ethfinex charges between 0.0 percent and 0.1 percent as maker fee. However, takers are charged between 0.1 percent and 0.2 percent as fees. Here’s a breakdown of the fee charged by the exchange:
The volume of transactions carried out in last one month (US Dollars)
|When $0+ is traded||0.1 %||0.2 %|
|$50,000+ worth of tractions||0.1 %||0.18 %|
|Trade volume of at least $1m||0.1 %||0.17 %|
|$10m+||0.1 %||0.16 %|
|$20m+||0.1 %||0.14 %|
|$40m+||0.1 %||0.12 %|
|$60m+||0.1 %||0.10 %|
Large digital currency deposits are free. Nevertheless, you will be required to pay a deposit fee if your deposit is not up to the equivalent of $1,000. Ethfinex maintains deposits involving small sums that lead to the wallet inputs running in excess, which in turn stretches the company’s network as well as the Ethereum nodes. For that reason, the Ethfinex team would rather clients refrain from sending recurring small deposit sums and batch their funds together into large deposit sums.
For withdrawal, the amount you will be charged depends on the type of digital currency you are withdrawing. In the same vein, deposit errors attract a $150 fee. Also, there are no assurances that client errors can be retrieved by the company’s customer support team. The deposit fee for bank wire is 0.1 percent, while the standard withdrawal fee is 0.01 ETH.
Deposits and Withdrawals
To fund your Ethfinex account, go to the website and locate the “Deposit” button in the top right-hand corner and click on it to go to the deposit page. Either that or you go to www.ethfinex.com/depsit. On the deposit page, select the token you would like to deposit to your Ethfinex account.
You can go with the USD Tether or EUR Tether option, or choose from the list of ERC-20 tokens you are presented with to make a deposit. After that, choose one of the three available wallet addresses. The available wallet addresses include:
Exchange wallet: when you use the funds to buy and sell supported tokens
Margin wallet: when trading on the margin
Funding wallet: when you want to finance other margin traders
After making a deposit, you can click on the ‘Trading’ button, then choose the pairing you would like.
After that, you can decide on the price, quantity, as well as the type of order you would like to carry out.
You can withdraw your funds using a valid Ethereum address from your account’s withdrawal section. Then follow these steps:
Choose the token you want to withdraw
Enter the external address you are withdrawing to
Choose a withdrawal amount
Select a wallet
Click on the ‘Request Withdrawal’ option to complete the withdrawal process
You can also withdraw via bank wire and express wire.
Withdrawal times vary depending on how congested the network is. Also, users can monitor their withdrawal and process it from www.etherscan.io as well as the transaction hash provided in the withdrawal history section of their account.
Ethfinex uses the same security protocols deployed by Bitfinex. As a result, 99.5% of funds are stored offline using a cold storage system. Only 5 percent of funds can be accessed through hot wallets. Ethfinex adopts the following security measures in an effort to secure user accounts:
Withdrawal protection using 2-factor authentication (2FA)
2FA used for critical actions on the website.
Email encryption with OpenPGP
Ethfinex uses sophisticated verification equipment to track suspicious activities and ensure the safety of users’ accounts
State-of-the-art API key authorizations
Since Ethfinex adopts a hybrid decentralization technique, the portal lets users protect their accounts and view the order book as well as execute trades without depositing money into their trading accounts.
There are no withdrawal limits for digital currencies on the Ethfinex exchange platform.
Ethfinex is available in all countries of the world. However, the site is not available to US-based traders.
Ethfinex offers support services to its clients through a range of channels that include:
Ethfinex has a frequently asked questions page that provides answers to the questions frequently asked by clients, which should be able to address some of your concerns.
Online Support Ticket
Ethfinex users can reach out to the company’s helpdesk directly by opening a ticket.
Ethereum enthusiasts on the Ethfinex platform can follow the organization on Twitter via https://www.twitter.com/ethfinex.
Ethfinex is a client-centric exchange that aims to change the way you view and conduct business with Ethereum in particular, and other digital coins in general. The platform serves as an information hub for enthusiasts, traders, and developers. Traders can engage in leverage trading and access numerous revolutionary trading and high liquidity platforms thanks to Ethfinex. Even more impressive, the company provides all of these capabilities at competitive fees.
However, we would recommend that you tread with caution as it is still early days for the platform considering it is still in Beta. Nonetheless, Ethfinex holds great promises that should bring a lot the way of traders and all interested parties.