Bitfinex Review - Everything You Need to Know About The Bitfinex Crypto Exchange
There is excellent news for you if you wish to invest in the cryptocurrency industry in 2021! Many cryptocurrency fans believe that 2021 will be the greatest year to invest in cryptocurrencies, and it’s easy to understand why.
When it comes to choose which cryptocurrency to invest in, the options may be daunting, since there are hundreds of cryptocurrency currencies accessible on the market. It is difficult and time-consuming to do research and separate the worthwhile leads from the unfruitful leads.
About Bitfinex Exchange
Bitfinex is the place to go if you want to earn money trading Bitcoin. However, before you go too far into it, there are a few things you should know. In this post, we will go through Bitfinex’s features, fees, limitations, and verification. Furthermore, we will investigate the key reasons why the bitcoin community is interested in learning more about this famous exchange.
Bitfinex is one of the most sophisticated, exclusive, and liquid cryptocurrency exchanges in the world. With a non-stop order book, expert trading tools, leverage trading, and a massive coin selection, you can earn a lot of money here. However, the barriers to entrance are very high, so you should be prepared. With a 24-hour volume of more than $2 billion USD, it is the world’s second-most popular exchange, so brace yourself for some major activity and shocks.
In This Review
Bitfinex Exchange Features
Let’s get started using Bitfinex’s features.
Bitfinex takes security very seriously and employs a number of advanced security features. In any case, it has previously experienced hacks that it was able to overcome by upgrading its security services.
Trading options, advanced tools, and charts work in tandem with a lightning-fast engine and multiple trading pairs. Because of its exceptional trading experience, this exchange is one of the most popular among traders.
3) Friendliness to Newcomers
For beginners, the exchange is difficult to understand, and you won’t be able to use it unless you have $10,000 in equity in your account. So, perhaps not the best place to begin.
In comparison to competitors, this exchange uses a trader-friendly trader-free schedule and charges genuine withdrawal fees. Deposit fees for fiat currency are also low, at around 0.1 percent. Let’s get right into it.
Bitfinex’s fee structure is a little different from the norm, as it employs a maker-trader fee model. A maker-trader adds liquidity to the exchange environment, and a taker removes it. Fees for trading begin at 0.2 percent for the taker and 0.1 percent for the maker. The first fee decrease is at $500,000 exchanged, which is a very large sum in compared to other exchanges.
For XLM, EOS, NEO, and a few other smaller tokens, crypto withdrawals are totally free. Otherwise, you must pay a modest transaction fee to complete your withdrawals. Furthermore, wire transfers are charged at 0.1 percent of the total amount, with a minimum of $60 for both withdrawals and deposits. Express bank wire transfers completed within a day on business days cost about 1% of the entire amount, with a minimum charge of $60.
Bitfinex also charges margin financing fees that are about 15% of the revenue earned by active margin funding contracts.
The exchange offers assistance 24 hours a day, seven days a week through social media, live chat, and support tickets. Emails are generally replied to within 12 hours; but, in certain instances, it may take longer. In addition, there is a support centre where users may obtain helpful information. The exchange’s admin staff answers to users’ general queries about the trading interface, compliance, and general issues on their Telegram channel.
The Bitfinex support staff used to have a reputation for being somewhat unprofessional, but the whole team has expanded considerably and is working hard to earn the confidence of its clients, which it has done.
The Bitfinex exchange’s user interface is outstanding. The website provides quick and simple alternatives for buying and selling digital currencies, as well as making orders. The website is mobile-friendly and responsive. Furthermore, it is quick, and real-time trading is available.
Mobile applications for iOS and Android are available, including margin financing, trading, and wallet choices. You may customise your experience by using API keys and PIN pass protection to set up and secure your account. Furthermore, the mobile applications will help you remain on track with your trading by sending you updates on trade executions and price alerts.
The exchange costs are very cheap and beneficial to traders. They are on the same wavelength as the bulk of the competitors. Furthermore, trading on the site is inexpensive.
Trading Fees on Bitfinex
Bitfinex establishes a charge structure for makers and traders.
0.1 percent for checkMaker
0.2 percent for checkTaker
With adequate volume, the exchange’s costs may be as low as 0%.
The maker fee is paid if you add liquidity to the order book by placing a limit order that is more than the ticket price for buy or less than the ticker price for sale. You are a taker if you remove liquidity by placing a processed order.
Deposit Fees on Bitfinex
Depositing a coin is completely free. A bank wire to deposit USD or EUR may incur a fee of 0.1 percent.
Withdrawal Fees on Bitfinex
Withdrawing a cryptocurrency is easy, and withdrawal costs for both cryptocurrency and fiat are competitive and not as anti-human rights as those charged by Binance.
- CryptocurrencyBTC: 0.0008
- Bank Wire: 0.01 percent
- Express Bank Wire (24-hour delivery): 0.1 percent.
Purchasing Crypto on Bitfinex
After you’ve confirmed your account, go to the Trading page, click the Exchange tab on the left, and then click the large green Buy button. It’s pretty simple. Stick to the Limit order to make things more easier.
You may trade bitcoin on the exchange without having to go through the authentication procedure. In any case, you will be subject to certain restrictions and may not be able to use all of the services.
Only fiat money requires you to go through the authentication procedure. You must be verified in order to deposit, withdraw, and trade USD/EUR. When utilising Bitfinex, there are no trading or withdrawal restrictions, which is one of the many reasons why it is so popular with experienced traders.
Bitfinex reported on August 2nd, 2016, that hackers had stolen about 120,000 BTC ($72 million at the time) from customers’ wallets. This is still the second-largest Bitcoin hack in history, and it rocked the whole industry. The price had fallen by 23%, and customers were wondering whether Bitfinex would survive. Bitfinex, on the other hand, survived and returned its losses in an ingenious manner.
The exchange shared all members’ losses and issued BFX tokens in return for lost Bitcoins. These tokens may be marketable and redeemed in the future. The business assigned a monetary value to each token and pledged to reimburse all users. And the firm did refund the outstanding amount to all users. To prevent such occurrences in the future, the business has improved its security procedures, which include:
Cold storage 99.5 % (offline)
Authentication using a universal second factor
Encryption of email