Bitfinex Review and simple, Quick Guide: Bitfinex is trustworthy ?

Todays post is based on Bitfinex Review.

In your normal world of life, you must hear a sentence in your high school education that is everything is made in this platform that is earth is mostly made by human for the human to increase the growth rate of the all-digital, physical, social, and other assets.

As you are reading a post which is related to digital cryptomarket we will talk about only digital assets. The thing which are used to increase the growth rate of digital assets by making it easy, interesting, more responsible for results, trust in the human market in the digital field we commonly define it as a word known as “feature”.

We as a digital investor need to understand one thing that features are combined for us only. To increase the security, to fulfill all the are of aspects of all the users, to make it usable for all level of users features are included in the digital market game and not for the increasing difficulty level.

The reason behind telling all this is I always receive questions about some famous digital cryptocurrency that “ I am not able to use this platform?, I am unable to understand the feature of this platform?” and all this. The result of all this leads a user to the conclusion that “this platform is useless and it is not made for us.”

Coinmama: Buy Bitcoin with Credit Card

To avoid this type of negative conclusion for a platform that can help you way more than others in regards to achieving your goal in investing world, we always try to educate in our several posts. How can you use a different type of platforms? Which are good and which are not? You can get most of the answers to this type of questions by going through our different post. So if you have any doubt please go through our post I am sure they will definitely help you.

By following our same goal today I am going to inform you about another important cryptocurrency exchange platform that is ”Bitfinex”. we wil cover evrthing about bitfinex.

So lets start Our Bitfinex Review.

What is Bitfinex?

Bitfinex is a huge cryptocurrency exchange platform just like changelly. Bitfinex is mostly focused on trading only. Informing about Bitfinex origin it is a Hong Kong-based exchange platform. This exchange platform was discovered in the year of 2012. The founder of Bitfinex is Raphael Nicolle

The dominant focus of the company is based on US market. Bitfinex promotes the US Dollar-based trading of Bitcoin. With the main focus on US currency trading with Bitcoin, it also supports 7 other altcoins including the leading digital currencies like Monero and Ethereum.

Bitfinex is a well-known exchange platform for USD denominating bitcoin and altcoin trading.

The daily trading volume of Bitfinex is US$1 billion. Bitfinex is the most advanced cryptocurrency exchange platform mainly targeting advanced users by providing progressive features, routed rigidity, and the key to trading multiple altcoins.

 we also metion about bitfinex in our some post like how to sell bitcoin gold, how to buy bitcoin cashhow to buy litecoins, how to buy zcash in india.

Bitfinex Verification Process

Bitfinex review and simple, quick guide: Bitfinex is trustworthy ?

  • If you want to trade in Fiat currencies than ID verification is needed.
  • The verification process is divided into two types of accounts which is Private account and corporate account.
  • In both the cases, the documents required for the verification is different.
  • Going through the verification process of Bitfinex the individual should also have a Bank statement.
  • You will also have to give a signed statement confirming the validity of documents and information provided by you.
  • As you can deposit and withdraw your amount in Fiat currency on this platform so the verification process is a bit struggling compared to the other exchanges.

Bitfinex Volume

The part which we can not neglect in Bitfinex Review is volume. Bitfinex currently has the most volume of Bitcoin exchange compared to another trading platform. it may change according to time period.

In the mid-April to mid-October of 2017 total 5.77 million Bitcoins are traded through Bitfinex. This volume is the twice of its competitors that are Kraken with 3.65 million Bitcoins and Coinbase with 3.06 million Bitcoins.

Bitfinex review and simple, quick guide: Bitfinex is trustworthy ?

Bitfinex has been the largest exchange in terms of volume since Chinese Bitcoin Exchange was forced to charge trading fees by the People’s Bank of China. High volume is a good sign for traders as it ensures a low spread.

The low spread is the difference between Best proposal and the asked price. This volume effectively ended the ability of Chinese exchange to report artificially enlarged trading volumes, a term known as wash trading. At the time of writing the volume of Bitcoin on the platform was somewhere between 1,42,376 to 1,68,000 BTC.

The closest competitor of Bitfinex is Bitflyer which charges zero trading fees. But as the volume is way low of Bitflyer compared to the Bitfinex exchange so it is more popular. High volume signifies the tightest proposal. It also implies the best liquidity.

Bitfinex cryptocurrency Available for Trading 

As in the beginning of this post, it was clear that Bitfinex is a USD-denominating platform supporting several coins that are mated with U.S Dollars, Bitcoin, Ethereum for trading purpose.

The available coins are:

  • Bitcoin cash
  • Bitcoin                                                                   
  • Litecoin
  • Bitcoin gold
  • Ethereum
  • Ethereum classic
  • Monero
  • IOTA
  • OmiseGO
  • Dash
  • Zcash
  • Ripple
  • EOS
  • Sentiment
  • Bcash
  • NEO
  • ETP
  • QTUM
  • Aventus
  • Eidoo
  • Metaverse
  • Streamr
  • YOYOW

How Does Bitfinex work ?

The website interface looks good and moreover advanced than others. Bitfinex can be a bit difficult for beginners as it shows many options to trade which will confuse the user. This exchange platform is mostly appropriate for advanced users having some kind of experience in exchange platforms.

  • The official website is https://www.bitfinex.com
  • First, click on the sign up which is available on the upper right side of the homepage.

Bitfinex review and simple, quick guide: Bitfinex is trustworthy ?

  • While creating your account it will verify your email and this kind of stuff.
  • After creating your account and logging in you can start trading within the seconds.
  • For start trading, you need funds in your Bitfinex account.
  • To do so click on the first option of the home page that is deposit button on the top of the page on the right.

Bitfinex review and simple, quick guide: Bitfinex is trustworthy ?

  • Go to the deposit page.
  • Deposit page will show you a list of cryptocurrencies to choose and invest in of your choice.
  • After your fund is deposited click on the trading button available on the same on the upper left corner of the page.
  • The Select pairing which you would like to exchange.

Bitfinex review and simple, quick guide: Bitfinex is trustworthy ?

  • That page will show detailed information about selected pairings with candlestick chart, graphical order book, and the most recent trading data.
  • Going down to the page you will see different options for position, orders, order history and order book.

Bitfinex review and simple, quick guide: Bitfinex is trustworthy ?

  • Here you can use the different types of orders provided by the platform.
  • You can also trade in Margins. Which is the main feature and aim of this exchange platform
  • But it will increase the level of risk in the crypto trading market.

Bitfinex Review

The platform mainly targets margin trading for the major cryptocurrencies by peer to the peer funding market system. 

Some main features that Bitfinex represents are

  • Exchange Bitfinex Review :

On Bitfinex you can smoothly exchange between the Bitcoins and others Altcoins mentioned above. Bitfinex also bombasts a suit of order types so that the traders could take advantage of every situation.

  • Margin Funding market :

Margin funding market helps to earn interest on Euro, US Dollar, Bitcoins and many more.Traders can offer funding at the rate and duration of their choices. Using the Auto-renew feature of Bitfinex you can renew your offers depending upon the expiry.

The site permits both unfinanced and financed transaction. The unfinanced transaction is fully funded by trading participants through funds deposited by the participants on the site. Bitfinex allows the trading participants to use third-party peer to peer financing from the other traders for digital tokens.

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  • Margin Trading :

Bitfinex allows users to trade up to 3.3x advantage, which you can call it as Bargaining chip by receiving fund from the proper margin funding platform. If you don’t want to trade then you can simply select a position and Bitfinex will take out the funding for the position at the best rate available at that time.

  • Order Types :

There is a different type of orders. They are divided into two segments which are Normal orders and Algorithmic orders.

Normal orders include limit, one cancels others, market, stop, trailing stop, post only, hidden orders, fill or kill these type of orders.

Algorithmic orders contain Iceberg orders and TWAP ( time-weighted average price)  orders.

  • Customizable Interface :

By using this feature of Bitfinex you can organize your workspace according to your needs. Here you can adjust your dashboard and manage tickers navigation with the set up of browser notifications and custom sound alerts.

Bitfinex Fees Review

The tradition of a trading fee of Bitfinex is way different compared to the other exchange platforms. It has been divided into several parts. Same goes for the deposit and withdrawal fees.

Talking in terms of maker and taker as here it is the maker who adds liquidity to the exchange ecology system and the taker is one who removes it. Trading fees start from 0.1% for the maker and 0.2% for the taker. Other routed fees are available in this image below

Now talking about deposit and withdrawals you have to pay charges for all the operations except wire transfer. Wire transfer is almost free of charge. It will cost you 0.1% of the amount with the minimum limit of 20 dollars.

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The wire transfer which is done within 24 hours on a business day will cost you 1% of the amount with the same criteria of minimum 20$.

Margin funding fee collected by margin funding provider is 15% of the fees generated by active margin funding contracts.

Talking about another part that is traders opened by a hidden offer the cost is 18%. Which is obviously high. Traders can use Bitfinex sign up a coupon code to save the 10% of trading fees. you can also Bitfinex Review of fee structure,  on there official site.

if we talk about Bitfinex Review on fee then it is affordable. 

User interface of Bitfinex 

The user interface of Bitfinex is Dynamic. It is a little bit tough to understand but easy to navigate and trade platform. At the Bitfinex exchange platform, you can rapidly trade by buying and selling currencies instantly after making your account. you can read my Bitfinex Review about UI in next paragraph.

You can customize your dashboard and interface.

  • Go to the profile option available on the extreme upper right side corner page.
  • Click on the interface option.
  • Here you can shuffle between types of dashboard or themes in three options of light, dark and black.

Bitfinex review and simple, quick guide: Bitfinex is trustworthy ?

Bitfinex review and simple, quick guide: Bitfinex is trustworthy ?

 

 

 

 

 

 

 

 

 

This platform is also mobile friendly. You can do Real-time trading on this platform. Mobile apps are also available for Android as well as for IOS.

Transfer limits of Bitfinex 

There are no limits when it comes to trading. There are no withdrawal and deposit limits for verified users on Bitfinex. Also, there are no complaints yet regarding transfer limits.

In terms of cryptocurrency withdrawal it can take up to 12 hours but certain security features on your account can boost this process.

Is Fund in Bitfinex safe ?

The security of your fund is to strengthen by 2FA that is two-factor authentication pairing up with U2F that universal 2nd factor. Here your login data will be saved for the purpose of tracking unusual activity.

Every time you log in anywhere you will receive login notification on your email. By this feature, you can freeze your account if suspected malicious activity.

Bitfinex Hack or Bitfinex Trustworthy ?

The cryptocurrencies are kept in offline cold wallets. Around 0.5% of cryptos are kept in the hot wallet for day to day trading on the platform.

However, this so-called rough security is somewhere lacking behind and the company also knows that. Two several hacking attacks created a question mark on the user’s mind as well as in the developer’s mind.

First one was held in May 2015 when a hacker stolen 1500 Bitcoins form the platform. This was the small damage from the company’s aspects and company easily repaid all the damage. But the second theft was that much huge that company has taken almost One year to repay the damage when 1,20,000 BTC worth approximately 72 million dollars were stolen from the trading platform. Bitfinex Review about security is moderated in between good to very good.

PROS & CONS of Bitfinex 

PROS

  • Deep USD liquidity
  • Advanced trading features
  • Several options for order types
  • Low Fees
  • Currently Most popular Bitcoin exchange platform
  • Bitfinex has more volume as compare to other platforms.
  • Supports mobile app
  • Multi cryptocurrency support
  • Paid back all the loses from the hack

VirWoX

CONS

  • Several hacking attacks leads to the questions regarding fund security.
  • Transparency between users and company is very low
  • Not ideal for beginners
  • US-based people can not use Bitfinex. Means if you are in the US you cannot trade on this platform
  • No Fiat currency deposits are available. You can only trade using cryptocurrencies
  • USD payments is blocked with no time limit

Conclusion :

Bitfinex does have something extra to make an interest in the terms of users aspects. Bitfinex has more volume compared to another exchange platform. More volume makes more profit in the trade as well as in the trust.

Yes, some hacks and thefts are there to raise questions about the security of funds but Bitfinex does manage to repay all the damage to their users. The innovative idea to manage the repay system is extremely good enough. This makes Bitfinex trustworthy despite of several attacks and hacks.

So yes according to me Bitfinex worth give a try. You can try this platform if you have some knowledge about trading.

I hope Bitfinex Review post will help you to gain extra knowledge about Bitfinex.com and by reading this post you can use Bitfinex easily even if you are in the beginning state. If you still have any doubts please let me know in the comment section.

Please like and share Bitfinex Review with your friends and crypto family.

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Cheers!!

VirWoX

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