Bitfinex Crypto Margin Trading Exchange Review

Bitfinex is one of the global crypto exchanges which is extremely popular with online crypto traders. The platform has some of the substantial trading volumes per day in the crypto industry. BItfinex is suitable for experienced traders because of its highly advanced trade instruments.

If you want to open a Bitfinex account we recommend you read our comprehensive review – we discuss everything from supported coin pairs, registration, regulation, fees, security and many other important features.

Bitfinex summary and key features

Bitfinex is a major cryptocurrency exchange that gives the opportunity to buy, trade and sell a huge variety of crypto coins. The exchange was launched in 2012 and is Hong Kong based.

Bitfinex trading platform is mostly used by intermediate or experienced traders as it offers a great selection of chart analysis instruments and other expert trading tools. For deposit and withdrawals bank transfer is the only supported payment method besides cryptocurrencies.

Bitfinex is one of the crypto platforms that gives you the opportunity to short cryptocurrency and try and implement different leverage strategies.

What are Some of The Bitfinex Essential Features?

High levels of liquidity

Bitfinex ranks as one of the highest of BTC/ USD trade markets and currently has 24 hours trade volumes of $600m+. Joint trade activity is roughly $2B and this extremely high liquidity level offers users trading confidence in the stability of the coins price.

Options for trading

The trading options include margin trading with a leveragelevel up to 3.3x. Besides that, traders have options to trade different order types like market, limit, stop orders, fill or kill, OCO, iceberg, post only orders and many more.

High Security

Bitfinex has experience with hacks and because of that it takes highly secure measures and uses many security techniques to keep the platform safe. The majority of crypto funds is stored in cold wallets and only around 0.5% of the assets are accessible via hot wallets. There is also website data encryption and DDoS protection against external hacker attacks. Also 2FA and PGP encryptions available for user accounts and also other verification instruments are employed

24/7 customer support

There is a 24/7 support team available through email. The quarries are answered within 12 hours. Also there is a website section known as the knowledge base/ help section and it covers some of the most urgent matters.

How Bitfinex Works?

Bitfinex is a 3rd party crypto exchange and matches sellers and buyers. In order to have access to the exchange you have to register for an account and make a deposit. Once you have funds in your account you can buy from the 100+ crypto coins offered and start building your trading portfolio.

Looking for a long- term investment? You can either store your coins in your account or withdraw them to a private cold wallet – which is recommended.

What are the Supported Cryptocurrencies at Bitfinex

There is over 100 coins you can trade at BItfinex. Besides EUR, USD, BTC, ETH, also available is USDT Tether. Also Bitfinex is one of the exchanges offering its users to buy IOTA/MIOTA/.

Bitifnex x Tether

Bitfinex employs the USDT Tether stablecoin and user who are verified can use Tether to fund their accounts besides the cryptocurrency and wire transfer as a mean for a deposit.

Tether is a crypto asset provided on the BTC blockchain and each unit is backed by a USD kept in the Tether LTD reserves.

USDT tokens can be traded for other BItfinex tokens and also other exchanges that support Tether. Tether funds can be transferred and kept in any BTC which you have the private key for.

Lately, Tether is getting an enormous attention from traders. As we mentioned each Tether is backed by a USD and at the moment there are around $1.65B USDT circulating.

Which Countries Can Use Bitfinex services?

Bitfinex is a global cryptocurrency exchange and it supports the majority of the countries. Nevertheless, there are 5 countries that cannot use Bitfinex services including United States.

Which countries can use Bitfinex services?

• United States
• Bangladesh
• Bolivia
• Ecuado
• Kyrgyzstan

Bitfinex Fees an Payment Methods

For all fees you can check the fee schedule at Bitfinex website.

Deposit fees

If you use wire transfer to fund your account, there is a fixed fee – 0.1%. Let’s say you deposit €10,000 then you fee will be €10. If you decide to use cryptocurrency or stablecoin to deposit, there is no fee.

Withdrawal fees

Withdrawal fees are also0.1% if you use wire transfer. If you want to receive your funds in 24 hours, there is an express fee of 1%. Here as well, fees for withdrawals with cryptocurrency will vary based on the coin you use.

Trading fees

Bitfinex has a trade fee structure which depends on whether you are a taker or a maker and what is your trading frequency. Maker fees vary from 0.1% to 0.0%; Taker fees vary from 0.2% to 0.1%.

Bitfinex Registration

Before you sign up you should consider that Bitfinex has really high fees, the exchange is not suitable for beginner traders, it does not accept US traders and in 2015 and 2016 it was hacked. Nevertheless, if you decided that you want to sign up and start trading, here is what you need to do:

Step 1.

At the Bitfinex website in the upper right corner there is the Sign up button

Once you click on it you will be presented with the following window:

Enter a unique username, password, email address and click Open account.

After that you need to check your email where there will be a verification link. Once you click on it and confirm your email, you are ready to start trading.

Step 2.

• Verification of your identity

If you want to make a deposit with a wire transfer, you have to do identity verification. Click the verification button in your account and follow the instructions. You have to enter some personal info and to upload a government issued ID copy.

Step 3.

Once you verify your identity you can click on Deposit – it is located at the top right of the screen.

You can choose the currency you wish to deposit and then you will see the details of the bank account you have to transfer funds to and a reference number. This may take up to 10 business days in order to be processed so be patient.

Step 4.

Once you have funds in your account, you can start trading. Click the Trading button which is located at the top of the screen. You will be redirected to the main area for trading where you can choose the crypto pair you wish to trade, enter the amount you like to buy, decide if you want to perform a limit or a market order and place a trade

Is Bitfinex Exchange Regulated?

The exchange is not regulated. The company has British Virgin Islands registration and operates in Hong Kong.

Is the Exchange Safe?

Besides not regulated, Bitfinex’s safety is also a considerable concern as the exchange has been hacked in 2015. A year late, in 2016, Bitfinex was hacked again which resulted in the theft/ loss of 120 000 + bitcoin. In 2016 this added up to $72 million but at today’s BTC rate this amount is roughly $600 million.

Bitfinex offers a few security elements in order to keep user funds safe:

• 2FA which is not enforced
• More than 99% of user funds are kept in cold wallets
• Whitelisted IP addresses
• Security team on site
• DDos

Bitfinex has an external online wallet /3rd part/ which means you do not control your own private keys. This in turn means that if there is another hacker attack on Bitfinex, your funds and investments are at risk. If you use Bitfinex, we strongly suggest you use your own private cold wallets.

Bitfinex Mobile App

The exchange has a free mobile app available on the Google Play Store and iTunes store. The app features allow you access to your wallet, funding your Bitfinex account, receiving notifications and of course trading.

How to Download Bitfinex App

• Go to Google Play or iTunes
• Download the app
• Create new API key
• Scan the QR code, import API key and log in.

Advantages and Disadvantages

FAQ

Minimum Initial Margin is 1%.

The maximum leverage for trading derivatives is 100x.

Tether is a platform that is blockchain-enabled and designed to enable the use of fiat currencies digitally.

There are no extra fees for crypto deposits. For Fiat there is a 0.100% fee.

Bitfinex has strоng security features such as email encryption and 2-factor authentication. Also, 99.5% of user funds are kept in cold storage