Bitfinex has been present in the crypto-currency landscape since 2012. It is a Hong Kong-based platform that allows its customers to take advantage of real-time exchanges to buy bitcoin and other crypto currencies. The volumes are very high, which makes it a strong place for crypto-currency trading.
It offers various services:
- The classic exchange: i. e. the purchase of currency cryptos from fiat currencies (= state currencies: euros, dollars…) or from other cryptocurrencies.
- Marging trading: the use of leverage to trade with higher capital and thus increase gains (or losses…)
Unfortunately for its managers, Bitfinex made headlines after a massive theft of 120,000 Bitcoins in 2016… It narrowly escaped liquidation by spreading all losses over all its customers’ accounts (and distributing receivables fees in return). She has since managed to repay a very large part of her debts, even if this is not very reassuring, we grant you that.
Bitfinex in Brief
Bitfinex is part of one of the best cryptocurrency trading platforms on the web. Its interface is very easy to learn and allows both experts and beginners to trade with confidence. It is a reliable platform on which you can trade a large number of cryptocurrencies.
- 1 Withdrawals, deposits, Fees, Commissions, All about Bitfinex Trading
- 2 Bitfinex customer reviews
- 3 What about the Bitfinex application on Smartphone?
- 4 Our review on the platform
Withdrawals, deposits, Fees, Commissions, All about Bitfinex Trading
BITFINEX: HOW DOES IT WORK?
Step 1: Registration
To register, it’s easy, go to the Bitfinex website.
Then, simply click on the “Sign up” link at the top right, follow the instructions and complete the following form:
Don’t forget to check your email address to complete and validate your registration.
Step 2: Securing
Once your email has been validated, you will be able to connect to the site.
As with any crypto-currency trading platform and for greater security, it is recommended to enable 2FA double authentication.
Step 3: How to fund your account
To deposit money, go to the appropriate section.
Choose the crypto you want to credit and generate a deposit address. This address is unique and associated with your account and currency.
Then send your funds to the address you generated.
Attention: Always check the sending and receiving addresses! In the event of an error, the funds will be lost.
In addition, always send Bitcoins to a Bitcoin portfolio address. If you send, for example, Bitcoin to an Ether portfolio address, the funds have a high probability of being lost.
BITFINEX: HOW MUCH DOES IT COST?
Registration to the Bitfinex trading platform is, like the vast majority of trading platforms, free of charge.
The transaction costs for your trades are dependent on the volume of purchase and sale orders you have made over the last 30 days.
To summarize, the more you trade, the lower the fees!
As for the “Deposit” fees, the table below allows you to find your way around
If you would like more information, you can go to the “Our fees” area of the website.
BITFINEX: HOW IS IT USED?
On the main screen, you will find all the following information:
- The real-time price of the selected cryptos (here, the Bitcoin/USD pair): you can change the time range, add financial indicators, take a picture at time T, etc.
- The order books where you can find: past and current orders (buy and sell)
- The box that allows you to place your orders, whether for purchase or sale: enter here the desired price, quantity and type of order chosen.
For more information and if you are comfortable with the Shakespeare language (English), you can go to the beginner’s guide.
Attention The marging trading option (= use of levers) available on Bitfinex is intended for an informed public. Don’t get into this without knowing what you’re doing: the consequences can be serious.
Bitfinex customer reviews
The reviews are generally in the same direction: the one that comes up most often is the fact that the volumes circulating on the platform are high, so Bitfinex is a very interesting site for large portfolios.
In addition, the platform is ergonomic and easy to use.
The little something extra? For beginners, “explanatory bubbles” (demonstration) guide users from the home page.
What about the Bitfinex application on Smartphone?
With more than 500,000 downloads on Android, the application developed by Bitfinex is no longer in the running-in period. Regular updates make it possible to correct bugs reported by users as they are discovered. However, and the application of Bitfinex is no exception, we do not recommend trading on smartphones. Indeed, the chances of making a mistake during an order are too high on a small screen. On the other hand, it is very convenient to follow the courses in real time.
Our review on the platform
Bitfinex clearly no longer has to prove itself given the daily volumes traded. It has rebounded from the disappointments of the 2016 piracy, but a new shadow seems to be emerging. She seems to have a strange connection with the creators of the Tether (UDST). Some people are starting to sound the alarm, whether it is on specialized newspapers or on blog / forum comments.