Last updated on February 10th, 2018 at 02:25 pm
Table of Contents
- Bitfinex – Introduction:
- Bitfinex Review
- How can you pay at Bitfinex? Currency Support
- In which Countries Bitfinex has offices? Geographical locations
- Bitfinex Fees?
- User Security at Bitfinex?
- How responsive is the Customer Support of the Bitfinex?
- Public Opinions/ Online Reviews about Bitfinex
- Our Concluding Remarks – Is Bitfinex a good Exchange?
- How to trade at Bitfinex? Complete Trading Guide:
- How to Open an Account at Bitfinex?
Bitfinex – Introduction:
Today we will talk about the Bitfinex exchange. In this article, we will review the benefits and the drawbacks of the exchange; how a user can open an account and trade on the Bitfinex and at the end, we will answer frequently asked questions by users. Bitfinex exchange established in 2012. It is an exchange for cryptocurrencies that provides advanced facilities for digital coinage dealers and the liquidity providers. Bitfinex is the world’s most progressive exchange of cryptocurrency, and it is also world’s biggest exchange regarding dealing with Bitcoin against the US Dollar. As this is the world’s largest cryptocurrency exchange platform, so it is not limited to the Bitcoin-only it deals with the number of other coins as well. It has numeral features for the users, but there are four core features of the Bitfinex known as Exchange Trading, Margin Trading, Margin Funding, over the counter market. This exchange is owned and run by iFinex.Inc. Its headquarters is in Hong Kong. In 2016, Bitfinex had to suffer from a security breach that caused them a loss of about 72 million dollars. Company repays the lost funds to its users. Later the company coped up with this hack and now become one of the most suitable trading platforms for cryptocurrency exchangers.
Related reading, see: 10 Best Bitcoin and Cryptocurrency Exchanges
Bitfinex is a Hong Kong-based cryptocurrency exchange for trading. It facilitates the US-Dollar oriented trading of Bitcoin, Litecoin and other altcoins including Ethereum, Monero, etc. According to recent research, Bitfinex has the maximum size of digital assets than any other Bitcoin exchange. Bitfinex is the most noteworthy exchange by volume of digital currency that Chinese banks forced them to charge high trading fees. The selling and buying prices at Bitfinex is lowest as compared to other exchanges. If the user increases the further volume of the funds, the costs for the trading decline, moreover, the user can trade a large number of Bitcoins on Bitfinex. So, Bitfinex attracts its traders due to these services. Bitfinex hacked in August 2016 about 120,000 bitcoins were stolen from the exchange. They worth 72 million USD at that time. The company tried their best to overcome these hacks. It affected all the accounts at Bitfinex. Bitfinex chooses to socialize the losses. Or they also issued BFX tokens for all the affected customers from the hack. They finally begin to pay back to customer’s losses in 2017 when they finally overcome the after-effects of a hack. In March 2017 5 percent of all BFX tokens have been redeemed.
Related reading, see: 3 Methods to Buy Bitcoin With PayPal Instantly
How can you pay at Bitfinex? Currency Support
A user can fund his account with the currencies provided on the Bitfinex platform or by USD or Euros from fiat currency options. But if the user is interested in paying via fiat currency he needs to verify his account first then he can trade, deposit or withdraw using fiat currencies. Moreover, the advantage of verification is to speed up the process of deposit, withdrawal of funds. Now if the user wants to deposit the currency he needs to visit the deposit section of the Bitfinex. Choose a currency from the list of currency and start your trade with Bitfinex. There are three wallets available to the user to deposit their funds. These wallets are an exchange, margin and funding wallets.
Related reading, see: 6 Ways to Buy Bitcoin Without Verification or ID Anonymously
In which Countries Bitfinex has offices? Geographical locations
Headquarter of Bitfinex is in Hong Kong. It is currently working in different countries including United Kingdom, Chania and in Russia. It was also operational in the USA, but Bitfinex seized its activities in the USA without any proper reason, now the people from the USA linked with Bitfinex have to search an alternative for trading. People can get the instructions in three different languages including English, Russian and Chinese Simple and traditional.
Related reading, see: 30 Fastest Growing Cryptocurrencies to Invest (Promising Altcoins)
Its fee structure is different from other exchanges because it has maker and taker fees. The maker is the one who adds liquidity to the trade, and a taker removes that cash from the exchange. Trading fees started from 0.1% for the makers and 0.2% for the takers. If a user increases its volume of trading, the fees continually decrease. If Bitfinex trades 30 million or more amount of money, then there is zero percent fee for the maker and 0.1 percent fee for the taker. There is also a fee for wire transfer. Wire transfer cost 0.1 percent of the funds with the minimum of 20 dollars amount. The Bitfinex exchange also charges a fee for margin funding.
Related reading, see: 6 Simple Ways to Buy Ethereum Instantly
User Security at Bitfinex?
It is a competent and reputed exchange used by the people around the globe providing security and privacy to its clients in many ways during the trade. Once a user had open an account on the Bitfinex, the first recommended thing is to improve his security settings. Bitfinex provides a wide range of security features that allow the user to enhance his account security and the protection of his funds. The Bitfinex management advises the user to create a strong and a unique password while signing up and link it to the google 2FA authentication. Moreover, it is essential for the user to remember his 2AF authentication key, which will be visible to the user during the setup process. The user should save these keys offline in the secured location. A failure in keeping these keys secure will result in the worst case scenarios. A user can further enhance his security by some other advanced methods but this unique password technique and to link it with the google 2FA key is basic.
Related reading, see: How to buy Ripple (XRP) – A Beginner’s guide
How responsive is the Customer Support of the Bitfinex?
The customer support of the Bitfinex is quite impressive. Bitfinex has an entire help center available all the time for the user to answer any query related to the exchange. The customer support contains help related to every feature of Bitfinex. It provides getting started with Bitfinex guide to how to trade, Currency overviews to security procedures. If a user has an issue and he cannot get any answer from the given material on the support center, then he can submit his query in the form of support ticket through email just like other exchanges. But Bitfinex is assessed for its slow response toward these tickets. But still Bitfinex exchange is good, and the company is trying to maintain its repute from the very first day. It is the fact that service attracts many people that’s why Bitfinex is providing excellent services to its users. Bitfinex is considered to be one of the best exchange in the world. According to the message from the Bitfinex team, they have increased the team for the help center as the users have increased in number at their platform, and they said that they are now looking in the support tickets and will answer the queries of their users a soon as possible so, be patient.
Public Opinions/ Online Reviews about Bitfinex
Many users have issues with the Bitfinex. But mostly the problems are regarding the hacking incident and the delay in the response of support center. People think it is unprofessionalism of the Bitfinex exchange that they do not respond to the quires. But there are very few, and negligible complaints about the funding, trading and withdraws from the account. You can say it is an excellent exchange for the transferring of funds. But many people have issues related to its performance when there is higher volatility of the money. These problems are getting severe that people start calling it with another name known as Glitchfinex. But the company is working to expand its platform to make it feasible for high volume trades and also increasing its staff and support center team to overcome the issues of is clients.
Our Concluding Remarks – Is Bitfinex a good Exchange?
So, overall Bitfinex is a good exchange. If you are a professional and an experienced trader and you can deal properly with the charts, order books, margin trading and candlestick charts, then Bitfinex could be a good option for you. It offers a wide range of coins even some like IOTA that is not listed in many other exchanges with low trading fees as compared to others.
How to trade at Bitfinex? Complete Trading Guide:
After opening and verifying an account on the Bitfinex now the user is ready to trade with Bitfinex. For trading, it is necessary that user must have funds in the exchange wallet. Find the list of pairs in trading tab and select a pair for trading that suits the user. In order-foam selects the exchange label. First, he is needed to specify the type, size and price of an order by simply clicking on the Exchange sell or exchange buy to proceed with the trading process. To keep things simple a user can select the market rate; it will buy and sell the cryptocurrency at the current market rate automatically. Now when the process steps forward the order will show in the orders section below the chart. Once the order is performed funds will be credited to the exchange wallet, and executed order will move to the order history tab. While the user can select the order type, he is interested in for trading. There are three types of order Limit order, Price USD, and Amount Data. In limit order, a user can set the limit for the price and the volume. While in price USD user can set the price for the tokens he wants to buy or receive via bitfinex. Whereas Amount data order type is all about trading of data on the Bitfinex exchange.
Related reading, see: The 5 Most Important Altcoins Other Than Bitcoin
How to Open an Account at Bitfinex?
Today, I will talk about how a user can open an account on the Bitfinex. There are six steps to open an account on the Bitfinex.
- Now to open an account on the Bitfinex, firstly an individual needs to open the website bitfinex.com. When an individual reaches the homepage, he will see a user interface of Bitfinex that displays the number of options including features, careers, security and more. It shows the button of “open account” in the middle of the web page as shown below:
- By clicking on the “open account” button, a window will appear in front of you which contains some terms and conditions. To proceed with open an account on the Bitfinex, a user must agree with each term and condition The window will look like the one attached here:
Now to proceed with open an account on the Bitfinex a user needs to check each box of terms and conditions and click on the button continue given at the end of this window shown above.
- After this next page will ask you about the user name, your email address and to create the password, confirm the password. A user can select the time zone according to his choice. After that, he will solve the Funcaptcha given there and click on the “Open account” button.By providing all this information and clicking on the button to open an account, it will take you to the next page on which bitfinex welcome you and ask for email confirmation.
- Now the user needs to go to the inbox for the validation email to proceed with the account. The user needs to click on the confirm email address button from the email.
- The welcome page or main page will open when the user has successfully performed all the required steps to open an account on the Bitfinex. On the right side of this page, the user can get the information about the deposits support, new Deposits and about recent deposits. In the middle of the page, bitfinex shows the cryptocurrencies list. And on the left side of the displayed window is the information related to the balance, findings, and So in short user has a lot to explore on Bitfinex.
Frequently asked questions about Bitfinex
Can you pay via credit card, bank account, PayPal, debit card, and Cash?
A user can pay using the debit card. It is only possible if you are a verified customer.
How much time does it take to withdraw the funds?
Withdrawal from the Bitfinex can take place in 12 hours. They sent their removal to the block-chain as soon as possible. But they did not guarantee for the specified time. It could be more than 12 hours. But if a user wants an instant withdrawal then it is advised to set a local wallet on your computer and withdraw the money. But this cannot be done using your Bitfinex wallet.
How to contact the customer support in case of an issue?
The Bitfinex has a customer support tab. It contains four options. These options include 1. Ask a question, 2. Deposit/Withdrawal issues, 3. Account access issues, 4.Contact support. If the user wants to ask the question, he can write his issue and submit the question and wait for the response. If he has any issue regarding trade or security of account, he can choose the second and third option from customer support. But if he wants to contact the support directly he can write the complete issue in the space given under the option of contact support and submit it.
How many countries does the Bitfinex support worldwide?
It is currently working in different countries including the United Kingdom, USA, Chania, and Russia. People can get the instructions about the exchange in three different languages including English, Russian and Chinese Simple and traditional.
User privacy at Bitfinex
Bitfinex provides users security to maintain the confidentiality of their account and identity. So the accounts of the user can be protected in a better way. If a user is secure, his account is private. Bitfinex is providing security in many ways. The user can enable the 2AF security authentication. The exchange also uses verification tools like IP address detection and alerts for any malicious activities, to check that actual user is logging in only. To keep their funds secure and private company held only 0.5 percent funds of the exchange online all other resources are stored offline so that it cannot be accessible by any hacker.