Bitfinex review – the world’s largest and most advanced bitcoin trading platform

Bitfinex offers the most liquid order book in the world, allowing users to easily exchange the major cryptocurrencies. Bitfinex is one of the world’s largest and most advanced bitcoin trading platform. The platform offers leveraged margin trading through peer-to-peer funding market and users are able to create their own charts, monitor and edit their orders and positions, track their trading history and wallets movements. Security of funds and user information is top priority, security systems are constantly upgraded and tested to ensure that Bitfinex is exceeding industry-best standards

Some benefits for traders include:

  • This exchange has best security practices and stable wallets
  • Security systems are constantly upgraded and tested
  • The overwhelming majority of system funds are stored in offline, cold wallets. Only approximately 0.5% of crypto assets are accessible in hot wallets for day-to-day platform operations
  • Bitfinex allows up to 3.3x leverage trading
  • Bitfinex offers a suite of order types to give traders the tools they need for every scenario
  • Customizable interface – organize your workspace according to your needs
  • Advanced chart tools – you can enjoy a complete suite of tools to draw, annotation, download and share your charts

Platform

Bitfinex is a full-featured spot trading platform for the major cryptocurrencies. The platform offers leveraged margin trading through peer-to-peer funding market and users are able to create their own charts, monitor and edit their orders and positions, track their trading history and wallets movements. Charting is provided by TradingView with lots of technical analysis tools. The platform offers a suite of order types to give traders the tools they need for every scenario. Traders can organize their workspace according to their needs and they can enjoy a complete suite of tools to draw, annotation, download and share their charts. Fees at Bitfinex are relatively fair when compared to the competition, they are 0.20% for the “takers” and 0.10% for the “makers”.

Regulation

Bitfinex is operated by iFinex Inc., a Hong Kong based company. iFinex Inc. (BVI) operates as a financial technology company. Due to financial regulation changes in the State of New York, certain Bitfinex services are no longer available for New York Residents.

Supported Digital Currencies

Bitfinex supports a selection of 20 cryptocurrencies, users can easily exchange Bcash, Bitcoin, Ethereum, Iota, Litecoin, Bitcoin Gold, Ethereum Classic, Monero, EOS, OmiseGO, NEO, Dash, Zcash, Ripple, ETP, Qtum, Streamr, Eidoo, Aventus, and Santiment against USD or BTC with minimal slippage.

Deposit and Withdraw

Payments to and from Bitfinex can be made via cryptocurrencies, to deposit or withdraw fiat currencies to or from your Bitfinex account, you will need to go through the verification process. Processing times for verification can take up to 5+ weeks, depending on the level of public interest. Verification is essential for users wishing to deposit/withdraw fiat currencies; however, you are free to deposit, trade and withdraw cryptocurrencies, and can do so immediately upon signing up. Users can withdraw cryptocurrencies to any valid address for the relevant cryptocurrency by visiting their Withdrawal page.

Support

On the official website, you can not find a live chat but you can send a message anytime via email. Bitfinex offers a very good customer support and collaboration with their clients is completely transparent. Bitfinex is active on Facebook and Twitter.

Overview

  • Bitfinex offers the most liquid order book in the world, allowing users to easily exchange the major cryptocurrencies
  • Bitfinex employs the most reliable security technologies available
  • The overwhelming majority of system funds are stored in offline, cold wallets
  • Bitfinex does not accept US clients as of November 2017
  • Solid charting, by TradingView
  • Bitfinex allows up to 3.3x leverage trading, demo account is also available
  • The charges at Bitfinex are percentages of the total volume of the transaction. They are 0.20% for the “takers” and 0.10% for the “makers”. When it comes to short-selling, there are additional borrowing fees
  • The minimum initial deposit is not specified
  • In August of 2016, Bitcoin worth approximately $72 million was stolen from Bitfinex users, resulting in the second-largest hack in the history of cryptocurrency exchanges

Summary

Bitfinex is a cryptocurrency exchange that provides its services via a web-based platform and a mobile app. The platform offers leveraged margin trading through peer-to-peer funding market and users are able to create their own charts, monitor and edit their orders and positions, track their trading history and wallets movements. The 2016 hack was a major blow to the company, Bitcoin worth approximately $72 million was stolen from Bitfinex users. The company issued the so-called BFX tokens, to the victims. Security of funds and user information is the top priority, security systems are constantly upgraded and tested. Bitfinex supports a selection of 20 cryptocurrencies and collaboration with their clients is completely transparent. This is definitely a good exchange for traders.

Bitfinex supports a selection of 20 cryptocurrencies
Due to financial regulation changes in the State of New York, certain Bitfinex services are no longer available for New York Residents
Bitfinex has its office in Hong-Kong
Bitfinex is operated by iFinex Inc., a Hong Kong based company. iFinex Inc. (BVI) operates as a financial technology company. Due to financial regulation changes in the State of New York, certain Bitfinex services are no longer available for New York Residents
The overwhelming majority of system funds are stored in offline, cold wallets. Security of funds and user information is top priority, security systems are constantly upgraded and tested

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