Bitfinex is the first platform from which we begin a series of in-depth cryptocurrency reviews. Today, this largest trading platform for major cryptocurrencies (Bitcoin, Ethereum, Litecoin, etc.) consistently ranks third in the world in terms of the volume of daily transactions, is one of the most popular platforms for Internet traders, and is included in the TOP 5 largest platforms for functional and convenient crypto money trading.
Basic information about the Bitfinex exchange
The Bitfinex exchange (Bitfinex) has been operating since 2012 and is a leading platform offering traders the opportunity to trade cryptocurrency, the largest in terms of bitcoin trading volume, and one of the most popular among Russians and CIS users. The resource belongs to IFINEX BVI, which is located in Hong Kong and is its operator. The exchange prioritizes the provision of transparent and secure trading (complex verification, email encryption, binding to an IP address, etc.), including two-factor identification for those users who work with US dollars.
Bitfinex can exchange as well as profitable and functional cryptocurrency trading. Trades are held in fiat currency USD, in cryptocurrencies BTC, LTC, Ethereum, etc. Among the advantages of the resource:
- the most promising and popular currency pairs;
- some of the lowest tariffs on the market;
- margin trading;
- a convenient personal account with interface settings (you determine the arrangement of elements, the theme, set up notifications, etc.);
- a large number of tools (order types, visualization of orders, positions, price alerts, a large selection of convenient charts from TradingView, providing Bitfinex API, etc.).
The resource offers a margin trading function, which is rarely provided by modern crypto exchanges. It is the ability to work on credit using cryptocurrency or US dollars from traders acting as liquidity providers and, in this case, receiving profit from commissions for using money. Taking such a loan from the user, the trader can freely trade these funds. In addition, standard exchange trading with the purchase of cryptocurrency at the expense of personal funds is also possible. Traders have access to a wide range of order types that make their work much more productive.
All information about news, additions, and changes in the service is published in the official group of the company on Twitter and the official blog on the website. The Bitfinex exchange interface supports English, Russian and Chinese.
The company offers a convenient mobile application that will allow you to work at any convenient time and anywhere. We also note the minimalism of the site’s interface. It, however, can be difficult for beginners who will need to get used to the system.
TradingView charts allow you to conveniently work, conduct market analysis, and use indicators, and graphic elements. It is an excellent tool that has been proven in work by traders working in different financial markets. The significant disadvantages of the crypto exchange, according to the opinions of users on the Internet, are the following:
- the complexity of the verification procedure;
- high commissions for deposits and withdrawals in dollars;
- the presence of hacker attacks on the resource, including attacks in 2016, which, nevertheless, forced some users to switch to other sites.
Deposit and withdrawal of earnings
Today, for its users, the Bitfinex cryptocurrency exchange offers different ways to deposit and withdraw funds, both with the help of cryptocurrencies and through banks:
- Ripple.
- Zcash.
- Ethereum Classic.
- Dash.
- Litecoin.
- Ethereum.
- Bitcoin.
- Bank transfers, etc.
At the same time, most clients are advised to replenish their accounts through cryptocurrencies. It will avoid large and unprofitable commissions that apply to work with US dollars. It should be noted that at the moment the exchange has suspended work with bank transfers.
Regulation of the Bitfinex crypto exchange
The iFinex Inc. company, to which the Bitfinex crypto exchange belongs, is legally registered in China (Hong Kong) and operates under the current legislation of the country. The company does not have a license to carry out activities with cryptocurrencies. However, it guarantees the safety of trade. At the same time, users should be mindful of the risks of trading, and price swings due to market volatility. Clients are responsible for all actions on the site, and the company is not responsible for the loss of funds as a result of transactions with site users.
Under the legislation of the regulatory country, the company is obliged to:
- ensure the safety of workers on the resource (two-factor authentication, restricting access to an account by IP address, encrypting emails using OpenPGP, cold wallets, protection against DDoS attacks, etc.);
- guaranteeing the confidentiality of personal information, preventing fraudulent and other illegal actions of users (AML, CTF standards, monitoring transactions, user actions, storing information about users, etc.);
- maintain a policy against spam, and a policy regarding requests from law enforcement agencies.
Using the resource, clients agree to the terms of work on the site. In case of disagreement with this, the user must leave the exchange.
Conclusion
The Bitfinex cryptocurrency exchange is today considered one of the leading platforms for trading virtual currencies, occupying leading positions and ratings among the competitors of a dynamic market. High popularity among traders around the world has earned favorable working conditions, the availability of advanced functionality, comfortable trading, a variety of options for depositing and withdrawing funds, the possibility of margin trading, setting up a personal account, convenient transaction history, etc. Today, first of all, the company strives to make work the safest, and the work process is open. The Bitfinex exchange is distinguished by its customer focus, having adequately responded to the hack of 2016.
It remains to be hoped that Bitfinex will continue to dynamically develop and maintain leading positions, offering maximum opportunities for its users to work.
