Bitfinex Exchange Reviews
Bitfinex is a major cryptocurrency exchange based in the United States. The company was founded in 2014 and is owned by a licensed US corporation known as iFinex Inc. Bitfinex allows users to trade with Bitcoin using US Dollars, Ethereum and Monero along with five other cryptocurrencies and altcoins. Today, Bitfinex is one of the best exchanges for US based Bitcoin trading.
BFX records the highest exchange volume since the time the People’s Bank of China forced Chinese Bitcoin exchanges to start charging trading fees. This law put an end to the Chinese exchange tendency to do wash trading which is essentially reporting artificially inflated trading volumes.
User Interface and Trading Platform
Bitfinex has a very user-friendly interface. The platform gives users fast options to trade with digital currencies and also place orders. The site is also mobile-friendly and has mobile apps that are available for iOS and Android.
Users can communicate with support 24/7 through email. An email is usually answered within twelve hours, but sometimes it can take longer. There is also a forum through which users can get assistance as well as a FAQ which unfortunately does not avail all important information users might want to know.
Bitfinex offers various trading options. Order and bid/ask count is settled instantly because of the good liquidity and high volume of trades that Bitfinex enjoys. This gives users a chance to decide on the right time to place an order. It also provides margin trading with a leverage of 3-1 which indicates that a user’s account must have at least 30% of the amount borrowed. The orders offered include:
- Fill or Kill
- Hidden order
- Trailing Stop
- Post-only limit order
- One cancels other (OCO)
Bittrex Comission and Fees
Bitfinex charges are relatively low which is a prerequisite for big exchanges that are focused on trading. Traders taking other traders pay 0.2% fees at low volumes. On the other hand, traders placing trades or makers pay 0.1% and can drop to 0%. Deposits and withdrawals are not charged any fee except bank wires. Margin funding attracts a fee of 15% and 18% of the total fees accrued by vibrant margin funding contracts correspondingly. Generally, trading fees vary depending on how active a user is on the company’s platform.
Bitfinex is a bit complicated compared to other Bitcoin trading sites. However, new users can still learn to maneuver the site and trade. The easiest way to do this is through opening an account and clicking the support tab located at the top right side. Only a password and an email address are required when creating an account.
After clicking on the support tab, you can proceed to click on the “Tours & Guides” tab to read information on how to get started. You can also hover over the different sections of the interface and learn from reading the explanatory tooltip that will appear. If you are still unsure about certain things, you can go to the Help Center to research or get in touch with support.
Bittrex Company Overview
Bittrex offers users a variety of services which includes the following;
- Mobile Apps: Bitfinex has a mobile app that is used for monitoring trades, trading and receiving important updates. Since mobile platforms are less secure, it is best to trade using a secured laptop or desktop especially if a person is trading a significant amount of money.
- Over The Counter Services: Bitfinex Offers OTC services through which they organize or conduct large private trades. This service is important particularly if you intend to trade an amount that can move the market without letting other traders know about it.
- Margin Trading: Another service is one that allows traders are employing leverage to enjoy cryptocurrency or USD margin lending. Thus, users can earn interest on funds they leave on Bitfinex. If a customer wants to plot rates of interest and calculate possible returns over time, they simply need to go to BFXdata to find tools that can help them do that.
- Multiple CryptoCurrencies: The company facilitates trading in a broad range of cryptocurrency pairs including BTC/USD, ETH/BTC, ETC/USD, DASH/BTC among others.
- Security Features: Bitfinex has different security features for ensuring that users accounts are safe including Multi Factor Authentication.
- Customizable Interface: The company has a trading interface that display’s charts which are linked to the famous Trading View charting site. The interface is customizable, responsive and comprehensive.
- Multiple Order Types: Bitfinex provides a wide range of order types which enables professional traders to enjoy flexibility. Additionally, they offer an API that has features appropriate for automated trading.
Bitfinex has a large volume of traders which shows that it provides good service. Traders are at liberty to move to other exchanges. Traders using other exchanges can still find this company’s website useful in monitoring the BTCUSD price because it usually influences prices in other exchanges because of its large customer base.
Bitfinex supports various currencies in the USD, BTC and ETH market pairs. A complete list of available cryptocurrencies can be found in the chart below.
Bitfinex supports countries across Asia and Europe. Traders in the United States can use Bitfinex, but the services are more limited.
Fiat Currencies Supported
Bitfinex has been accepting fiat dollars and other currencies over the years. Depositing fiat dollars through bank wire transfer can be a slow and costly process which will also necessitate verification. Therefore, it is advisable for people that want to buy Bitcoin to consider purchasing them from local traders or exchange.
Bitfinex announced that it was not able to allow users to withdraw money in USD in April of 2017. This is because Wells Fargo had placed limitations on the company’s wire transfers. Financial experts are predicting that Bitfinex may be experiencing financial troubles due to this new development and may be at risk of becoming bankrupt.
Bitfinex.com Website security
Bitfinex has been a victim of hacking like most Bitcoin exchanges in the world. The tragedy occurred in 2016 where $72 Million USD worth of Bitcoins (120,000 Bitcoins) was stolen. This incidence dealt a big blow to the Bitcoin industry as the price took a plunge because the market panicked.
The company reacted by introducing two unique and controversial measures in order to survive the ordeal. These measures were spreading the losses to all user accounts and later compensating them, and the other one involved issuing BFX tokens to every affected customer that were equivalent to their losses.
In 2017, Bitfinex started to repay customer losses. They also bought back most of their tokens. This hacking problem could have served as a lesson to Bitfinex and motivated the company to make security a priority. Being a centralized exchange, BFX should have foolproof security to ensure that its customer’s investment is safe.
The company’s security features are continually upgraded and improved. Some of the security features come by default while others require the user to activate them depending on the level of security they need.
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