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Bitfinex Review 2021 — Is it Legit or Scam?
As the website states, Bitfinex is a go-to crypto exchange platform to trade cryptocurrency. This exchange was founded in 2012. This blog will review the features, fees, security, etc., of Bitfinex exchange in detail. In addition, a Bitfinex review will also help you understand the pros and cons of Bitfinex Exchange.
Launched in 2012, this crypto exchange allows its users to buy, sell and trade digital coins. Bitfinex supports payment methods through bank transfers and cryptocurrency. This exchange platform also supports fiat trading. Bitfinex ranks as one of the best crypto exchanges in terms of trade volume. Using this crypto exchange platform, you can easily trade over 100 digital assets like Bitcoin, Tron, Ether, Tether, etc.
Intermediate and well-experienced traders commonly use the platform. Unfortunately, the exchange platform was hacked two times in 2015 and 2016, respectively. Furthermore, the 2016 hack is considered one of the largest hacks in the crypto world as there was a loss of 120,000 BTC. So, Bitfinex had to pay back the customers’ losses, and they had to tighten up their security.
With a firm belief to offer the best and the ultimate crypto trading experience, Bitfinex strives to fulfill its mission by providing many state-of-the-art digital asset trading services to its users.
Some of the uses of the Bitfinex Mobile App are as follows:
The funding market of Bitfinex allows you to earn interest on fiat and digital currency in a secure way by providing funding if you want to trade with leverage. You can also use the Auto-Renew option to renew your offers automatically.
Bitfinex offers margin trading with up to 10x leverage by receiving funds from peer to peer margin funding platform. You can enter an order and buy your desired amount of funding, or you can open a position, and Bitfinex will do the funding at the best available rate for you.
If you wish to mitigate the risks associated with digital tokens’ volatility, Bitfinex futures should be your next stop. Along with margin trading and margin funding, Bitfinex supports perpetual derivatives contracts on their exchange. Traders can trade derivatives with up to 100X leverage on various trading order forms.
If you want to discover innovative ways to earn crypto, you could try the Bitfinex Affiliate program. Traders can earn unlimited commission through referrals. Simply, Generate invite links on the dashboard; share them all over your social media circles. On each signup with your referral, your crypto earnings grow.
Entering multiple orders can be a tedious task. Bitfinex has specially created a tool called Scaled Orders to do this. According to Bitfinex, it is an “algorithmic order type designed to enable traders to focus more on strategy instead of spending the time entering orders manually.” This tool automatically creates multiple limit orders on a determined price range, and you can still set the diversity and distribution of orders.
This feature allows traders to test trading strategies in a simulated market environment without depositing actual funds.
There are also advanced features like the Bitfinex enhanced reporting framework, Bitfinex Terminal, APIs, etc. Check them out in the ‘Advanced Features’ section of Bitfinex.
A standard Bitfinex account extends three separate wallets to support each of the core functions. These wallets are beneficial for instant fund transfer without any fee.
In addition to these, Bitfinex has Derivatives and token sale wallets to support those functions.
You can make the payments via Bank transfer and through cryptocurrencies.
To deposit funds to the Bitfinex account via bank transfer, you have to pay a fixed fee of 0.1%. However, if you deposit by cryptocurrency, Bitfinex will charge fewer fees depending on the cryptocurrency.
You have to pay 0.1% if you want to make a withdrawal via bank transfer. However, you can pay a fee of 1% to get it within 24 hours on business days. And fees of cryptocurrency withdrawal vary depending on the cryptocurrency.
The trading fee varies based on how much you trade in a month. Additionally, it is also based on whether you are a market ‘Taker’ (i.e., the people who take up offers) or market ‘Maker’ (Investors). Furthermore, if you trade more than $500,000 in a month, you must pay a fee of 0.2% as a Taker’.
With a caption of “Your Security is our priority,” Bitfinex states that it continually improves its end-to-end security measures. However, it also says that it can’t reveal too many security details due to ‘security and proprietary’ reasons.
Some of the advantages and disadvantages of using Bitfinex are tabulated below. You can take a quick look at them in the table below and decide further.
Despite the hacking incidents, this Hong Kong-based crypto exchange is one of the best crypto exchanges among online traders. Bitfinex platform has taken all the necessary measures to rectify and bring back its customer’s trust lost due to security issues. It has leveled up its security, and it has various protections like 2FA, U2FA, advanced API key permissions, withdrawal protection, etc.
One of the plus points of Bitfinex is that it offers high liquidity. Bitfinex also has lots of order types and has features like margin funding, margin trading, etc. In addition, the Bitfinex platform has a user-friendly interface that allows users to navigate through the website easily.
But, with its advanced trading tools, Bitfinex is more suitable for experienced users than first-time users. And most of the security measures of Bitfinex are not transparent, making an assessment of its security level difficult. If you are a new user, check out our other exchange blog reviews on our website to get better clarity about crypto exchanges and the cryptocurrency world.
How do I fund my Bitfinex account?
You can start funding your account at Bitfinex with cryptocurrencies and fiat currencies like USD, EURO, GBP, and JPY.
How many hours does a withdrawal normally take at Bitfinex?
According to the Bitfinex website, the maximum withdrawal time can take up to 12 hours. But a typical withdrawal time takes only 1–2 hours.
How to buy bitcoin on Bitfinex?
Here is a quick breakdown of steps on how to but bitcoin on Bitfinex.
– Login/ sign up to your Bitfinex account.
– From the deposit page, choose the desired crypto for BTC purchase in the -cryptocurrencies section.
– On the exchange wallet, create a deposit address; make the transfer at the corresponding transfer.
– Once the funding completes, you can start trading.
– Login/ sign up to your Bitfinex account.
– From the deposit page, choose the desired crypto for BTC purchase in the -cryptocurrencies section.
– On the exchange wallet, create a deposit address; make the transfer at the corresponding transfer.
– Once the funding completes, you can start trading.
Is Bitfinex safe?
How many cryptocurrencies does Bitfinex offer?
It offers more than 100 cryptocurrencies.
Where is Bitfinex exchange located?
Disclosure — Affiliate Links Included
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Originally published at https://blog.coincodecap.com on June 23, 2021.
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