Bitfinex is a Hong Kong based crypto exchange podium, which offers margin trading of all top-level cryptocurrencies. Margin trading means buying an asset that involves borrowing a part of the sum needed for the purchase from the broker executing the transaction (te this case, Bitfinex).
The domain wasgoed registered on October 11, 2012 and since the company is finta serious about security, before you can fund your account te USD, you are required to enable 2-Factor Authentication.
Bitfinex is one of the largest exchange platforms on the Internet. During its operation, the exchange passed many tests. It has bot repeatedly hacked, Bitfinex received the status of non-grata (a foreign entity whose coming in or remaining te a particular country is prohibited by that country’s government) from various foreign banks, which made it difficult to deposit and withdraw funds. Nevertheless, Bitfinex has bot operating for more than five years and is the largest crypto-exchange toneelpodium.
Before presente trading, each user vereiste register an account. Te order to do this, provide the following information on the Bitfinex main pagina:
You’re required to come in your email, name, and password. After this a verification email will be sent to your email address. Merienda you verify your email address, you’ll need to verify your account.
Click on ‘Manage Account’ icon ter the upper right corner of the pagina:
A drop-down spijskaart should show up. Choose ‘Verification’ option. Afterwards you will be redirected to this pagina:
It is interesting that if you choose any reasons other than trading ter USD and USDT, then you will be told that:
Based on your selections above, you do not need to request a verified account. All of the items you selected above are already available to non-verified accounts.
Therefore, if you think you don’t need to deposit, withdraw, or trade USD and USDT, then further verification is not necessary. But ter order to loosely deposit and withdraw money ter USD on the Bitfinex exchange verhoging, you should go through the verification. To confirm an individual account, one needs to do the following:
- Pack te the online form (a person willing to trade voorwaarde be Legitimate years or older).
- Confirm your ID by providing passport scans and other documents (all documents vereiste be translated into English).
- Provide a handelsbank statement for the account from which you will inject and withdraw funds.
- Confirm the address by providing a utility bill (not older than three months).
The exchange provides three types of wallets:
- EXCHANGE (main wallet for exchange trading without margin)
- MARGIN (margin wallet, transactions are carried out at the expense of investors used solely for trading – the trader cannot withdraw funds)
- FUNDING (funds held te the funding wallet, which can be used Margin Funding)
Ter the ‘BALANCES’ section, information is displayed both for each separate wallet and the total amount :
If you want to check all your current balances, click on the ‘Wallets‘ tabulator ter the upper right corner of the pagina. The following information should emerge:
Here you can check balances for each digital currency traded on the toneel. Te addition, quick transfer of funds is available within three wallets (EXCHANGE, MARGIN, FUNDING).
Ter the right part of the screen there is a chart block for selected currency pair (ter this case, it is BTC-USD):
The chart of the currency pair wasgoed created using the TradingView service. It permits you to display gegevens for different periods, commencing from one hour, and ending with three years. Ter addition to monitoring the status of the pair, you can also use extra instruments.
Te the ‘ORDERS” block (requests for purchase and sale of funds), active orders are introduced, and ter the ‘ORDER HISTORY‘ all orders are stored — both executed and canceled:
Ter the ‘ORDER BOOK‘ section you can see the purchase orders (the left side folder) and the sale orders (katern on the right). Waterput a bell near the desired position to set the price warning (order for the purchase/sale of the selected position):
Clicking on the ‘Deposit’ tabulator, you can deposit funds to your account via a digital wallet:
There are slew of supported currencies and related wallets. For example, say you have a third-party wallet with some Bitcoins ter it. Choose Bitcoin and click on it. The following pagina should emerge:
Then click on the button ‘Click to generate address’ (reminisce that Bitfinex provides three separate wallets for your funds). The generated number is an address where you should send your BTC from the above-mentioned third-party wallet to. Note that bitcoins will not be credited instantly. This will take about 30 minutes, or even more (since the transaction has to propagate on the blockchain).
To withdraw BTC (or pretty much every available currency), click on ‘Withdraw’ tabulator near ‘Deposit’ one:
- Choose your currency, i.e. Bitcoin
- Then specify the address of the BTC wallet
- Specify an amount and a wallet from which the transfer should be made (EXCHANGE, MARGIN, FUNDING)
- tick the ‘”Add a note. “, “I have read . ” checkboxes
- Click on ‘Request withdrawal’ tabulator.
Note: USD Wire Deposits Paused.
Wire deposits have bot paused. Please see bitfinex.com/posts for further updates.
When you hover your cursor on the currency pair on the left side of the pagina, you will see a list of coins available for trading. The price of each coin is “indicated” ter BTC and USD:
You can also hover overheen the ‘Trading’ menukaart voorwerp on the top brochure to see all the pairs available for exchange.
Te order to buy or sell some cryptos, you need to choose the adequate suggest ter the katern ‘PRICE’ te the ‘ORDER BOOK‘ (purchase on the left, sale on the right). Chosen position will be displayed ter the ‘ORDER FORM‘ section, just specify the number of the currency to be purchased or sold and click ‘Exchange Buy’ or ‘Exchange Sell’:
After that, the ‘ORDER BOOK’ displays your offerande. Ter addition, under the ‘ORDERS’ section, the ‘Edit’ and ‘Pantalla’ buttons should emerge, which can also be used, if necessary.
Bitfinex Exchange has a elaborate toverfee schedule. It comprises of four elements, and depending on your deeds, you will be charged with one or another toverfee.
Order Execution Fees are charged for executed orders during the last 30 days. Maker fees are paid when you add liquidity to their order book by placing a limit order under the ticker price for buy and above the ticker price for sell. Taker fees are paid when you eliminate liquidity from their order book by placing any order that is executed against an order of the order book.
Deposit Fees are free of charge except USD deposits via Bankgebouw Wire, te this case, fees are 0.100% of the deposit amount, with a ondergrens toverfee of $20.00.
Withdrawal Fees differ depending on a digital currency to be withdrawn. For example, BTC withdrawals are subjected to a toverfee of 0.0005 BTC. But for NEO, such toverfee would be free of charge.
Margin Funding Fees are charged on fees collected by Margin Funding Providers, i.e. 15.0% (of the fees generated by active margin funding contracts), when opened by a hidden offerande – Legal.0%. Charge on funding that is borrowed and subsequently returned without being used te a margin position – up to one total day’s rente.
For more information on Bitfinex Toverfee Policy, visit the Bitfinex Fees pagina.
Among the advantages of Bitfinex are:
- Number of pairs. Bitfinex is suitable for almost all users who are interested ter cryptocurrency. Through this podium you can exchange all popular digital currencies,
- High level of security. The developers of the Bitfinex exchange care about security. If you followed all the recommendations of Bitfinex representatives (2FA, API..), then your funds will not be lost or stolen,
- Mobile application. You can trade from anywhere te the world, all you need is a smartphone and access to the Internet. One more thing, do not leave behind to download the Bitfinex application,
- Large number of implements. Trade becomes lighter and more efficient. Now at the disposition of traders there is a large number of extra contraptions, which, if used decently, provide much more efficient and swifter trading.
Despite the abundant number of useful things, Bitfinex has its shortcomings:
- Verification. For the non-English users, the verification process is very complicated. The main problem is that ter order to verify an identity on Bitfinex, you need to submit private documentation ter English. It may be necessary to apply for certified translation.
- Transaction toverfee. Fees are slightly higher than that of other exchanges like Poloniex. Trading and exchanging on Bitfinex, you can deposit and withdraw money ter dollars, but for this you’d have to pay $20.