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Cryptocurrency

Bitfinex Review

Bitfinex was founded in the British Virgin Islands in 2012 by iFinex inc and it is headquartered in Hong Kong. The company initially started out as a P2P margin lending platform for Bitcoin only. Some of the founders and management of iFinex inc. are also related to Tether

Bitfinex core features:

  1. Exchange Trading. Central limit order books where users can deposit, trade, and withdraw digital tokens.
  2. Margin Trading. Qualified users can trade with up to 3.3x leverage by receiving funding the margin funding platform.
  3. Margin Funding. The P2P financing market which allows users to earn interest by lending funds to other users who trade with leverage.
  4. OTC Desk. Bitfinex allows traders to deal directly with each other without having to go through public order books.
  5. Ability to buy cryptocurrencies using credit or debit cards. Bitfinex allows traders to buy cryptocurrencies using third-party payment processors

The exchange caters to more intermediate and advanced traders as well as institutions and offers a wide selection of coins, trading pairings and trading options. Bitfinex aims to be the premiere destination for seasoned cryptocurrency traders across the globe.

The exchange currently handles approximately $2B worth of trades a day, and records 24 hour trading volumes worth around $600m for its BTC/USD pairing, and this represents around 6.27% of the total market.

Security

Due to its past experience with hacks, Bitfinex place a priority on security and employs many of the security techniques employed by today’s leading exchanges. The vast majority of funds are placed in cold storage with approximately only 0.5% of crypto assets being accessible in hot wallets. The site also utilises database encryption and duplication in addition to DDoS protection to ensure that trading cannot be halted by an external influence. Customer accounts are also reinforced via the use of 2FA, PGP encryption and a host of advanced verification tools designed to monitor changes in account activity.

Customer Support

are currently served by a support team that is available via email 24/7. The team aims to answer queries within 12 hours, but responses can take much longer. In addition to this, there’s a knowledge base section that covers the most pressing issues alongside other question and answer pages available on the site.

Trading

The trading platform suits both intermediate and advanced users and offers a variety of trading options. In addition to leveraged margin trading, Bitfinex also offers the following types of orders:

  • Market
  • Limit
  • Stop
  • Trailing stop
  • Fill or kill
  • One cancels other (OCO)
  • Post-only limit order
  • Hidden order

Deposit and Withdrawal 

Bitfinex accepted deposits in the form of cryptocurrencies and fiat currencies. Bitfinex users can deposit & withdraw USD, EURO, GBP and JPY directly to and from their bank accounts, with an estimated waiting time of 5-7 days. At present, the following Altcoins are accepted by Bitfinex for account funding:

  • Aventus
  • Bitcoin
  • Bitcoin Cash
  • BTG
  • Dash
  • Eidoo
  • EOS
  • Ethereum
  • Ethereum Classic
  • ETP
  • IOTA
  • Litecoin
  • Monero
  • NEO
  • OmiseGO
  • QASH
  • Qtum
  • Ripple
  • Santiment
  • Streamr
  • TetherUSD
  • Zcash

Withdrawals work in a similar way: users can send fiat currencies back to their bank account via a wire. Alternatively, you can withdraw cryptocurrency back to your external wallet. Withdrawals of fiat currencies take up to ten business days, while withdrawals of digital currency take up to ten hours

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