Bitfinex Crypto Exchange Overview

Margo

Margo

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Bitfinex is the Hong Kong cryptocurrency exchange founded in 2012 and owned by iFinex Inc, the Hong Kong company. The team members are also known to have worked with the Tether (USDT) project. The platform provides its users with exchange services. margin trading and all major types of coins and tokens are supported. Developers have competently elaborated security issues and provided their users with a reliable trading platform. To work with fiat currencies, a trader must pass two-factor authentication.


Developers have also taken care of supporting mobile platforms — apps are available for the Android and iOS operating systems. They can be found in PlayMarket and AppStore official stores.


DEPOSIT AND WITHDRAWAL

Depositing and withdrawing funds on Bitfinex can be carried out in a variety of ways. The exchange supports both fiat currencies (USD, EUR, JPY, GBP) and over 50 altcoins and tokens, including Bitcoin, Ethereum, EOS, Litecoin, Ripple, NEO, Bitcoin Cash, IOTA, Monero, Zcash, Dash, Bitcoin Gold, Metaverse ETP, QTUM. The exchange constantly expands the list of coins — once the coin becomes established on the market, it has high chances of being included in the Bitfinex portfolio. Minimum Investment amount is $50 — or equivalent in any other currency.

In addition to cryptocurrencies, users can make bank transfers and withdraw funds on credit cards. To do this, go to the withdrawal section. There are no limits on the withdrawal.

It is more profitable to use cryptocurrencies for depositing, because in this case, no commission is charged. If a bank transfer was chosen, the commission is at least 0.1%, but not less than 20 USD. Thus, if the amount is small, the trader loses a lot of money.

TRADING ON BITFINEX

Bitfinex supports both stock exchange and margin trading. The former option involves using the trader’s personal funds, and in the latter one the leverage is applied. Financing in this case is provided by a special platform. This means that anyone can borrow money from another trader at the exchange and make trade using it. It should be noted that in the event of a rate drop, the user may lose his money, because the open order will be closed automatically, and the money will be returned to the creditor taking into account all the interest. The exchange supports different types of orders and all of them are available to traders. They allow you to trade more effectively.

TRADING FEES

The system of commissions on Bitfinex encourages traders with a large volume of trades. Its increase leads to a reduction in the payment for transactions. With a minimum currency turnover for a month, the transaction fee is 0.1% for the maker and 0.2% of the order amount for the taker. A zero commission of the maker can be reached with a volume of 7.5 million dollars, and a minimum commission for the taker can be reached at $ 30 million per month and it will be 0.1%.

The Bitfinex crypto trading platform will be an excellent choice for those who are only interested in the most popular crypto currencies and the highest trading volumes. The project is aimed at experienced traders and major investors, as evidenced by the formidable trading tools provided by the platform. Despite some incidents in the past, the platform can be safely recommended for use. To read the detailed review, please click this link.
 
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