General		Social Media		Technical		Cookies
Founder		Twitter		Layer 2		Coockies
Location		Discord		Web		Contact Info
No. Coins		Youtube		Mobile		Identifier
Fees		Reddit		Hedgies		Age Limit
Leverage		Quora		Merch		ID Verify

Bitfinex Review

Introduction

Exchanges serve as the primary hubs for user and investor activity in the world of cryptocurrencies. Although decentralized exchanges (DEX) have been around for a while, users are still frequently drawn to centralized exchanges (CEX) because of the higher fees, lack of simplicity in the work process, and limitations of such exchanges. Bitfinex exchange is now one of the most reliable and largest platforms in the cryptocurrency world, and many users use its services. In this article, we’ll give a brief overview of the Bitfinex exchange and look at some of its key features, such as its fees, level of security, difficulties it may encounter, and the coins that it supports.

Introduction to Bitfinex exchange

Bitfinex Exchange is a Hong Kong-based digital currency trading platform that has been operating in this field since 2012. This exchange offers users a variety of facilities and services, including a futures trading platform and loan offerings, making it ideal for experienced market traders. It is managed by iFinex Inc, and it deals in BTC/USD and 7 other major Altcoins, such as Ethereum and Monero. By volume, it is currently the largest cryptocurrency exchange in the world, especially when the Central Bank of China decided to impose trading fees on cryptocurrency trading. As a result, Chinese cryptocurrency exchanges were essentially unable to compete with other significant cryptocurrency exchanges around the world. The Central Bank of China’s decision also effectively put an end to the practice of Chinese cryptocurrency exchanges’ “wash trading,” which involved inflating trading volumes through reporting.

Bitfinex exchange services

The services that Bitfinex currently provides are numerous; we will go over them below.

Advanced trading platform

Orders on the Bitfinex exchange have high liquidity. High trading volume is one of the important things for traders; Because this case reduces the spread (the difference between the lowest price of sellers and the highest price of buyers). The exchange has an advanced and customizable user interface that currently covers more than 50 currency pairs. The platform supports all types of orders, such as limit, market, stop, stop-limit, trailing stop, fill or kill. The interesting point is that even the user interface of the exchange is customizable. Additionally, the user has access to the website’s API and advanced chart. The exchange has become well-liked among professional traders as a result of these features.

Margin trading

Bitfinex users can borrow assets and trade using leverage on the website’s P2P margin trading platform. The interesting thing is that the terms of the loan (amount, duration and interest) can be determined by the user or automatically by the platform. On the other hand, owners of digital currency can earn interest by lending their assets to others in a secure setting. Users can deposit a wide range of different coins and choose their duration and interest rate from the options. It is important to note that along with all the benefits and attractions, margin trading comes with risks. Therefore, novice traders are advised not to use this type of trading.

Derivatives trading

Futures contracts are another option offered by the Bitfinex exchange, which lets investors forecast an asset’s price without actually purchasing or selling it. To use this feature, traders just need to pledge their assets in USDT in the account of the derivative.

Bitfinex exchange challenges

It should come as no surprise that security issues have also plagued the Bitfinex exchange. The first hacker attack on this exchange occurred in 2015, during which 1500 bitcoin were taken. The April 2016 attack resulted in the second-largest cryptocurrency heist in history after the assets stolen from the Mt. Gox exchange. The main difference between Bitfinex and Gox is that Bitfinex distributes the loss of theft among all users. Although not all accounts on the platform were attacked, Bitfinex officials decided to share the loss among all users. All of the Bitfinex exchange’s bank accounts were frozen by the platform’s bank, Wells Fargo, in April 2017. The credibility of this trading platform was damaged by this issue, which persisted for more than a week and resulted in numerous user complaints and criticisms. Finally, this issue was also resolved; however, as a result of banking issues, this platform stopped accepting US dollars as of that date.

Bitfinex Coins and Exchange Fees

Euros, Japanese Yen, and British Pounds are accepted as fiat currency deposits on the Bitfinex exchange. This exchange also accepts deposits in the form of Tether (USDT). Bitfinex requires authentication to withdraw USDT or selected cryptocurrencies. However, this exchange can also be used by providing a valid email. The use of the services is also possible through the secret services of Tor. Bitfinex uses the taker-maker model to calculate fees. In this model, the people who fulfil the orders are the order takers, and the traders who place the order for the first time are the makers. There are no fees for depositing digital currencies; however, a small fee that varies depending on the coin is charged for withdrawals.

Bitfinex Customer Service

Bitfinex offers customer service through an email ticketing system. If you have a problem, you can submit a ticket at cs.bitfinex.com.It does not offer phone or chat support. So if you have an emergency, there’s not much to do other than submit a ticket and wait. This is definitely a disadvantage to using Bitfinex compared to more customer service-friendly exchanges like Kraken and Crypto.com

Final words

Customers’ trust in Bitfinex has been severely shaken as a result of the hack that the company suffered in November 2016. The hack is considered the second largest hack (after the Mt. Gox hack) in the history of Bitcoin. However, Bitfinex has taken action to restore customers’ confidence by making up for the losses they sustained. Since April 2017, every dollar stolen has been fully reimbursed by Bitfinex. This has gone a long way in helping to restore the confidence customers have in Bitfinex. Bitfinex continues to have the highest trading volume and is renowned in the sector for charging the least amount of fees.