More Info About Exchange
Bitfinex, is the multi-coin exchange ranking among the leading cryptocurrency trading platforms in the world. Since 2014, it has secured a trustworthy reputation from millions of traders. It ventured into the market in 2012 its founder being Raphael Nicolle. Currently, it is based in Hong Kong, owned and managed by iFinex, Inc. Ever since its launching, Bitfinex is the most revered cryptocurrency exchange platform rating from trade volume and user activities.
To date, Bitfinex records the busiest cryptocurrency exchange in the world regarding USD/BTC exchange. Also, it ranks topmost in dealing with the exchange of altcoins and multi-coin. It generates more than a $2B profit worth daily. In a twenty-four hours schedule, it's BTC/USD pairing rates get to $600m.
Unlike other cryptocurrency trades, Bitfinex trade rates are the highest due to the expertise in the field. It remains the one-stop shop recommended for all traders.In this article, I am going to shed light on the features of Bitfinex and their purpose. However, to be thoroughly conversant with the features, you must be a professional in the field. Some of these features include:
1. Buy/ sale wall
Bitfinex provides a more advanced, customizable buy or sells walls from their order book. Here, you can select the wall design of your choice after you open an account. Once your account gets the approval of your account, you can look at the customizable features available. Even though the buy or sell features may seem cluttered, you can modify to get a wall that suits you. With the Bitfinex dashboard, you can customize it to a unique workstation of your own. This is a feature that is yet to get discovered in other crypto spheres.
2. Supported Cryptocurrencies
Bitfinex houses a wide range of cryptocurrency trading. It has featured more than seventy-five market pairs linked to the four base currencies USD, EUR, BTC, and ETH. Also, it supports fiat purchases such as USD, EUR, GBP, and JPY. These can be used to trade various cryptocurrencies against fiat pairs.With the advancements taking place in the cryptocurrency sphere, Bitfinex is constantly on the look to increase the number of coins in the site. By this, the site will maintain its high-ranking position that beats any other exchange market.
3. Bitfinex Fee Schedule
Bitfinex employs the maker and taker fee schedule for the investors. This gets determined depending on the trade volume rating from the last thirty days. The maker fees often rates at 0.1% and below.on the other hand, the taker fee can rate upto0.2 percent. When the rates are higher, they may cover about $550k of trading volume. However, the customers have to consolidate trade worth more than $30m to get the lowest fee rates. Bitfinex does not charge for any deposits made. However, for withdrawals, different charges apply depending on the cryptocurrency amount you want to withdraw.
4. Supported Countries
Being the largest and the most outgoing cryptocurrency trading platform worldwide, Bitfinex serves a wide range of countries. However, the exchange team has recently decided to rule out United States customers. The team thus serves other parts of the countries in exclusion of US. They aim to give quality attention to other clients in different parts of the globe.
5. Trading Options
Bitfinex offers a variety of trading options that can befit bot newbies in the site and the professionals. When you become their customer, you get granted trading leverage of 3.3x. By this, you use their peer to peer margin. Besides the margin trading, you can also befit from different orders such as Market, limit, stop, trailing, fill or kill and many others. Since Bitfinex attracts massive trades, it has high liquidity levels. Thus, once you place a bid, your order will be resolved with immediate effect. This is a feature that keeps the client coming back since they can choose the best time to place their order.
6. Customer Support
The Bitfinex customers' services are available for twenty-four hours daily for seven days. They have also introduced a knowledge-based section that caters for the urgent and pressing questions that asked frequently. Thus, you can take advantage of the section to acquaint yourself with some of the site basics. Once you have posted your question, takes less than twelve hours for the customer care team to respond. Rarely do the time limit for the response exceed twelve hours, however, if time raptures with no response, drop them an email through email@example.com.
With the advent of technology, Bitfinex has taken a step ahead and to provide an exceptional trading experience for crypto chart lovers. With the charting features, it is possible to;
- See your orders, their ranks, and price alerts
- You can drag the icons to change the price
- You can also tap on the menu to modify the features of the order
- You can see your rank in income generating
Also, the dashboard features many tabs which give you advanced options for the charts. Besides, the dashboard also incorporates a mobile app that can function for both Android and iOs phones. With the app, you can withdraw or make deposits for your cryptocurrencies and fiat.
Bitfinex has a history of hacks in the past years. Thus, this has made them invest in top-notch security techniques for their employees and clients. For them to effect this, they have invented cold storages and data encryption strategies to keep the crypto business secure. The customers' accounts also get secured through 2FA and PGP encryption. Host verification tools have also been put in place to monitor the user’s activities in the account.
Bitfinex has outranked many cryptocurrency exchange markets in the world today. Its customer-tailored services have earned it remarkable reputation over the years in the venture. Due to the built long-lasting customer relationship, it attracts high volumes of trade which translates to high liquidity. However, it will be overrating not to mention that Bitfinex has hard a few setbacks in the past years. This may have affected the trust they had built with their clients hence making the customers doubt their authenticity. The issue is no longer alarming, and I would recommend for its services.
Pros & Cons
|Competitive fees||May not be suitable for beginners or those unfamiliar with trading platforms|
|High liquidity||Fiat currency deposits have been blocked since 18 April 2017. It's not known when they will be available again|
|Advanced trading features and order types||Not transparent|
|Ethical (Paid back all losses suffered from the 2016 hack)|