BitFinex Cryptocurrency Exchange Review
To begin trading on Bitfinex, users have to hold a balance of 10,000 USD in their account. That makes this platform for professional cryptocurrency traders only. It allows market-value exchanges that are simple to follow, and there is a selection of specialized trades that can be done as well. Margin trading and lending, stop orders, and over the counter (OTC) trades are just a few of those. The menus and dashboard are easy to navigate, and it is laid out impressively. There have been some security issues with the site, but otherwise, it’s formatted well.
- Simple to use
- Small withdrawal fees and trading charges
- Variety of order types and services
- Security issues
- Only for experts
When users want to make a deposit that is USD 1,000 or more, there are no fees. For bank-transfer deposits, there is a 0.1% charge for the transaction in either USD or Euros. For smaller deposits, there is a fee charged depending on the type of cryptocurrency used.
For trades, there are also charges, but they are relatively low compared to other platforms. It’s going to depend again on the type of currency traded as well as the value. The maker and taker each are assessed a different percentage as well.
Bitfinex was founded in 2012 and is registered in the British Virgin Islands. Going by Bitcoin trading volume, it is the largest cryptocurrency exchange in the world. It isn’t for a casual or beginner user with the large deposit required to start and the types of trading capabilities. It is simple to use and easy to understand the workings.
Even though there is a two-factor authentication that is necessary to make any transactions, the exchange was subject to a couple of high profile hacks back in May of 2015 and again in August of 2016. Following the attacks, Bitfinex added the options of requiring physical devices like a USB to be required to exchange on the site. They are also monitoring user accounts by:
- Limiting account access by IP address
- Sending out notifications and permitting freezes on accounts for suspicious activities
- Detection of IP address changes
- Saving and analyzing unusual activity
Ease of Use
Even though this is geared for the professional exchanger, it’s still effortless to use. There is a mobile application available for those that are wishing to make trades on the go as well. Everything is formatted so that it’s easy to follow.
Making trades and managing money is simple with order forms that are easy to find and fill out. After orders are made, there are “Tickers” that users can view to check the status of their request.
Depositing and Withdrawing
An external wallet is going to be needed to make the initial 10,000 USD minimum balance deposit. After that, the money can be moved around within the exchange. Bank transfers are known to take a little bit of time, six to eight weeks, due to the account verification that is necessary. Withdrawing money happens the same way with bank transfers taking up to seven business days for fiat money and digital currency moving in as little as a couple of hours.