Bitfinex was founded in 2012 and is a crypto exchange based in Hong Kong, operating as a peer-to-peer trading platform. The company is a subsidiary of iFinex Incorporated, which also owns Tether Limited. Bitfinex is one of the most popular cryptocurrency exchanges. Bitfinex offers a range of trading pairs, including BTC, USD, and ETH. Visit the (official website) of the news spy for more information on bitcoin trading.
It allows margin trading. Bitfinex allows clients to buy cryptocurrencies with leverage up to 3:1 for Bitcoin and Ethereum margin trading accounts 5:1 for Tether. It also offers Crypto-to-crypto trading. You can trade on the Bitfinex exchange without converting your cash into digital currency. This means that you’ll have access to more options when it comes time to buy or sell coins from other exchanges like Binance or Coinbase Pro.
Bitfinex Exchange Platforms
Bitfinex has two main platforms, an HTML5 web-based interface and a mobile app. The Bitfinex platform is available for iOS and Android, with desktop apps available for Windows and Mac OS. Linux users are not so lucky, however, as there is no native Linux solution at this time.
The web interface is pretty slick and easy to use. It’s fast, responsive, and intuitive enough to get you up and running in seconds without any need for tutorials. And it configures your account before using it.
Bitfinex Crypto Wallet
You can also store your coins in Bitfinex’s web wallet. It is free, but it limits the amount you can withdraw per day, which you can increase if you verify your account. The mobile app is very easy to use. And it has many features that make it feel more like an exchange than a wallet. It allows you to buy and sell cryptocurrencies from within the app and access market data.
Finally, there’s Bitfinex’s hardware wallet. This device uses two-factor authentication and several security features that make it the most secure way to store cryptocurrencies. The only downside of using this method is that it costs $120 for one device, and there are no plans to release more than one.
Bitfinex Fees & Limits
The cryptocurrency exchange platform charges a fee of 0.20% for all trading pairs, which is calculated on a per-trade basis. Bitfinex has a minimum deposit of $10 and is limited to $10,000.
Bitfinex Deposit Methods
Bitfinex supports the following deposit methods:
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Crypto deposits are free.
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Bank wire deposits are free, but a fee applies to withdrawals.
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SEPA and SWIFT are also supported and have no fees for either deposits or withdrawals.
Bitfinex Verification Requirements
Before you can start trading on Bitfinex, you’ll need to complete the verification process. This only takes about 1 to 2 days and is simple to do, but it does require that you provide proof of identity. To complete this process:
Open a new account with Bitfinex by clicking New Account in the top right corner of their website. You will be prompted for a password and a phone number associated with your account, so make sure both are readily available when signing up.
Once your account has been created and activated, it happens within 24 hours. Then go back into your Account Settings page on Bitfinex and click Verification at the bottom. Fill out all of the information required here. You have to fill in your full name, address, date of birth, national ID card number, or passport number.
Make sure everything is correct before hitting submit. They will not share this info publicly anywhere else. They use info for internal use by Bitfinex employees who might need access down the line. So when something comes up during an investigation or audit procedure related to fraudulence among users’ identities.
Bitfinex Pros and Cons
Pros
A veteran in the crypto exchange scene offers many trading options for experienced traders.
Cons
Bitfinex is a very complex exchange and can be difficult to understand at first.
Final Words
Bitfinex is a great crypto exchange to use if you are looking for a user-friendly platform with high liquidity and a wide selection of coins. Overall, Bitfinex is an excellent choice for anyone looking to buy and sell cryptocurrencies.
