Binance

Bitfinex

Founders Raphael NICOLLE, Founder and CTO, Bitfinex.

He began his career as an IT technician in Paris. After 3 years as a system administrator, he got involved in the Bitcoin ecosystem by building an advanced trading platform, Bitfinex.com, allowing people to do margin trading and lending in USD and Bitcoins. He has exceptional skills in development (Ruby on Rails), system administration and network security. He continues to work as a developer for the platform. Raphael has worked previously as a Freelance System Administrator at Gutenberg Networks and as a Freelance Linux Administrator at Optisolutions EURL.

Key features

  •  Bitfinex is technically an all-crypto exchange and has around 38 coins available that are paired with U.S. dollars, Bitcoin, and Ethereum.
  • Currently has the most volume of any Bitcoin exchange due to tightest spread and high liquidity.
  • Trading interface, with charts based on the popular Trading View charting site, is detailed, responsive and customizable.
  • Various order types, such as limit, market, stop, stop-limit, trailing stop, fill or kill and scaled orders are offered.
  • Allows up to 3.3x leverage trading by providing traders with access to the peer-to-peer funding market.
  • Liquidity providers can earn interest by providing margin funding to trade.
  • Competitive trading fees, priced at 0.10% (maker fee) and 0.20% (taker fee) for traders with volume under $500,000 in a 30 day period, and decreasing with increased volume.
  • No deposit or withdrawal limits
  • Deposits are done through Crypto: 0% (fee) and Bank wire: 0.100% of the deposit amount. Withdrawals charges vary accordingly.
  • Cold storage system instead of hot wallets. Only approximately 0.5% of crypto assets are accessible in hot wallets for day-to-day platform operations.
  • Security features include, two-factor authentication and the universal 2nd factor open authentication standard. The exchange also uses verification tools such as IP address detection and alerts for malicious activities.
  • Mobile trading app available
  • Suitable for experienced traders and not for beginners.

Account Opening

To begin, click on open account. Enter the required information and sign-up. Confirm the email address and log in. Deposit some funds to begin trading with any of the supported cryptocurrencies, USD or Euros.

To deposit and trade fiat currencies (USD or Euro), you will first need to verify your account. Verification process varies for Individuals and Organizations. Go through the verification steps extremely carefully and provide the correct details and supported documents. Verify the account using two-factor authentication located in the security tab. In other words, you can verify the account using Google Authenticator in your phone by receiving SMS code.

To deposit in any cryptocurrency, account verification is not required. Click transfer > Deposit over on the top left. A list of coins which you can send to your Bitfinex account will show up. Select the coin which you want to transfer to Bitfinix. You will see three options for funding; exchange wallet, margin trading wallet and lending wallet. Generate an address in the wallet you wish to send to and input that address as the receiving address.

To make a trade, make sure your funds are on your Exchange wallet. Go to the Trading page and select the pair you wish to trade. In the Order Form, select the Exchange tab and specify the Order Type, Order Size, and Price. Click Exchange Buy or Exchange Sell to execute. Bitfinex is recommended to anyone who’s seeking a secure crypto trading platform with professional features. Even though it has been hacked before, the site security has been upgraded over time and it is recovering. The trading volumes are increasing, meaning that people are again beginning to have faith in the site.