Bitfinex is ranked among the top exchanges on the basis of trading volumes. This well-known crypto platform has been in operation since 2012 and is one of the oldest exchanges. Bitfinex aims to be a leading destination for experienced crypto traders on a global level. However, the team recently had to discontinue their services to US customers because of regulatory stipulations.
This quick guide will touch upon the pros and cons of Bitfinex while detailing its background, trading fee, funding options, and other features.
Why Should Beginners Choose Bitfinex?
Ethical (Paid back the losses arising from2016 hack)
Supports multiple order types
What’s not to like?
US Clients not accepted
Not for beginners
Brief Background of Bitfinex
What is the Trading Fees on Bitfinex?
Bitfinex fee is outlined by their 30-day fee schedule and maker/taker status. The maker fee is between 0.1% and 0.0% while the taker fee is between 0.2% and 0.1%.
The higher rates are for trading volumes up to $500k a month. While experienced traders who accumulate trade volumes worth $30m or more qualify for the lower rates.
How to Deposit and Withdraw Funds?
Payments are made directly using crypto coins. Previously, USD payments were enabled on Bitfinex. However, this was disabled in September 2017 owing to US banks appearing to block USD wires.
Currently, the following altcoins can be used to fund Bitfinex accounts - Aventus, Bitcoin, Bitcoin Cash, BTG, Dash, Eidoo, EOS, Ethereum, Ethereum Classic, ETP, IOTA, Litecoin, Monero, NEO, OmiseGO, QASH, Qtum, Ripple, Santiment, Streamr, TetherUSD, YOYOW, and Zcash.
There is no fee for deposits while withdrawals are charged a small fee amount depending upon the crypto type. Also, deposits made using wire transfer may incur a 0.1% fee.
Withdrawals can take up to 12 hours for completion. The process can be expedited if certain verification requirements are met. Typically, most withdrawals get processed within a few minutes and that is just the maximum time taken.
Is Bitfinex Versatile in Terms of Trading?
Bitfinex offers a host of trading options, including margin trading. Users can trade using leverage up to 3.3x by utilizing the peer to peer margin funding facility. Traders, on top of this, have access to various order types, such as market, limit, and stop orders. Other order types, like trailing stop, fill or kill, iceberg, OCO, and post only orders are also available.
There are 72 market pairs that are linked to the primarily supported currencies - USD, EUR, BTC, and ETH. There are several cryptocurrencies listed on the exchange as well, including Litecoin (LTC), Bitcoin Cash (BCH), Ethereum Classic (ETC), Dash (DASH), Ripple (XRP), Monero (XMR), EOS (EOS), OmiseGO (OMG), NEO (NEO), Zcash (ZEC), and 0x (ZRX).
Bitfinex is among the few exchanges allowing IOTA (MIOTA) purchases.
USDT Tether is available as well.
How User-Friendly is Bitfinex?
A robust and comprehensive platform interface that is highly customizable, modern, and well-designed is operated by Bitfinex. However, the interface is generally suited to the more seasoned users. The main dashboard offers numerous tabs and options with a curated selection of advanced charting tools. Bitfinex mobile app is made available to both Android and iOS users.
Bitfinex Customer Service
A support team is available via email round-the-clock supporting users and helping them through their queries. The Bitfinex team aims to respond within 12 hours. However, in certain cases, the responses can take much longer. You could get quicker help from the knowledge base section that covers all common queries and pressing issues. There is also an in-depth FAQ section.
The Bottom Line
Bitfinex is a well-established exchange in operation today. It offers numerous trading pairs and supports some of the best funding options. The only drawback to this amazing exchange is that it focuses primarily on seasoned or experienced traders. This can make it difficult for crypto newbies to gain a foothold. If you are comfortable with the interface viewing then this may just be the exchange for you. It offers high liquidity by catering to institutions and has shown a strong ethical approach to crypto trading.