Bitfinex review :The world’s biggest exchange by volume

Bitfinex (BFX) is a major crypto-currency trading and currency-storage platform own and solely operated by a Hong kong based firm called iFinex Inc. Bitfinex since 2014 have facilitated the US Dollar-based trading of Bitcoin and other Altcoins which include Ethereum and Monero. It has since inception been the largest largest trading platform with over 10% of exchange trading.

With bitfinex, you are allowed leverage trading of up to 3.3 times and a funding market margin for lenders.  Bitfinex also offer tokens which can be used to lay a wager on the Bitcoin core network fork.

What is Bitfinex.com?

Bitfinex has 4 core features:

1.Margin trading-

To further buttress on the points skeptically explained before, bitfinex allows users to trade with as much as 3.3x leverage, receiving financing with the help of a peer-to-peer financing platform. At the initiation of a margin position, users can manually input a particular funding orderto receive that specific amount for financing at the desired rate and duration specified. On the other hand, at the initiation of the marginal trading position, bitfinex automatically links with peer-to-peer funding at the current rate. The advantage with margin trading is that users can use it for both long and short positions.

2.Margin funding-

This feature allows users (lenders) the ability to earn interests on their digital assets. How you might wonder? This can be done by allowing users to lend their funds to other users who want to trade using margin. Lending users can offer financing by either using their own rate and duration or they can rent at the Flash Return Rate which is an automatically adjusting rate. Renewal can also occur at expiry allowing cumulative interest earning on digital assets. The risk associated with the involved trading does not affect users. It stands as a low-risk investment strategy for all users with zero risk attached.

3.Exchange trading-

At the centre of bitfinex is the central limit order book for a wide range of cryptocurrencies. Here, depositing, trading and withdrawal of all manner of cryptocurrencies is allowed US dollars. Bitfinex is very user friendly, allowing users with a large selection of order types and digital assets allowing optimum user trading strategies.

4.Over The Counter Marketing (OTC)-

A private OTC market is offered by Bitfinex as a means for traders to perform trades allowing large liquidity access without affecting the exchange market price.



Why should traders trade on bitfinex?

There are many reasons why traders should trade on bitfinex as it offers a lot of advantages which many other platforms in the same category do not offer. Here are some of the reasons why Bitfinex is more preferred compared to other platforms.

  1. User friendly– unlike other platforms, bitfinex is very user friendly particularly for beginners. It’s simplicity in style is not a platform for lack of security as this particular platform has been beefed up, security wise over the years pushing aside claims of it’s insecurity. How to make the most of trading sessions and execution of the trading is very easy with a robust range of choices to choose from.
  2. Exchange security– from times past, we all know that bitfinex have had a lot of challenges particularly with the hack in may 2015, which they later overcame and became stronger. It is very hard to determinr the true state of security of any centralized exchange as their practices are kept secret (who wouldn’t) hereby making them inaccessible to the general public but as the old saying goes “once beaten, twice shy” we can say that the security status of Bitfinex is state of the art and is being beefed up with every single upgrade.
  3. Accessibility– as we all know, trading is a mobile thing, something that moves with time and updates and trade monitoring can also be received on the go. The platform mostly advices that the mobile platform due to the insecurity of our cells should mostly be used for the basis of monitoring. Trading of substantial value should be done on our secure desktops or laptops as any loss would not be due to platform insecurities but mobile hacks, particularly passwords.,

Pro’s of trading on Bitfinex

Con’s of trading on Bitfinex

1. User friendly platform/interface

2. Large number of cryptocurrencies supported on the platform ( 11 in particular)

3. No deposit or withdrawal fee required for crypto’s

4. Easy verification platform as only a phone is required for this.

5. Demo account available which most have later upgraded as a result of the viability of the platform

1. The only fiat currency supported is USD

2. Does not accept US clients

 

Bitfinex fees

There are other fees on bitfinex which are:

  1. Maker fees (0.1%) – These are fees paid when liquidity is added to the bitfinix order book by simply placing a limit order under the ticker price for purchase and above the ticker price for sell.
  2. Taker fees (0.2%) – these are paid when liquidity is removed from the bitfinex order book by placing any order executed against that of the order book. Even if the order is an hidden order, the taker fee is paid and if a limit order is placed and hits a hidden order, the maker fee is paid.

Being new to cryptocurrency, all I see you trying to get is your first coins and the only way this is going to be possible is using the USD. This is a problem due to lack of fiat funding making purchase of crypto with regular currency impossible. It is a very great platform and user friendly with only one complexit as mentioned above. Experienced traders thrive more on bitfinex as it offers what is needed and even more. The platforms high bitcoin and etherum liquidity makes it somewhat a complex one for usage, but it’s margin funding, leverage and multiple types of orders offer a lot of trading flexibilities. Bitfinex, with the right type of dedication and technical know-how is the way forward.

HOW TO BUY IOTA FROM BITFINEX

For more information please visit>> Bitfinex.com



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