Bitfinex is one of the pioneers that acknowledged the rising interest in cryptocurrency trading. They recognized the the potential and stepped into the foreground as one the first professional crypto exchanges. Bitfinex has the largest trading volume of any Bitcoin exchange.
Bitfinex is a major digital asset trading platform dealing with US Dollar-based trading of Bitcoin and 7 other altcoins (as on 11-06-2018). It was founded in 2012 by Giancarlo Devasini and Raphael Nicolle. The company is managed and owned by iFinex Inc
Bitfinex located in Hong Kong (China)
Bitfinex is headquartered in Hong Kong and registered in the British Virgin Islands. The reason why the most popular cryptocurrency exchanges are located in Hong Kong are the regulations. Unlike other parts of China, Hong Kong allows unregulated trading of digital tokens. Bitfinex operates globally and is a popular crypto exchange worldwide. Bitfinex offers its services to 52 countries, which makes it a global cryptocurrency exchange. However, as of August 12, 2017, US-based users cannot use Bitfinex anymore.
History of Bitfinex
Launched in 2012 as a peer-to-peer Bitcoin exchange, Bitfinex had endured a number of hacks since its foundation. The first one happened in May 2015, with 1500 Bitcoins stolen from users’ accounts. The finances were quickly restored to their owners. However, a more serious attack happened in 2016, when around $72 million in Bitcoin were stolen from Bitfinex clients. This loss drove the Bitcoin value down by 25%.
There is not much information to be found about the elusive founder of Bitfinex Raphael Nicole, while the current CFO of Bitfinex, Giancarlo Devasini, is also considered to be the founder. Giancarlo Devasini has been an important part of Bitfinex since 2013 and worked on establishing banking relationships, attracting key personnel and re-domiciling the exchange, as pointed out of the Bitfinex site.
The Bitfinex senior team behind the exchange operations is lead by Jean-Louis van der Velde as CEO along with the previously mentioned Giancarlo Devasini as CFO. JL van der Velde is said to be a technologist at heart and an enthusiastic entrepreneur with 30 years of experience in the international high tech industry. They work along with other experts in digital cryptocurrency trading.
How to trade on Bitfinex
Once you have created your account, you would want to make a deposit on Bitfinex. When you locate the “Deposit” button in the top right corner of your screen, click on it to go to the deposit page. Once it opens, you can choose whether to deposit USD, Tether or other cryptocurrencies so you can make a deposit.
As for the Bitfinex interface, it is really handy because it customizable and quite extensive. This can be difficult to deal with if you are new to crypto trading, so Bitfinex may be more suitable for experienced traders. The main dashboard offers a number of different options and charting tools. When you get into trading, you should know the different options Bitfinex offers. Several order types are available so that you have the tools for every scenario. Those are Limit, Market, Stop, Trailing Stop, Fill or Kill, OCO, Post Only and Hidden Order. There are also more advanced Algorithmic order types available: Iceberg Orders and TWAP. Margin trading is also available, allowing clients to trade with a leverage of up to 3.3 times on a peer-to-peer funding market. Bitfinex fees depend on the trading volume in the last 30 days. On the one hand, maker fees range from 0.1% to 0.0%, while on the other hand, the taker fees range from 0.2% to 0.1%. As for cryptocurrency deposits, they are free-of-charge. If you would like to make a bank wire deposit, you will be required to pay a 0.1% fee.
The fiat currencies they trade with are USD, EUR, JPY, GBP. The supported cryptocurrencies are Bitcoin and Ethereum, while there are also a considerable number of other cryptocurrencies to trade with: 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).
Apps available on Bitfinex
The Bitfinex platform offers a mobile app available for Android and IOS devices alike. The app is available for download on Google Play and App Store. The app, like your PC interface is customizable, so you can set it to suit your own preferences. The app offers different options, from trading and funding, to checking your wallet and receiving notifications on trade executions and price alerts.
Creating an account on Bitfinex
Before signing up, you should know that all info on their site is available in English, Russian and Chinese. Creating an account is easy as you are only required to submit your email address, so you can easily get to know how Bitfinex operates. Once you have entered the username, password, email and enter your timezone and unique captcha text, you have made your own account.
As for the KYC process, in order to verify your account you must complete the following steps. First, you must complete an online form and be at least 18 years of age. Afterwards, you need to provide information about your residence, your phone number, email address and two valid ID documents with picture. Finally, you must provide a bank statement, naming you as the account holder, and a proof of address, no older than 3 months.
The Bitfinex team aims to make their platform a safe environment for trading, while ensuring a general regulatory compliance. They have enabled a legal and secure functioning of their system. Moreover, as they had experienced hacks in the past, Bitfinex have made security an imperative. Advanced monitoring and verification tools are used for this purpose. Bitfinex secures clients’ accounts by using 2FA and U2F, in addition to PGP email encryption. Withdrawals are also closely monitored in order to prevent hacks.
Conclusion of Bitfinex review
Operating since 2012, Bitfinex offers professional features. Located in Hong Kong, due to regulatory issues, Bitfinex is a safe crypto exchange and has the largest trading volume of any Bitcoin exchange. On Bitfinex there is an abundance of both cryptocurrencies and the USD to trade with, which is a huge upside. Bitfinex is available globally, with the exception of United States and is lead by a team of experts in this field. While creating an account is hassle-free, verification of your account is extensive due to security reasons.
Pros of using the Bitfinex platform includes the fact that it has a high trading value, establishing itself as the most liquid exchange available. There is a handy app available for Android and IOS. Moreover, Bitfinex is perfect for intermediate to seasoned traders because of a huge number of options and the customizability of the interface. As for the cons, the complex exchange features of Bitfinex can be overwhelming for a newbie, once you are familiar with the process of crypto trading, you will be provided with numerous possibilities.