Bitfinex is one of the most well known cryptocurrency trading platform in operation today. It is one of those exchanges where you will find big fishes trading. It is a premier destination for seasoned cryptocurrency traders across the globe. Bitfinex is a Hong Kong based trading platform that was founded in 2012 by Raphael Nicolle. The exchange is the biggest in terms of trade volume and this is the result of the whole team working in Bitfinex to provide a high quality service by providing wide coin selection, low fees and a good UI/UX. Despite all name and fame, Bitfinex has always been in troubled water of controversies. A number of hacks and their close link with to Tether stablecoin has always kept them in headlines for wrong reasons.
Bitfinex Key Features
Bitfinex interface might look overwhelming for the new users because it is made for experienced users. The interface comes with a multiple tabs, different options of advance chart tools and high customizability.
Bitfinex already has suffered a lot with negative publicity due to its name associated with security breaches. It has now employed a number of secured techniques to keep digital assets secures. The vast majority of funds are stored on cold storage, database encryption and duplication is performed, DDoS protection and 2FA technique is used for customer authentication.
Bitfinex promises to resolve most of the queries within 12 hours and also created a wide knowledge base where users can get answers to their queries.
As told earlier that Bitfinex caters to the needs of advanced traders hence they provide a host of trading options like margin trading. Traders have access to a number of order types such as limit, market and stop orders.
Bitfinex accounts for approximately 6% of all daily trades within 24 hour trading volumes worth around $600m. This high level of liquidity brings confidence in traders in the price stability of coins on the platform.
Bitfinex currently hosts a number of currencies on its platform which include Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Litecoin (LTC), Bitcoin Cash (BCH), OmiseGO (OMG), NEO (NEO), Ethereum Classic (ETC), Dash (DASH), Monero (XMR), EOS (EOS), Zcash (ZEC), 0x (ZRX), IOTA (MIOTA) and USDT Tether.
In order to create an account users must comply to certain terms and conditions which include a temporary minimum account equity of 10,000 USD and new accounts are not able to trade until they reach this amount. Also in order to gain access to fiat deposits and withdrawals, users must undergo verification process that could take upto 8 weeks to complete.
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