Bitfinex is one of the most successful and efficient platforms for trading and exchange of cryptocurrency. Bitfinex was on the market in 2012. Currently, iFinex Inc. controls its operations. The major cryptocurrencies on this platform are Bitcoin, Ethereum classic, Zcash, Monero, Litecoin, Ripple, Dash, Lota, and EOS. All cryptocurrencies can be traded against USD or Bitcoin with a minimum slippage. In the successive years, Bitfinex has become one of the largest Bitcoin exchange platform.
Bitfinex came in limelight when hackers found their way in Bitfinex system operations and stole $72 million Bitcoin. It was the second biggest hack on an exchange platform. Bitcoin value had an impact by the incident.
Features of Bitfinex
Bitfinex has various advanced features so that its users get more opportunities in the trading market. Margin trading is one of the most prominent features of all. Under this service, a lender can lend some amount to a trader with a fixed amount and can interest out of it. This way, a lender can earn through this platform. Even the trader gets the benefit as he can trade with the money at a higher price.
In margin funding market, some lenders lend at Flash Return Rate (FRR). When the duration expires, the lender can renew the policies with new and better offers.
Another Interesting feature at Bitfinex is customization of Interface. A user can customize its trading bar with appropriate tools and currencies. Preferences can be saved in order to save time by quick navigations on the page. The tables with the current value of a preferred currency can also be saved It helps a user keep a track on the market value. The order book can be sorted and organized as per choice.
Various types of orders can be placed at Bitfinex platform such as limit orders with specified prices and market orders with buying and selling at the current price. There is another order called TWAP (Time Weighted Averaged Price) where a single order is divided into multiple orders over a specified time period.
Thus, Bitfinex is a user-friendly platform, which enhances the experience of trading and exchange.
How to setup a Bitfinex account?
To set up a new Bitfinex account, log on www.Bitfinex.com and click on signup tab. A new window opens. Fill all the required tabs such as username, Email ID, Password. Also, there is an option of selecting a time zone. There is an additional feature of referral code. With the code, Bitfinex gives a 10% discount on trading fees for first 30 days. Click on an open account to enter the home page. A verification link goes to the user’s email ID.
Trading & Funding at Bitfinex
The home page of Bitfinex shows the trading bar with the real-time value of different trading pairs. There is also an order form, which gives an option of selecting the order type from the drop-down menu. Select the price for buying and exchange of currency. The summary of all the margins and funding is also present below the trading bar.
The chart shows the graphical representation of real time values of cryptocurrencies. It is an essential component for trading. A user can simply add funds to its account and either trade personally or lend its fund under “Funding” tab. Click on funding to see options such as “Bids & Offers”, “Auto-renewal”, taken and used funding etc.
An additional feature of Bitfinex is OTC (Over The Counter) where the users can trade in large amounts directly without involving any trading order books. The fee of OTC is 0.1% that both parties will have to pay.