Bitfinex - We are checking the next cryptocurrency exchange [Review]

Buy/Sell Ads Bitfinex was established in 2012, which, for the cryptocurrency industry, places it among the most experienced enterprises. It is also one of the largest, and its monthly turnover reaches 3,8 billion. USD. We check how its platform works and what to expect from it.

First things first, the most important for beginners: Bitfinex does not have a Polish version. Remember, however, that this is nothing extraordinary. Poland is still not a tasty morsel for big players. Therefore, we have polonized versions of platforms only in the case of cryptocurrency exchanges coming from our country and in a few players from the global top. Looking at Bitfinex's turnover, which in the last 30 days has exceeded 30,8 billion. USD, it is certainly one of the best. However, taking into account the turnover of all exchanges in the world, which is currently over 270, Bitfinex ranks 58th, so it is still a little short of the world's best (data from CoinMarketCap).

The basic activity of Bitfinex is of course cryptocurrency trading. You can trade in crypto pairs with the US dollar, Bitcoin, and also between the less known virtual coins.

Platform Bitfinex, main window.

Trading tokens is possible with a leverage, but small, amounting to 3,3. It is possible both when opening long and short positions.

You can also make a non-market transaction via Bitfinex if you want to buy / sell more cryptocurrency. Such a transaction is carried out at an agreed price and, bypassing the public order backlog, does not affect the price of the cryptocurrency.

Be sure to read: Reviews of known cryptocurrency exchanges

Kryptolokata, i.e. a cryptocurrency loan

Tokens can also be borrowed. This is what the leverage system is based on. It is not provided by the exchange operator, but by other users. It's their assets "Borrowed" other players who can trade with the jack because of this. You can outsource this to an automatic system, but you can also offer financing at your own rate and specify the loan period. Strategy Margin Funding maybe it won't make for great profits. However, they will be safe and practically free of any risk, except for fluctuations in the exchange rate of the selected cryptocurrency. To start such activity, all you need is $ 50 in your account or the equivalent amount in cryptocurrencies.

From the beginning of September, you can also trade futures. The offer includes futures without an expiry date for Bitcoin (BTC) and Ethereum (ETH). The maximum leverage in their case is as much as 100: 1.

Security in Bitfinex

The stock exchange has survived in a market where there is no shortage of hackers who want to steal data, and with their help cryptocurrencies, because it focuses on security from the beginning. Some of the security features can be even irritating, and some people in Poland and not only do not even have the opportunity to create an account, but… something for something.

First of all, we will not create a second account from the same IP address. So if we already have one account, or more people use our IP, registration will fail. However, if we succeed, we will not pay a dollar (you can deposit USD, GBP, JPY, EUR from fiat currencies) until your account has been fully verified. To this end, you will need to send proof of identity.

Cryptocurrency trading in Bitfinex

Once we have the deposit paid, we can start trading. To this end, we choose the tab from the upper right corner and decide whether we simply exchange crypto / currencies, decide to trade with leverage or share our funds with other users, thanks to which we will earn in the manner described above.

After that, everything looks like most cryptocurrency exchanges. We see other users' orders and can choose one of them or order a trade at market prices. In practice, orders disappear and change instantly all the time, so looking for opportunities may not be of much use. So it's better to trade at the market price, unless someone has the soul of a sniper, but also in this case will have to count on a lot of luck.

The panel is transparent and not very extensive. For some it is an advantage (because there are no unnecessary functions that most traders do not use anyway), for others it is a disadvantage (because they have gotten used to supporting possibilities that are not lacking in Forex platforms).

Bitfinex platform, Orderbook.

Trade costs in Bitfinex

Each payment in FIAT currency costs 0,1 percent. its values. Remember, however, that the minimum transaction amount is $ 60 or its equivalent. You also have to wait relatively long for it to be posted. The company states that it has 5-15 days to do so, but practice shows that sometimes (but not always) it is possible after 3 working days. Of course, you can also choose to make an express payment, booked within 24 hours, but then we have to take into account a fee of 1%. paid-in capital.

Of course, we also pay a commission for each transaction. It is 0,1-0,2 percent. and gradually decreases when the turnover exceeds 500 thous. USD within 30 days. With a turnover of USD 7,5 million per month, the commission is no longer charged. We wish everyone to be able to find out.

Details of fees in Bitfinex you will find on this subpage.

Summation

The Bitfinex platform is a good place to get used to cryptocurrency trading. You can start from the loan platform and observe the slowly increasing deposit and the changing market to learn about the mechanisms that govern it, and over time you may even feel into its rhythm. And you can stop there by settling for small profits, or throw yourself into the vortex of trading and even try futures trading with a leverage of 1: 100. After all, the well-known adage says that "whoever does not risk does not drink champagne". It is worth remembering, however, that also those who risk do not always have the opportunity to taste this royal drink ...

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