EXPERIENCES & Bitfinex Review
Bitfinex, a cryptocurrency exchange that has been among the top 3 crypto exchanges for a long time and not without reason. This crypto exchange offers a wide range of different coins and trading pairs at low fees.
The Bitfinex exchange is a very advanced trading platform for different crypto currencies. The Bitfinex platform is managed by Ifinex Inc. and has been one of the largest Bitcoin exchanges in the world since 2014. Bitfinex owns over 10% of the entire exchange trade, within the crypto sector. The Bitfinex exchange is mainly used by traders from Asian countries, but despite this, the platform is also accessible to Dutch traders or other nationalities.
Bitfinex Registration and Bitfinex login
Before you can start trading on Bitfinex, it’s important to know that new accounts will not be able to trade until they have reached a minimum capacity of 10.00 USD. This capacity can be achieved by depositing cryptocurrency into your account. The platform is therefore not very suitable for novice traders.
In this manual we’re going to show you how the Bitfinex registration and Bitfinex verification works.
- Bitfinex Registration
The first step which needs to be completed to be able to use the Bitfinex Exchange is to register to account. This is quite easy to do and isn’t much different from other crypto exchanges. First go to the website of Bitfinex and click the button ‘Open account’. As shown below.
Before you can continue to register an account on Bitfinex, you need to read a few points. You must agree to each point by clicking on ‘I Understand’. After doing this, click ‘Proceed’ to continue.
After completing these steps, the next step is to create a username for your Bitfinex account. Fill in your email address and choose a strong password, or choose the time zone you want to use. For Dutch people this is GMT +01:00.
After doing this, fill in the Captcha text and click on ‘Open account’ to complete your account registration.
Congratulations, your account registration with Bitfinex is now complete and you can start depositing funds on Bitfinex.
Bitfinex deposit money
Due to the fact that your account has not yet been authenticated, you will not be able to deposit funds to the Bitfinex account you have. Without this verification, it is only possible to put cryptocurrency on the account.
To deposit cryptocurrency to your Bitfinex account, you need to be logged in and go to the ‘Deposit Page’. Here, Bitfinex offers you the possibility to choose between different cryptocurrencies in your possession to deposit to your Bitfinex account.
The easiest coins to deposit to Bitfinex are Bitcoin and Ether. These coins can be traded directly on the platform for many other cryptocurrencies.
In this example, we will show you how to deposit Ether to Bitfinex. Click on ‘Ethereum’ on the list as shown below.
For small deposits the Bitfinex exchange charges a small fee. Above 100$ deposits are free.
After selecting the coin you wish to deposit, scroll down and click twice on ‘Yes’ and then on ‘I Understand Continue’.
After doing this, you will be redirected to the Deposit Page. Here you have to click again on the coin you want to deposit.
After registering your account, logging in and selecting the coin you wish to deposit, it is advised to set an extra layer of security for your account (2-FA). To do this you need to click on ‘Security Center’ in the pop-up to set this up.
The Bitfinex platform offers two different verification options. The most obvious and widely used is Google Authenticator. We will explain this verification to you step by step here.
The Google Authenticator is an app that makes it very easy to set up a 2-FA security. It can be downloaded from the App Store of your mobile phone.
After downloading the app, you need to click on ‘Setup’.
Here you need to scan the QR code with the Google Authenticator app.
After doing this, you will see a code that you need to fill in on the Bitfinex website. This will activate the 2-FA security.
After entering the obtained code and clicking on ‘Enable’ you will receive a code from Bitfinex. Here you can activate the 2-FA by clicking ‘Activate token 2-FA’.
Bitfinex’s 2-FA security is now activated and you can safely start buying, selling or trading crypto on Biftinex.
Buy and sell Crypto on Bitfinex
After depositing crypto or buying crypto on your Bitfinex account you can start trading it on the Bitfinex Exchange.
First of all you’ll have to select the market you want to trade in. To select the market you’d like to trade you’ll need to go to the left side of the page (As shown below).
In our example we show you how you traded Ethereum on Bitfinex.
In the page for buying and selling crypto on Bitfenix, a green and red column are shown. This is called the order book of Bitfinex. In the red column all sell orders are shown and in the green column all buy orders of people who want to buy crypto currency.
If you want to buy, use the green head. To sell crypto you need to use the red button.
Here you can enter the price manually. There is also the option to click on a price from the order book of Bitfinex. When you do this, it’s more likely that your transaction will be completed immediately because it’s offered by someone else and therefore it’s in stock.
When the order you placed has been fulfilled, you will have to wait until it is filled. The crypto you purchased can be found in your personal Bitfinex wallet.
Bitfinex fee per transaction
As with any other Cryptoexchange, Bitfinex also charges per transaction. This is the revenue model of the platform and is called the Bitfinex fee.
For accounts with a lower trading volume than $500,000 per 30 days, the following costs are charged:
- Maker fee: 0,1%
- Taker Fee: 0,2%
When the trading volume increases, the cost per transaction at Bitfinex decreases. Traders meeting more than $30 million in transactions per 30 days enjoy the lowest cost.
Deposits over $100 are free of charge.
For withdrawals there are different charges per crypto currency. The most common benefits of these charges are:
- Bitcoin : 0,0003 BTC
- Ether 0,01 ETH
- Litecoin 0,001 LTC
- Tether 2,0 USD
Bitfinex safety and Bitfinex Hack
Bitfinex is a platform that has security for users, very high priority. Despite that, the platform was hacked in August 2016. This resulted in the loss of 120,000 Bitcoin.
In response, Bitfinex security has been greatly improved by using a ‘Cold storage’. This so-called cold storage ensures that the majority of the crypto coins are not online and therefore inaccessible to online hackers.
After the Bitfinex hack, the exchange paid back its platform from April 2017 for every dollar that the Bitfinex hack was lost. This hack has been solved by Bitfinex in a very professional and neat way.
Bitfinex is a trading platform that lends itself perfectly to the more advanced crypto traders among us who have a great ability to trade. We advise beginning traders in the crypto sector to choose another Crypto Exchange, such as Bitvavo. Here you can easily start trading digital currencies and get the opportunity to buy Bitcoin with IDEAL.
Are you a trader on Bitfinex and do you have a question or need help with something? Then you can contact the Bitfinex contact help center. Here you’ll find some frequently asked questions, but you’ll also get the opportunity to get in touch with a Bitfinex employee.
The Bitfinex Help Center can be found here: https://support.bitfinex.com/
Do you have a deep interest in trading Crypto? Take a look at our review about the more beginner’s suitable cryptoexhange: Bitvavo of Binance!
Are you using this exchange? Leave your review!
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|Free Account||Yes, register here|
|Cryptocurrency||130+ Crypto currencies|
|Helpdesk language||English, Russian, Chinese|
|country of residence||Netherlands|
|Buy with creditcard||Possible|
|Buy with iDeal||Not possible|
|Cash out to bank||Possible|
What is Bitfinex
Bitfinex is a hugely popular trading platform among experienced traders in the crypto sector with relatively low fees per trade. Bitfinex has tremendously advanced features for experienced traders to make the experience of trading as comprehensive as possible.
Bitfinex has a wide range of different crypto and trading pairs at its disposal.
Active in the world of crypto since 2013. With an advanced security system.
Advanced system ideal for experienced traders.
A good customer service which is available 7 days a week.
Frequently asked questions
Is Bitfinex suitable for beginners?
No, Bitfinex is a very advanced platform which is more suitable for the experienced trader with a large trading capacity.
A more suitable platform to use for beginners is Bitvavo.
Does Bitfinex offer the possibility to trade different crypto currencies?
Yes, Bitfinex offers a large number of crypto currency.
Is Bitfinex reliable to use?
Yes, Bitfinex is a very reliable platform to use. Especially after the hack in 2016, the security system has been greatly improved.
Does Bitfinex have a customer service?
Yes, Bitfinex has a Bitfinex Help Center, where you can go with any questions you may have. The help center can be found here!