- Apps for both iOS and Android
- Superb UI
- Many trading tools
- Improved security
- A lot of trading pairs
- High limits
- Hack in the past
Since Bitfinex launch in 2014, it has become one of the top Bitcoin and other cryptocurrencies trading platform. With many high-level features and amazing looking website, user interface and applications for mobile devices, Bitfinex takes the biggest part in trading volume of 24 hours (different cryptos). These volumes are truly impressive and can be checked in Bitfinex Statistics page.
But lets come back to the main features and points. Bitfinex offers margin trading functionality. It allows trading with up to 3.3x leverage. Users can create an order to borrow the wanted amount of funding at the rate and lifespan of their choice, or they can simply open a position and Bitfinex will take out funding for them at the best rate available at the moment. This feature includes margin funding market.
Besides that, Bitfinex has a Stop-Limit function for selling or buying cryptos at the desired rate. Also, it has One Cancels Other (OCO), Post Only, Hidden Order, TWAP features.
Users have an ability to customize the interface of the trading platform – chose the side of the trading platform, manage tickers navigation, organize and sort the order of book columns, settable preferences, switch colors of theme, turn on or off sounds and alerts, etc. All in all, customization here amazingly flexible.
However, when everything sounds so good, we must remind about the previous hack when $72 million dollars were lost. Bitfinex had (or still has) some disagreement with Wells Fargo bank, so they had to shut down deposits via this bank.
Since it’s a trading platform and most action goes through cryptos, speed depends on the cryptocurrency itself. So it means that usually all of the transactions are made in minutes. However, if fiat currencies are involved, a time frame of deposits or withdrawals extends to an unpredictable period.
And again, when we talk about fiat currencies, limits are applied. Since deposits via bank are off at this moment, we cannot tell more about it.
Cryptocurrencies have no limits for both deposit and withdrawal. Also, trading has no limits as well.
Verification process and privacy
While banks or cards aren’t involved, users can freely use Bitfinex without completion of the verification process. But there is one exclusion for Tether. If a user wants to make a deposit using Tether, verification must be completed by providing two forms of ID (passport and ID card), proof of address and a bank statement.
Bitfinex has an enormous level of security. Starting with a 2 Factor Authentication which is a must-have nowadays, users can also enter their PGP key to encrypt all emails coming from the exchange.
Withdrawals can be locked in the account was accessed from a new IP address. Also, withdrawal confirmation can be enabled. Users can lock withdrawals to not whitelisted addresses and custom withdrawal check can be turned on alike.
Bitfinex stores all the funds (or most of them) in cold storage. So even if the site gets hacked, funds remain safe.
Users have an option of a huge knowledge base. However, any other reasonable support options are available. People can fill the contact form and open a support ticket. Bitfinex has a twitter account and a blog, where some of the answers may be found or asked.
Bitfinex is a great trading platform with many cryptocurrencies available. Bitfinex fees are decent so even tons of trades will not affect the balance much. It has the support of mobile apps for both iOS and Android. Great customization functions on the trading platform. And don’t forget what amazing security it has, including funds stored in cold storage. Limits and fees are great, UI and positive user experience stand in high level as well.
Sadly, we cannot forget that huge hack a year ago. Also since 2017 August, customers from the United States are no longer acceptable to trade in Bitfinex. Here is an official post from Bitfinex blog. Trading platform may look confusing at first sight.
Reviewed by Coinsmaniac