Bitfinex, a cryptocurrency platform founded in Hong Kong over a decade ago, offers its users a variety of trading options. In today’s Bitfinex review, we will take a closer look at them. These include spot trading, margin trading, derivative trading, and margin funding. The platform is owned by iFinex Inc., registered in the British Virgin Islands, and provides access to various digital assets.
What does the platform offer?
Users from 52 countries worldwide can become Bitfinex customers. After registration, all clients gain immediate access to all platform features. Bitfinex provides a wide range of trading instruments, as well as services such as peer-to-peer financing, over-the-counter trading, and margin trading.
It supports a wide range of tokens, catering to the needs of its users. To learn more about the company’s analysis and delve deeper into cryptocurrency study, it is advisable to regularly dedicate time to self-improvement using websites like https://academy.binance.com/.
Bitfinex offers a wide range of trading options for cryptocurrency enthusiasts. With over 400 available trading pairs, traders can explore hundreds of cryptocurrencies on this platform. The list of available currencies can be found in the “Trading” category under the “Tickers” subsection. Altcoins can be conveniently sorted by their type, and the list provides information on prices, volumes, and price changes over the last day.
In addition to the spot market and margin trading, Bitfinex also provides a derivatives market. Traders can participate in trading perpetual futures on various cryptocurrencies (BTC, ETH, XAUT, BTCDOM, and more). The derivatives market offers around 60 contracts, and the maximum leverage for traders sometimes reaches up to 100x.
Perpetual contracts on Bitfinex are denominated in USDT, EURT, and BTC. They can be found in the left window, and users have the ability to search for specific contracts or sort them by quote currency. Additionally, there is a dedicated window for placing orders on the derivatives market, which helps optimize trading operations.
You can fund your Bitfinex trading account through cryptocurrency transfers or with a bank card. When funding with a card, the exchange utilizes third-party systems such as Mercury, Ownr, and Simplex. The minimum fee for fiat deposits is 0.1%, and the minimum deposit amount is $60. It’s important to remember the fees charged by intermediary services as well. Cryptocurrency purchases are limited to the ERC-20 network. When funding via cryptocurrency transfer, there is no fee, only the blockchain network fee is applied.
Withdrawing funds to a bank account on Bitfinex offers the choice of United States dollars, euros, British pounds, Japanese yen, and Chinese yuan. The minimum withdrawal amount for cryptocurrencies on Bitfinex is $5.
Verification and its benefits
Verified clients have the opportunity to participate in margin trading on Bitfinex. By navigating to the “Order Form” section, users can open margin positions. The offered leverage depends on the specific chosen cryptocurrency pair, with a maximum leverage of 10x. Margin funds are provided through the platform’s margin funding service.
For clients who have completed the verification process and reached the “Intermediate” level, Bitfinex offers the ability to lend funds to other traders through the margin funding platform. This credit loyalty can result in certain rewards. It is important to note that traders borrow funds from other clients, not the exchange, and compensate lenders with a bonus.
By accessing the “Funding” tab, users can select the desired pair to create an order and provide liquidity. After placing the order, there is the option to adjust several parameters, taking into account the funding rate, period, and amount of coins.
To make a purchase on the exchange, the following steps are required:
- Choose the desired currency pair in the “Tickers” section.
- Open the order form located below.
- Select the type of transaction – buy or sell.
- Enter the quantity of assets.
- Click the button to execute the trade.
Interface and functionality
The user account provides the ability to perform all operations. The side menu contains various categories:
- Securities accounts
- Knowledge base
- Support and FAQs
In the “Trading” section, all desired operations can be conducted. On the side, there is a chart with all available tickers. Among the available options, specify the desired cryptocurrency and its exchange rate relative to fiat.