What is Bitfinex?
Millions of people today rely on cryptocurrency exchanges when trading digital currencies. When it comes to providing exceptional cryptocurrency services, the name Bitfinex comes to mind. As per its wiki, it has been a leader in the cryptocurrency market space handling $1+ billion exchanges on a daily basis. Ever since its launch in 2012, the firm has shown astonishing development.
Other than being one of the biggest names worldwide in the Bitcoin exchange, it also features a user-friendly and adjustable interface that allows clients to individualize their own interface.
In this article, we shall learn the basics of Bitfinex and all that it has to offer.
If you are planning to become a cryptocurrency trader, then you must know all about this exchange. Some of its biggest perks include multiple altcoins, advanced trading features, margin trading and much more. It also promises 10 various types of orders enabling users to trade without restrictions and deep liquidity.
Trading on Bitfinex
The exchange offers an extensive range of trading options which includes margin trading. Users can use the peer to peer funding center to trade with a 3.3 x leverage at max. Moreover, the buyers and sellers also have access to various order types including limit, stop and market orders. Currently, there are 72 market pairs linked to 4 base currencies such as BTC, ETH, EUR, and USD. Users can also use fiat currencies to purchase 2 big cryptocurrencies on the platform. Furthermore, the exchange also features altcoins for trading. These involve Tether (USDT), Monero (XMR), Ethereum Classic (ETC), Dash (DASH), Bitcoin Cash (BCH), Ripple (XRP), and Litecoin (LTC).
Who should use Bitfinex?
Other than in the US, the Bitfinex platform is conveniently available internationally. US citizens are banned from trading because of the limitations set up by the SEC. All the payments made on this platform are fully crypto. Previously, the platform used to make payments in USD. However, it has seized to do so today.
The platform uses a steady coin called the Tether (USDT) for the exchange. All the exchange users have a Tether funding option. Every tether token represents one United States dollar. Users can connect with other members of the Bitfinex community on web portals like Telegram, Twitter or subscribe to Bitfinex’s monthly newsletter to keep in touch with all the hot and happening in the Bitfinex world.
Security of Bitfinex
There has been a number of security concerns with Bitfinex in the past. Such concerns trigger the people running it to redefine their security-related protocols. As of today, Bitfinex uses modern-day and top-of-the-line security methods to secure cryptocurrency exchanges. Nearly all the funds (99.5% of them) are kept in cold wallets whereas the remaining (0.5%) are stored in hot wallets for exchange purposes. The Bitfinex website ensures the highest level of data encryption and follows duplication procedures as well as anti-DDoS to guarantee security. This means that no outside influence can prevent the trade from happening when transacted. The platform also offers a 2-step authentication, PGP encryption and utilize s Google Authenticator to ensure the utmost level of security for its users.
Bitfinex is specially designed for professional traders which means that novices at exchange trading may find it a tad bit difficult to understand and work with. All those interested in learning exchange trading system can go through the pop-up dialogue box and read the terms and conditions listed before beginning to trade. You must have at least 10,000 USD account equity. Any user who doesn’t reach this limit may not be able to perform any transactions or trade on the Bitfinex platform.