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Unveiling Bitfinex: A Global Hub for Cryptocurrency Trading
Assessing Bitfinex: Is Ethereum Trading Reliable?
Assessing Bitfinex: Is Ethereum Trading Trustworthy?
Understanding Bitfinex: What is It?
Bitfinex: The Hub for Bitcoin and Cryptocurrency Trading
Bitfinex, established in the British Virgin Islands with main headquarters in Taiwan, London, and Hong Kong, boasts a global operational team.
In August 2016, the exchange fell victim to a major hack resulting in the loss of 120,000 BTC. Bitfinex subsequently transferred BTC from hot wallets to cold storage.
Despite enduring one of the largest hacks in Bitcoin history (second only to Mt.Gox), Bitfinex remains one of the largest trading platforms by volume. By April 2017, Bitfinex had reimbursed customers for stolen USD from the hack.
Today, Bitfinex is known for having some of the lowest trading fees in the cryptocurrency world. Traders conducting transactions under $500,000 incur a maker fee of 0.1% and a taker fee of 0.2%. Trading fees drop to 0% (maker fee) with a 30-day trading volume above $7.5 million.
1. Bitfinex Features Overview
Bitfinex, according to assessments, stands as a rich trading platform offering numerous functionalities enabling users to conduct transactions with bitcoin and other major cryptocurrencies. Below encapsulates the key features of the trading platform:
- Multi-Currency Trading:
Bitfinex facilitates on-site trading for all major cryptocurrencies including bitcoin, Ethereum, Ethereum Classic, Zcash, Monero, Litecoin, Dash, Iota, and Ripple. Generally, Bitfinex provides the most fluid transactions in the cryptocurrency world.
- Margin Trading:
Bitfinex allows users to trade with leverage of up to 3.3x by granting traders access to peer-to-peer market. Traders can enter orders to borrow desired amounts from the fund pool at the ratio and duration of their choice, or they can open a position and Bitfinex will provide the best available ratio to the trader at that time.
Is Bitfinex Exchange a Scam?
- Short-Term Borrowing:
Liquidity providers can earn interest by providing funds to traders with leverage. Funds are traded on the order book at different prices and times.
By utilizing Bitfinex's short-term borrowing system, users can earn interest in both fiat and cryptocurrencies, including USD Dollar, bitcoin, Ethereum, Ethereum Classic, Zcash, Monero, Litecoin, and Dash.
Users can also customize the leverage ratio and duration of borrowing, or opt to borrow at the Flash Return Rate (FRR). Additionally, users can automatically renew loan offers upon expiration using the Auto-Renew feature.
- Various Order Types:
Bitfinex offers a variety of different order types, providing traders with the tools they need in any situation. Order types include:
+ Limit.
+ Market.
+ Stop.
+ FOK (Fill or Kill) orders.
+ OCO (One Cancels Other) orders.
+ Post-Only.
+ Hidden orders.
+ Iceberg Orders (Algorithmic Orders).
+ Time Weighted Average Price, or TWAP.
3. Customizable Interface
Traders can customize the Bitfinex interface compared to other trading platforms. You can change layouts, select different themes, and set up alerts or data options, ...
Furthermore, you can customize the sidebar on the trading platform, whether it's on the left or right, manage order navigation, set up table options, and arrange order columns.
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4. Mobile Application
Bitfinex also offers a mobile application for devices such as iOS and Android. The mobile applications enable users to trade, participate in margin funding, access wallets, transfer funds, and access settings through API keys.
Review of Bitfinex Exchange
5. Bitfinex Trading Fees
Here are the most important Bitfinex trading fees you need to know:
- Maker Fee (volume under 500,000 USD in 30 days): 0.1%- Taker Fee (volume under 500,000 USD in 30 days): 0.2%
Fees for makers and takers decrease on volume over 500,000 USD in 30 days and continue to decrease over 10 tiers, reaching the lowest fee available for traders accumulating over 30 million USD in 30 days.
- Deposits via Cryptocurrency (digital currency): free (available deposit methods include bitcoin, Ether, Ether Classic, Zcash, Monero, Litecoin, Dash, IOTA, Ripple, and TetherUSD)
- Deposits via bank transfer: 0.1% (minimum fee is 20 USD)
- Bitcoin withdrawal fee: 0.0004 BTC.
- Ether withdrawal fee: 0.01 ETH.
- Ether Classic withdrawal fee: 0.01 ETC.
- Zcash withdrawal fee: 0.001 ZEC.
- Monero withdrawal fee: 0.01 XMR.
- Litecoin withdrawal fee: 0.001 LTC.
- Cash withdrawal fee: 0.01 DSH.
- Iota withdrawal fee: free.
- Ripple withdrawal fee: 0.01 XRP.
- USD withdrawal fee: 2.0 USD.
- Bank wire withdrawal fee: 0.1% of the withdrawn amount (minimum fee is 20 USD)
- Express bank wire withdrawal fee (within 24 hours): 1% (minimum fee is 20 USD)
Additionally, the borrowing costs include the following fees:
- Lender's fee: 15% (active margin funding contract fee).
- Fees collected by margin funding providers when placing a hidden order: 18% - Fees for subsequent borrowing returned unused in margin trading: maximum benefit.
6. Introduction to Bitfinex
Bitfinex is one of the largest bitcoin trading exchanges in the world, even after the exchange was hacked in August 2016. The exchange was launched in 2014 and is widely recognized by users as the largest bitcoin trading platform in the world.
Bitfinex became the focal point of the August 2016 attack, 120,000 bitcoins (equivalent to $72 million at that time) were stolen from the trading platform. Bitcoin's price dropped by 20% after the attack, prompting Bitfinex to halt all trading and bitcoin withdrawals immediately. This marked the second largest bitcoin exchange hack in bitcoin history.
Following the attack, Bitfinex created BFX tokens and issued them to customers, representing the amount they lost. Each token was equivalent to 1 USD. By April 2017, Bitfinex had repurchased all BFX tokens from customers, effectively reimbursing the amount lost.
However, many customers complained as the price of bitcoin had doubled between April and August.
Despite these challenges, Bitfinex continued to maintain its position and emerged as one of the largest bitcoin and cryptocurrency trading platforms in the world.
Users can contact Bitfinex via email at: [email protected]mailto:[email protected]. The exchange's operations team is based worldwide, including in the US, Europe, and Asia.
Bitfinex's parent company is iFinex Inc., established in the British Virgin Islands. Bitfinex's main headquarters are located in Taiwan, London, and Hong Kong.
Bitfinex ensures security in Bitcoin and Ethereum transactions, being a giant in the cryptocurrency industry. In August 2016, the exchange was attacked resulting in the loss of 120,000 BTC. Since then, Bitfinex has been continuously working to improve its reputation. The exchange employs a cold storage system to store bitcoins.
Transactions are fast, with low fees, 0.10% maker fee and 0.20% taker fee for traders with volume under 500,000 USD in 30 days, and transaction fees will be even lower.
You can start trading bitcoin on Bitfinex right now by visiting Bitfinex.com.
7. Other Cryptocurrency Exchanges
- BitOasis Exchange.
- eToro Exchange.
- C-CEX Exchange.
Here's a review of Bitfinex: The world's largest Bitcoin and Ethereum exchange for readers to learn more about the top exchanges today, such as Allcoin, a leading digital exchange and one of the top cryptocurrency exchanges for Bitcoin, Ethereum, Litecoin,...rated as reputable and best today.
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