Exploring Bitfinex: Unraveling the Realm of Bitcoin and Ethereum Trading

Bitfinex Review: Is it a reputable Ethereum cryptocurrency exchange?

1. What is Bitfinex?

Bitfinex functions as a bitcoin and cryptocurrency exchange, providing three primary transaction types, including cash and bitcoin transactions, margin trading, and liquidity provision. On the Bitfinex trading platform, you won't find transactions available on other exchanges, such as shorting bitcoin through margin trading.

Established in the British Virgin Islands, but with main offices in Taiwan, London, and Hong Kong, the exchange operates globally under a diverse management team.

In August 2016, the exchange fell victim to a cyber attack resulting in the loss of 120,000 BTC. Following this incident, Bitfinex moved BTC from hot wallets to a cold storage system.

Despite enduring one of the largest attacks in Bitcoin history (second only to Mt.Gox), Bitfinex continues to be one of the largest trading platforms today. As of April 2017, Bitfinex had reimbursed customers for stolen USD from the attack.

Today, Bitfinex is renowned as an exchange with the lowest transaction fees in the cryptocurrency world. Traders executing transactions below 500,000 USD face a maker fee of 0.1% and a taker fee of 0.2%. Transaction fees drop to 0% (maker fee) with a 30-day trading volume exceeding 7.5 million USD.

2. Bitfinex Features

According to Bitfinex reviews, this is a comprehensive trading platform offering numerous features for users to engage in bitcoin and major altcoin transactions. Here is an overview of the platform's key features:

- Multi-currency Trading:
Bitfinex provides spot trading for all major altcoins, including bitcoin, Ethereum, Ethereum Classic, Zcash, Monero, Litecoin, Dash, Iota, and Ripple. Overall, Bitfinex offers the most liquid transactions in the cryptocurrency world.

- Margin Trading:
Bitfinex allows users to trade with leverage up to 3.3x, providing traders with market-neutral access. Traders can place orders to borrow their desired amount from the fund at a chosen ratio and time, or they can open a position, and Bitfinex will provide the trader with the best available ratio at that moment.

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- Short-Term Borrowing:
Liquidity providers can earn interest by providing funds to traders with leverage. The fund is traded on the order book at different prices and times.

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 borrowing ratio and duration or opt for borrowing at the Flash Return Rate (FRR). Additionally, users can automatically renew expired purchase orders using the Auto-Renew feature.

- Multiple Order Types:
Bitfinex offers various order types, providing traders with the tools they need in any situation. Order types include:
+ Limit.
+ Market.
+ Stop.
+ FOK (Fill or Kill) Order.
+ OCO (One Cancels Other) Order.
+ Post-only Order.
+ Hidden Order.
+ Iceberg Order (Algorithmic Order).
+ Time-Weighted Average Price (TWAP).

3. Customizable Interface

Traders can personalize the Bitfinex interface compared to other trading platforms. You can modify the layout, choose different themes, and set up alerts or data preferences, ...

You can also compose the sidebar on the trading platform, whether it's on the left or right, manage purchase navigation, configure table options, and arrange column layouts for orders.

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4. Mobile Application

Bitfinex also offers a mobile app for devices like iOS and Android. The mobile apps enable users to execute trades, participate in margin funding, access wallets, transfer funds, and manage settings through API keys.

Bitfinex Exchange Review

5. Bitfinex Transaction Fees

Here are the key Bitfinex transaction fees you need to know:
- Maker Fee (volume under 500,000 USD in the last 30 days): 0.1%
- Taker Fee (volume under 500,000 USD in the last 30 days): 0.2%

Fee rates for both makers and takers decrease on volumes exceeding 500,000 USD within a 30-day period and continue to decrease through 10 tiers, reaching the lowest fee rate available for traders with over 30 million USD collected within a 30-day period.

- Deposit via Cryptocurrency (digital currency): free (available deposit methods include bitcoin, Ether, Ether Classic, Zcash, Monero, Litecoin, Dash, IOTA, Ripple, and TetherUSD)
- Deposit 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 withdrawal amount (minimum fee is 20 USD)
- Express bank wire transfer (within 24 hours): 1% (minimum fee is 20 USD)

Additionally, the borrowing cost includes the following fees:
- Funding provider fee: 15% (active capital funding contract fee).
- Fee collected by margin funding providers when placing a hidden order: 18% - Fee for borrowed funds subsequently returned unused in margin trading: maximum benefit.

6. Introduction to Bitfinex

Bitfinex is one of the largest bitcoin trading platforms globally, even after the platform was attacked in August 2016. Established in 2014, it is widely recognized as the world's largest bitcoin trading platform.

Bitfinex became the focal point of the August 2016 attack, where 120,000 bitcoins (equivalent to 72 million USD at the time) were stolen from the trading platform. Bitcoin's price dropped by 20% post-attack, prompting Bitfinex to immediately halt all transactions and withdraw bitcoins. This marked the second-largest bitcoin exchange attack in bitcoin history.

After 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, essentially refunding the lost funds.

However, many customers complained as the price of bitcoin had doubled between April and August.

Despite these challenges, Bitfinex has persevered, maintaining its position as one of the largest cryptocurrency and bitcoin trading platforms globally.

Users can reach out to Bitfinex via email at: [email protected]. The exchange's operational team is distributed globally, spanning from the U.S. and Europe to Asia.

Bitfinex's parent company is iFinex Inc., established in the British Virgin Islands. Bitfinex's main offices are located in Taiwan, London, and Hong Kong.

Bitfinex ensures secure transactions for Bitcoin and Ethereum, standing as a giant in the cryptocurrency industry. In August 2016, the exchange suffered a significant attack resulting in the loss of 120,000 BTC. Since then, Bitfinex has continuously worked to improve its reputation, employing a cold storage system for bitcoin storage.

Transactions are executed swiftly, with low fees—0.10% maker fee and 0.20% taker fee for traders with a volume under 500,000 USD in the last 30 days, and transaction fees will further decrease.

Initiate your bitcoin trading journey on Bitfinex now by visiting Bitfinex.com.

7. Other Cryptocurrency Exchanges

- BitOasis Exchange.
- eToro Exchange.
- C-CEX Exchange.

This is a review of Bitfinex: The world's largest Bitcoin and Ethereum trading platform. Readers can explore more information about other leading exchanges such as Allcoin, a top electronic trading platform, also rated as reputable and among the best for cryptocurrencies like Bitcoin, Ethereum, Litecoin, and more.

You can earn free Bitcoin from various intermediary websites; however, keep in mind that these lists of free Bitcoin cater to the players' needs. So, don't overly rely on these Bitcoin lists.