Bitfinex Exchange – Everything You Should Know About It

Bitfinex Exchange – Everything You Should Know About It

Cryptocurrency cryptocurrency exchange
November 13, 2017 by Bitzamp
278
Bitfinex Exchange Bitfinex is a cryptocurrency exchange, which provides margin trading. The leverage ratio might seem low to experienced forex traders, but this is due to wild and unpredictable nature of cryptocurrencies. For now Bitfinex is the largest Bitcoin exchange, in terms of volume. Bitfinex offers the most liquid exchange in the world, allowing users
BITFINEX FI

Bitfinex Exchange
Bitfinex is a cryptocurrency exchange, which provides margin trading. The leverage ratio might seem low to experienced forex traders, but this is due to wild and unpredictable nature of cryptocurrencies. For now Bitfinex is the largest Bitcoin exchange, in terms of volume.

Bitfinex offers the most liquid exchange in the world, allowing users to easily exchange Bitcoin, Ethereum, Ripple, Ethereum Classic, Litecoin, EOS, Monero, Bitcoin Cash, NEO, Iota, OmiseGO, Dash, Zcash, Bitcoin Gold, Santiment, TRON, Status, Qtum, 0x, ETP, Golem, iExec, RCN, QASH, Eidoo, SpankChain, Augur, Time New Bank, FunFair, Basic Attention Token, aelf, YOYOW, Streamr, Ethfinex Nectar Token, AidCoin, SingularDTV, Aventus, and Decentraland against USD or BTC with minimal slippage. They also have a suite of order types to help traders take advantage of every situation.

Bitfinex allows users to trade with up to 3.3x leverage by receiving funding from the peer to peer margin funding platform. Users can enter an order to borrow the desired amount of funding at the rate and duration of their choice, or they can simply open a position and Bitfinex will take out funding for them at the best available rate at that time.

Bitfinex CEO is JL Van Der Velde and it is operated by iFinex Inc., a Hong Kong based company. It is known that the regulation in the cryptoverse can times a bit shaky, this company has some history in dealing with the US Commodity Futures Trading Commission (CFTC). Despie claiming they should not fall under any dervatives regulation, Bitfinex did pay a fine to the CFTC regarding a particular case. Of course, we are talking about the famous hacking scandal.

Bitfinex will no longer accept US clients in any form as of November 9 2017. This is most likely as a result of SEC guideline, which suggests all crypto-exhanges will have to at least be registered in a newly created list.
Most of the major coins are being traded at Bitfinex. At the time of writing of this review the list includes: Bitcoin, Ethereum, Litecoin, EOS, OmiseGO, Iota, Ethereum Classic, Zcash, Ripple, Dash, Santiment, and Monero.
Although small transfers can be made with cryptocurrencies, we suspect there may be a minimum, under which Bitfinex will not accept your transaction.

Bitfinex allows margin trading and short-selling of cryptocurrencies. The maximum leverage is 1 top 3,3. Some of the forex brokers, which provide Bitcoin trading, offer even higher leverage. For instance HYCM has set the cap at 1:10. Of course, you can only trade with cryptocurrencies at most forex brokers, without the ability to actually own and transfer them.
Do keep in mind, market moves in the cryptoverse tend to be very wild. A coin can gain or lose a significant portion of its value, within a day. On the other hand traditional fiat currencies rarely register a daily change of more than 1.5 – 2%. Trading a cryptocurrency with high leverage ratios is one of the riskiest things you could do.
When it comes to fees, charged by Bitfinex they are relatively fair when compared to the competition. It’s provides its services via a web-based platform and a mobile app. Although it doesn’t come near the most popular currency trading platform
Funding your account at Bitfinex can be done via multiple cryptocurrencies. Furthermore Bank Transfers are accepted, although they are temporary disabled. It is not clear when and if they will “old fashioned” payments will be accepted. Options such as Credit Card, PayPall or Skrill are also not available, which limits the ability to attract people who are new to the crypto-world.


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