Bitfinex Referral Code
Bitfinex review: what it is
As anticipated, Bitfinex is a very famous online cryptocurrency exchange in the world, in many cases for its qualities, in others for some (past) problems that have partly undermined its credibility. Bitfinex was born in 2012 in Hong Kong by the hand of CEO Raphael Nicolle. The company belongs to iFinex Inc., and in a few years, it has become one of the market-leading exchanges.
Bitfinex has, in fact, reached very high positions in the daily ranking of world trading volumes. Despite the great popularity achieved, or perhaps precisely because of it, it is necessary to point out some somewhat ambiguous situations. One of these concerns the ban on operating in the United States due to current regulations whose requirements are not met by the company.
The estimates speak of truly remarkable trading volumes, around 2 billion dollars a day. More than 25% is destined only for the Bitcoin / Dollars exchange (600 million). To better understand these numbers’ scope, just think that the volume of Bitfinex transactions corresponds to about 6% of the entire market value. It goes without saying that to achieve such a result, the company team has a great deal of work.
The main features of Bitfinex
We said that to earn its immense popularity, certainly, behind Bitfinex, there is a great deal of work by the team to offer an excellent service. Here are some of the main peculiarities of the exchange:
In this respect, Bitfinex proves to be superior to other market competitors. In fact, the customer service is available 24 hours a day, seven days a week. In principle, it always responds within 12 hours of reporting the problem.
On the platform, you will also be able to access a thematic area where you can find a series of essential topics related to the world of cryptocurrencies. Also, the FAQ to find answers to the most frequently asked questions.
As mentioned, Bitfinex alone covers 6% of the entire world volume of Bitcoin / Dollar transactions, and its total activity is around 2 billion dollars every day. Precisely for this reason, the exchange is able to guarantee the immediate execution of orders by investors and consequently to earn their trust.
The platform is objectively complete and well structured. Despite the many customizations, however, it probably proves to be more suitable for a target made up of experienced traders. In contrast, novice traders may find themselves disoriented.
In any case, thanks to the Trading View charts, but also the mobile device app (available for both Android and iOS platforms), Bitfinex offers a truly complete service with numerous options and features.
The company allows its clients numerous trading options. Among the main ones, we must point out margin trading, which will enable you to trade using a leverage of up to 3.3X. As for the orders, you will have full freedom of execution through pending orders of all kinds: icebergs, fill or kill, OCO, and many more.
Among the priorities of Bitfinex, we certainly find the security of the accounts. In past years, the platform has remained at the center of some controversy due to successful hacker attacks that have caused considerable economic damage to its coffers. However, the platform has run for cover, offering cold storage protection to its customers and maintaining only the amount necessary for liquidity in the hot wallets.
The site also uses cryptography for security and a series of systems such as DDoS, which at least, in theory, prevents the control of operations by external units. Last but not least, each account is protected by two-factor authentication and other verification systems.
We can tackle the Bitfinex costs chapter, as always one of the most hateful aspects of any exchange platform. Clearly, the company is no exception in this respect, imposing commissions on both trading and withdrawals.
And prime varies according to the volume of transactions made. In detail, we can see that small trades, between 0 and 500,000 dollars, are subject to commissions of 0.1 / 0.2%.
For larger trades, on the other hand, the commissions applied tend to decrease, and for amounts over $ 500,000, they even reach 0.08%. But suppose the costs of trading are still tolerated (on the other hand, a company will have to somehow earn). In that case, those related to withdrawals are particularly annoying.
However, for this aspect, the fees vary depending on the cryptocurrency withdrawn. Among the major ones we find:
- Bitcoin. 0.0004 BTXC fee.
- Ethereum. The fee of 0.0053505 ETH.
- Litecoin. 0.001 LTC commission.
- Ripple. 0.1 XRP commission.