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|Year of foundation||2014||2012|
|Languages||English, Russian, Chinese||English, Russian, Chinese|
|Mobile app||iOS, Android||iOS, Android|
Registration and Verification
Registration is absolutely standard. But the verification is the point which really pleases Bittrex. It is the fastest and most painless verification process of all the ones we had a chance to deal with. If everything is in order with the documents and photos, the whole procedure will take no more than 20 minutes.
Registration is simple and straightforward, before registering an account on Bitfinex, we need to agree that we are professional traders and that we will make a minimum deposit to start trading ($10,000), then we can enter our email, create a nickname and password. If you just want to see the functionality of the exchange, there is a demo-demo available.
Depositing and Withdrawing Funds
You can replenish your account and withdraw funds with cryptocurrency and fiat money (USD and EUR). There are depositing by bank card and bank transfer.
The site offers 99 trading pairs, including EUR and USD pairs, with an average daily volume of $200 million. The main part of this volume falls on BTC/USD pair and it is more than 30%. Commissions for trades range from 0 to 0.2% depending on the volume of trades.
Trading Volumes and Traded Pairs
Reliable American exchange with a daily trading volume of ~$30 million. There are about 300 trading pairs on Bittrex. In general, the volume is enough for normal trading on major pairs. As of September 2020, there is no margin trading on the Bittrex exchange.
The platform is more focused on trading cryptocurrencies and supports 408 pairs. The pluses include margin trading and support for fiat money.
The commission is low (0.25%), but all conversions are related to BTC, which may entail additional exchange costs.
Bitfinex is considered a platform for experienced cryptocurrency traders. Until recently, in order to trade on it, you had to place a deposit of at least $10,000. As in the case of Binance, the crypto exchange provides special conditions on commissions for those who own LEO tokens. LEO is quite a strong token, given that Bitfinex was able to sell them for $1 billion in record time. However, it should be taken into account that Bitfinex has strong support in the form of its parent company iFinex, which runs the Tether project.
Bittrex requires all users to approve each new IP address via an email confirmation, which happens every time you log in from a new IP address. You also set withdrawal permissions to specific addresses only. All of these features work in tandem to provide users with the strongest security possible.
A significant drawback of BitFinex is considered security. In 2015, the site was attacked by hackers, losing $400,000. In 2016, a more massive attack led to the loss of $73 million from user accounts. In 2018, the exchange also faced serious banking problems. But now the company is very serious about security, so to deposit in dollars, you need to connect a two-factor identification.
Pros and Cons
I have been studying cryptocurrency for over 5 years. I have accounts in every exchange and I test everything on myself.
I want this market to be more understandable for everyone.