Bitfinex Cryptocurrency Exchange Review

Exchanges
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Today we decided to present you Bitfinex exchange – it is the exchange, which ranks first in terms of daily trading turnover, data as of 10/10/2017. Exactly on this day, the daily turnover amounted to just over 73,000 Bitcoins, which is a very impressive amount, for example, the exchange, which ranks second in the Poloniex rating, reached a result of 42500 Bitcoins.

Bitfinex cryptocurrency exchange was created in 2012. The official website is located at bitfinex.com. The interface of the platform is available in 3 languages – English, Chinese and Russian. So, if you do not speak foreign languages, you will have no problems with Bitfinex exchanger.

Registration on Bitfinex

Then you will see a window, in which you will need to enter your e-mail address and create your password. When creating your password pay attention to the fact that the password must consist of letters and numbers and there must be capital letters and special symbols. Unusual, isn’t it? After that, click on the button “Open an account”. It is important to note that for security reasons and a lot of attempts to catch inattentive users, when logging into Bitfinix exchange personal account, the administration asks you to make sure you are on their site.

After registering, you need to go to the email address you provided during registration and confirm it by clicking on the link in the email. You will be redirected back to bitfinex.com where you will be prompted to enter your personal account details. Click on the sign in button and you’ll get into your member’s area.

Bitfinex personal account functionality

Welcome to the Bitfinex exchange. Here you are given the opportunity to trade 33 pairs, which you can view by clicking on the “exchange” button, which is located near the main logo of the exchange. If you select any other pair, the chart in the main part of the site will also change. If we are talking about charts, it is worth mentioning that they are very convenient and do not differ from the charts and functionality of the most popular trading platform MetaTrader4. We are not going to dwell on the charts, because we’d better devote a separate article to this topic.

On the left sidebar of the site, there is a “Order Form” section, where you are provided with various order options: Limit, Market, Stop, Stop Limit, Trailing Stop, Fill or Kill. If you scroll down the site a little bit, you will be provided with the price book, which here is called “Order Book” and looks like this.

As you can see, the Bitfinix Marketplace has a remarkably interesting design. On the left side there are buy trades and on the right side there are sell trades. On the back of the cup, we see a chart that shows which side has more volume. There is one more function in this window. Traders have an opportunity to set themselves an “alarm” at the moment of the necessary price in the market, for this purpose you need to click with the cursor on an empty field, near the quantity, i.e. the deal volume near the necessary price.

Deposit and withdrawal to Bitfinex Exchange

To deposit to the exchange, you need to click on the “Deposit” button in the top header of the website, where you will be prompted to make a deposit in any of the cryptocurrencies presented in the list. It is worth noting that since April 18, 2017, depositing with fiat currencies, particularly in dollars, became unavailable.

Once you’ve chosen the deposit method, or rather the cryptocurrency that you will receive on your account, you will need to generate a wallet address. This procedure takes about 10 seconds. The replenishment procedure of the exchange is a bit longer. For example, the process of transferring Bitcoins to bitfinex.com exchange takes about 30 minutes. As for the withdrawal of funds, its implementation is very simple, go to “withdraw funds” section, select the account from which you want to withdraw the cryptocurrency, and fill in this table.

Bitfinex account security

Before you deposit funds on the exchange, you need to enable two-step authentication. This will help strengthen the security of your account, and you can do this through the security section. Its location see the picture below.

In this section you can read the recommended settings for the security of your Bitfinex account exchange, and if you are planning to trade through this exchange, it is better to heed the recommendations.

In the Interface, Account, Notifications and Verification tabs, you will be able to change, correct and configure the parameters you need for your work.

Conclusion

Dear friends, the exchange bitfinex.com is immensely popular among traders from all over the world, this is confirmed by the largest daily volumes. So, if you’re choosing a market that has been tested by years and hundreds of thousands of crypto traders, then Bitfinex is what you need. But if you are so to speak “estimating”, you can read the review of another quite popular exchange – Bittrex.

Before Binance, the Bitfinex exchange was the most in-demand trading platform among crypto traders. But now, it has to fight for the 2nd position with OKEx platform. As of this writing, the average daily trading volume on Bitfinex is $650 million.

The Bitfinex cryptocurrency exchange was registered in October 2012. This fact gives us the right to call it one of the oldest digital currency exchanges. BitStamp and Kraken, founded in 2011, are among the most popular exchanges older than Bitfinex.

In order to start trading on Bitfinex exchange, you need to go to its official website – bitfinex.com. We hope that this review helped you decide on the choice of a trading platform.

Pros
  • trading volumes
  • interface localization
  • security of use
  • mobile app support
  • no withdrawal limits
  • dollar support
Cons
  • cost of recharging in dollars
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