What is Bitfinex? Bitfinex brochure from AZ (easy to understand)

By Jane Luis | Exchanges

What is Bitfinex

Bitfinex is referred to as one of the largest volume exchanges. One of the top cryptocurrency exchanges today. With 24-hour transactions of approximately $ 225 million, provide up to 277 pairs of data-driven trading Coinmarketcap.

In today's article, my sister and I learn about Bitfinex, how to register and use it!

This is a fairly reputable exchange, very prestigious and has a long history in the cryptocurrency market. It was founded in 2014 in a British island nation owned by iFinex Inc.

Currently, Bitfinex has many headquarters operating widely like Hong Kong, London, Taiwan ... With a very good security system.

Besides, the exchange allows investors to trade margin, trade coin with coin, coin with legal currencies.

Review Bitfinex floor

Advantages of Bitfinex floor
  • Security and safety: The exchange provides supporting features such as 2FA, Email encryption, withdrawal confirmation. Currently, the floor is constantly updated with new security features.
  • Transaction fee: The policy of charging floor is clear. With Maker it will be 0.1% and with Taker it will be 0.2%. Fees will decrease gradually if there is an increase in the number of transactions.
  • Support Fiat transactions: Users can buy and sell coins with currencies like USD, EUR, JPY and GPB.
  • Support OTC transactions.
  • Margin trading allowed: Users can use 3.3x leverage.
  • Support many trading orders: Limit, Market, Stop, Trading Stop, Fill or Kill, One Cancels Other, Post Only, Black Order.
  • Only popular and reputable coins will be prioritized by Bitfinex. There are always monitoring regimes that closely monitor new coins and will be deleted if the volume is low.
  • There is App support on smartphones: IOS, android.
Disadvantages of Bitfinex floor
  • Vietnamese transaction is not supported for Vietnamese users.
  • A minimum deposit of $ 1000 is required. OTC transactions must make at least $ 100k.
  • Deposit / withdrawal times are usually slightly slower than some other exchanges.

Instruction to register a Bitfinex floor account

Prepare before registering Bitfinex floor

In order for the registration process & KYC to take place quickly, you should prepare some things as follows:

  • Email address.
  • Phone number to register.
  • Identity card or Passport or Driver's License.
  • Utility bills such as Gas, utilities and bank statements. Remember time no more than 6 months!
Register an account on Bitfinex

You access the link: https://www.bitfinex.com/.

At the registration interface, you need to follow these steps:

Step 1: Click "SIGN UP" to be ready to open a new account.

If you already have an account on this floor, you can skip this step and can login immediately to the floor!

Step 2: Complete the required information exactly:

  • Username: Username for your account.
  • Email address: Your email address.
  • Password: Password.
  • Confirm password: Retype the password again.
  • Referrer code: Ref code that favors the channel.
  • Captcha Text: Enter the captcha code as shown in the image below.
  • Select "Open Account".
  • Done.

Step 3: Confirm the link again in the email inbox by clicking "Confirm Email Address".

2FA authentication on Bitfinex

Protect your floor account by setting up 2FA security.

Brothers install the application Google Authenticator on mobile devices! Then, continue to click Setup 2FA as shown below and follow the instructions.

Be sure to confirm again in the Email inbox to complete the 2FA setup process.

Verify KYC identity on Bitfinex

You should prepare some of the necessary documents to verify your identity (KYC) which can be your ID card, Driver's License, Passport and residence verification which can be Gas, Electricity, Water, statement. Bank offline.

Step 1: Select "Verification".

Step 2: You need to fill out the information:

  • Provide personal documents in the section "Begin Verification".
  • Provide additional documents in the "Manage Documents" section.

note: Bitfinex only supports and reviews documents in the "English" language. You KYC floor preferred to use Passport and additional verification documents in English offline!

Instructions for using Bitfinex floor

How to add coins to Bitfinex account

Here's how to deposit in BTC. With other altcoins you can do the same.

Select "Wallet" >> Select "Deposit".

Select "BTC".

Select "Click to generate address" and the address of your BTC deposit will appear.

Now, you can transfer BTC from a good Blockchain wallet Coinbase wallet or Trust or Houbi Wallet.

Or you can transfer BTC from OTC exchanges like Remitano, Vcc exchange ...

Done.

How to withdraw money from Bitfinex floor account

With the withdrawal at the floor also has a lot of options. I will take ETH for example, other coins are similar:

Select "wallet" >> Select "withdrawal".

Select "ETH".

Select the address of ETH wallet to withdraw >> Enter the amount to withdraw >> Select the account to withdraw and select two items >> Click "Request Withdrawal".

Done.

Buy and sell Bitcoin at Bitfinex

There are also many trading pairs on the floor. I will take BTC as an example, other coins you can do the same:

  • The menu bar select "Trading".
  • At TICKERS, select the transaction coin. I will choose "BTC". The ANY section selects the corresponding trading pair, specifically I will choose USDT (because I deposit USDT into the floor).
  • In ORDER FORM: Select "Exchange" and select "Limit". In addition, you can choose other options in the Limit section.

You want to buy BTC:

Choose the best buy price in ORDER BOOK >> Enter the amount of BTC to buy >> Then select "Exchange Buy".

Brothers who want to sell BTC:

Choose the best selling price in ORDER BOOK >> enter the amount of BTC to sell >> Then select "Exchange Sell".

Trade margin on Bitfinex

This is a difficult trading method for those who are new to the market.

With high leverage, players can amplify their profits quickly but there are many risks and the risk of permanent account fire.

My advice: Only play when you really know it. Restrict greed and absolutely not all in. How to trade Margin on Bitfinex as follows:

  • On the menu bar select "Trading".
  • At TICKERS, select the transaction coin. I will choose "BTC". The ANY section selects the corresponding trading pair, specifically I will choose USDT (because I deposit USDT into the floor).
  • In ORDER FORM: Select "Margin" and select "Limit". In addition, you can choose other options in the Limit section.

You want to open the Long position - Instant buy at cheap prices and expect high prices to sell:

Choose the best "Long" price in ORDER BOOK >> Enter the amount of BTC needed "Long" >> Then, choose "Margin Buy".

You want to open the Short position - Ie borrow to sell first, expect the price to go down to buy cheap and return.

Choose the best "Short" price in ORDER BOOK >> Enter the amount of BTC needed "Short" >> Then select "Margin Sell".

Frequently asked questions when using Bitfinex

Does Bitfinex support trading via credit card (Credit Card)?

Have! Currently, the exchange is supporting Visa, MasterCard.

Where is the problem related to contact support?

You can access immediately at the address https://cs.bitfinex.com/ To receive the support from the floor team!

Which coins are supported to deposit at the floor?

BTC, ETH, XRP, BCH, LTC, EOS, BCH, MIOTA, NEO, ETC, XMR, DASH, TRX, ZEC, DAI, USDT.

Should I trade on Bitfinex?

Have! Because this is a large exchange, with a long history in the field of Crypto. Large amount of liquidity, support for legal deposit via Visa, Mastercard.

Also supports OTC, Margin trading.

Is Bitfinex safe, reputable?

Have! Moreover, the exchange has good account security mechanisms by storing coins offline and a fast, friendly support team.

In addition, the exchange has insurance for deposits as well as mandatory implementation of 2FA and SMS security mechanisms for users.

What are the trading fees on Bitfinex?

There are three basic types of fees to keep in mind:

  • Trade Fee for Maker is 0.1% and for Taker is 0.2%.
  • Deposit fee: If you deposit less than $ 1000, the floor will charge, higher free.
  • Withdrawal Fee: Depending on the withdrawal coin will have different fees.

What are the deposit / withdrawal fees on Bitfinex?

Recharge fee: Large trades of $ 1000 will be charged no fee. For transactions deposited under $ 1000, the fee will be calculated as shown below. In addition, bank transfer will collect 0,1% of the deposit or $ 20.

Coin name

Deposit fee over $ 1000

Deposit Less than $ 1000

Bitcoin (BTC)

Free

0.0004 BTC

Ethereum (ETH)

Free

0.0018 ETH

EOS

Free

Free

Litecoin (LTC)

Free

0.001 LTC

Ripple (XRP)

Free

0.02 XRP

Iota (MIOTA)

Free

0.5 MIOTA

NEO

Free

Free

Ethereum Classic (ETC)

Free

0.01 ETC


Withdrawal fee: All transactions withdrawing coins or money off the floor are charged. Specific fees are as follows:

Coin name

Withdrawal Fee

Bitcoin (BTC)

0.0004 BTC

Ethereum (ETH)

0.0018 ETH

EOS

Free

Litecoin (LTC)

0.001 LTC

Ripple (XRP)

0.02 XRP

Bitcoin Cash (BCH)

0.0001 BCH

Iota (MIOTA)

0.5 MIOTA

NEO

Free

Ethereum Classic (ETC)

0.01 ETC

Monero (XMR)

0.0001 XMR

Dash

0.01 DASH

Tron (TRX)

34.395 TRX

Zcash

0.001 ZEC

Has Bitfinex been hacked yet?

Have. Has ever been.

Specifically, the exchange was attacked twice in 2015 and 2016 with a total loss of 1500 BTC and 70 million dollars.

After that, the floor had the necessary upgrades to protect users and so far no such incidents have been recorded.

Does Bitfinex have maintenance errors?

Have. But not significantly!

Currently the exchange is very good, very rare errors are too large related to floor maintenance. Usually handled very well within 24 hours.

Which country is Bitfinex exchange?

Of England. Currently the floor is headquartered in Switzerland and branches operate in Hong Kong, Taiwan ...

What is Bitfinex Coin?

BFX token. This is a token issued by the exchange with a conversion value of 1 BFX = 1 USD.

It was born and distributed to customers after the hack. For the purpose of compensating organizations and individuals for damage.

Does Bitfinex support Vietnam?

Currently, the floor does not have a branch in Vietnam, so sometimes Vietnamese users will encounter some difficulties.

If you have any problems, please select the English language to contact the support team of the floor.

What is the withdrawal limit on Bitfinex?

Above $ 1000, below will be charged. OTC transactions at least $ 100000 / time.

Does Bitfinex have an app on Android, iOS?

Have! You can go to CHPlay or IOS to download the app's app!

What types of trading does Bitfinex support?

The exchange offers 277 trading pairs based on core currencies such as BTC, EUR, ETH, USD, USDT, GBP, JPY.

Does Bitfinex have an IEO?

There is currently no announcement for the issue IEO.

Epilogue

I hope the above information will be very helpful and will help a part for those who want to participate in trading on Bitfinex.

Don't forget to visit our channel for the latest news and the latest developments in the coin market and industry insights!

Hello and see you again in the next article!

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