The Bitfinex Exchange: Opportunities, Advantages, and Features

By Coinmatics on The Capital

Published in

The Capital

4 min readJan 20, 2020

The exchange is known for its high trading volumes and a wide range of cryptocurrencies. In addition to a wide range of functionalities, Bitfinex has Russian and Chinese versions of the website. It has made the exchange popular among traders.

Bitfinex is one of the biggest cryptocurrency exchanges. It has been operating since 2012. It has faced a lot of challenges during the time, namely cracks and blocks.

The platform supports Russian and Chinese languages, which makes it popular among Russians, Ukrainians, Belarussians, and Chinese. The service is paying due attention to security these days, which reduces the risks of being cracked significantly.

Features, advantages, and disadvantages

The trading volumes of the exchange are huge. It is so due to the team’s professionalism, the development of the resource, and the ever-evolving range of functions.

One of the features of the exchange is that there are three types of wallets. The exchange wallet is for regular trading; Margin is for margin trading; investors can use the Funding wallet. It is possible to have the three of them. A wide range of wallets is available too.

The commission fees are different for buyers and sellers. The former pays 0.12–0.2%, while the latter — 0.12–0.1%. There are 100 cryptocurrency pairs and 256 trading pairs.

The main advantages of the exchange are as follows:

1. A wide choice of liquid pairs. The exchange operates both popular and less wide-spread cryptocurrencies. Traders often prefer the latter since they provide good opportunities.

2. Fiat money support. Quite a few exchanges are working with fiat currencies.

3. The Russian and Chinese languages. Quality translation.

4. Reliable protection of the account. The specialists of the exchange have taken into account all the flaws and created mechanisms protecting the resource from attacks.

5. A wide range of functions. Rate notifications, short and long positions, historic data, etc. are available on the exchange.

6. Mobile apps. They enable users to trade anywhere. It is as convenient to trade via a smartphone or a tablet as via PC.

7. It is possible to profit from lending money to successful traders.

There are a few shortcomings, which are the following:

1. The exchange is designed for large investors. If the total deposit on an account is less than $10,000, a trader has no access to some instruments for trading. However, the developers promised to fix the issue.

2. The fees are quite high. A fee charged for a low volume operation can reach up to $20.

3. Uneasy verification. Users have to verify their identities. The major challenge for Russian users is to translate the documents.

Registration

To start trading, one needs to register and agree on the terms of use. In the registration form, full name, email address, and password should be inserted. Once the email address is verified, a user should enter the registration data and sign in on the exchange. On the first visiting the exchange, everyone is shown the review and guide on margin trading.

To enjoy the full potential of the exchange, one needs to undergo a verification process. It requires:

Clicking the verification icon in the Proof & Ballot section.
Choosing a country you reside in and stating a reason for the verification;
Confirmation of the readiness to wait 6 to 8 weeks for the end of the verification;
Choosing a portfolio type;
Clicking the ‘go to individual verification’ button, filling the field (full name, contact info), uploading scans of documents (they have to be translated in English and notarized).
Waiting until it is checked.

Sections

The interface of the exchange is quite peculiar, so it will take a while for the beginners to get used to it. The top navigation bar contains the following items:

Trading. Trading operations are managed here.
Funding. The section includes investment offers.
Deposit and Withdrawal. It is possible to deposit and withdraw in the sections.
Wallets. The section enables to create storage for all currencies.
Proof & Ballot. The notifications, accounts, reports, and so on can be adjusted in the section.

The bar can be pinned to any part of the page. The whole functionality needed for operation is focused there. The basic elements of the sidebar are repeated in the middle of the main page. The price chart with indicators can be found here as well. The details, support center, and many more are at the bottom of the page.

The Bitfinex exchange attracts customers with its big trading volumes and a wide range of cryptocurrencies, some of which are quite rare. It provides customers with a decent functionality that meets the demands of a professional cryptocurrency trader.

You can set up the exchange’s telegram notifications via our software and obtain data needed for profiting from cryptocurrency arbitrage.

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