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  3. What is Bitfinex exchange? Detailed instructions for use

What is Bitfinex exchange? Detailed instructions for use

  1. 1. What is Bitfinex exchange?
  2. 2. Development history of Bitfinex exchange
  3. 3. What features does Bitfinex have?
  4. 4. Some types of transaction fees on Bitfinex
  5. 5. What are the advantages and disadvantages of Bitfinex exchange?
  6. 5.1 Advantages of Bitfinex exchange
  7. 5.2 Disadvantages of Bitfinex exchange
  8. 6. Instructions for registering a Bitfinex exchange account
  9. 6.1 What to prepare before registering for Bitfinex exchange?
  10. 6.2 Instructions for registering an account on Bitfinex
  11. 7. Bitfinex account security guidelines
  12. 7.1 How to verify 2FA on Bitfinex
  13. 7.2 How to verify KYC identity on Bitfinex
  14. 8. Instructions for using Bitfinex
  15. 8.1 Create a Bitcoin, Ethereum, Litecoin, or Ripple wallet on Bitfinex exchange
  16. 8.2 How to deposit coins into your Bitfinex exchange account
  17. 8.3 How to withdraw money to Bitfinex exchange account
  18. 8.4 How to buy and sell Bitcoin at Bitfinex exchange
  19. 8.5 How to do Trade Margin on Bitfinex
  20. 9. Payment method of Bitfinex exchange
  21. 9.1 Deposits
  22. 9.2 Withdrawals
  23. 10. Services offered by Bitfinex Exchange
  24. 10.1 Lending and escrow
  25. 10.2 Margin Trading and Margin
  26. 10.3 Derivatives Trading
  27. 10.4 Over-the-Counter service

What is Bitfinex exchange? What features does this platform stand out? How to operate on the floor? Should we invest in this system or not? To answer the questions of the majority of cryptocurrency players today, let's BHO Network. Read through the content below to find the answer!

1. What is Bitfinex exchange?

Bitfinex is a digital currency trading platform owned by iFinex Inc. After only a short time, Bitfinex became the largest Bitcoin exchange in the world, with more than 1/10 of the total trading volume in the entire market. Besides, Bitfinex exchange allows you to trade from other cryptocurrencies and supports liquidity and margin with a sound security system.

Bitfinex exchange owned by iFinex Inc

2. Development history of Bitfinex exchange

For new investors, players must want to learn more information about Bitfinex exchange. The foundation was founded in the UK in 2014 and moved its headquarters to Taiwan, Hong Kong, and London. Bitfinex's management team is present worldwide with the desire to make the system a prominent cryptocurrency exchange on a worldwide scale.

However, in 2016, Bitfinex had a problem that caused the exchange to suffer heavy losses caused by hackers. The crypto market is now in turmoil, losing about 12,000BTC.

Hacker causes problems on Bitfinex exchange

But not stopping there, Bitfinex has found an intelligent solution to ensure the safety of users, which is to convert online wallet addresses to offline. As a result, Bitfinex exchange still maintains the No. 1 position on the world's largest cryptocurrency trading platform.

Currently, Bitfinex has a lot of experience and is constantly growing, with nearly ten years of operation in cryptocurrency trading. The system is continuously improving and improving the quality to bring significant profits to project investors.

Despite many difficulties, Bitfinex still stands firmly in the crypto market. Experts say this can be a reliable exchange and solve problems that arise very well. BHO Network believes this is a reputable exchange where players can safely buy coins on Bitfinex.

3. What features does Bitfinex have?

Since Bitfinex is currently the largest cryptocurrency exchange in the world, its features are always of interest and developers are constantly improving, presently the exchange has the following outstanding features:

  • Support for trading multi-currency exchange: The exchange is not fixed, forcing investors to change in one currency, but investors can trade in many different currencies, such as Bitcoin, Ethereum, Zcash, Stratis, ..

  • Margin trading with good interest rate: Investors can easily borrow 3-4 times the deposit amount. At the same time, you can borrow money at a specific interest rate or the exchange will choose a borrower to find the correct interest rate for you.

  • Liquidity support for users: This feature helps you as a borrower and lender, all information is under your control. Borrowing and earning interest is also a safe bet to have the right investment plan and minimize risks.

  • Exchange transactions: Users can deposit, trade and withdraw digital currency.

  • Margin Trading: Trade up to 3.3x leverage by receiving funds from the margin funding platform, if eligible.

  • OTC desk: Bitfinex exchanges allow direct trading with each other without going through a public order book.

  • Buy crypto with a credit or debit card: Bitfinex allows investors to trade crypto purchases using third-party payment processors OWNR and Mercuryo.

  • Customer support: Bitfinex users can quickly contact 24/7 support via email. All replies will be answered within 12 hours, except during periods of high activity, which is slightly slower. However, we will try our best to solve it for the customer as soon as possible.

Bitfinex exchange features are always improving and evolving

4. Some types of transaction fees on Bitfinex

Each cryptocurrency exchange will have its own fee. Investors who want to participate in the transaction need to understand this issue. Specifically, on the Bitfinex exchange, there are the following transaction fees:

If you are interested in margin trading, the fee includes:

  • Lender's price: 15% (of the fee derived on the current loan contract).

  • Lender's fee for opening a hidden loan transaction: 18%.

  • Fee for borrowed but refundable and unused loan: 1-day interest.

5. What are the advantages and disadvantages of Bitfinex exchange?

Each exchange has different features and advantages, and disadvantages. So Bitfinex exchange? Let's find out together!

5.1 Advantages of Bitfinex exchange

For Bitfinex exchange, participating players can experience more outstanding features than other platforms. Specifically, the advantages of the system can be mentioned as follows:

  • Security and safety: Currently, the exchange provides support features such as 2FA, email encryption, withdrawal confirmation, and constantly updating security features new.

  • Transaction fees: The exchange's fee policy is apparent. For Maker, it will be 0.1%, and for Taker, it will be 0.2%. Prices will gradually decrease as the number of transactions increases.

  • Fiat trading support: Users can buy and sell coins with currencies such as USD, EUR, JPY and GPB. OTC trading is available.

  • Allow Margin Trading: The user can use 3.3x leverage.

  • Support many trading orders: Limit, Market, Stop, Trading Stop, Fill or Kill, One Cancels Other, Post Only, Hiden Order.

  • Only popular and reputable Coins will be prioritized by Bitfinex, along with a strict monitoring regime for new coins. Some cases will be deleted if the volume is low.

  • App support on smartphones: IOS, android.

Advantages of Bitfinex

5.2 Disadvantages of Bitfinex exchange

In addition to the advantages listed above, Bitfinex exchange will also have a few disadvantages that BHO Network has learned as follows:

  • It is not yet supporting Vietnamese transactions for Vietnamese users.

  • Requires a minimum deposit fee of $1000, with OTC trading must make a trade of at least $100k.

  • Deposit/withdrawal times are usually slightly slower than some other exchanges.

Disadvantages of Bitfinex

6. Instructions for registering a Bitfinex exchange account

Here, readers will be guided on how to register for Bitfinex exchange. So before creating an account on the system, you must prepare what? The following content will help players understand better.

6.1 What to prepare before registering for Bitfinex exchange?

For the registration process to be convenient and fast, investors should prepare:

  • Email address.

  • The phone number for registration.

  • Identity card / Citizen ID / Passport / Driving license.

  • Utility bills such as Gas, electricity, or water, or bank statements (Duration not more than 6 months).

6.2 Instructions for registering an account on Bitfinex

Following this, BHO Network will guide investors to use Bitfinex exchange in the most detailed and easy-to-understand way. First of all, to register an account, players need to visit the link https://www.bitfinex.com and perform the following 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 log in right away.

Step 1

Step 2: Fill in precisely the necessary information:

  • Username: Account login name.

  • Email address: Your email address.

  • Password: Password.

  • Confirm password: Re-enter the password again.

  • Referrer code: The ref code to support the channel.

  • Captcha Text: Enter the captcha code as shown below.

  • Select “Open Account”.

Login Confirmation

Step 3: Confirm the affiliate link again at the Email inbox by clicking “Confirm Email Address”.

Confirm affiliate link

7. Bitfinex account security guidelines

To limit the risks when trading on Bitfinex exchange, you need to improve the system's security level. How to protect player's account? BHO Network will share how to do it right below.

7.1 How to verify 2FA on Bitfinex

Here is how to authenticate 2FA on Bitfinex to ensure safety when trading on the exchange. Please follow these steps:

Step 1: Log in to your account on Bitfinex. Then, scroll down, and click “Security” in the left corner of the homepage.

2FA Authentication on Bitfinex

Step 2: Click on the item “Two-Factor Authentication”.

Step 3: Select “SETUP” in the Google Authenticator section. Bitfinex supports 3 different security methods but it is best to choose Google Authenticator.

Setup 2FA Google Authenticator

Step 4: Download the Google Authenticator app to your phone, then scan the QR code on Bitfinex's website, then enter the 2FA Token on your phone into Bitfnex's website and click "ENABLE".

7.2 How to verify KYC identity on Bitfinex

Players should prepare some necessary documents for identity verification (KYC), such as Identity Card, Driver's Licenses, Passport and residency proof, chemical Gas, Electricity, Water bills, and bank statements. Select “Verification”.

Bitfinex account verification

You need to fill in the following information:

  • Provide personal documents in the "Begin Verification" section.

  • Provide additional copies in the “Manage Documents” section.

Note: Bitfinex only supports and approves documents in “English” language. KYC players on this floor should prioritize using Passport and additional verification documents in English.

8. Instructions for using Bitfinex

To be able to buy coins on Bitfinex , players must have Coins in their account before trading. Here BHO Network will guide you to use Bitfinex exchange. Please follow the following steps!

8.1 Create a Bitcoin, Ethereum, Litecoin, or Ripple wallet on Bitfinex exchange

To create a wallet address for coins accepted by Bitfinex for transactions, follow these steps:

  • Step 1: to “Transfer”, in the menu select next “Deposit” to enter the wallet list of all Coins.

  • Step 2: You want to create a wallet of any Coin, then click on that Coin and select Ethereum ie “Ether”.

  • Step 3: Next, click “Click to generate address” to create a new wallet. This is the exchange wallet used to store your Ethereum.

  • Step 4: After clicking, Bitfinex's system will generate for you a wallet address that is a sequence of characters like "0x8dd089e2d282a041fd7b5e627e702efcc5b189e6". This is your wallet address

So save it from receiving Ethereum from another wallet or if you buy Bitcoin on other exchanges, use this wallet address to receive.

8.2 How to deposit coins into your Bitfinex exchange account

First, you log in to the exchange account created and proceed to deposit BTC into the exchange.

  • Step 1: Select “Wallet” >> Select “Deposit”.

  • Step 2: Select “BTC”.

  • Step 3: Select “Click to generate address” and the BTC deposit wallet address will appear.

Create a bitfinex ETH Token wallet

8.3 How to withdraw money to Bitfinex exchange account

Here are the steps to withdraw ETH from your exchange account:

  • Step 1: Select “wallet” >> Select “withdrawal”.

  • Step 2: Select the coin you want to withdraw, here is select “ETH”.

  • Step 3: Select the ETH wallet address to withdraw >> Enter the amount to draw>> Select the account to remove and check two items >> Click "Request Withdrawal". Thus, the operation is completed.

Withdraw Bitfinex

8.4 How to buy and sell Bitcoin at Bitfinex exchange

At the exchange, there are also many trading pairs. Here is a specific example of the process of buying and selling BTC, other coins players can do the same:

  • The menu bar selects "Trading".

  • In the section TICKERS select the trading coin, I will choose "BTC". I was hoping you could pick the corresponding trading pair in the ANY section. Specifically, I will select USDT (because I loaded USDT into the exchange).

  • In the ORDER FORM section, select “Exchange” and “Limit”. In addition, you can choose other options in the Limit section.

  • Players who want to buy BTC: Choose the best purchase price in the ORDER BOOK section, and enter the amount of BTC to buy. Then select “Exchange Buy.”

  • Players who want to sell BTC: Choose the best selling price in the ORDER BOOK section, and enter the amount of BTC to sell. Then select “Exchange Sell”.

Buy and sell Tokens at Bitfiex

8.5 How to do Trade Margin on Bitfinex

Trade Margin is a problematic trading method for new players to the market. With high leverage, users can amplify profits quickly, but there are many risks, and the risk of account burning is always present.

The advice for players is only to execute when they know the platform, not greed and not all-in. How to trade Margin at Bitfinex is as follows:

  • On the menu bar, select “Trading”.

  • In the section TICKERS select the trading coin, I will choose "BTC". In the ANY section, like the corresponding trading pair, specifically, I will select USDT (because I loaded USDT into the exchange).

  • In the ORDER FORM section, select “Margin” and “Limit”. In addition, you can choose other options in the Limit section.

Transaction

Players who want to open a Long position - That is, buy at a low price and expect the price to increase to sell:

  • Choose the best "Long" price in the ORDER BOOK section, and enter the amount of BTC needed "Long". Then select “Margin Buy”.

Players who want to open a Short position - That is, borrow to sell first, expect the price to decrease to buy cheap and return it"

  • Select the best "Short" price in the ORDER BOOK section, enter the amount of BTC needed "Short". Then select “Margin Sell.”

9. Payment method of Bitfinex exchange

What is the payment method of Bitfinex? The content below will cover details for readers to understand better.

9.1 Deposits

Bitfinex accepts deposits in the form of Fiat currencies (EUR, JPY, GBP and USD) and cryptocurrencies. However, Fiat money can only be done via wire transfer.

Bitfinex also supports USDT- Tether currency, a quasi-Fiat token Unofficially tied to USD price. Free Deposit is also available for Bitcoin, Litecoin, Zcash, Monero, Ethereum, Dash, Ripple, EOS and more than 80 other assets.No deposit via debit card is allowed/ credit card or e-wallet transfer at Bitfinex.

Deposits

9.2 Withdrawals

For withdrawals, Bitfinex specifies a minimum waiting period of 12 hours, no more than 2 hours if all is legal. Fast crypto withdrawal, Bitfinex requires transaction verification to use USDT.

10. Services offered by Bitfinex Exchange

Bitfinex offers a wide variety of services different from different cryptocurrency exchanges. Specifically, the system's service includes what the following content will help you learn more about.

10.1 Lending and escrow

Lending and staking services provided by Bitfinex allow users to lend or stake their crypto holdings with ease.

For this, traders are not required to have the technical knowledge to operate staking software. It is done automatically at Bitfinex. It has a P2P platform called 'Bitfinex Borrow' that allows users to borrow money from their other users using crypto assets as collateral.

There is no limit on how borrowers use the amount borrowed through Bitfinex Borrow. Loan terms and interest rates can be customized based on need. However, the amount that can be borrowed depends on the amount available in the trader's account, with an overall limit of $250,000 and the type of collateral used.

Specific requirements need to be met to qualify for a loan, but a credit check is not required. Therefore, the lending service provided by Bitfinex is top-rated among traders.

Bitfinex Borrow

10.2 Margin Trading and Margin

Funding Bitfinex offers margin trading and lending that allows users to trade with 10x leverage by leveraging funds from the P2P margin funding market. Players can automatically enter a funding order to borrow the desired amount at a convenient rate and term. Bitfinex also offers margin funding along with margin trading.

Margin funding provides a secure way for traders to earn interest on fiat currencies and digital assets. Margin provides funding to traders who want to trade with leverage. The user himself can customize the funding rate and term. The 'Auto-Renew' feature automatically renews invitations when they expire.

Services on Bitfinex

10.3 Derivatives Trading

Bitfinex enables derivatives trading allowing traders to speculate on the price of an asset or derivative without buying or selling. Players who intend to make trades only need to collateralize the derivatives account with the USDT account.

10.4 Over-the-Counter service

An over-the-counter trading service is available to investors who wish to privately trade large amounts (e.g. more than $100,000) of cryptocurrencies.

With all the information about Bitfinex mentioned above, do you indeed have some understanding of "what is Bitfinex Exchange?" Hopefully, the article will help investors looking for a reputable cryptocurrency exchange like Bitfinex. Don't forget to follow BHO Network to stay up-to-date with the latest news, Coin market fluctuations, and other helpful knowledge!

Published on May 19, 2022

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