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Bitfinex Professional Trading Exchange, commonly known as Bitfinex, is a cryptocurrency exchange with a global footprint. With high profitability margins projected by a virtual currency exchange, the cryptographic exchange market welcomes new entrants at a supersonic speed.
This makes it more difficult to
separate the wheat weed. Today, let's take a trip to the land of
Bitfinex.
1. security
Recently, Bitfinex has not experienced any security breach. However, in the past, the stock market has suffered serious security breaches. At first, more than 1,000 Bitcoins were siphoned into a wallet that the exchange controlled. The pirate returned later and took off with 119,756 Bitcoins. The second hack was attributed to a flaw of the multiple signature mechanism used by the stock market and Bitgo, a portfolio service provider.
Unlike other exchanges where reimbursement depends on the legal result, Bitfinex has voluntarily refunded the lost coins via the Bitfinex straight recovery token (RRT).
In order to reduce the chances that such an event will happen again, the stock market has been clogged on its security system. In addition, they adopted cold portfolios with hot wallets holding only about 0.5% of funds. For individual account security, Bitfinex recommends that users use the two-factor authentication method to access their accounts.
Bitfinex presses on
Behavioral models to monitor suspicious withdrawals. In addition, users can
set a default pickup address.
2. Bitfinex: currencies and countries supported
The exchange supports fiduciary and cryptographic currencies. For cryptos, the exchange supports both well known (BTC, ETH, LTC, TRX, NEO, QTUM, DASH, etc.) and little known (CNN, BOX, GOT, ELF, SPANK, SNGLS, etc.). . ) coins. It uses the US dollar (USD), EURO (EUR), Ether (ETH) and Bitcoin (BTC) as its base currency. The stock market has about 72 active market pairs. Bitfinex allows the use of currencies USD (USD), EUR (EURO), GBP (British Pound) and JPY (Japanese Yen).
The exchange has a global
presence except in Yemen, Uganda, Iraq, the United States, Ethiopia, North Korea, Iran,
Syria, Bosnia and Vanuatu.
3. Fees charged
Bitfinex does not charge
fixed costs. Instead, the fees charged are determined by the volume involved in a
transaction. Manufacturers' fees are 0.1%, while those of the licensees are calibrated
between 0.2 and 0.1 percent. The higher the volume of transactions in a month, the lower the volume
fees and vice versa.
Note that deposits
involving cryptocurrencies are not subject to any fees while withdrawal fees
are charged according to the cryptocurrency withdrawn. Fiat Deposits
electronic transfers attract fees of 0.1 per cent.
Bitfinex will charge a
Inactive fees if an account stays dormant for a long time. Although the fees may be
negligible, you deserve to have all your fortune. That's why it's important
to withdraw your funds if you decide to take a break in trading on Bitfinex.
4. Bitfinex margin trading
Margin trading is
considered the most risky waters of the ocean trading cryptocurrency. These
waters are reserved only for professional explorers. Qualify for
navigate the marginal trading waters you must have an insatiable appetite for
profits and at ease with the losses. Bitfinex leverage on margin trading
reaches a maximum of 3.33 times. Bitcoin or US dollar can be borrowed from
participate in margin trading.
5. Bitfinex customer support
The exchange has a
active customer service. Unfortunately, it can only be achieved by
E-mail. Comments on queries are provided within 12 hours, but this may take longer.
according to the number of registered requests. The exchange maintains a
Informative FAQ to answer some of the basic questions of the users.
6. Bitfinex mobile application
To answer the mobile
way of life of its users, Bitfinex has a mobile application available on Android
and iOS. Most features of the Web version can be accessed, if not all.
since the mobile application. This gave Bitfinex a competitive advantage over
competitors.
7. Relationship between Bitfinex and Tether
The relation between
both have almost always received a contemptuous welcome in cryptocurrency
circles. A controversy around Bitfinex and Tether is that the first one had
used the latter to inflate and deflate the price of Bitcoin.
Another controversy is why the entities, although described as independent, share some of the members of their top team. For example, Phil Potter, the exchange's CSO is a director of Tether. In addition, Bitfinex and Tether share Giancarlo Devasini as a director.
Final words
Bitfinex, with a mobile
application, dynamic customer support, various currencies supported and learning
mistakes of the past (hack) to improve security, shows his commitment to
to be a leader in the cryptocurrency trading sector.
Although no exchange of cryptocurrency lacks a negative side, Bitfinex has maintained a slightly above average performance.
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