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Bitfinex Bitcoin Exchange Review

Bitfinex Bitcoin Exchange Review

Author
  • Reliability
  • Security
  • Transparency
  • Exchange Fees
  • Customer Support

Bitfinex basically provides advanced services for cryptocurrency traders and liquidity providers. It is the world’s largest peer to peer crypto financing market where traders enjoy real-time exchange trading and margin trading. Now you can easily stay connected and get notifications directly from your device related to your trade.

FEATURES AND SERVICES

  • Exchange

Bitfinex is one of the most varied app allowing the users to easily exchange USD/BTC, USD/LTC, USD/ETH, LTC/BTC, ETH/BTC and that too with the minimal slippage. They also boast a suite of order types to help the traders in almost every situation.

  • Margin trading

Bitfinex basically allows the users to trade with up to 3.3x leverage by receiving funding from the peer to peer margin funding platform. This kind of process simply offers the users to enter an order to borrow the desired amount of funding and that too with the duration of their choice.

  • Benefit of Margin Funding Market

One of the best advantage of this market is that it provides a low risk way to earn interest on their BTC, USD, LTC and ETH by simply providing the funding to the users wanting to trade with the leverage.

  • Benefits of different order types

Bitfinex basically offers the users a suite of order types which gives the traders the tools they need to deal with every difficult scenario. There are different kinds of orders bitfinex usually offers. They are limit, Market, Stop, Trailing stop, Fill or kill, one cancels other, post only, Hidden order.

RELIABILITY

Bitfinex does have features like web application security, Private key storage and security audit procedures which makes Bitfinex a completely reliable app. Other features like varied conversion of cryptocurrencies makes it a completely innovative app.

 SECURITY

Bitfinex does have extremely secured features and some of them are-

  • Up-to-date Linux systems to host the platform in order to look that their servers are always protected.
  • It does have advanced account protection features out of which two-factor authentication and SMS authentication validate your withdrawals.
  • Having advanced verification tools in order to see that the account is always protected.
  • It does have advanced API permissions.
  • Also it does have automatic backup database protection once a day which never lets your data erased easily.
  • Lastly duplication of backup data automatically done in order to protect your data.

TRADING PLATFORM

Bitfinex usually works on the android and apple versions of your smartphones and can be downloaded from the google store and app store respectively.

TRANSACTION FEES

Bitfinex usually does not charges fees for lower transactions but for $500,000 or more it does have amount of 0.080% for the maker and for the taker it is 0.200 % transaction fees.

PROS

It does have many advantages and some of them are very good customer service, low fees, high liquidity in BTC/USD and many more.

CONS

It does have only few trading pairs and is available only on the mobile version and does not have the desktop version available.

SUMMARY

As far as the security and reliability is concerned Bitfinex is the perfect choice if you want to start trading with BTC/USD and also does have low transaction fees for first 30 days.

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