Bitfinex Review
In the current days, the cryptocurrency industry has grown enormous and it is constantly expanding into an entire universe. Over time, the industry has spread its roots all over the mainstream industry and more investors are joining the platform. At present, there are thousands of cryptocurrency exchanges providing their services. Therefore, it is difficult to find an exchange that can be trusted with money and savings. However, Bitfinex is a cryptocurrency exchange that has been around since 2012 and has earned a lot of reputation in the sector. Let me share some important information about Bitfinex in my Bitfinex review so you know how it can be a better choice among other exchanges.
Bitfinex’s Mission
Bitfinex has been around in the cryptocurrency industry for almost a decade and knows exactly how it needs to cater to the needs of its employees. Bitfinex aims to provide users with one of the best and most profitable trading experiences. Being one of the oldest cryptocurrency exchanges, Bitfinex is well aware of the needs of the investors. The exchange is constantly developing its services and enhancing the performance of its products and services. All of this is executed to ensure the users never run out of options of making profits.
Basic Services for Traders
The majority of the mediocre or standard crypto-exchanges offer users the ability to perform exchange trades. However, Bitfinex provides three more trading options atop the exchange trading option.
Exchange Trading
In this category, Bitfinex lets you purchase cryptocurrencies and sell them to earn profits based on the difference between the purchase price and sell price. Bitfinex offers you a number of cryptocurrencies that the investors can choose and perform trades in.
Margin Trading
In margin trading, Bitfinex provides you the opportunity to trade more than your actual investments. Bitfinex lets you trade with 10X more amount than your actual investment amount. Through this feature, Bitfinex lets you gain more profits than you can make through your investments.
Margin Funding
In margin funding, Bitfinex lets you earn interest and margin based on the number of funds you keep in your Bitfinex account. This is one of the most profitable vouchers that Bitfinex offers and this feature distinguishes it among the rest of the standard exchanges.
Derivatives
Through derivatives, Bitfinex helps you in saving your profits and investments in the form of stablecoins such as USDT. This way you keep making profits but do not end up losing them based on the market price of the digital asset.
Trading Platform by Bitfinex
The trading platform offered by Bitfinex is state-of-the-art, top-notch, and user-friendly. The platform is exclusive to Bitfinex users and offers services that include advanced trading charts/graphs, historical reports access. Then services such as algorithmic trading, margin trading, multiple trading markets, and so much more. Bitfinex’s trading platform is available through the web as well as android/iOS.
Dummy Trading Platform for New Investors
If an investor is new to the cryptocurrency trading markets and wants some experience and exposure to crypto-markets and trends before going live, they can go for paper trading. Paper trading is the testing/dummy version of cryptocurrency trading. In paper trading, the cryptocurrency markets are not real-time but are the exact replica of crypto-trading markets. This means that the investors can benefit from it and gain experience before they start trading in the real-time crypto markets.
Honey Framework (Automated Trading)
When it comes to trading, Bitfinex also provides you with the ability to perform algorithmic trading. This means that all you are required to do is make a deposit, choose the cryptocurrency, and let Bitfinex’s trading bot do the rest. This way, you do not even have to spend much time on cryptocurrency markets and make even more profits as the trading bots execute instant transactions on your behalf.
Advanced Features Offered by Bitfinex
Apart from the primary features, Bitfinex also provides investors with advanced trading features. Some of the most prominent advanced features include API, corporate accounts, advanced chart features, and professional connectivity. All these features have been designed to cater to the needs of the investors and help gain more from the cryptocurrency markets.
Depositing Funds for Trading
If an investor wishes to invest and start making profits, the first thing that needs to be done is to make a deposit. The user can make a deposit either via credit/debit card, bank wire, or cryptocurrency wallets. The methods have been handpicked to ensure you have access to some of the most convenient methods when making a deposit.
Withdrawing Funds from Bitfinex
When it comes to withdrawals, you can request one via bank account or via cryptocurrency wallets. In case of a bank account withdrawal, investors incur 0.1% of the amount being withdrawn. Furthermore, the user needs to have all his/her personal information provided and verified to proceed with the withdrawal. Once the required information is provided, it takes around 5-15 working days for the withdrawal to take place.
Real-Time Support from Bitfinex
As of now, Bitfinex only provides you with email support, meaning that you write them a ticket with your concern and they get back to you with the response. Despite the email support, the response time from Bitfinex customer support is remarkable and is highly appreciated.
