Bitfinex is a major Hong Kong-based cryptocurrency exchange and trading platform. The company has a good online reputation among cryptocurrency traders even if the exchange was hacked in Aug 2016. Bitfinex has a great liquidity and a great selection of different cryptocurrencies to trade. In addition, Bitfinex offers margin funding and peer-to-peer margin lending. The interest a user can receive from margin lending varies a lot but can at sometimes be up to 0.20 % daily return on Bitcoin, Litecoin or USD margin lending market.
Bitfinex has all the most traded markets available. Bitcoin, Bitcash, Ethereum, Ripple, Litecoin, IOTA, OmiseGO, Dash, EOS, Ethereum Classic, Santiment, Zcash, Monero.
Bitfinex is the most liquid exchange in the BTC/USD market. Also, Bitfinex is among the trading volume exchanges in most of its markets. Bitfinex will probably receive even more liquidity and trading volume when some Chinese exchanges must close their operations in Sept 2017.
Bitfinex has moderate to low fees on both deposits and withdrawals. In addition, Bitfinex has very low trading fees.
Deposit fees cryptocurrency: Free
Bank Wire Deposit fee: 0.1 % of the deposit amount (Min $20)
Maker fees: 0-0.1 %
Taker fees: 0.1-0.2 %
Bitfinex has an advanced web trading platform and a Mobile trading application. The mobile trading application is available on Android in Apple devices. With Bitfinex API you can create your own charts, monitor and edit your orders and positions, track your trading history and wallets movements and much more.
Margin Lending: Peer-to-peer lending with up to 0.20 % daily interest rate for the lender. Many different cryptocurrencies are available in the lending market and also USD.
Margin Trading: Leverage up to 1:3.33
Explore The Platform: 6 courses about the platform
Learn The Platform: FAQs and Guides
Receive Assistance: Support ticket
Bitfinex has a good reputation on forums. They were hacked in 2016 but have received many good comments on how they handled it.
If you want to deposit or withdraw a fiat currency you must go through Bitfinex verification procedure. This is a standard procedure for anti-money laundering (AML), know your customer (KYC), and counter-terrorism financing (CTF) laws and regulations.
The process consists of:
- Quick online questionnaire (your income, employment status and so on)
- Submitting supporting documentation. (bank statement, utility bill or similar documents)
- A signed declaration confirming the accuracy of the submitted information and authorizing Bitfinex to verify the information completes the process.
Read further on Bitfinex for full details.