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Bitfinex Review: Is it legit, safe and trustworthy for UAE citizens and residents?

Bitfinex is a big cryptocurrency exchange that supports a huge ecosystem of cryptocurrency goods and trading choices. Some of these options and products include spot trading, margin accounts, derivatives, paper trading, and many others. Bitfinex most likely provides all you want to handle your cryptocurrency in a one location, since it provides a combination of services that are suited for both novice and experienced cryptocurrency users. Visit Bitfinex Website.

The Benefits of Using Bitfinex Exposed:
Low trading costs: In comparison to its rivals, Bitfinex's trading fees are far lower than the industry standard.
Support provided for sophisticated order types, margin trading, and derivatives trading There are sophisticated options for trading and investments available.

Paper trading and mobile apps that are appropriate for novice traders of cryptocurrencies: Paper trading provides novice cryptocurrency users with a risk-free way to test out a platform, and the mobile app is quite simple to operate.

The Downsides of Bitfinex Exposed:

In the past, the government has issued fines for misleading business activities because of regulatory infractions.

Bitfinex and Tether participated in several questionable transactions, and there may have been some questionable participation with the Tether currency.

Not accessible in the United States; access to the platform is denied to citizens and residents of the United States.

However, before you begin, it is essential that you are aware that Bitfinex has a long history of regulatory issues, including repeated penalties from the Commodity Futures Trading Commission. This information is necessary before you begin.

12 The most serious accusation comes from the office of the New York Attorney General and alleges that the defendant misled investors. Bittfinex gave the impression that the Tether stablecoin was completely backed by reserves while in reality this was not the case. 3 Investors may have some cause for concern based on the history of the exchange as well as reports of ongoing illegal activity.

Speculative investments, such as those made in cryptocurrencies, Decentralized Finance (DeFi), and other Initial Coin Offerings (ICOs), come with a high degree of risk, and the markets itself may be very unpredictable. Before making any decisions about your finances, you should discuss your options with a knowledgeable expert. This article does not constitute a recommendation to invest in cryptocurrencies on the part of Investopedia or the author, nor can the accuracy or timeliness of the information included herein be guaranteed.


Bitfinex is one of the more seasoned exchanges for cryptocurrencies, having been established in 2012. Since its inception, the exchange has maintained its position as a market leader in the trading of cryptocurrencies. According to CoinMarketCap, the exchange is presently ranked ninth among the most significant cryptocurrency exchanges in the world in terms of volume.

The majority of deals on Bitfinex cost 0.20 percent or less, making it one of the exchanges with relatively cheap trading costs. But despite the fact that it appears to be appropriate for a diverse group of customers on the surface, this exchange has a checkered history that includes a number of monetary penalties and allegations that it manipulated the bitcoin market.

The Office of the Attorney General of New York came to the conclusion that Bitfinex and Tether had deceived customers and the markets by exaggerating the amount of Tether reserves and covering up losses. In the past, Bitfinex has been subject to sanctions for running an unregistered exchange and for assisting unlawful transactions that took place off-exchange. Because of this, the reliability of this cryptocurrency exchange is seriously called into doubt.

A number of agencies across the United States federal and state governments have issued Bitfinex fines on many occasions for crimes, including deceiving its clients.

On its active trading platform, Bitfinex offers more than 170 different cryptocurrencies. These cryptocurrencies include Bitcoin, Ethereum, Terra, Tether, Solana, Litecoin, and Ripple, amongst many more. It would be impossible to list them all here, but in general, Bitfinex does a fantastic job of supporting currencies that are in high demand on its platform.

As was just said, Bitfinex maintains a strong association with the stablecoin known as Tether, which has a value of $1 at all times. However, given the history of dishonesty regarding reserve amounts, you might want to rethink keeping a large amount of Tether in your account, assuming that you are willing to keep any at all. Tether continues to assert that the currency is completely supported, but you are responsible for determining whether or not you accept this assertion.

Bitfinex provides a user-friendly environment for trading, and seasoned investors will value the various tools and choices that this platform makes available to them. You may begin by opening a free paper trading account, which is like to playing a stock market game and provides you with access to the Bitfinex platform with play money. This allows you to test your trading technique before ever spending any real money.

The active trading platform that Bitfinex provides includes the typical features such as sophisticated charting tools, an order depth chart and order book view, as well as fast access to purchase and sell supported currencies.

If you are not very experienced in active trading, you could find that beginning with the mobile app is more comfortable. On the other hand, there are a plethora of features designed for more experienced users, such as support for more specific and complex orders.

Additional choices and features consist of automated algorithmic trading, a rich application programming interface (API) for developers, historical price data accessed through the Bitfinex Terminal, margin trading, and derivatives trading.

Another notable aspect of the Bitfinex platform is its low trading costs. The vast majority of deals include a charge of either 0.10 percent for the maker or 0.20 percent for the taker. This rate is applicable to exchanges involving crypto, stablecoins, and fiat currency.

If you keep any amount of the LEO cryptocurrency in your Bitfinex account, you'll be eligible for a fee reduction when you trade.



You can reduce the amount of fees you have to pay if you keep the LEO currency in your account. You will receive a discount of 15 percent on taker costs for crypto-to-crypto and crypto-to-stablecoin exchanges once you have the equivalent of one dollar worth of LEO in your account. If you have at least $5,000 worth of LEO, you will receive a discount of 10% on fiat transactions and a discount of 25% on taker costs for cryptocurrency and stablecoin trades. And if you have $10,000 or more in LEO, you may be eligible for a greater percentage discount, depending on how much you have in your account.

High-volume traders, defined as those who conduct more over $500,000 in monthly business, may also be eligible for reduced transaction costs.

When it comes to the security of user accounts and assets, Bitfinex relies on a number of tried-and-true practices from the bitcoin sector. Two-factor authentication, complex application programming interfaces (APIs) for linking third-party services, withdrawal protection mechanisms, and cold storage for customer assets are some of these.

Having said that, Bitfinex has not always done such a good job with regards to maintaining its customers' safety. In addition to the regulatory problems described above, the firm has also been the victim of repeated hacking attempts, which has resulted in the loss of consumer dollars and confidence.

To begin using Bitfinex, you will go through a signup process for an account that is quite similar to the procedures used by other cryptocurrency exchanges. It is important to note that Bitfinex is not yet accessible to residents or citizens of the United States.

The process of establishing an account begins with the generation of a username and password if you are situated outside of the United States of America.

To comply with anti-money laundering and Know Your Customer (KYC) regulations, Bitfinex asks that you provide your personal contact information as well as two forms of identification that are legitimate and issued by the government in order to establish an account and completely verify your identity. You will also be required to submit a selfie with us, which will serve as further verification of your identification.

Your Bitfinex account is largely a self-service platform, much like the majority of bitcoin exchanges. The most effective approach to seek assistance is to look for the answers to your problems in the frequently asked questions and help parts of the exchange.

In addition, Bitfinex offers assistance by email by way of a support ticket system. In the event that you run into an issue, you won't be able to receive immediate assistance because there is no support available through phone or live chat.

Bitfinex has a rating of 3.3 out of five stars on Trustpilot, reflecting the variety of feedback it receives from previous clients.

The platform and the automated trading architecture are frequently praised in positive evaluations. Complaints focus on the poor answers from customer support as well as the delay in withdrawals. Bitfinex has received higher ratings from customers than many of its rivals, although the vast majority of bitcoin businesses have a poor reputation among users of review websites.

The Bitfinex website and mobile app both provide users with the ability to manage their accounts. The majority of the client account settings may be adjusted by the consumer themselves, much like internet banking.

If you have previous expertise managing online bank accounts, the dashboards and menus of your Bitfinex account will not be difficult for you to browse or understand. Traders who have prior familiarity with active stock market trading platforms or FX trading applications should have no trouble understanding how to use Bitfinex and navigating its interface.

The feedback that Bitfinex receives from its users is inconsistent, and the company's past run-ins with regulatory authorities are alarming. If you live in the United States, you won't be able to use it anyhow, so it would be in your best interest to check out our rundown of the top cryptocurrency exchanges instead. If you are located outside of the United States, you will need to make a choice between a reliable platform with reasonable rates and a questionable background that may have involved breaches of client trust.

Because of the numerous hacks, penalties, and violations that have occurred in the past on Bitfinex, you may want to avoid using it if you are concerned about the possible dangers that are associated with using it. However, if you are ready to take some risks on the site, you may discover that using Bitfinex provides you with a positive experience overall.

Bitfinex is a well-known cryptocurrency exchange that is tailored to the needs of experienced traders. This cryptocurrency exchange supports over 250 different cryptocurrencies, has a number of complex trading options, and has relatively cheap trading costs. It's possible that Bitfinex is a solid choice for seasoned traders, but rookie cryptocurrency investors might want to explore elsewhere.

Since it was established in 2012, Bitfinex is one of the oldest cryptocurrency exchanges that are currently operational. The 100x leverage that this exchange provides to its users is one of the reasons why it has some of the highest BTC/USDT volume in the business. This exchange was created specifically for professional and institutional traders.

Bitfinex is a good platform for experienced traders who are searching for sophisticated options and relatively cheap costs because it allows a number of order types, margin trading, and over-the-counter (OTC) trading. However, you won't be able to purchase it elsewhere in the United States.

Bitfinex was one of the first cryptocurrency exchanges to allow peer-to-peer margin trading when it was established in 2012. It was co-founded in that year by Giancarlo Devasini and Raphael Nicolle. Bitfinex has been the target of many hacking attempts and was only recently punished by regulators in the United States. Despite the fact that this feature helps Bitfinex stand out amid an ever-growing list of rivals, Bitfinex has also been the victim of these attacks.

Despite its long history, Bitfinex continues to be one of the most popular exchanges for institutional investors and professional traders. However, potential consumers should proceed with caution given the history of regulatory and safety concerns associated with the product.

Bitfinex now supports over 250 different cryptocurrencies, including some of the most popular alternatives such as:

Bitcoin (BTC) (BTC)
Litecoin (LTC)
Ethereum (LTC)
Monero (XMR)
Ripple and Dash (DASH)
EOS (EOS)

At the time of this writing, the following currency pairings were the most actively traded ones on Bitfinex:
The exchange rate of Bitcoin to US Dollars (BTC/USD)
Bitcoin/Euro (BTC/EUR)

The Bitfinex panel is easy to understand even for experienced traders. The order form may be found in the left-hand sidebar, which is also where users can pick different markets and view their balances. Traders can use this form to execute trades. The charting tool TradingView, which is quite popular, is integrated into the user interface of the dashboard, which may also be personalized to the user's preferences.

The following financial institutions and third-party payment processors are acceptable forms of payment for customers who wish to acquire cryptocurrencies: bank transfers, wire transfers, cryptocurrency deposits.

The ability to make deposits and withdrawals via bank transfers is restricted to Bitfinex accounts that have been validated. Withdrawals of fiat cash might normally take up to 10 business days to process.

Bitfinex is one of the few platforms that enables shorting of cryptocurrencies and leveraged trading tactics. This makes it a unique trading venue. In addition to the thorough portfolio tracking tools that are provided by the Bitfinex Reporting App, professionals will appreciate having access to services such as these.

The costs charged by Bitfinex are competitive, although they are not the most affordable in the business. Despite the fact that the majority of traders will discover that they are required to pay between 0.1 percent and 0.2 percent each trade, those traders who have big trading volumes may find that their costs approach zero. Users that earn more than $7.5 million in monthly transactions are eligible to conduct free maker trades. Additionally, discounts are available for customers that possess USDt LEO in their accounts.

After experiencing a number of significant security breaches in the past, Bitfinex has strengthened its protocols. Two-factor authentication (2FA) and whitelisting of wallet addresses are also supported, and 99.5 percent of user money are kept in cold storage that requires several signatures.

This marketplace has also introduced continuous account monitoring, which will assist in identifying any potentially questionable behavior. It keeps track of login data as well as IP addresses, and users have the option to freeze their accounts if they have reason to believe that their information has been stolen.

Bitfinex furthermore makes use of a number of back-end security mechanisms, such as protection against DDoS attacks and real-time data backups.

Bitfinex is an exchange that you should think about using if you are a professional trader who deals with significant sums of money.

Users in the following countries are unable to access Bitfinex: Crimea, Syria, Iran, North Korea, Cuba, and the United States.

To get started, go to Bitfinex.com and click the "Open Account" button. After clicking on the button, you will be led to a signup form where you will be required to provide your email address, username, password, and time zone. Following that, you will be prompted to verify your email address. To finish establishing your account, you may do so by following the link provided in the confirmation email.

Your account on Bitfinex has successfully been established at this moment. However, you will be required to setup two-factor authentication in order to increase the level of security on your account (2FA).

You will be required to validate your account before you may deposit or withdraw fiat currencies like as US Dollars or Euros. This process typically takes between two and three days for most customers.

The "Manage Account" drop-down box in the upper-right corner of the screen has options for two-factor authentication as well as account verification. In order to validate your account, you will be required to provide documentation that verifies your identity, name, and address, as well as information on your financial institution and complete a "know-your-customer" (KYC) form.

Bitfinex provides help through email tickets around the clock. A comprehensive help page is the only alternative assistance option that users have access to, therefore this is the sole choice open to them. Bitfinex is not like other exchanges in that it does not provide either a live chat or a chatbot as an option.

Bitfinex offers user reviews that are rated higher than average, despite the fact that it only provides a restricted number of different support alternatives. It is unusual for cryptocurrency exchanges to receive praise for their customer service, which is one of the ways that Bitfinex differentiates itself from some of its rivals. The fact that the firm has responded to several customers' feedback demonstrates its dedication to ensuring that its clients are happy with its products and services.

In addition to its web-based dashboard, Bitfinex also offers a mobile application, which can be downloaded on mobile devices running either iOS or Android. The Bitfinex application programming interface (API) as well as the user's username and password are both acceptable methods for logging in to the app. Advanced charting tools and features, such as the ability to customize order books, are accessible to users on both the web and mobile devices.

At the very bottom of the dashboard is a section labeled "Orders" and "Orders History," both of which are accessible to users so that they may monitor their buying and selling activities.

Bitfinex's costs are competitive with those of its competitors, however they are not the most affordable option. On Bitfinex, the fees that most traders will incur are about 0.2 percent. Compare this to the 0.1 percent fee that is charged by exchanges like as Binance and KuCoin, as well as the 0.6 percent fee that is charged by exchanges such as Coinbase. Bitfinex provides customers with access to more than 250 different cryptocurrencies, making its variety far wider than that of some of its rivals.

When compared to some of its rivals, Bitfinex has earned a greater number of positive customer ratings. Users typically report having great experiences with customer care, despite the fact that the company only has a single assistance method (email ticket).

It is common knowledge that professional traders and institutional investors use Bitfinex as their preferred cryptocurrency exchange. This user base is interested in the various capabilities that are offered by this exchange. In the beginning, you'll have access to features such as up to 100x leverage, numerous distinct order types, and advanced tools for measuring performance.

An exchange such as Coinbase, which provides a more user-friendly interface and fewer complex features and capabilities, may be the best option for those who are just starting out in the world of cryptocurrency trading.

Bitfinex is a cryptocurrency exchange that has its headquarters in Hong Kong and was established in 2012 by Raphael Nicolle. iFinex, Inc. is not only the owner of the bitcoin exchange but also the company that runs it. The cryptocurrency exchange Bitfinex, which is one of the largest in the world and is generally popular with traders across the globe due to its acceptance of a wide variety of fiat currencies and its advanced trading options, recently made the decision to stop providing services to customers in the United States due to issues with banking regulations. Bitfinex has developed its very own proprietary token, which they refer to as UNUS SED LEO (LEO). Users who own the digital asset are eligible for several incentives. Our analysis of Bitfinex will assist you in determining whether or not it is the suitable exchange for your needs.

If you want to get an account on Bitfinex, all you have to do is follow these three easy steps:

Visit the homepage of Bitfinex and click the Sign Up button located in the top right corner.
Before clicking on the button, you will be required to choose a username, enter an email address, choose a password, accept their conditions, select the time zone you live in, and lastly input the captcha. Create an Account
Please check your inbox and confirm your account using the link in the email that was just sent to you.
After you have validated your account, you may sign in to your account.
Accept the terms and conditions of the service.
Install a system known as Two-Factor Authentication (often abbreviated 2FA) or Universal Second Factor (U2F)

In order to begin trading on their platform, you will first need to fund your account. The following is a summary of the several ways that you may do this. Before proceeding, you will be required to complete a comprehensive Know Your Customer verification if you intend to fund your account with a wire transfer from your bank.

Bitfinex has some of the most trading pairs available of any exchange on the market. This includes trading pairs with a variety of fiat currencies in addition to a large number of alternative cryptocurrencies. Over 140 different types of cryptocurrencies are made available for trading on the platform altogether. The following is a list of some of the most important advantages they provide:
Bitcoin (BTC)
Tether (USDT), Ethereum (ETH), and Cardano (ADA)
Litecoin (LTC)
Chainlink (LINK)
Bitcoin Cash (BCH)
Ripple (XRP),  Bitcoin SV (BSV)
Polkadot (DOT)
Stellar (XLM)
Multi-collateral Dai (DAI)
EOS
Classic Ethereum (Ethereum) (ETC)
UNUS SED LEO (LEO)
Tron (TRX) Tezos (XTZ)

Please visit Bitfinex's website in order to view the comprehensive list of cryptocurrencies that are being traded there.

Bitfinex provides users with not only a website for desktop computers but also an app for mobile devices. Linux, OS X, Windows, Android, and iOS are the several kinds of operating systems (OS) that Bitfinex is compatible with. Chrome, Firefox, Safari, Opera, Edge, and Internet Explorer are the web browsers that are supported by them.

The cryptocurrency exchange Bitfinex has a regrettable track record of security breaches. According to the information that was gathered, in 2015 they were responsible for the loss of around 1500 Bitcoin from their hot wallet. It is more likely to be less than that, but there is actually very little information available concerning the issue. Users who were affected have been compensated. Then, in 2016, there was a far larger attack that resulted in the theft of 120,000 BTC. Users who were affected were compensated within eight months, yet this was another another black mark against the exchange. The fact that there are allegations of problems with monies getting held up is the primary reason that they no longer allow consumers from the United States.

In spite of its troubled past, Bitfinex really has a solid reputation when it comes to the safety of its users' funds. They demand customers to set up Two Factor Authentication (2FA) and Universal Second Factor (U2F) on their accounts before they are allowed to conduct any activity on the exchange, even though they offer both of these authentication methods. They only keep 0.5 percent of assets in "hot wallets," which means that hackers have very limited access to the funds even if they are successful in some way. Additionally, they monitor the activities of all users' IP addresses in order to look for any anomalies. They have taken the lessons they've learned from their past failures and are working toward the goal of providing top-tier security, which will make it a secure environment in which to trade cryptocurrencies.

The costs charged by Bitfinex are, in reality, not that high. When it comes to transactions, the maker costs begin at 0.1 percent and decrease all the way down to 0 percent after your trading volume in the previous 30 days reaches $7.5 million. Taker costs begin at 0.2 percent but can drop as low as 0.055 percent once you hit $30 million in trading volume over the previous 30 days. Taker fees are capped at 0.1 percent if the market is closed. When compared to those of other major exchanges, these are relatively reasonable.

There are no costs associated with cryptocurrency deposits; however, withdrawal fees might vary depending on the asset. There is a fee of 0.1 percent applied to both depositing and withdrawing fiat currencies, regardless of the amount; nevertheless, the minimum amount required for either depositing or withdrawing is 60 USD or EUR.

By holding Bitfinex's propriety token, UNUS SED LEO, you may lower the fees that you pay on the platform (LEO). iFinex, the parent business of Bitfinex, makes use of LEO in order to alleviate the budget gap they now have. They throw away the equivalent of 27 percent of the company's monthly income in LEO each month. Owners of LEO tokens receive discounts on monthly fees, commission savings on Bitfinex, and reductions in the costs required to withdraw and deposit cryptocurrencies. The amounts differ depending on how much LEO you retain; nonetheless, you may reduce your costs by holding as little as two LEO, and the advantages increase when you store more than 5,000 or more than 10,000.

Check out our in-depth comparison of Bitfinex and Kraken to get a better idea of how this particular exchange does in comparison to others in its industry.

Bitfinex is not a good location to begin your journey into the world of cryptocurrencies. Due to the fact that they only take bank wire and other forms of cryptocurrency as ways of funding, there is no way to immediately purchase cryptocurrency and begin trading. There are a number of alternative exchanges, such as Coinbase, that are more suitable for people who are just starting out.

On Bitfinex, is it possible to trade precious metals like gold and silver? No, you cannot trade precious metals like gold and silver on the Bitfinex platform.

Has there ever been a breach at Bitfinex? In 2016, hackers stole 120,000 bitcoins from the cryptocurrency exchange Bitfinex. They were able to make good on their promise to pay clients harmed by the issue within eight months, and they were quite forthright about the situation. But they had been hacked before that as well, and in 2015, they lost 1,500 Bitcoins; however, the details around that event are a little unclear in terms of what actually took place. They have been considerably more security cautious than they were in the past as a direct result of the hacks, and as a result, they have not been hacked since then.

Is Bitfinex comparable to Binance in any way? Yes, the Binance Exchange and Bitfinex are comparable in that they both allow for the trading, purchasing, and selling of a wide variety of cryptocurrencies, and they both have their very own unique coin known as Binance Coin or BNB. The only significant distinction is that consumers located in the United States can utilize Bitfinex but not Binance.

Where exactly is Bitfinex headquartered? Both Bitfinex and its parent firm, iFInex Inc., have its operations headquartered in Hong Kong. iFinex Inc. is the parent firm of Tether, another cryptocurrency (USDT).

Is Bitfinex decentralized? Bitfinex is not a decentralized exchange, contrary to popular belief.

Bitfinex is available to anybody in the US, right? No, citizens of the United States are no longer permitted to utilize Bitfinex after the trading platform made a recent adjustment so that they could concentrate on serving their other consumers.

Looking to purchase cryptocurrencies or engage in cryptocurrency trading? It's possible that Bitfinex is exactly what you're looking for. The platform supports more than 200 different currencies and coins and is offered in more than 50 different countries. In this Bitfinex review, we will discuss all of the aspects of the trading platform that make it suitable for seasoned investors in digital currencies.

One of the most prominent bitcoin exchanges is known as Bitfinex. iFinex Inc., the firm's parent company, has its headquarters in Hong Kong but is officially incorporated in the British Virgin Islands.

The website has been online since 2012 and has garnered a significant amount of attention since then. On the other hand, as many evaluations of Bitfinex would forewarn you, the exchange has had a few growing pains along the way.

In 2016, criminals took advantage of a security flaw and made off with several millions worth of cryptocurrency. There have also been allegations that the price of bitcoin is being manipulated, and some have questioned the cryptocurrency Tether's connection to bitcoin.

Nevertheless, any review of the Bitfinex exchange is quick to point out that the website has always compensated consumers for any troubles and has developed into one of the most advanced platforms available. This is something that is brought out in almost every review. Not only does it give complete trading functions, but it also has the most advanced security in the business.

Let's take a more in-depth look at what you may anticipate, beginning with your very first deposit on Bitfinex and progressing all the way up to the cutting-edge Bitfinex margin trading.

The Bitfinex cryptocurrency trading interface is generally easy to use, despite the presence of a large number of functions that may be confusing to novice users. Here is a guide on how to get started with crypto, where to get it, and how to go to trading.

In the beginning, you will be able to open an account by providing a username, selecting an email address, and deciding on a time zone preference. However, until Bitfinex confirms your account, the majority of the functionality will be impossible to use.

To accomplish this, you will need to provide:
Your complete name, address, and telephone number (for additional security)
Two scanned picture identifications (such as a driver's license and a passport) are required.
A comparison will be made between the selfie and the ID.
Proof of address can be shown via a utility bill.

The minimum requirements for basic account status are a photo ID, a selfie, and a phone number that has been validated. On the other hand, this restricts your transfer options to solely cryptocurrencies.

Notably, the Bitfinex exchange is accessible from the majority of nations throughout the world. Exclusions are:
USA
Bangladesh
Bolivia
Ecuador, Kyrgyzstan

The next step is to add some money to your account. The equivalent of ten thousand dollars in US dollars is required to make a deposit on Bitfinex, and there is a charge of sixty dollars. Because of this, the platform is more suited for high-volume traders than it is for beginning traders.

You are able to make deposits by bank transfer in any of the following fiat currencies:

USD , EUR , GBP , JPY , CNH

If all you want to do with bitcoin is buy it at the current market price rather than trade it, you may use a debit or credit card to make the purchase.

Adding your credit card (MasterCard or Visa) and wallet address (if stored outside of Bitfinex) is all that is required to complete the process, and it takes almost no time at all.

It is important to keep in mind that the Bitfinex exchange demands a minimum expenditure of $25 worth of cryptocurrency.

Head to the trading tab and choose the currency pair, which consists of the currency you are now holding and the currency you intend to swap it for. If you keep your cryptocurrency and want to trade it, go to the trading tab.

On the order form, you will need to choose the appropriate transaction type. The cryptocurrency trading platform Bitfinex provides a variety of choices, including:

A standard Market order will be executed immediately at the price that is currently available on the market.

You are able to determine the quantity as well as the price with a Limit order, and the transaction is finished only when the request is satisfied.

An order that may be carried out by clicking at a specific price on the order book is referred to as a Limit (Order Book).

Only when the market price falls below the amount you specify does a Stop order become active; at that time, a standard market order is immediately executed.

A Stop-limit order requires not only a stop price but also a limit price, both of which might be different from one another.

You have the option of selecting a Trailing stop order, which is carried out only when the market moves against you by a predetermined price distance. This provides you with more flexibility over a stop order.

When placing an order with the Immediate or Cancel option, you have the option to have the entire order or a portion of it carried out instantly, with the remaining portions of the order being canceled.

Fill or Kill (FOK) orders can only be completed immediately and in their whole if the price meets or exceeds the customer's preferred price. In that case, they will be canceled.

Scaled orders are a feature that may be used on the Bitfinex exchange. In its most basic form, this is an algorithm that automatically generates several limit orders inside a specified price range.

In addition, you have the option of placing a Hidden order if you do not want your orders to be visible to other users in the marketplace. This has the advantage of not having an effect on the market in question.

Additional order choices that are compatible with the sorts of orders you place are as follows:

One Cancels Other, also Known as OCO, and It Is Visible on Hit Post-Only Limit Reduce-Only Time in Force (TIF)

You may profit from your cryptocurrency holdings even if you don't actively trade using the margin funding feature offered by Bitfinex.

In practice, you will be lending your cash to other traders in exchange for interest payments on the privilege of doing so. You are the one who determines the terms, and when the position is closed, you receive your cash as well as the money from the interest rates that you established. Playing the market strategically is how savvy traders turn a profit.

As was just said, the margin trading that Bitfinex offers is connected to a proprietary peer-to-peer system. With this system, traders are able to use cash provided by cryptocurrency investors.

Users have the ability to trade with a leverage of up to 10x and customize the quantities, rates, and durations as they see fit. You also have the option of opening your position, in which case the platform will automatically try to secure funds on the most favorable conditions it can find.

Your own reports, as well as the numerous charts provided by the exchange, will ensure that you are constantly up to date regarding both the overall cryptocurrency market and the currencies traded on Bitfinex.

You will be able to examine your trade history, current wallet balances, deposits and withdrawals, financing, orders, and more through the reporting part of the website. It is also possible to export reports for usage in environments other than Bitfinex.

The charting tools offered by Bitfinex are among the most advanced currently available on the market. These tools allow users to compare the performance of different cryptocurrencies and monitor the price of cryptocurrencies over time.

If you are new to trading or want to test out a new strategy, the Paper Trading system on Bitfinex allows you to experiment with a simulated marketplace without having to deposit any real cash. This is useful for people who are either new to trading or want to test out a new approach.

The Bitfinex Application Programming Interface (API) allows advanced traders and developers to construct bespoke tools and software to interface with the capabilities of the platform and make use of the data it provides.

This makes it easier to develop sophisticated trading techniques or entirely new user interfaces that are built on top of Bitfinex's existing infrastructure.

The attractive affiliate program offered by Bitfinex enables users to earn up to 55 percent of the fees paid by anyone they suggest to the cryptocurrency exchange.

There are a lot of different bonuses and multipliers, and the referral system goes three layers deep. To put it another way, if you can persuade one person to join the platform and begin trading, then that person will recommend another person, and if the third person joins the platform, then you will receive a share of the earnings from everyone in the chain.

The Bitfinex community crypto token, known as UNUS SED LEO, provides financial support to the firm and contributes to the development of the platform.

Purchasing LEO is similar to becoming an owner of shares in a company. LEO holders not only pay lesser fees but also receive a share of Bitfinex's earnings equal to 27% of those revenues. An effective tactic for long-term users is to keep some LEO in their possession.

It is possible to use Bitfinex on the move thanks to its mobile applications, which are available for both iOS and Android. These are immediately available in the Apple Store as well as Google Play, where they have received a user rating of 3.7/5 and 4/5, respectively.

Each app incorporates the entirety of Bitfinex's capabilities and does not only provide a selection of the platform's features. As a result, you can achieve all that you can do on a desktop web browser by using the application instead.

Everything you need for buying and selling cryptocurrency, advanced trading, lending, or margin trading on Bitfinex may be accessed with only a few touches of your finger.

The reading of charts is the only significant usability problem. On certain devices with a smaller screen, you will need to view them in landscape orientation in order to have the best viewing experience. The fact that this is one of the longest-running exchanges and has increased its security has allowed it to become one of the finest, despite the fact that previous assessments of Bitfinex were less than favorable. Those who are eager to trade large sums of cryptocurrency will quickly fall in love with it, despite the fact that it is not suitable for all users, particularly little novice investors.

High-volume, experienced users have access to all they need, from all potential trading choices to complete API access, on either their desktops or their mobile devices, in order to be successful.


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Since cryptocurrencies joined the financial industry, both trading and investing in cryptocurrencies have experienced a significant uptick in activity. There are hundreds of cryptocurrency exchanges operating in different parts of the world, with the majority of these exchanges being licensed and some being unregulated. Bitfinex is not a licensed cryptocurrency exchange; yet, it is one of the most dependable exchanges since it places a higher priority on the safety of its traders than it does on generating profits. In this review of Bitfinex, we will offer a summary of all the major features so that traders may select the appropriate cryptocurrency exchange for their needs based on the information provided here.

Bitfinex is a cryptocurrency exchange that was established in 2012, making it one of the oldest in the world. The operations of Bitfinex are overseen by iFinex Inc., which has its headquarters in Hong Kong. It is one of the most liquid exchanges in the world, and it deals in digital tokens (Bitcoin/United States Dollar pairings) in addition to seven other significant altcoins, such as Ethereum and Monero.

Bitfinex's early days as a trading platform were not without their share of controversy. Shortly after the platform was established, it was subjected to two hacks, as well as a number of other scandals, including claims of insolvency and price manipulation security breaches. In spite of this, it has managed to become one of the top cryptocurrency exchanges in the world in terms of transaction volume, thanks to the one-of-a-kind features and safety precautions it offers.

Trading on leverage is available through the Bitfinex exchange, and the exchange's proprietary indicators for both long and short positions in Bitcoin supply vital trading signals to other key cryptocurrency participants in the market. In addition to that, the exchange allows for trading in fiat currency as well as deposits and withdrawals.

However, because the exchange is currently experiencing a backlog of applications, it is possible that it may take a new user a considerable amount of time to complete the verification procedure. Traders are eager to utilize the platform for crypto investments and trading, despite the fact that the verification procedure may be lengthy and the records might be volatile. This is yet another factor that supports the exchange.

Although it might take a little bit of time, the registration procedure on Bitfinex is fairly simple and straightforward. It does not call for a great deal of verification unless the transaction is conducted with fiat currency. In addition to that, the website loads quickly and features a user experience that is optimized for mobile devices. In addition, users of mobile devices running iOS or Android can access and navigate a mobile app that is compatible with their device.

Bitfinex's first focus is the safety and security of its users. This is not due to the fact that the platform was subjected to a series of attacks not long after it was launched; rather, the company places a higher value on the protection of its customers. Bitfinex maintains 99.5 percent of its user cash in a cold storage system that is also geographically distributed and has a multisig feature. This is done in order to ensure that client monies are kept safe.

Traders are forced to go through a 2-step authentication procedure whenever they withdraw funds or make changes to their login credentials. The initial layer of security, known as the 2FA (Two-factor authentication) layer, is followed by the U2F (Universal 2nd Factor) layer, which makes use of a physical security key. In addition to this, there is DDoS protection deployed for the purpose of safeguarding the servers, as well as a whitelist of IP addresses.

Users are able to quickly swap Bitcoin, Ethereum, Litecoin, Ripple, EOS, NEO, and a variety of other digital currencies with minimum slippage when using an exchange account with Bitfinex since the account offers a suite of sophisticated order types together with top-tier liquidity. An algorithmic order type dubbed the "Scaled Order" tool is meant to assist users to focus more on the trading techniques rather than spending time entering orders manually by continually entering many orders. This tool is used for repeatedly entering multiple orders.

Bitfinex provides users with access to a sophisticated charting tool that makes it possible for them to efficiently view orders, price alerts, and trading positions. It makes it easier for them to touch and adjust the characteristics of the orders.

Users have access to a trading environment that is both quick and convenient thanks to the fact that the Bitfinex trading platform collaborates with both professional traders and corporate accounts.

The Good and the Bad of Bitfinex:

Suitable for seasoned market participants.
Does not support US customers.
Supports over a hundred different cryptocurrencies.
A high cost of trade.
Ethical repaid all of the damages incurred by traders as a result of the cryptocurrency hack in 2016 that occurred on the exchange.
Not a regulated market to trade on.
A High Level of Liquidity.
Email is the sole method of communication available with the customer service staff.

Allows deposits and withdrawals to be made via bank wires. Does not support deposits made through debit cards, credit cards, or electronic wallets.

The procedure for making an account on Bitfinex is not particularly complicated, but it might take a little bit longer owing to the large number of customers who are seeking to register an account on Bitfinex. As a result, the waiting time to process could take a little bit longer. The following is a detailed walkthrough of the registration process and how to get started trading on Bitfinex:

Users are required to initially log in to the site of Bitfinex and then click the "signup" button in order to initiate the account creation process for the Bitfinex platform. In this section, users are required to provide their email address as well as a password, which should be a combination of letters and numbers for the highest level of protection. A confirmation email will be sent to the specified email address based on the login information, and the users will be required to confirm the email in order to activate their account.

After users have completed the registration process, they will be sent to the verification page. Once there, they will be required to click the "Verification" button and then follow the steps that appear on the screen. After that, they will have to submit some personal data and then later upload a scanned copy of various identification documents supplied by the government.

They can immediately begin trading on Bitfinex without first confirming their personal data; however, if users desire to swap traditional monetary forms for Bitcoin or any other stablecoin, they will be required to verify their identities. Additional documents, such as a bank statement or a signed statement affirming the legitimacy of documents provided by the user, may be requested by the exchange in addition to the user's personal details, proof of identification, and proof of residence. These additional documents may be requested depending on whether the user holds an individual account or a corporate account. Depending on the level of interest, the verification process might take up to two weeks to complete.

Traders will not be able to deposit monies into their accounts until their accounts have been verified and activated. There is a button labeled "DEPOSIT" in the upper right-hand corner of the screen. When this button is clicked, the traders are presented with a menu from which they may select the currency in which they wish to make their deposit, including EUR, USD, GBP, or YEN, amongst others. The processing of the account might take as long as 10 days before it is ready to be used for trading.

After completing this stage, traders will be able to start day trading on Bitfinex. This is the last and last step. They have to click on the button labeled "TRADING," which is located in the upper right corner of the screen. This will bring them to the primary trading section. After that, they will be given the opportunity to choose the currency pair that they wish to trade in. Before customers can place trades, they will, as a last step, be required to input the amount and pick whether or not they wish to execute a "limit order" or a "market order."

Deposits may be made on Bitfinex using a variety of different currencies, including USD, EUR, JPY, and GBP, as well as cryptocurrencies. However, the sole method for depositing fiat currency is through wire transfers. Bitfinex also offers the cryptocurrency known as USDT or Tether, which is a quasi-fiat asset that is informally tied to the price of US dollars. Additionally, free deposits may be made for over 80 different assets, including Bitcoin, Litecoin, Zcash, Monero, Ethereum, Dash, Ripple, and EOS. At Bitfinex, you are unable to make deposits via electronic wallet transfers or debit or credit cards.

Although Bitfinex has a minimum wait period of 12 hours for withdrawals, the process often does not take more than two hours if everything is done in accordance with the rules. Bitfinex demands verified transactions for customers using USDT if they want their cryptocurrency withdrawals processed more quickly.

The following is a list of the fees that Bitfinex requires the traders to pay:

A flat fee of 0.1 percent is assessed to consumers for any deposits made into their Bitfinex account through the use of bank wire transfers. There is a modest cost that is paid for deposits that are made using cryptocurrencies. This fee varies based on the particular currency that the trader intends to use in order to fund his account on the platform.

If traders choose to cash out via bank transfers, they will be subject to a withdrawal fee that is fixed at 0.1 percent of their total withdrawal amount. However, clients who want their withdrawals processed quickly (within 24 hours, for example) will be required to pay a charge that might be higher than one percent of the total amount withdrawn.

When traders want to withdraw Bitcoin from the exchange, they are required to pay a withdrawal fee that amounts to 0.0004 Bitcoin. Bitfinex announced in November 2018 that it would increase its withdrawal fees to 3 percent on all withdrawals via fiat currencies if the user had withdrew more than twice in the previous 30 days or had withdrew more than one million US dollars in the previous 30 days. This change went into effect in November 2018.

Takers and makers are the two types of traders that participate in Bitfinex's fee structure. Traders who execute existing orders are referred to as "market takers," while traders who place fresh limit orders are referred to as "market makers." The costs for takers might be as high as 0.2 percent of the total amount. When compared to the trading costs that are levied by other exchanges like as Coinbase, this one is far more expensive. On the other hand, the costs can be reduced to as low as 0 percent for makers who compensate for the loss, and there are no trading fees levied for big orders that are processed through the OTC desk.

In addition, Bitfinex provides makers with a discount of 0.10 percent on their costs in order to encourage liquidity on the exchange. Then there are the awards, which come in the form of fee cuts, that are paid out to regular cryptocurrency traders. However, in order to qualify for the reductions, dealers must conduct business with a total value of more than 500,000 dollars over the course of a month.

The following is a list of some of the services that Bitfinex, as a cryptocurrency exchange, provides to its customers:

The lending and staking services that are made available by Bitfinex make it simple for customers to lend or stake the bitcoin holdings that they have. Because of this, traders on Bitfinex do not need to possess the technical expertise necessary to run a staking program because the process is carried out automatically by the exchange. A distinct peer-to-peer platform known as "Bitfinex Borrow" enables users to borrow money from other Bitfinex users by pledging crypto assets as collateral. This platform is known as "Bitfinex Borrow."

There are no restrictions placed on the borrowers about how they are able to spend the cash that they have borrowed via Bitfinex Borrow. The loan period as well as the interest rates may be set based on the requirements of the borrower. However, the amount that may be borrowed is subject to an overall maximum of $250,000 and varies depending on the type of collateral that is utilized as well as the quantity of accessible funds in the trader's account. However, in contrast to conventional banking institutions, there is no necessity for a check of the applicant's credit history in order to qualify for the loan. However, there are some conditions that must be satisfied. Because of this, the top cryptocurrency loan service, which is offered by Bitfinex, has garnered a lot of attention from traders.

Bitfinex customers are able to trade with up to 10x leverage by taking use of funding from the P2P margin funding market, which is offered by Bitfinex. Margin trading and margin lending are both services offered by Bitfinex. Users have the ability to automatically create a funding order themselves, allowing them to borrow the required amount at a rate and for a term of their choosing.

Along with margin trading, Bitfinex also provides margin funding to its customers. Traders have an opportunity to earn interest on both fiat currency and digital assets through the use of margin financing, which is a risk-free method. Traders who desire to use leverage might get cash through a practice known as "margin funding." Both the interest rate and the length of time that the cash is provided may be modified by the users themselves. When an offer is about to expire, the 'Auto-Renew' option will automatically renew it for another period of time.

The trading of derivatives on Bitfinex gives traders the ability to speculate on the price of an asset or derivative without having to actually acquire or sell the asset or derivative. Traders who plan to carry out a transaction are required to do nothing more than collateralize their derivatives account with the USDT they already own.

Traders that intend to exchange big sums (say, over $100,000) of bitcoin in private can make use of a service that facilitates over-the-counter trading.

The fact that the customer support team is accessible 24 hours a day, seven days a week, but only by email is a significant limitation for traders who use the Bitfinex platform. However, because the main point of communication between the exchange and its customers is email, the company makes certain that traders' problems are resolved within a maximum of 12 hours after they have posed the questions they have about the exchange.

There is a second Telegram channel where queries regarding general compliance may be sent, and the admin team will respond there. However, in order to eliminate any potential safety concerns, any account-specific questions need to be submitted through the official support ticket system that is integrated into the exchange. Since Bitfinex does not respond to traders' requests for private messaging, traders should not provide their credentials to anyone who makes such a request.

As a result, Bitfinex is considered to be one of the most reliable cryptocurrency exchanges in the world. The platform provides traders with access to a wide list of supported coins, enabling them to purchase or sell the cryptocurrencies of their choice. It is primarily the platform for experienced traders who are skilled in the utilization of high-grade charting tools and has very large liquidity volumes. Bitfinex might not be the best place to begin trading for those who are just getting started.

Bitfinex is a trusted and widely used platform for trading and investing in cryptocurrencies. Bitfinex users are able to do business in a secure and dependable environment thanks to the exchange's use of a number of different security measures. For instance, in order to guarantee the safety of the customers' money, practically all of it is held in a secure location known as cold storage. All of the data, both old and new, are stored on a safe server, and an experienced onsite security staff has been given the job of maintaining the safety of the server, which is also safeguarded by DDoS protection.

Although it lacks regulatory oversight, the Bitfinex exchange is consistently ranked among the best in the world. The corporation is officially established in the British Virgin Islands, although its operations are based in Hong Kong.

Is it possible to withdraw funds from Bitfinex? Yes, traders on Bitfinex do have the ability to withdraw USD from their accounts at their own leisure.

How much time does it take to withdraw money from Bitfinex? At Bitfinex, the processing of a withdrawal can take up to a maximum of 12 hours, although in most cases, it does not take more than two hours.

Which nations are permitted to use Bitfinex? Except for Bolivia, Bangladesh, Ecuador, and Kyrgyzstan, most of the supported nations throughout the world are able to take advantage of the exchange services offered by Bitfinex. Because of the rigorous regulatory rules in the United States, the Bitfinex exchange has likewise stopped serving customers in the United States as of November 2017.

Sites like Bitfinex in the UAE

Here is a list of quality Forex, CFD, Stock and Crypto Brokers for new and professional traders living in the UAE:

 

 

Reviewed by Arpita Singh

Arpita SinghArpita Singh is the main writer at ForexBroker.ae. As a senior investment professional with 10+ years of experience working at top-tier Private Equity and Sovereign Wealth Fund; she is also responsible for fact-checking concepts, reviews, and related details about brokers and exchanges listed on this website. Full Bio.