The exchange has a high trading volume, proper charting tools, and low fees. All the important things for trading bitcoin and cryptocurrency. Whilst first and foremost Bitfinex is a crypto trading platform, it does incorporate three wallets in which you can store your cryptocurrency.
- This will mean that you would need to take the time to understand the platform, meaning that you may be more likely to make mistakes.
- Users on Bitfinex can create a sub-account and select the ‘paper trading’ option to demo trade cryptocurrencies on the platform.
- Millions of Canadians use our site each year to learn how to save for retirement, invest smartly, maximize rewards, and earn extra cash.
- The exchange has implemented TradingView graphs that provide the best tools for technical analysis.
- The order will go to your trading history, and your wallets will be updated.
You can also get access to advanced charting functionality and API access. These features combine to make it a popular exchange with more sophisticated cryptocurrency traders. Bitfinex is a feature-rich platform that has recovered from the hack in 2016. Now it is one of the market leaders and a go-to place for advanced traders. If you’re looking to trade high volumes of fiat currency and other altcoins for cheap, it’s a great exchange.
How Do I Contact Bitfinex?
In its subsequent edit published on February 21st, the WSJ eliminated this section with the view that their previous venture to utilize Signature Bank’s services was unrelated to the investigation. Enoch Omololu, personal finance expert, author, and founder of Savvy New Canadians, has written about money matters for over 10 years. Enoch has an MSc (Econ) degree in Finance and Investment Management from the University of Aberdeen Business School and has completed the Canadian Securities Course. Enoch is passionate about helping others win with their finances and recently created a practical investing course for beginners.
The trading area at Bitfinex is most commonly used by intermediate or expert traders, as the platform offers a good selection of chart analysis tools. In terms of depositing and withdrawing funds, the only payment method supported is a bank transfer, other than cryptocurrencies. As a trading platform for cryptocurrencies, Bitfinex charges trading fees. These vary according to the amounts being traded and whether the user is the “maker” or “taker” of trade (i.e., according to whether they trade by making a new order or by taking an existing order). The maker fees range from 0.1% to 0.0%, while the taker fees vary from 0.2% to 0.055% based on the executed trade volume in the last 30 days. Bitfinex is a large cryptocurrency exchange supporting a large ecosystem of cryptocurrency products and trading options, including spot trading, margin accounts, derivatives, paper trading, and more.
Bitfinex Features
The Bitfinex REST and Websocket APIs are designed to facilitate access to everything Bitfinex has to offer. Software developers in particular will appreciate the APIs power to completely integrate their solutions with Bitfinex’s suite of products. “Maker” means that you create a new order and “Taker” means you accept a current order. This is a common fee model that is used to improve the liquidity of the order book. If you create a new order, the fee is lower as you increase the liquidity. According to the terms of service, the only country which is excluded from using the Bitfinex platform is the United States.
Bitfinex has an unusual policy in regards to fiat withdrawals. The exchange charges a flat 3% fee on all fiat withdrawals above USD 1million in 30 days or starting from the third withdrawal in 30 days. We are not responsible for any action you undertake which results in financial or other types of loss. Therefore you should take all precautions necessary to ensure the suitability, appropriateness and adequacy against your own circumstances.
Bitfinex’s Trading Interface
The withdrawal fees (listed here) vary from currency to currency. Users are charged a 0.1% fee on all wire transfers of “fiat currencies” to the platform. Bitfinex users are able to borrow and trade with up to 3.3x leverage through the site’s P2P (Peer to Peer) margin trading platform. Borrowing terms (amount, duration and interest) can either be determined by the user himself or automatically through Bitfinex. Bitfinex also provides cool mobile apps for both iOS and Android users. One can deposit and withdraw cryptocurrencies and fiat through it and trade other crypto pairs.
But the tools Bitfinex offers make it easy for experienced stock traders to shift to the world of cryptocurrencies. Customers of this trading platform are granted access to a vast ‘knowledge base’ and a ticket-driven https://www.tokenexus.com/bitfinex-review/ customer support system. Bitfinex has improved its overall service delivery and expanded its product offering, thereby earning the exchange moderately good reviews from its online customer base.