Bitfinex is a cryptocurrency exchange platform based in Hong Kong. Since its inception, it has steadily expanded to establish itself as a full-featured cryptocurrency exchange with millions of traders across the globe. Bitfinex daily trade volume average is $1 billion. It supports trading in altcoins and a full range ewallet services.
Offers advanced trading options
High liquidity on cryptocurrencies
Provides a customizable user interface
Offers wide variety of order types
Bitfinex was hacked in 2016
USD payments are restricted
Not suitable for beginners
Bitfinex supports trading of a wide range of digital currencies including Bitcoin, Bitcoin cash, Bitcoin Gold, Ripple, Neo, Zcash. Aventus, Eidoo, Qtum, Dash, Etheruem Classic, OmiseGo, Metaverse, EOS, Ethereum, Monero, IOTA, Litecoin and Streamr.
Bitfinex platform is available worldwide except for the US.
Although Bitfinex earlier allowed USD as a payment method, it has since withdrawn the option and restricted payment methods to cryptocurrencies only.
Bitfinex utilizes a tiered structure to determine transaction costs. The tier structure is based on trade volume in the last 30 days and whether the trader is a marker or taker. Transaction costs range between 0%-0.2%. Deposits are free of charge except for wire transfers while withdrawals are charged depending on transfer time and the amount being withdrawn.
In 2016, Bitfinex fell victim to security breach whereby 120,000 bitcoins valued at $72 million were stolen. The company compensated all the affected traders. It has since put in place stringent security measures. 99% of customer funds held in clod storage. Users use a 2-factor authentication process to log in and make withdrawals. Furthermore, email encryption has been put in place to monitor withdrawals by their IP address. A new withdrawal request is locked for 24 hours until it can be authenticated. User information is encrypted to ensure their privacy.