Bitfinex Reviews:- Bitfinex is a crypto exchange and trading platform. This is made to exchanging your cryptocurrency and trading to get some benefits. If you want to exchange your crypto then you are in the right place.
Bitfinex is located in Hong Kong which is founded in 2012 and operated by the IFine Inc. It’s headquartered is also located in Hong Kong. It supports BTC/USD and the other seven types of cryptocurrency like Ethereum, Monero, Dogecoin, etc.
Bitfinex Introduction
Bitfinex is the world’s Biggest Cryptocurrency exchange since 2014. Its native currency is Tether which is represented by USDT.
Teather is produced by an affiliated company and its value is equal to the dollar. Mean if you deposit 1000 dollars in your Bitfinex account it shows in the form of 1000 UTDT or tether.
Currently, there are 2 billion USDT are under circulation. The Tether company says that they have more reserved currency for circulation but they have not any evidence of that.
Bitfinex Features
Bitinex supports many features, so let’s take some review of its powerful features one by one.
Bitfinex supports large numbers of currency like Bitcoin, Litecoin, Ethereum, XRP and much more. It is peer to peer and high leverage trading platform comparing to others.
In addition, Bitfinex provides trading up to 3.3x leverage. They provide lots of help to there users if they have some problems with trade. They help their users to get more profits in every situation.
Exchange:- Bitfinex allows all users to exchange different types of most popular crypto like Bitcoin, Litecoin, Ethureum, IOTA and much more. They provide the exchange with the minimum exchange rate. Bitfinex provides two different types of tradings:-
Margin Trading:- Bitfinex provides to there user to trade on the 3.3x leverage of margin trading to their P2P networks. They also provide their users to borrow the fund at the current rate.
Margin Funding:- Bitfinex provides margin funding means you can earn interest with your fiat currency and digital assets by funding to their traders to trade with leverage.
Note:- Trade on leverage is risky, but if you successfully trade then it is so beneficial to the traders.
Bitfinex Security
Bitfinex focuses on the security of user funds and personal information. They improve their security day by day and made Bitfinex more securely. Main security are given below:-
Two Factor Authentication:– You can set up two-factor authentication with the help of google account. After setup 2FA you will get a code to every sin up of your account.
Universal 2nd Factor:- You can use physical security to protect your site more securely. This is like an ultra-secure feature.
Deposit and Withdrawal
You need to just a few steps to Withdraw and Deposit to your Bitfinex account.
Deposit
- Firstly, log in to your Bitfinex account.
- Click on the Deposit option on the main page. It is located on the top right sire.
- Select one of them Bank wire, Tether, and cryptocurrency.
- After selecting your cryptocurrency three options comes, choose one of them.
Note: You need to first verify your account with your ID. If you don’t verify your account then you got this message “Your account is not verified. Only verified accounts can request wire deposits/Tether. Please verify your account.
Without verifying the account, you can deposit only cryptocurrencies. You need to verify your account for Bank Wire or Tether deposit/withdrawal
Withdrawal
You can withdraw your coins to an external address through the withdrawal section of your Bitfinex wallet.
- Login to your account if you are logged in.
- Choose to withdraw option on the upper right side of the page.
- Select the currency form the given list.
- Fill the external address where you want to withdraw your coins.
- Choose the amount.
- Select the wallet
- Request withdrawal
Supported Currency
Currently, Bitfinex supports 160 currency. They adding more currency according to time. Some most popular supported currency is given below:-
- Bitcoin (BTC)
- Ethereum (ETH)
- XRP (XRP)
- Tether (USDT)
- Bitcoin Cash (BCH)
- Litecoin (LTC)
- EOS (EOS)
- Binance Coin (BNB)
- Bitcoin SV (BSV)
- Stellar (XLM)
Bottom Line
We have discussed all its features, fee structure and security and much more in this Bitfinex review blog. And we come to that conclusion, it is the best and most useful platform for trade and exchanges. It is also high in trading volume. And it also supports a lot of currencies.
Also, if you want to make a big investment in the digital currency then Bitfinex is best for you.
Hope! This guide helped you understand what Bithfinex is. Apart from this, we also discussed easy steps to deposit and withdraw money from your Bitfinex account.