Bitfinex claims to be one of the world’s largest and most advanced Bitcoin trading platforms. Bitfinex is headquartered in Hong Kong and specialises in trading crypto currencies. In addition to the Bitcoin, there are currently twelve other cryptocoins that can be traded. A special feature of Bitfinex is that it can trade with up to 3.3-fold leverage.
In addition, Bitfinex also provides its customers with its own cryptocoins, which can be speculated on. The fees are graded according to trading volume and are below the market average when compared to competitors. The crypto coin Exchange was founded in 2012. Since that time, Bitfinex has been able to adapt its offer and, above all, has once again optimised its security systems.
If one is to believe Bitfinex’s own statements, then Bitfinex is the world’s most advanced and best-known Bitcoin exchange. The company is based in Hong Kong and has been on the market for seven years since it was founded in 2012. Since then, the cryptocurrency exchange has grown steadily and now has several million customers. It is pleasing to note that – unlike many other crypto exchanges – only Bitcoin trading is offered. In addition, there are currently twelve so-called old coins that can also be sold and bought, such as ETH, LTC or XRP.
It is worth mentioning that the crypto broker Bitfinex also offers margin trading. Here the customer can trade up to 3.3 times his own capital investment, so that speculations on rising prices can be realised without any problems. Bitfinex is definitely one of the crypto coin exchanges with the highest security standard, which may also be due to an extremely negative experience in August 2016.
This was the time of a hacker attack, in which over 190,000 Bitcoins were stolen. At the time, they were worth more than seven million US dollars. Today, Bitfinex’s security system is one of the most advanced in the industry, including two-factor authentication, customer identification and many other components.
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Bitfinex Fees
The fees are in the lower range, as a maximum of 0.20 percent of transaction costs are incurred. Particularly in the case of very high trading volumes, some customers can even trade free of charge. However, additional fees are charged if you wish to make deposits or generate withdrawals by bank transfer.
Not so nice is the fact that the website is practically only available in English, even though Russian and Chinese are two other languages. Customer service is officially available 24 hours a day, but only via email. With response times of twelve hours or longer, the 24 hours are basically only theoretically spread over the entire day and night. All in all, however, the cryptocurrency exchange Bitfinex is definitely one of those providers that you can choose to trade Bitcoins or other cryptocurrencies without any major concerns.
My Verdict
All in all I like the platform’s functionality since it’s easy and very clearly arranged – when you put an order you see it in the graph which is pretty cool. This feature defers Bitfinex from other Bitcoin brokers.