Bitfinex is one of the earliest cryptocurrency exchanges, founded back in 2012. In August 2016, it suffered a major hack, which at the time was the second largest in crypto exchange history. Despite this setback, the exchange has continued to operate and has shown resilience even during the most challenging times.
Fees
Trading fees at Bitfinex depend on the trading volume over the past 30 days. You can also get additional discounts if you have the LEO token (the Bitfinex exchange token).
Standard fees without discounts:
- Spot: Maker – 0.1% / Taker – 0.2%
- Futures: Maker – 0.02% / Taker – 0.065%
More detailed information about trading fees, discounts, and deposit/withdrawal commissions can be found at the link – here.
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How to use Bitfinex
Step 1: Registration
To register, go to the Bitfinex website: https://bitfinex.com/
Registration on Bitfinex is done using Email. You will not be able to register with a mobile number. You will also need to immediately specify your username (usually your email before the @ sign), password, and country of residence.
After you have specified all the fields, the Bitfinex system will ask you to install Google Authenticator for two-factor authentication (if it is already installed, you do not need to install it again).
Click "Continue" and the page for linking your Bitfinex account to Google Authenticator will open. You need to go to the Google Authenticator app and click on the + icon in the bottom right corner. You can do this by scanning the QR code or entering the setup key generated by the Bitfinex system.
Once you have completed these steps, you will see a six-digit access code in Google Authenticator, and a new one will be generated every 30 seconds.
When you have linked Google Authenticator, the system will notify you and then send a confirmation code to your email. Once you have confirmed your email – congratulations, you have created an account on Bitfinex.
Step 2: Pass KYC
In order to use the Bitfinex crypto exchange, you need to pass KYC verification. This is not difficult to do — the verification goes smoothly.
Step 3: Fund your balance
To start trading, you need to fund your balance. You can do this with cryptocurrency (the most popular method) or with fiat money if you don’t have any cryptocurrency yet.
Step 4: Cryptocurrency trading
Once you have registered, passed KYC verification, and funded your balance, you can start trading on the spot market or the futures market.
Key Features
Loans
Borrow cryptocurrency against the collateral of other cryptocurrency you hold. This is handy when you need another cryptocurrency for a while and don’t want to sell your own.
However, first familiarize yourself with the risks, as crypto lending carries the risk of liquidation or penalties if you don’t repay the loan on time.
Important: To take out a loan, you need to pass second-level verification by confirming your residential address and providing an additional document to verify your identity.
Staking
Stake your tokens for additional income. In fact, Bitfinex doesn't have too many options for tokens that can be staked — for example, Binance offer many more — but the opportunities available on Bitfinex may be enough for you.
API
With the API, you can interact with the Bitfinex exchange through your own systems or integrate it with other tools such as analytics platforms, trading bots, and more. The API is an essential feature of every exchange, designed to make your interaction with the platform as efficient and seamless as possible.
Bitfinex is a pioneer in the cryptocurrency market with all the necessary features for cryptocurrency trading. However, in our opinion, compared to the leaders of the cryptocurrency industry, Bitfinex has fewer features and capabilities, and the exchange’s interface leaves much to be desired. If you have experience with this exchange, be sure to leave your feedback!
open the site Bitfinex
