Bitfinex

 

Bitfinex is a Hong Kong based trading platform that was founded in 2012 by Raphael Nicolle. The exchange is both owned and operated by iFinex, Inc. and has managed to work its way to the top of the charts in terms of trading volumes and user activity on the platform.

Bitfinex is one of the largest cryptocurrency trading platforms, and is generally popular with traders across the globe, however, the team behind the exchange recently decided to discontinue providing their services to U.S. customers and focus on their users based in other parts of the world.

The exchange currently handles approximately $2B worth of trades a day, and records 24 hour trading volumes worth around $600m for its BTC/USD pairing, and this represents around 6.27% of the total market.

These high trading volumes are a result of the team behind the exchange focusing on providing a high level of service for traders by utilizing a wide coin selection, low fees, and a comprehensive interface.

The exchange also allows fiat deposits and houses a variety of cryptocurrencies with approximately 72 market pairs active on the platform.

Bitfinex also attracts institutional investors and operates an OTC desk for high value over the counter trades. Despite its success, Bitfinex has also attracted a fair amount of controversy as a result of suffering a number of hacks, and being closely linked to the Tether stablecoin.

 

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  • Functionality – Bitfinex operates a robust, comprehensive, and highly customizable platform interface that is both modern and well designed but generally suited to more experienced users. The main dashboard presents users with a number or tabs and different options whilst a selection of advanced charting tools are also made available. The platform also incorporates Trading View charts and provides a mobile app that is available to both Android and iOS users.
  • Security – Due to its past experience with hacks, Bitfinex place a priority on security and employs many of the security techniques employed by today’s leading exchanges. The vast majority of funds are placed in cold storage with approximately only 0.5% of crypto assets being accessible in hot wallets. The site also utilises database encryption and duplication in addition to DDoS protection to ensure that trading cannot be halted by an external influence. Customer accounts are also reinforced via the use of 2FA, PGP encryption and a host of advanced verification tools designed to monitor changes in account activity.
  • Customer Support – Users are currently served by a support team that is available via email 24/7. The team aims to answer queries within 12 hours, but responses can take much longer. In addition to this, there’s a knowledge base section that covers the most pressing issues alongside other question and answer pages available on the site.
  • Trading Options  A host of trading options are available on the platform including margin trading as Bitfinex allows its users to trade with a leverage of up to 3.3x by using their peer to peer margin funding facility. On top of this, traders have access to a number of different order types such as limit, market, and stop orders. Whilst trailing stop, fill or kill, iceberg, OCO, and post only orders are also available.
  • High Liquidity – Bitfinex continues to rank at the top of BTC/USD trading markets and it currently accounts for approximately 6% of all daily trades with 24 hour trading volumes worth around $600m. Combined trading activity on the platform amounts to approximately $2B worth of trades a day and this high level of liquidity helps its users to trade with confidence in the price stability of coins on the platform.

 

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1 Response

  1. Bitfinex News says:

    Bitfinex joins the list of major exchanges to offer staking rewards, launching with EOS, Cosmos (ATOM), and v.systems (VSYS), with Tezos (XTZ) set to follow in May.
    Designed to provide its users with another revenue stream for crypto assets held on the Bitfinex exchange, the company says its new staking rewards program will enable customers to earn rewards as high as 10% per annum by depositing and holding digital tokens. This is the estimated annual staking reward, however, as Bitfinex states in its FAQs that to minimize the risk that staking will impact a user’s ability to withdraw tokens, it will only stake a portion of the total number of tokens it holds.

    The first assets available for staking rewards include EOS, Cosmos (ATOM), and v.systems (VSYS), with Tezos (XTC) to launch in May.

    Bitfinex says staked assets will be stored securely using its in-house custody solution. Staked tokens will be delegated by the exchange, meaning that they will remain in the platform’s control and are secured in the same manner as other tokens.

    Staking wars heat up
    Current estimates put the total amount of staked cryptocurrency at around $8 billion. Coinbase Custody kicked off the trend by offering Tezos staking services to institutional customers in March 2019, before rolling the service out to retail investors in November.

    This was noted by rival Binance, which then launched a fee-free staking platform for more than half a dozen digital assets running on proof-of-stake networks. A few weeks later, U.S. exchange Kraken joined the party, allowing clients to tap into the rewards offered by Tezos. Leading the pack with the highest value of staked crypto assets is EOS, which represents almost a quarter of the total amount at $1.8 billion. This is closely followed by Tezos, and Cosmos.

    But not everyone in the cryptocurrency community is keen on the development. Some voice concerns that aggregated staking will lead to concentrated governance power and increased centralization. Angel investor Arianna Simpson suggests the trend of centralized players offering staking will result in a “staking war” where the winner—who has the most brand recognition and offers clients the most competitive rates—will not only get the bulk of staking rewards, but also have more sway in network governance processes like voting, and an outsized ability to determine the direction of the network. This could defeat the point of decentralization, especially for smaller, more vulnerable cryptocurrency networks.

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