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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