Bitfinex is one of the oldest cryptocurrency exchanges. It is managed by iFinex Inc.
What is Bitfinex? What Does It Do?
The beginning of cryptocurrencies took place in 2008 with Bitcoin (BTC). Bitcoin was introduced with a whitepaper published by the person or people using the pseudonym Satoshi Nakamoto. Then many cryptocurrencies emerged. With the diversification of cryptocurrencies with investors from all over the world, it has emerged on different platforms. More than 12,000 different cryptocurrencies have started to be listed on many exchanges.
Exchanges listing cryptocurrencies are similar in terms of the service they offer, although they may differ in some cases. Investors use these cryptocurrency exchanges to trade. However, one of the issues that investors care about in the cryptocurrency ecosystem is security. Protection of personal data is important in exchanges listing cryptocurrencies. Investors prefer high-volume and reliable exchanges in cryptocurrency trading. One of these exchanges is Bitfinex. Bitfinex is one of the oldest cryptocurrency exchanges. Founded in 2012, Bitfinex is defined as a trading platform. The Virgin Islands are known as its legal center.
How Does Bitfinex Work?
Bitfinex currently lists nearly 200 cryptocurrencies and has more than 300 trading pairs. It is used by investors from all over the world. In addition, P2P futures lending transactions are also carried out on the Bitfinex exchange. In addition, Bitfinex has trading tools developed based on blockchain technology. It aims to provide users with an easy trading experience. In terms of customer service, it is much more successful than other exchanges. There is an OTC market for institutional investors. Thus, investment and trading services are provided for corporate companies.
The registration process at Bitfinex is a bit long, but it is easy. It does not require much verification unless trading in fiat currencies. In addition, the website has a mobile-friendly interface and is fast. There is also a compatible mobile app for Android and iOS users to navigate. Customer safety is given priority at Bitfinex. The Bitfinex swap account supports a range of advanced order types with top liquidity, allowing users to easily exchange Bitcoin, Ethereum, Litecoin, Ripple, EOS, NEO and various other digital currencies with minimal slippage. Bitfinex supports an advanced charting tool that allows traders to effectively visualize orders, price alerts and trading positions. LEO is the token developed by iFinex, one of the parent companies of Bitfinex. At Bitfinex, LEO is used to empower the community and optimize operations on the platform.
Advantages
- Customer safety is given priority. Bitfinex keeps 99.5% of user funds in a geographically dispersed cold storage system that uses multisig functionality to keep client funds safe.
- It has high liquidity.
- Traders must go through a 2-level authentication process to log in and withdraw. The first level of security is the Two-factor authentication layer.
- It is suitable for professional trading and experienced traders.
- It supports various crypto currency.
Disadvantages
- There are high transaction fees.
- Not regulated.
- The customer support team can only be contacted by e-mail.
- It does not allow deposits with any debit/credit card or e-wallet.
