A Short User Guide
Wanna know how to use Bitfinex? Here’s a short user guide to get you started.
Bitfinex is a crypto exchange providing advanced services for digital currency traders and liquidity providers. Bitfinex is the world’s most advanced cryptocurrency exchange and the world’s largest exchange by volume for trading Bitcoin against the U.S. Dollar. Bitfinex also facilitates the trading of many other altcoins.
Bitfinex is made up of 3 main features:
At the heart of Bitfinex are central limit order books for the spot trade of digital tokens. Users can deposit, trade, and withdraw digital tokens.
Bitfinex allows qualified users to trade with up to 3.3x leverage, receiving financing with the help of our margin funding and peer-to-peer financing platform. When opening a financing position, users can manually enter a funding order to receive the desired amount of financing, at the rate and duration of their choice. Alternatively, users can open a financed trading position and Bitfinex will automatically link them with peer-to-peer financing at the current prevailing rate.
The P2P financing market provides users with a way to earn interest on their digital assets through lending out their funds to other users who want to trade with leverage.
How to Buy Bitcoin
The first thing you need to do after creating your Bitfinex account is to optimise your security settings. Bitfinex provides an advanced range of security features that users can enable to increase their account security and further protect their funds.
As a bare minimum, we insist for all users to create a strong, unique password for their Bitfinex account, and to combine this with Google 2FA. It is extremely important that you note down your 2FA key, made visible during the setup process, saved offline/in a secure location! A failure to do this can, in a worst case scenario, result in account lockouts lasting days.
If you choose to BUY Bitcoin all you need to do is: Select on the Order Type “LIMIT” and type the amount on USD that you prefer to pay for it. On the Order Size (BTC) kind the amount of Bitcoin you choose to BUY and click the GREEN BUY BUTTON.
The modern-day Bitcoin price is $500 but you desire to buy at $450. On the Order Type select LIMIT and below type the amount of $450. If you favor to BUY 1 BITCOIN simply kind on the Order Size (BTC) Box 1 - the place say (How Much?) and then click on on the GREEN BUY BUTTON.
When the market reaches $450 your order will be executed, and that will enable you to BUY only at $450.
NOTE: Also you can follow the above example if you favor to BUY at the present day market fee by Selecting the Order Type “MARKET”.
How to Sell Bitcoin
If you choose to SELL Bitcon, it is the equal as above just instead of BUY, you select SELL.
MARGING TRADING AT BITFINEX
Why do Margin Trading? The answer is very simple; this permit us to exchange with 3 instances the strength of our funding.
For Example: We have 1 BTC and the current price is $500. This will allow us to alternate three instances our original amount. So 1 BTC x 3 = three BTC = $1500.
Margin Buy: We are borrowing USD and we are buying BITCOIN and then we are going to close our role and the specific we get to maintain as profit.
Margin Sell: We are borrowing BITCOIN and we are selling then and when we shut our role we are paying returned and the specific we get to keep as profit.
NOTE: Please be conscious of the Liquidation Price as you can unfastened the entirety very quickly.