1 Level
41 Review
50 Karma
Review on Bitfinex by Arun Kaul
The largest and most advanced cryptocurrencies exchange - Bitfinex
If you are a cryptocurrency veteran or you wish to be more serious about the investments in coins, Bitfinex would be a quite good choice for you. With a large number of coins and trade, functions, the platform offers good trade flexibility.
The issue remains about the verification requirements and limited deposit options. Beginners would find it hard to navigate through the exchange unless they spend hours on learning about the trade functions
Traders have two options when buying and selling coins at Bitfinex. First is regular exchange that has long and short (buy and sell) positions. There are various margin trade functions that you can use, them being:
Bitfinix provide different order types of trading (limit, market, stop, trailing stop, fill or kill, one cancels other – OCO, hidden orders, etc)
* Customizable interface
* Short a cryptocurrency.
* Lending of coins to others
* Powerfull API tools (REST and WebSocket)
In 2016, Bitfinex was hacked by an unknown group of cybercriminals. The incident resulted in $72 million lost trader’s funds, many of which are yet to be refunded. Furthermore, the dispute with Wells Fargo brought about the stop of fiat withdrawals in 2017. Suffice to say, large number of traders have left the platform since until verification allowed the said withdrawals.
Pros
- Cryptocurrency trade does not require verification
- Large amount of coins available at OTC desk
- 21 cryptocurrencies available for trade
- One of the lowest trade fees in the market
- Various margin trade functions available with great security.
Cons
- Geared towards experts, confusing for beginners
- Fiat deposits/withdrawals require verification
- Bitfinex was hacked in 2016
- Limited number of deposit options (bank transfers only)
- Fiat withdrawals are not available anymore for unverified users
