Review on Bitfinex by Danh Huỳnh Ngọc Công
Bitfinex is an exchange for everyone
Although it has been through 2 security compromises, Bitfinex is certainly a good plafrom to trade cryptocurrency. It offers many good features, payment methods, good designs and very good fees. Trading on this exchange will give you a very professional experience. Besides security, some minor errors should be addressed so it is more attractive to a lot of users
Updated 5 years ago
Rating has not been changed
Negative point: The website supports too feel languages causing some inconvenience during the experience for users from many countries
Pros
- - They allow traders to use many mode of trading. This is one of the most interesting thing that attract many users to this exchanges. Using Bitfinex, traders can use many modes, including limit orders, market orders, stop limit orders, trailing stop orders, take profit orders or some other functions such as post-only, hidden order, iceberg order, fill or kill, good till cancel, immedate or cancel, OCO. It is really useful and great for mass adoption as many types of users will get their favorite trading modes
- - There are 229 trading pairs in total in this exchange. Users can trade a lot of popular cryptocurrencies on it. Besides, cryptocurrencies, Bitfinex also support many types of fiats which is more than awesome
- - The design of Bitfinex platform is very simple but also very professional. I like the way they arrange the place of the features to make it more convenient for users
- - It allows users to use demo mode so that they can try most of the function before really join the platform
- - They offers OTC trading on their exchange and that's great. Fiat and cryptocurrency can be traded against each others and it is especially useful when people want to cash out from the exchange
- - Users can do leverage X3 to maximize their profits. This is a great feature that help Bitfinex to compete with other exhcange
- - Now traders can make money on the go with Bitfinex as the exchange offers a mobile app on both Android and iOS
- - It is free to deposit cryptocurrency to the exchange. No fee for anything will be changed when users send their assets to Bitfinex
- - Withdrawal fee is extremely low so there is no worries that the funds will be stuck on it
- - They host an IEO platform called Tokeniex. This platform has successfully introduced two projects to the public and they were very hot
- - Trading fee is from 0% to 0.2% based on the trading volume of the user accounts
- - They separate regular users to professional users to make it easier for trading
- - Users does not need do KYC/AML if they prefer cryptocurrency trading
- - Its volume is extremely high and the liquidity is ensured
- - User funds are kept safely in cold wallet. Funds will be compensate if the exchange got hacked
Cons
- - One of the most controversial issue about Bitfinex is that it joined its hand with Tether to manipulate all the cryptocurrency market. Until now, there is no concrete evidence shows that this is the truth; however, Bitfinex will have to face a one of the biggest challenges regrading legal issue. Users should be very careful with this exchange and try to diversify their favorite trading platform
- - The exchanges faced many considerable hacked in its history; including the hack in 2015 and 2016. The total value of stolen cryptocurrency is $73 millions. The security of the exchange right now is a big question
- - Its is very hard for me to create an account on this exchange. I logged in with an old account and fail, then I chose to registered a new one. When I logged in with the new account, the website banned me temporarily. This is so awful as they cannot distinguish a legit users with some hacky bots. I used to use it in the past, but now it is so problematic even in the first stage
- - They only support their users on email, which is very frustrating while other exchanges offer their support with email, phone and even chat box
