Bitfinex

Bitfinex (BFX) is a major Hong Kong-based cryptocurrency exchange, specialised for trading. It 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.

Most of the major coins are being traded at Bitfinex as Bitcoin, Ethereum, Litecoin, Ethereum Classic, Ripple, EOS, Bitcoin Cash, NEO, Monero, Iota, OmiseGO, Dash, Zcash, Santiment, Bitcoin Gold, TRON, 0x, ETP, Qtum, Golem, Eidoo, Augur, Status, Basic Attention Token, FunFair, Time New Bank, QASH, SpankChain, Streamr, AidCoin, YOYOW, iExec, RCN, aelf, SingularDTV, Decentraland, Ethfinex Nectar Token, and Aventus.

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.

Fees

When it comes to fees, charged by Bitfinex they are relatively fair when compared to the competition. In order to give you a better understanding, we have to clarify exactly how they are calculated. Unlike what you may be used to with most forex brokers, fees on crypto-exchanges are charged, based on what type of order you place.

At low volumes, traders who take the offers of others (“takers”) will pay 0.2% in fees. Those who instead place trades in the order book will pay only 0.1%. Maker fees are waived entirely for accounts which have traded over $7.5m, whereas taker fees may fall as low as 0.1% with sufficient volume.

Pros

  • Low fees
  • High liquidity
  • Advanced trading features and order types
  • Wide range of cryptocurrencies

Cons

  • Has been hacked
  • Not a very transparent company

 

If you’re an experienced trader who’s comfortable around candlestick charts, order books, and margin trading, Bitfinex could be a great option for you. The platform offers a wide array of coins with low trading fees.

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