Bitfinex Review: Competition between cryptocurrency exchanges is getting fiercer. With dozens of platforms available, it is difficult to determine which is the most suitable for the needs of each user.
This time we will review Bitfinex. This exchange platform was born in 2014 and has become one of the most popular. Is it still a safe and reliable option for sportsbook bitcoin? Here we explain everything you need to know and how to use it with your casino.
Registration and Account Verification at Bitfinex:
Bitfinex registration was disabled for several months in 2017. However, it has been activated in early 2018 and to date continues. To register, visit the Bitfinex website and click “Sign Up”. Read the terms and conditions, check all boxes and click “Proceed” if you agree: Then, you must fill out a basic form with your personal data to register.
Create an account- Bitfinex Review:
Once you complete the registration, you will receive an email with a verification link. Use it to check your email and log in normally. The system will direct you directly to the deposit section. However, you will need to verify your account first. To do so, hover over your profile icon and select “Verification”. Then click on “Begin Verification”.
Bitfinex Review Verification:
The verification process is standard and you will need to type of account (individual or company), personal data, what operations you will carry out with your Bitfinex account. Also, you will need a copy of 2 valid documents, account statement and another document that verifies your address.
Due to high demand, the verification process can take up to 6 weeks to complete. Bitfinex is one of the exchanges where the verification process is more complicated. Also, the waiting time makes everything more tedious.
Bitfinex different from other exchanges:
One of Bitfinex’s most interesting services is leverage. Although it is a highly risky tool, it can also give great benefits if the market moves in your favor.
Leverage is a kind of loan that the exchange gives the user so that the user can operate with positions larger than the amount in their account.
More clearly, it is a multiplying factor that allows us to operate with double (1: 2), triple (1: 3), or up to ten times (1:10) our capital. If the asset goes up, the profits are multiplying by that factor.
If instead, it goes down, the losses are also multiplied by that factor, therefore, you could lose your amount very quickly.
Another positive advantage of this exchange is its advanced trading platform. Bitfinex provides us with a platform with a variety of graphical analysis tools, advanced trading options, and a clean and modern interface. Added to this is a very optimal performance that makes the trading experience excellent.
Bitfinex is not a recommended platform for beginners. If you are a trader who intends to trade large amounts of money, then Bitfinex can be an excellent option. In order to start trading, Bitfinex requests that the user deposit the equivalent of at least $ 10,000 (USD). This is a very large sum for those who are just exploring the terrain of cryptocurrencies.
Bitfinex has another limitation regarding the accepted means of payment. You can deposit funds in fiat money using only bank deposits. The other methods are deposits through cryptocurrencies: Tether (equivalent to the Dollar or Euro) or a selection of cryptocurrencies, as shown in the figure above.
Pros and Cons of Bitfinex:
– The large volume of transactions: high liquidity and smaller spreads.
– A very secure platform that has responded to its clients even in the most critical moments.
– Its cryptocurrency portfolio is very varied.
– Competitive commissions, especially if you operate with large amounts of money.
– You have to make a deposit of at least $ 10,000 to start trading.
– You can only deposit funds in cryptocurrencies or through a bank transfer.
– Being a site in such high demand, it is not always available to register.
Fees and Commissions:
Despite having several obvious downsides, Bitfinex does have quite competitive rates.
Commissions for opening and closing orders apply according to the type of operator that you are: buyer (taker) or seller (maker). They also vary according to the amount of said order. Trading fees range from 0.020% to 0.2%.
Is Bitfinex Review a scam?
Definitely not. Bitfinex is one of the safest exchanges on the market. Its multiple regulations make it a very safe and reliable option in a market as sensitive as that of cryptocurrencies.
Few have been able to respond to computer attacks like the one suffered by Bitfinex, a platform that returned all the funds to its users. This gives an additional sense of security and tranquility. There are different opinions about Bitfinex, but most users respond positively to its services.
Fund Deposit Fees:
All deposits equivalent to more than 1000 USD in cryptocurrency are free. In case the deposit amount is less, a minimum flat rate will charge (e.g. for BTC deposits below $ 1000, the fixed rate is 0.0008 BTC). Bank deposits have a commission of 0.1%.
Withdrawal fees are low compared to other exchanges. Fixed fees charge for withdrawing funds. For the most popular withdrawals:
- Bitcoin: 0.0008 BTC.
- Ethereum: 0.0027 ETH.
- Litecoin: 0.001 LTC.
- NEO: free.
- Withdrawal to bank account: 0.1%.
- Express withdrawal to bank account: 1%.
Bitfinex Review Conclusion:
Bitfinex is one of the best cryptocurrency platforms, but its target audience is traders who will be conducting trades with large amounts of money. If you are an experienced user who will invest large sums of money, Bitfinex is undoubtedly one of your best alternatives.
It is important to be aware of the result of the Bitfinex audience. If everything goes well, we will be in front of one of the best exchanges. The regulation and the possible positive result of the audit are reasons to believe that Bitfinez is reliable and safe.