Bitfinex information
Description
Bitfinex.com is one of the oldest and largest crypto exchanges and has been around since it was founded in 2012. The trading platform offers over 250 trading pairs in addition to regular trading functions such as margin trading, margin funding and derivatives.
About the company
Bitfinex is owned by iFinex Inc. with registered office in the British Virgin Islands and headquarters in Hong Kong. The CEO is JL van der Velde, the CFO is Giancarlo Devasini and the CTO is Paolo Ardoino. As a comprehensive trading platform, Bitfinex offers deposits and withdrawals via bank transfer (USD, EUR, GBP, JPY, CNH) and via Crypto.
Usability
The Bitfinex website is easy to use for beginners and also offers more complicated order types, detailed price charts and an API for professionals and institutional traders. In addition to the website and API, there is also an app for IOS and Android. The app is connected to the Bitfinex account via an API key and enables almost all functions of the website in a partially simplified form.
Fees
Like most crypto exchanges, Bitfinex offers volume-based fees. The amount of the fees is available on bitfinex.com broken down by action and currency and are fair in comparison with other exchanges. The only restriction is the minimum amount of 60 USD or EUR for each deposit and withdrawal via bank transfer.
Questions & answers
We have summarized the most important questions and answers about this provider for you and tried to answer them.
- What is the relationship between Tether and Bitfinex?
- Which cryptocurrencies can be traded on Bitfinex.com?
- Which fiat currencies can be used for deposits and withdrawals?
- How secure is Bitfinex.com?
- Is Bitfinex.com reputable?
What is the relationship between Tether and Bitfinex?
Stablecoin Tether and Bitfinex largely share management (CEO JL van der Velde, CFO Giancarlo Devasini and General Counsel Stuart Hoegner). So you can say they are closely connected.
Which cryptocurrencies can be traded on Bitfinex.com?
Bitfinex.com offers over 250 trading pairs. The active markets can also be viewed using Coinmarketcap.
Which fiat currencies can be used for deposits and withdrawals?
US dollars, euros, British pounds, Japanese yen and Chinese yuan are available for deposits and withdrawals via bank transfer. The yuan is CNH (offshore), not CNY (onshore), due to the headquarters being in Hong Kong.
How secure is Bitfinex.com?
Apart from the use of cold wallets for the crypto holdings of the exchange itself already mentioned, Bitfinex.com offers comprehensive security options for its end users. Two-factor authentication (2FA and U2F) can be used for security-relevant processes such as login, the creation of API keys and payouts. The creation of API keys allows granular access settings, for example to only grant informal access to the stocks, but not to allow trading in them. Furthermore, use can be made of whitelisting for payment addresses and optional email encryption with OpenPGP. Together with the recommendations displayed in the account, this results in a well thought-out security concept.
Is Bitfinex.com reputable?
Bitfinex is one of the oldest exchanges in the crypto space and has survived several major hacks. Even if Bitfinex is registered in the British Virgin Islands, there is a European contact in Paris. In addition, Bitfinex says it only holds approx. 0.5% of its crypto assets in hot wallets and – especially in comparison with other trading platforms – has a very good ratio between the stated 24-hour volume and the open interest on the exchange. This indicates a long-term sustainable business model. We can answer to the question of Bitfinex's legitimacy in the positive.