Bitfinex: The future of crypto trading

Gone are the days when cryptocurrency trading was exclusive to elite and tech-savvy investors. Now, even the most inexperienced person can easily learn how to navigate the crypto sphere thanks to user-friendly exchanges. 

There are a lot of platforms to choose from depending on your transaction needs and one of which is Bitfinex exchange. Can it rival top-performing crypto platforms like Coinbase, Binance, Gemini and CashApp? Find out about the sophisticated features and innovative services of Bitfinex here at BTC Post!

Bitfinex exchange: Where it all started

In 2012, Raphael Nicolle founded Bitfinex that offers Bitcoin trading and lending options. During that time, he was an IT specialist based in Paris. When he was swept with cryptocurrency and the rising popularity of Bitcoin, he started the exchange on his own upon realising the potential of the market.

Bitfinex was a one-man company when Nicolle was at the helm but by 2015, he handed the chief technology officer (CTO) role to Paolo Ardoini, a cryptographer and finance expert. Currently, Bitfinex exchange is owned and operated by iFinex Inc., under the leadership of Jean-Louise van der Velde who is also the chief executive officer (CEO) of Tether cryptocurrency. 

Originally, the platform was utilised for peer-to-peer trading with lending opportunities for Bitcoin traders. As technology became more sophisticated, Bitfinex transitioned to become a centralised trading exchange for a wide selection of cryptocurrencies and stable coins. 

State of the art features Bitfinex offers

When looking for an exchange, the first thing you need to learn about is its features. The Bitfinex platform boasts innovative features that crypto investors and traders can fully utilise. 

Trading exchange

Having access to high liquidity order books is important in cryptocurrency trading since it ensures a low spread on the best bid and asking price. Bitfinex exchange offers the most liquid books in the market and has a high volume trading that’s beneficial for advanced traders. 

Additionally, the interface is easy to use and allows users to seamlessly exchange different cryptocurrencies like Bitcoin (BTC), Ether (ETH), Tether (USDT), Tezos (XTZ), and Tron (TRX) among other digital currencies currently available for trade on the platform.

Margin trading 

Maximise your trading with 10x leverage offered in Bitfinex margin trading. You can receive funds from a peer to peer margin funding platform by entering an order and buying your desired funding amount. 

Moreover, you can open a position to let the platform provide you with options that are best suited for your trading and funding capabilities. 

Margin funding

Users can also lend funds securely and with leverage using the margin funding. This way, you can earn interest on both fiat and cryptocurrencies through the Peer-to-Peer Funding Market available on the platform. 

Moreover, you can lend funding from your Bitmex assets across a wide range of currencies that the platform supports. The site also allows you to set the rate and duration of the lending. You can even use the auto-renew option to automatically set the offers on your account. 

Crypto futures and derivatives

Bitfinex also offers derivative products in the form of futures contracts. It’s a form of commitment between two parties to either buy or sell an asset on the platform at a predetermined date with a set price. This means that users can wager on the future price of an asset with leverage to profit without upfront funding. 

For you to utilise and trade the futures contracts, you’ll have to collateralise the derivatives with USDT. You can utilise up to 100x leverage for derivatives using this feature. 

Affiliate program

Grow your crypto earnings differently by joining the Bitfinex affiliate program. You can earn up to 55% of fees and incentives with invite links that you can send to your social circle. 

This feature allows you to grow your earnings through referrals with up to 3 degrees of connection. The more direct your connection is, the higher your incentives will be. When these referrals perform certain actions on the exchange, you’ll receive a percentage from their trade and margin funding fees.

Paper trading

Prices of various digital coins can soar or drop in a matter of hours in the crypto market. To help users navigate the volatility of the market, Bitfinex allows test trading strategies in a simulated platform without depositing cryptocurrencies through the paper trading feature. 

This can be a helpful tool for beginner traders who are yet to understand the crypto market. The feature allows you to study the trends and help you decide on what the best course of action is for your transaction on the platform. 

Why you should start trading at Bitfinex Exchange

Now that you’re familiar with what Bitfinex can offer, it’s time for you to start trading! The first thing you need to do is create an account through the browser application or the mobile application. 

Advanced security right from signing up

As you set up your Bitfinex account, you’ll be asked to provide a password as part of the security process. The platform utilises Google’s Two-factor Authentication (2FA) to improve the security of your account and prevent it from being compromised by malicious hackers. 

You can also set up a withdrawal confirmation phrase for your account to make sure that you are permitting the action. Moreover, the platform also encourages its users to lock withdrawals as an added security measure when an unregistered IP address is used. 

Easy deposit and withdrawal process

To get started in Bitfinex, you’ll need to deposit a sufficient fund before you trade. This can be through fiat currencies including US Dollars (US$), Euro (€), British Pound Sterling (£) or Yen (¥).

Whenever you are depositing and withdrawing funds via bank transfer, there is a fixed fee of 0.1% on the total amount. On the other hand, topping up your account using the platform’s supported cryptocurrencies charges you lower fees in comparison to fiat. 

Lower Bitfinex exchange fees

The exchange offers competitive fees for users. Fees highly depend on the account’s actions and follow the maker-taker fee model. Takers are those who fulfil existing orders while the makers are the investors that place new limit orders. 

Bitfinex can charge you a 0.2% rate to fulfil your order but can drop the fee for larger maker orders. You can also check the website’s complete list of fees to completely learn about the fees for certain types of actions. 

Become an advanced trader at Bitfinex!

The Bitfinex exchange is one of the best and most trusted crypto exchanges for top crypto traders. Its competitive rates and sophisticated interface are full of tools that you can utilise for better crypto trading and growing your assets. 

This is the perfect exchange for advanced traders since it has a lot of order types and added features such as margin fund, margin trading and affiliate program. If you’re looking for a platform that can give you leverage and better options for trading and earning crypto profits, Bitfinex is the right one for you.