With all of the various Bitcoin exchanges in existence, it is necessary to take a closer look at some of these platforms. BitFinex is one of the most popular Bitcoin exchanges in the world, and they offer a variety of nifty features that experienced traders will enjoy. Moreover, there is also a mobile app available, allowing users to trade wherever they are with their smartphone or tablet.
Similar to nearly every other exchange in the world, Bitfinex does not let users access the trading platform without registering an account. This process is rather simple, though, as they only ask for an email address and password. Once the user is registered and logged in, they will gain access to all of the trading tools offered by the Bitfinex platform.
Although the interface might be a bit intimidating for novice users, it is rather easy to navigate on the platform. Buy and Sell buttons are marked in bright colors and big letters, and a “warning box” will let users know their exchange wallet is empty. Additionally, there is a handy hyperlink to learn more about using the Bitfinex platform, which guides the user through what all of the boxes, charts, and buttons mean. Very helpful for new users, especially when considering no one has to leave the main web page.
Browsing through the Account Settings page, users can determine what type of features they expect to use on the Bitfinex platform. Traders will be able to use margin trading and funding, as well as the regular exchange functions. Exchange users get buying and selling options, as well as margin funding. Deposit users only have access to margin funding. Users can change these settings as they see fit, though.
Additionally, this is also the page where users can enable additional currencies, including BTC, USD, LTC, and ETH. Trading pairs can be selected as well, as all pairs can be traded intermittently. Moreover, users can determine which balance fees are deducted from – either in BTC or USD.
In the Security Center, there are various options to tinker with. Two-factor authentication is a feature everybody should activate as soon as possible, as the platform supports Google Authenticator, Twilio – for SMS verification – and Clef. Other security settings include monitoring of withdrawals by IP, and encrypting all email communication with OpenPGP.
As one would come to expect from Bitfinex, there is a verification process users will have to go through for depositing or withdrawing USD balances. Depending on the account type – Individual or Corporate – additional documents might be needed. All in all, nothing out of the ordinary in this regard.
The mobile application for Bitfinex is available on both iOS and Android, which allows traders to use the platform wherever they go. There is one requirement, though, as an API key will have to be generated for added security. The setup process for this mobile application is very straightforward, and should only take a few minutes at most.
Depending on how active one is on the Bitfinex platform, trading fees will vary. Maker fees start out at 0.10% and can go a slow as 0%, whereas Taker fees start at 0.20% and can go down all the way to 0.10%. Deposits are free of charge – other than bank wires – and withdrawals are free as well – other than bank wires. Margin funding fees have to be taken into account as well, at 15% and 18% of all the fees generated by active margin funding contracts respectively.