What is Bitfinex?
Where is Bitfinex located, and what aims does it have? If you know the answer to these questions, you can start working on this platform after completing the registration, verification, and deposit replenishment process. Bitfinex provides its clients with several opportunities to make a profit: for traders – to trade highly liquid digital assets, for investors – to earn on the investment.
In addition to trading with their funds, each user can take advantage of margin trading and speculate on currencies using leverage. Moreover, you can first trade using a demo account. Opening a demo account allows new clients to first test the functionality of the exchange before risking and making real money.
According to Bitfinex review, Bitfinex offers traders and investors more than 100 trading pairs to choose from. The listing includes all the top instruments with high liquidity: Bitcoin (BTC), Litecoin (LTC), Ethereum (ETH), and others. Of the fiat currencies, the exchange supports the Euro (EUR), US dollar (USD), British pound (GBP), Japanese yen (JPY), as well as Tether USDt and EURt.
The most popular cryptocurrency pairs are pairs combined with the US dollar: BTC/USD, ETH/USD, LTC/USD. At the same time, almost 50% of trading operations occur with the participation of Bitcoin. In May 2019, the company launched its own LEO token, which allowed investors to earn 60-70% of their investments at the start.
According to the owners of the exchange, LEO Token not only gives holders advantages in the form of special conditions for margin trading, discounts on Commission, but also will become the heart of the Bifinex ecosystem, which the company plans to develop very shortly actively.
On September 3, 2019, two new derivative products for trading Bitcoin and Ethereum cryptocurrencies appeared on the Bitfinex crypto exchange. Derivatives are paired with USDT and are placed on the platform under the tickers BTCF0/USDt0 and ETHF0/USDt0. Bitfinex representatives note that their derivatives are intended primarily for hedging risks and not for gambling, as on the BitMEX exchange. It is worth noting that the new product has not been accessed by users of the United States, Canada, Switzerland, and Seychelles. Now, you know an answer to “What is Bitfinex?”.
Novice traders often ask how to buy on Binfinex and what fee should be paid. Platform commissions when buying or selling cryptocurrency are charged on the principle of market-maker and market-taker. Makers who place orders pay a lower commission than takers who buy out an open trade. So, the maker’s trading commission on Bitfinex starts from 0.1%, the taker’s commission – from 0.2%.
The Commission amount is directly affected by the total trading volume over the past 30 days: the higher it is, the lower the commission. Thus, the trading commission on Bitfinex can be reduced to 0%. The platform does not charge any fees for depositing funds, so that you can top up your account with any cryptocurrency for FREE. Withdrawal Bitfinex fees depend on the currency. For example:
- Bitcoin — 0.0004 BTC;
- Litecoin is 0.001 LTC ;
- Ethereum — 0.00135 ETH;
- Ethereum Classic-0.01 ETC, etc.
You can find all Bitfinex commissions on the website in the Fees section. The platform also charges a commission for account inactivity. If during the year the user does not make purchase and sale operations on the website, then $5 is deducted from his/her balance every month.