Cryptocurrency Tools: Bitfinex

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Bitfinex is one of the worlds leading cryptocurrency exchanges and is based out of Hong Kong. It is managed by iFinex Inc, and deals primarily with BTC/USD but also a growing number of altcoins. It is one of the largest exchanges by volume in the world. The service has a fantastic reputation in the community, and is viewed as one of the more reliable cryptocurrency platforms.

Bitfinex users can deposit & withdraw USD, EURO, GBP and JPY directly to and from their bank accounts, with an estimated waiting time of 5-7 days.

The service is available to most countries around the world, except that with very tight cryptocurrency regulations.

Fees imposed by Bitfinex are reasonable. Fees are imposed based on the type of trade made. Buyers have imposed a higher fee than sellers as buyers are considered as taking liquidity away from the market.

In terms of the fees and charges that are applicable at Bitfinex, “Takers” (those who take up the offers) pay a fee of 0.2%. For investors who place trades (Makers), they are charged a fee of 0.1%. In cases where the trading volume exceeds $7.5 million, the Makers fees are entirely waived. Takers fee, on the other hand, can be as low as 0.1% when there is sufficient volume. For short selling, there are also additional fees involved with borrowing which vary according to the cryptocurrency exchange platform peer to peer functionality. In addition, investors as a general rule are not permitted to short sell more than 70% of their entire position.

For security purposes, much of Bitfinexs safety features are kept underwraps by the company. However, following a hack in 2016, Bitfinex changed much of its policies and tightened their security greatly. The hack of November 2016 suffered by Bitfinex which resulted in a loss of 120,000 BTC has severely shaken the confidence of customers in Bitfinex. The hack is considered the second largest hack (after the Mt. Gox hack) in the history of Bitcoin. However, the exchange reimbursed every dollar taken in the event. Bitfinex now stores 99.5% of its clients’ funds in cold storage. Only 0.5% of the funds are kept in hot wallets to provide the liquidity needed for the exchange. The cold storage system is geographically spread out and uses a multisig feature. Traders are now required to go through a two-level authentication process for their login and withdrawals. The first level of security is the Two-factor authentication (2FA) layer. The second layer of security is the Universal 2nd Factor (U2F) that uses a physical security key.

The support on Bitfinex is average for an exchange, with email ticketing only being available, and responses taking up to 12 hours.

Bitfinex is a veteran cryptocurrency exchange, and has taken commendable steps following its 2016 hack. This move went a long ways in restoring the confidence of its users. It is an easy to use exchange, appealing to both newcomers and veterans

Protecting Your Cryptocurrency And Staying Safe on Bitfinex

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