BitFinex is a cryptocurrency exchange established by a Hong Kong company. It is one of the largest overseas exchanges in the world and handles over 200 currencies, so you can trade minor coins that you have never heard of. A hacking incident occurred in 2016, but since then we have strengthened our security system and are operating safely. The CEO of Bitfinex is also the CEO of Tether Limited and has a certain track record. The listing of stocks is also very fast.
Company information
Bitfinex is a cryptocurrency brand operated by iFinex Inc. The cryptocurrency trading service will be available in 2013, which is a long-established store among cryptocurrency exchanges.
| Company Name | iFinex Inc. |
| Headquarters location | Hong Kong |
| Business start date | 2013 |
| Capital | Unpublished |
| number of employees | Unpublished |
License
A financial license is issued by the financial authorities of the country and is a permit for conducting a financial business. Without this, you cannot carry out business activities. The countries with strict examination standards in the world are said to be the United Kingdom and Cyprus. The UK Financial Conduct Authority (FCA) has very strict not only license acquisition but also maintenance standards, such as having to compensate up to £ 85,000 per person in the event of a Forex trader’s bankruptcy. The Cyprus Securities and Exchange Commission (CySec) is said to be the second highest screening country after the United Kingdom. So is Bitfinex licensed? At the moment, we have not confirmed the acquisition of the license. I’m a little worried.
Email support
If you have any trouble, you can usually contact us by live chat or email, but the response is very fast. BitFinex unfortunately does not support phone support.
| Inquiry method | Contents |
| BitFinex accepts 24 hours a day, 365 days a year on the official page, so you can send without worrying about the time. In most cases, you will receive a reply within a day. | |
| Live chat | BitFinex is open 24 hours a day, 365 days a year on the official page. Use it if you want an immediate answer. |
Supported language
The following languages are supported (on the official page). It may be a little less than other companies.
- English
- Chinese
- Russian
Withdrawal method
Legal tender is not allowed. Click “Withdraw” from the official top page, select the virtual currency brand you want to withdraw in “CRYPTOCURRENCY”, enter the withdrawal destination address in “Address”, and enter the amount of virtual currency remittance in “Send Amount”. “From” selects which wallet to send money from. Finally, click “Request Withdrawl”, and after two-step verification and email verification, the withdrawal procedure will be completed. Withdrawal fees vary depending on the virtual currency. See below.
| currency | Withdrawal fee |
| BTC | 0.0005BTC |
| BCH | 0.0005BCH |
| ETH | 0.01ETH |
| LTC | 0.001LTC |
| XRP | 0.02XRP |
| NEO | Free |
| Zcash | 0.001ZEC |
Payment method
Legal tender is not allowed. BitFinex does not charge any deposit fees. Click “Deposite” from the official top page and select the cryptocurrency brand you want to deposit from “CRYPTO CURRENCIES”. Get the address of “Exchange Wallet”. When you click “Click to generate address”, the deposit address will be displayed. Please deposit the virtual currency to that address from another virtual currency exchange or wallet.
Account opening
Only one of the following is required to open a BitFinex account.
- email address
Click “OPEN ACCOUNT” on the official website or “SIGN UP” at the top right of the screen. Enter your user name, email address, and password of your choice, and check the Terms of Service box. Enter your security word and click “Open Account” at the end to complete the registration.
After registering with BITFINEX, when you log in, the pop-up “Please set 2-step verification” will be displayed, so let’s complete the 2-step verification as it is. Click “Security Center”. Click “Two-Factor Authentication”. Launch Google Authenticator and read the QR code. Enter the verification code displayed on the app and click “ENABLE”.
Transaction system
The following transactions are possible. Maximum leverage is 3.3 times.
- In-kind trading
- Leverage trading
Transaction fees
Transaction fees are low. There are many cryptocurrency exchanges, and transaction fees vary from free to 0.3%. As a discount, the commission on the transaction amount is often discounted.
| Exchange | Maker | Taker |
| Bitfinex | 0.1% | 0.55～0.2％ |
| Poloniex | 0.15% | 0.25% |
| BitForex | 0% | 0.1% |
| MEXC | 0.2％ | 0.2％ |
| BINANCE | 0.1% | 0.1% |
| bybit | -0.025％ | 0.075％ |
| OKEx | -0.015％〜 | 0.025％〜 |
| FXT | 0.01％〜 | 0.04％〜 |
| BaseFEX | 0.005％〜 | 0.03％〜 |
Currency pair
You can trade over 200 stocks on BitFinex. The following is an example, but you can trade many other coins. Please check the official page as the coins handled may change each time.
| Brands handled |
| BTC |
| ETH |
| ETC |
| EOS |
| LTC |
| XRP |
| IOTA |
| NEO |
| OMG |
| XMR |
Scalping trade
Scalping trades are allowed in BitFinex. However, please be careful. Unlike foreign exchange, the price range of virtual currencies is very volatile. If you go the other way, be sure to decide the withdrawal point. If you go the other way, you may lose all your money.
Automatic trading is at your own risk
BitFinex has no restrictions on automatic trading. However, automated trading carries great risks. When a one-sided trend appears, the unrealized loss becomes large and all the principal is often skipped. Furthermore, in the case of virtual currencies, trends are more likely to occur than foreign exchange, and price range fluctuations are more likely to occur. You may lose all your money in one trade, so please understand before deciding whether or not to do it. Discretionary trading is recommended.
Low risk, low return for beginners
Beginners should not be familiar with cryptocurrency FX yet, so let’s start with low risk and low return.
Whether or not withdrawal is refused
It will be the most worrisome place for traders who actually trade. There is no Forex company that refuses to deposit, but I am wondering if I can really withdraw when I can make a profit. What about Bitfinex, as some companies run away at worst? The patterns of withdrawal refusals from past cases are summarized below.
| Case study | Contents |
| Withdrawal information error | You cannot withdraw if the withdrawal destination is incorrect. |
| Under maintenance | Withdrawals may be delayed during system maintenance. |
| hacking | BTC was stolen worth 2.7 billion yen in the 2016 hacking incident. The operation at that time was confused and the deposit and withdrawal processing was delayed. |
Full support
Since the recent hacking incident, BitFinex has established a security system, so you can trade with confidence.
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