Bitfinex is one of the oldest exchanges used by millions of traders around the world, and was founded by Frenchman Raphael Nicol. Over time, he handed over the reins of the company to a group of investors, and since then, the company has been headed by Jean-Louis Van Der Velde, who is also the leader of Tether.
Since 2014, Bitfinex has established itself as one of the world's leading Bitcoin exchanges. Based in Hong Kong, the company entered the market in 2012 and has been growing steadily ever since.
Bitfinex was originally a cryptocurrency-to-cryptocurrency exchange. However, over time, it became possible to deposit fiat money on their platform. To deposit and withdraw cryptocurrency, you do not need to confirm your account. On the other hand, it is necessary if you want to deposit or withdraw fiat.
Initially, Bitfinex was an exchange aimed at professional traders, or at least with some capital, since the minimum deposit amount was $ 10,000. But the exchange opened its doors to everyone in 2018, reducing the minimum deposit amount to $ 20. Bitfinex has retained some of its professional trading heritage: the interface is quite simple, and intuitive for beginners.
Bitfinex has a reputation as one of the largest and most advanced cryptocurrency exchanges in the world. Advanced trading features, excellent liquidity and access to altcoins make Bitfinex a platform for serious traders who want to have at hand all the opportunities that will help them make money using cryptocurrency.
Since Bitfinex gets most of its money from Tether, many people fear that the exchange is not as financially secure as it is claimed to be.
Currently, more than 150 digital currencies are available on the platform. In addition to this wide range of available cryptocurrencies, users can also trade with five major fiat currencies: the dollar, euro, pound sterling, Japanese yen, and yuan.
Fees on Bitfinex
Bitfinex's fee structure is quite peculiar and quite expensive. First, trading fees are divided into two categories: commission fees and taker fees. For orders for crypto assets, the producer's fees is from 0.1% to 0.0%, and the taker's fees is from 0.2% to 0.1%.
As for deposits, there is no commission for cryptocurrency and stablecoins. However, for bank transfers, a 0.1% commission is charged, with a minimum commission of $ 60 or EUR per deposit. Thus, Bitfinex is still a platform for advanced traders.
Each digital asset has its own unique structure of the fees for withdrawal of funds.
Two consecutive hacks of the exchange prompted it to improve its security. 99% of users ' funds are stored in cold storage, the rest are on the exchange to ensure its liquidity. Cold storage systems are locked by a multi-signature protocol and distributed across multiple locations.
To protect itself from hacks, Bitfinex turned to the services of a cybersecurity company that regularly conducts penetration tests to verify the security of the platform.
- To own your crypto assets, you need to manage your own private keys.
- Ledger hardware wallets make private key management easy and secure.
- Each unique 24-word recovery phrase creates a new set of private keys.
- Make sure you secure your 24-word recovery phrase properly.