Bitfinex

History of Bitfinex Exchange

Bitfinex was founded way back in 2012 and is registered as a company in the British Virgin Islands. 

Bitfinex has been subjected to legal regulations and has been fined repeatedly by financial authorities in the US. 

Bitfinex also supports derivatives markets such as futures and options along with the ability to utilize leverage for trading. Perpetual contracts are offered by Bitfinex. The exchange offers margin trading and has unique lending features for its customers. It also offers automated trading and APIs for high-value clients. 

The exchange can be accessed via the site or through applications available via android and apple store. 

Who owns Bitfinex?

Bitfinex is owned by a company called iFinex and JL van der Velde is the current CEO of the Bitfinex Holdings company. 

Regulations of Bitfinex

Bitfinex has been subjected to a lot of regulations and has been asked to stop its services in some countries. Bitfinex is currently available in most countries and a separate entity has been created to serve the US market. 

In addition, Bitfinex may also limit access to some or all features based on the country’s jurisdiction and prevailing regulations. 

What Cryptocurrencies are available on Bitfinex?

Bitfinex supports trading in major cryptocurrencies with over 133 coins supported currently. It offers trading with cryptocurrencies paired with other popular altcoins and fiat currencies such as BUSD, USDT, BTC, ETH, TRX, XRP, DOGE, USD, JPY, EURO, GBP, ALGO, EGLD, LTC, VET, YFI, JST, JASMY. 

The exchange also supports the stablecoin USDT that can be redeemed on a 1:1 basis for the US dollar.  

What payment methods are available on Bitfinex

The Bitfinex exchange supports many payment methods including credit/debit cards, bank transfers, and third-party payment processors.

Credit/Debit cards: Bitfinex allows its users to deposit fiat currencies through debit/credit cards. Both Visa and Master cards are supported on the platform. Bitfinex supports major fiat currencies including the British Pound, US Dollar, Chinese Yuan, Japanese Yen, and Euro. A currency conversion charge may be levied if the transaction currency is different from those supported by the exchange.   

Bank Transfer: Bitfinex supports direct bank transfers in many countries and for the currencies described above. SEPA transfers are supported in Europe.

Third-Party payment processors: The Bitfinex exchange also supports some third-party payment processors such as Giropay, MyBank, Simplex, Ownr Wallet, Mercuryo, Sofort, and Bancontact through which the users can also deposit fiat balance into their Bitfinex account for purchasing cryptocurrencies. 

Investment instruments

Bitfinex offers a range of products and caters to a diverse set of clients through its multiple offerings. These services are described below.

Institutional and Corporate Services: Bitfinex provides the ability to open corporate accounts for high-net-worth individuals and companies. They get the ability for OTC and advanced trading tools. They can also open sub-accounts. However, the corporate account application needs to be submitted separately and approval is at the sole discretion of Bitfinex. The VIP corporate account also entitles users to lower fees, higher-margin and the ability to take loans at reasonable and low rates of interest. 

Lending Services: Bitfinex offers advanced lending and borrowing services that can enable users to put their ideal cryptocurrencies to use. Peer-to-peer lending is also supported on Bitfinex. 

Bitfinex Terminal: It is the native market resource for all things crypto. The Bitfinex Terminal allows users to view market statistics and other content about cryptocurrencies and blockchain universe.

Bitfinex Launchpad and Launchpool: Bitfinex offers advisory and institutional support for businesses looking to offer initial coin offerings of their tokens. The ICO’s can be launched on the Bitfinex Launchpad which provides marketing and the ability to introduce the token early to Bitfinex customers. Through Launchpool, users can stake their Bitfinex Coins (BNB) and other currencies to get free airdrops. It is an easy method to earn a passive and additional source of income in the form of new coins. 

Bitfinex Pay: It is the native payment application solution that can be integrated to accept payments in cryptocurrencies. There are no processing fees and setup is easy. 

Bitfinex NFT Marketplace: Newly launched NFT marketplace powered by Bitfinex where users can mint and earn from their NFTs. It is built to provide support to artists, collectors, and users on a single platform. The Bitfinex Fan token can also be purchased by users to buy their favorite NFTs and get special voting rights for their favorite teams. The Bitfinex Fan tokens are launched through Launchpool by the various teams that Bitfinex is currently supporting and engaging in partnerships. 

Staking on Exchange

Bitfinex allows users to stake 1o cryptocurrencies including some of the most popular ones Tron, EOS, Tezos, Cosmos, Algorand, Solana, Cardano, Polkadot, ETH2, and KSM. Staking can help users to earn additional benefits. Staking on the Bitfinex exchange provides a fixed annualized yield. Bitfinex offers a flexible lock-in period and the user can choose the duration of staking. However, the user must have a minimum staking amount of $0.5 to process withdrawals. 

How to open an account on Bitfinex

You will need to complete Know Your Customer (KYC) procedure to open an account on Bitfinex. The steps involved in opening an account are described below. 

Steps to open an account on Bitfinex:

1. Go to the Bitfinex site and click on the Register button. 

2. Then select your country of residence and proceed to the registration interface. Here, you will need to provide your email ID/phone number and a password that will be used to login into the newly created account. 

3. Click on the agree to terms and conditions button and wait for the verification mail or message. 

4. Clicking on the verification tab will take you to your new account. You will need to provide documentation such as a driving license, passport, or other government-issued IDs to confirm your identity and address. A utility bill and national ID may also be accepted in some cases. This process is known as the KYC regulation and it is in place to prevent the risk of fraud and to ensure that the site is safe for all users. 

5. Once this additional step is completed, Bitfinex will activate your account and you can deposit funds to start trading. 

Customer support of Bitfinex

The customer support of Bitfinex consists of well-trained professionals who will help you out if you get stuck or need some help with an issue. The support section is well doxxed with a range of FAQs that could solve your queries. Bitfinex chat support can also be contacted in case a user needs extra help. Users can also submit a request and get the desired support via email. 

Security of Bitfinex

Bitfinex invests in security and has built a solid reputation among its users. The majority of clients’ funds are stored securely in an offline environment. Users can also secure their accounts through 2FA and by various other measures such as requiring an SMS passcode sent to their mobile phone for every login instance. Email and app-based authentication is also supported by Bitfinex. Bitfinex also stores the majority of crypto funds in offline, multi-signature cold wallets.

Bitfinex also suspends and locks accounts in case unusual activity is detected.