Bitfinex

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Bitfinex is a cryptocurrency exchange trading and currency-storage platform, owned and operated by iFinex Inc. Since 2014, it has been the largest Bitcoin exchange platform, with over 10% of the exchanges' trading.[1] Bitfinex is an exchange with some cool features, such as the possibility to lend and borrow. A "Big Four" bitcoin exchange[2] in the world, Bitfinex trading platform is currently in a beta phase (testing phase). The platform is owned and operated by iFinex Inc. (Bvi), and during this final phase the platform is being prepared to operate under a fully licensed model.

Critics have raised questions about the relationship between Bitfinex and Tether, the creator of a cryptocurrency pegged to the dollar.[3]

Bitfinex'x headquarter is in Hong-Kong - it is Bitfinex Limited., with one of our associate living there.

History[edit]

In May 2015, 1500 bitcoins were stolen during a hack.

In 2016, Bitfinex was the subject of the Bitfinex hack. In it, $72 million in bitcoin was stolen from the company's customer's accounts. Immediately thereafter, bitcoin's trading price plunged by 20%. After learning of the breach, Bitfinex halted all bitcoin withdrawals and trading.

In that hack, the second-biggest breach of a Bitcoin exchange platform, 119,756 units of bitcoin. Significant hacker funds transactions were signed off by Bitfinex's security provider, without full security.[4]

Shortly after the hack, Bitfinex created BFX tokens, which were used to represent customers' stolen equity. The BFX tokens represented $1 and were issued to account for the value of customers cryptocurrencies at the time of the hack. In April 2017, Bitfinex announced they had bought back all of the BFX tokens, essentially paying back all of customers lost funds.

Arthur Hayes (the founder of Bitmex) and others complained about the lack of detail that Bitfinex provided about the hack, saying "There are so many questions about (Bitfinex)... All of this could be easily rectified by just showing all the figures." Der Velde responded that Bitfinex had "been as public and transparent as possible about (the hack) given the ongoing criminal investigations".

Bitfinex Review[edit]

The access to the trading platform Bitfinex is available through a web interface or mobile app. Charts are built using TradingView. This means that you will have access to a wide range of technical analysis tools, such as indicators, Fibonacci tools, trend lines, etc.

The application book is also completely transparent. Although volumes sometimes fall, as a rule, a large number of transactions are constantly carried out with large cryptocurrencies. In order to Fund your account with Bitfinex, you can use a variety of cryptocurrencies. Bank transfers are also accepted. The addition of other traditional payment methods, such as Bank cards, PayPal or Skrill, is not yet known.

If you want to Fund your account in Fiat, you will need to pass the verification. To do this, provide proof of identity, proof of address, Bank statement and signed form in which you confirm the validity of the provided information and documents. In addition to the possibility of replenishment of the account in Fiat no other verification of benefits does not.

Bitfinex charts interface

2017 withdrawal and pricing[edit]

In April 2017, Bitfinex announced that it was no longer able to let users withdraw their funds in USD, Bitfinex and Tether sued Wells Fargo for the decision but dismissed the case few days later. As a consequence, Bitcoins were traded at a price around 100 USD higher than other exchanges[5] as users started buying bitcoins in order to move them to other exchanges and withdraw their funds there.

Shortly after the Wells Fargo cutoff, Bitfinex stated all international wires had been cut off by its Taiwanese bank. Since then, Bitfinex has moved between a series of banks in other countries, without disclosing to customers where the money is stored.

Main Functions[edit]

Bitfinex Review, last news, fees

Bitfinex and Bitcoin exchange[edit]

The exchange part works like any regular bitcoins exchanges: you put your offer to buy or sell bitcoins. When an order is matched against another, it is executed.

The exchange wallet type is used for this feature.

How to use Bitfinex[edit]

Their margin trading feature is unique in the Bitcoin world. Basically, it allows you to borrow funds from lenders (see next feature) to trade bitcoins. If you make a profit, you get the profit and pay the depositor interests. If you make a loss, you reimburse the depositors the whole borrowed amount + interests. [6]

Lending[edit]

Their lending feature goes hand to hand with the margin trading feature described above.

If you don't feel like a trader and/or prefer safer investments, this feature is for you. Bitfinex allows you, using your deposit wallets, to lend bitcoins and/or dollars to traders. You can put offers with your chosen terms (which rates, for how long, and how much).

Currencies[edit]

Bitfinex is a full-featured spot trading platform for the major cryptocurrencies such as Bitcoin, Ethereum, Litecoin, Ripple, EOS, Bitcoin Cash, Ethereum Classic, Monero, Iota, NEO, OmiseGO, Dash, Zcash, Santiment, Bitcoin Gold, TRON, Qtum, ETP, 0x, RCN, iExec, Augur, QASH, Golem, Eidoo, Time New Bank, Basic Attention Token, Status, YOYOW, SpankChain, aelf, Streamr, FunFair, Ethfinex Nectar Token, Decentraland, Aventus, AidCoin, and SingularDTV. The platform offers leveraged margin trading through our peer-to-peer funding market.

Tether[edit]

Tether is an unregulated cryptocurrency pegged to the US dollar. Tether is closely associated with Bitfinex.

Bitfinex Fees[edit]

Order Execution[edit]

Volume Maker fees Taker fees
>= 0 BTC 0.1% 0.2%
>= 500 BTC 0.08% 0.2%
>= 2000 BTC 0.06% 0.2%
>= 5000 BTC 0.04% 0.2%
>= 15000 BTC 0.02% 0.2%
>= 25000 BTC 0 0.2%

Deposits Fee[edit]

  • Bitcoin: 0
  • International wire: 0.1% (minimum $20.00)
  • EgoPay: 0.2% (not include charge by Egopay)

Withdrawals Fee[edit]

  • Bitcoin: 0
  • International wire: 0.1% (minimum $20.00)
  • EgoPay: 0 (not include charge by Egopay)

SWAPS[edit]

Charged on your existing swaps, paid by the liquidity provider: 15.0% (of the swaps generated by active contracts)

Bitfinex News[edit]

The exchange has a special page on the website with the latest news. There is a plenty of information about new features and tokens added to the exchange. Try it free - Bitfinex Announces: https://www.bitfinex.com/posts

External Links[edit]

Bitfinex official website
Bitfinex Twitter

See also[edit]

References[edit]

  1. https://data.bitcoinity.org/markets/rank/all?c=e&t=ae Bitcoinity.org
  2. http://www.coindesk.com/price/ Coindesk BPI
  3. Tether Theft Isn't the First Controversy for Cryptocurrency Firm
  4. Bitfinex Hack: US Regulation ‘Prevented Cold Storage Use’
  5. Bitcoin price
  6. https://bitcointalk.org/index.php?topic=229438.0 Bitfinex OFFICIAL


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