Bitfinex Exchange Review 2023 Pros, Cons & Fees

This includes margin trading and margin funding, as well as limit, stop, trailing stop, market, fill or kill, OCO, iceberg and hidden orders. The company was founded in the British Virgin Islands by iFinex inc in 2012 as a peer-to-peer margin lending platform, dealing in only Bitcoin. It has since expanded to offer a vast range of trading services Bitfinex Review to advanced traders. Tether is a company that pegs is cryptocurrencies to existing fiat currencies (USD, EUR, etc.). Essentially, this company’s digital currency is pegged to the value of the USD and each USDT is backed by a real USD in reserve. This lets you trade USD as if it were a digital currency (instant transfers, no banks, low fees, etc.).

None of the content on CoinCentral is investment advice nor is it a replacement for advice from a certified financial planner. Unfortunately, if you’re living in the U.S., you may be out of luck. Bitfinex recently decided to discontinue service to U.S. residents and have not made any statements on whether or not this decision will be reversed.

Wide Range Of Trading Options

But with its unique features and safety measures, it has managed to become one of the largest cryptocurrency exchanges in the world in terms of high volume. Bitfinex offers a trading fee structure that is based on whether you are a market taker or market maker, and how much you trade in a single month. As you’ll see below, unless you trade more than $500,000 per month, as a taker you will pay a huge 0.2% in fees.

Bitfinex’s active trading platform includes standard features like advanced charting tools, an order depth chart and order book view, and quick access to buy and sell supported currencies. Unlike traditional brokerage firms, cryptocurrency exchanges are not https://www.tokenexus.com/ members of the Securities Investor Protection Corp. (SIPC). Therefore, unless user terms specify otherwise, investors with cryptocurrency assets commingled on a custodial cryptocurrency exchange could potentially lose their funds as unsecured creditors.

After 6 years of service they hold my funds

But as you know, running a crypto exchange is not an easy business to be in. Moreover, being centralized in nature, these exchanges are prone to numerous attacks and hacks. 74% of retail investor accounts lose money when trading CFDs with this provider….