Bitfinex is a Hong Kong-based cryptocurrency exchange. It’s among the largest digital currency exchanges. BFX made news in 2016 after hackers stole digital currency worth$70 million. The exchange has since recovered from the loss and is one of the most formidable players in the industry.
How to Register
You can create an account with Bitfinex by visiting their website or by downloading their App, which is available on Android and on iOS. When you click on the “Sign Up” button on the Bitfinex website, the first thing that you’ll see is a set of terms and conditions. One of this is a warning urging novice traders to keep off. The platform advocates itself as an exchange designed for professional traders. You will be required to tick the boxes under each and every rule, after which you will be taken to the account registration page. Creating an account is easy, just like in any other exchange. To start the process, enter your username, email address, a password and a Captcha.Before clicking on the “Open Account” button at the bottom of the page, make sure you select your timezone from a list under the “Timezone” button.
After signing up, you will receive a confirmation email to complete registration.If you are a first time user and would like to take a tour of the platform before you sign up, the provided demo will be a good resource.
Verifying your account
The next step[ will be to verify your email account. Using the email you received in your inbox, open the provided link to complete registration. As hard as it might appear at first, registering for a Bitfinex account is not a complicated exercise. Log in to your account to access the trading platform.
How to make a deposit
If opening an account was easy, depositing funds are even easier. To start the process of adding funds to your account, locate the “Transfer” button on the right side top corner of the page. Click on “Deposit”. it appears on the drop-down menu.under deposits, you will see various cryptocurrencies that you can deposit into your account. One standing out option on top of the coins in the bank wire. That’s right. Bitfinex allows you to directly make deposits or withdrawals from your bank account to your BFX account. All you need to do is to link the accounts.
If you are not interested in a bank wire, you can select your preferred cryptocoin. A new page with three funding options will appear on your desktop. The three options are; Exchange wallet, Margin Trading Wallet, and Lending wallet. If you are a regular trader, you are better off selecting the Exchange wallet. The other two options are for advanced traders.
Copy the address from the Exchange wallet.The next step is opening your wallet and depositing the digital currency. You will immediately receive a confirmation message. With a funded BFX account, you are now ready to start trading.
How to withdraw from the platform
The withdrawal process is almost similar to the deposit one. First, you need to go to “Transfer” then head to “Withdraw”.The prompts will need you to select the withdrawal amount. To withdraw funds, just paste your wallet address and you are good to go. Security of your coins comes first at BFX. The lock withdrawal address, when selected, makes it impossible for anyone to access your funds even when you account has been hacked. Authorize the withdrawal by clicking on the “Request Withdrawal” button. You will be required to complete an email verification to complete the whole process.
The BFX exchange offers a wide range of benefits to its users, perhaps the reason it’s one of the largest. These include anonymous trading, unlimited withdrawals, a variety of payment options and high trading volumes. It also has a user-friendly interface and attracts no fees for deposits or withdrawals.
BFX’s main criticism stems from the 2016 hack that saw users funds stolen from wallets. While it’s since recovered and is as strong as ever, this is definitely something that can drive new users away. BFX also supports only one fiat currency, the US Dollar.
BFX has continued receiving five start feedback from users. However, some users complain that the platform is limiting the number of new accounts by requiring new users to provide an invitation code to be accepted into the exchange. Others users criticize it for having problems with payments.
By and large, Bitfinex is a solid cryptocurrency. It’s an excellent platform for advanced and large-scale traders. The exchange also supports a total of ten cryptocurrencies, so far the highest number for any cryptocurrency exchange. Overall, It’s a user-friendly platform that offers good customers service.