|Home to some of the world’s most sophisticated cryptocurrency trading features, Bitfinex is aware of the varying needs of different customers on its platform...|
|Volume 24h||$1 387 204 084|
|Updated||Monday, April 19, 2021 12:00:02PM UTC|
Bitfinex facts, technical details and Bitfinex information
Home to some of the world’s most sophisticated cryptocurrency trading features, Bitfinex is aware of the varying needs of different customers on its platform. Therefore, we devoted extra effort to developing distinctive features to cater for the various requirements of our customers. For professional traders and institutional customers, we have developed a suite of advanced features to meet the very highest standards.
Bitfinex allows for users to trade with up to 3.3x leverage by receiving funding from the peer to peer margin funding platform. Users can enter an order to borrow the desired amount of funding at the rate and duration of their choice, or they can simply open a position and Bitfinex will take out funding for them at the best available rate at that time. For more information on our Margin Trading feature, please go to How It Works.
The margin funding market provides a way to earn interest on Euro, US Dollar, Bitcoin, Ethereum, Ripple, EOS, Bitcoin Cash, NEO, Iota, Litecoin, OmiseGO, Ethereum Classic, Monero, Dash, Zcash, Bitcoin Gold, ETP, Santiment, and Eidoo by providing funding to traders wanting to trade with leverage. Users can offer funding at the rate and duration of their choice, or they can simply lend at the FRR (Flash Return Rate). In addition users can use our Auto-Renew feature to renew their offers automatically upon expiry. For more information on our Margin Funding feature, please go to How It Works.
Bitfinex is a cryptocurrency exchange, which also provides margin trading. The leverage ratio may seem low to experienced forex traders, but this is due to wild and unpredictable nature of cryptocurrencies. At the time of writing of this review Bitfinex is the largest Bitcoin exchange, in terms of volume.
Bitfinex is operated by iFinex Inc., a Hong Kong based company. Although regulation in the cryptoverse is often times a bit shaky, this company has some history in dealing with the US Commodity Futures Trading Commission (CFTC). Despie claiming they should not fall under any dervatives regulation, Bitfinex did pay a fine to the CFTC rgarding a particular case. Of course, we are talking about the famous hacking scandal.
In August of 2016, Bitcoin worth approximately $72 million was stolen from Bitfinex users, resulting in the second-largest hack in the history of cryptocurrency exchanges. The company reacted accordingly, trying to trace the villains. Simultaneously it issued the so called BFX tokens, to the victims. This represented a pledge by the exchange, to pay back the money, once it has the ability to do so.
An interesting development then followed, as a secondary market for these tokens emerged. Applying a strategy, used by the aptly named “Vulture hedge funds”, the initial bidders were offering 2 cents on the dollar. Obviously the uncertainty regarding the payments was very high, as people were speculating this was the end of Bitfinex. Prices started increasing, with new developments in the story. Eventually the firm paid back the entire debt, at the full promised value (and withdrew all the tokens in the process).
This story raises the credibility of Bitfinex in our eyes. The exchange had a major issue but managed to handle it well. Important Update: As of November 9 2017, Bitfinex will no longer accept US clients in any form. This is most likely the result of a SEC guideline, which suggests all crypto-exhanges will have to at least be registered in a newly created list.
* Crypto Rating accepts no liability for any errors in the Bitfinex information and Bitfinex trade volume. For the most up-to-date prices please visit the Bitfinex's official website.
|#||Exchange||Founded||Rate||Coins||Volume 24h||Change 24h|
|1||Binance||2017||4.7||341||54 116 969 590||28.14%|
|2||Coinbase Pro||2014||4.6||49||4 342 960 485||36.24%|
|3||Kraken||2011||4.5||62||2 991 100 180||36.85%|
|4||Bitfinex||2012||4.4||146||1 387 204 084||61.17%|
|5||KuCoin||2017||4.2||282||2 475 873 413||23.14%|
|6||Upbit||2017||2.9||168||17 014 338 517||7.48%|
|7||Huobi Global||2013||4.3||314||16 066 293 949||50.47%|
|8||OKEx||2014||3.6||242||14 488 406 321||31.87%|
|9||CoinBene||2017||2||113||5 020 717 633||1.95%|
|10||Bithumb||2014||4.2||282||3 557 761 212||4.71%|
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