🔥 Bitfinex test 2021: broker experiences & rating
Interest in cryptocurrencies has skyrocketed since the beginning of 2021. This is mainly due to the development of the Bitcoin - the "mother of all digital currencies". If the price of Bitcoin was around 20.000 US dollars in December, the cryptocurrency passed the 60.000 US dollar hurdle in March - if you look back from the beginning of May 2021 to May 2020, Bitcoin was able to gain over 550 percent achieve.
About Bitfinex, a Crypto exchange, which has been on the market since 2012, can be invested in over 180 crypto currencies. But is Bitfinex a recommendable platform?
Before making the decision for yourself whether or not to accept an offer from an exchange, it is important to make a comparison. However, a comparison is only advisable if you have been able to clarify for yourself what is personally important to you. We at Bitcoin-News.one recommend the eToro crypto exchange in the vast majority of cases. The fees are very low compared to other exchanges, but the exchange is still very beginner-friendly and offers many cryptocurrencies.
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Bitfinex: a look behind the scenes
Bitfinex is a swap exchange created for cryptocurrencies that came onto the market in 2012. With Bitfinex there was also the first real professional site for traders who have dealt with crypto currencies.
Bitfinex primarily wants to appeal to professional traders who already have experience in the field Crypto trading could do. This shows, among other things, the very high start-up capital - the minimum deposit is 10.000 US dollars.
Anyone looking for information about Bitfinex will not only notice that it is a platform that only wants to address professionals, but has also suffered negative headlines when anonymous hackers more than 120.000 coins Bitcoin cryptocurrency could steal.
A platform for the professional crypto trader
The offer designed by Raphael Nicole and Giancarlo Devasini, is aimed at professional traders who have a high start-up capital or have no problem with putting it into the crypto market. As already mentioned, the minimum deposit is 10.000 US dollars.
Over 180 cryptocurrencies are offered. The homepage is user-friendly, looks extremely modern and scores with detailed and very well thought-out options for adapting the interface to your personal ideas. Bitfinex is also convincing in the area of individuality. And that, too, is a clear sign that you want to address more professional traders. That is also the reason why the tutorial that leads through the individual points is not as extensive as that of other providers. Bitfinex therefore requires a certain basic knowledge before dealing with the crypto market.
Bitfinex provides its own app for mobile devices so that you can take a look at the market while on the move. The app can be used with an iOS or Android operating system.
But even if at first glance there seem to be only positive points, there may also be one or the other weak point: The range of available languages can be expanded and the support needs improvement - on the one hand there are only four languages, on the other hand only the contact form to reach Bitfinex employees.
Due to the fact that here almost 200 cryptocurrencies are listed, you will not only find the well-known names, but can also invest in real exotic products here.
The decision has been made: How does the registration work?
If you feel addressed by the offer and would like to use the service, it is necessary to visit the Bitfinex website.
The registration
If you are interested in Bitfinex, it is necessary to open an account in order to then have access to the offer. In the course of registration you have to enter a user name, then leave an email address and generate a password. After setting the time zone, a captcha text must be entered.
Tip: The password should consist of uppercase and lowercase letters, numbers and special characters in order to have the greatest possible security that the password can withstand a hacker attack.
The first deposit
After registering, the first deposit can be made into the Bitfinex account. In this case, click on "Deposit" - this button can be found in the top right corner. Now you will be redirected to the deposit page. The following payment methods are available here:
- US Dollar
- Tether
- various cryptocurrencies
There is also a private wallet and the website will cache all currencies purchased.
The trade
If the money is available in the Bitfinex account, "trading" is now ready - simply click on the corresponding button and then select the preferred currency pair. Now you can go into the quantity, the type of order and the price.
But you don't just have to use Bitfinex Buy coins, but can also sell them.
The fee model
Whoever deals in Invest in cryptocurrencies If you want to, you should not only think about possible profits, but also take a look at the fee model. Because the fees have a negative impact on possible profits.
First of all, the good news: Bitfinex does not charge any fees when it comes to opening the account or making deposits - that is, the minimum deposit, which is 10.000 US dollars, is transferred 1 to 1 to the Bitfinex account. However, if you want to have your credit paid out, Bitfinex will charge a fee. The amount of the withdrawal fee depends on the crypto currency - due to the fact that there are more than 180 crypto currencies, it may be advisable to inform yourself on the Bitfinex homepage how high the fee can be for one or the other crypto currency.
A maker or take fee is charged for each transaction made. The amount of the respective maker or taker fee depends on the trading volume.
Looking towards security - can Bitfinex be trusted?
One reads from over and over again Hacker attacks. Bitfinex has also been the victim of a hacker attack. Therefore, the question of which security precautions have been taken and whether it is safe to work with Bitfinex may well be justified. Since the minimum deposit amount is 10.000 US dollars, it is essential to clarify in advance what risk there is if you choose the Bitfinex service.
Because the stock exchange has already been hacked once in the past - 120.000 coins of the crypto currency Bitcoin were stolen in the course of the "Bitfinex Hack".
It should be noted that Bitfinex has taken the issue of security very seriously in recent years and has taken appropriate precautions. However, there is no certainty that the stock market will not be (successfully) attacked again - but anyone can Crypto exchange Become the victim of a hacker attack.
Another point that absolutely needs to be mentioned: The crypto market is extremely volatile - That means, it's not just about how secure the platform is, but also which strategy is chosen if you plan to invest your money in cryptocurrencies.
Due to the fact that there are always steep heights as well as rapid crashes, only freely available capital should be invested. Money that has already been “planned”, for example for a summer vacation, for a repair or for the next rental requirement, should on no account be touched. Because if the market did not develop as desired, that would cause financial difficulties.
Communicate with employees using the contact form
As mentioned earlier, Bitfinex may need some improvement in the area of customer support. Even if there is a detailed FAQ area, only one contact form is available when contacting employees.
Due to the fact that a live chat is available on almost every platform these days or a free hotline has been set up, that may be a bit too little. Bitfinex is also active in social networks, but it does not respond to customer concerns here
Online broker and crypto exchange combined? eToro!
If you a) invest and b) also want to speculate with the price development, you can take a look at the online broker eToro. eToro is an online broker, but also at the same time a crypto exchange with an integrated wallet.
eToro is regulated by the CySEC, the Cyprus Securities and Exchange Commission. Not only crypto currencies are offered, but a variety of assets - such as stocks, bonds and commodities.
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The registration process only takes a few minutes. eToro only requires a first and last name, a user name, an email address and a password. PayPal is offered as a deposit method - in addition to the option of topping up the account by bank transfer or credit card.
eToro convinces with a wide range, a fair fee model and also proves to be a very recommendable provider due to the test and experience reports that can be found on the Internet.
Advantages and disadvantages
The high security precautions, the ability to make deposits via wallet and the user-friendliness of the speak in favor of Bitfinex trading platform. Bitfinex also impresses with over 180 digital currencies.
The customer support can be expanded. Another point that should be critically examined is the fact that only four languages are available. The fact that a minimum amount of US $ 10.000 is required cannot be cited as a disadvantage - Bitfinex made it clear from the start that it only wanted to address professionals. And that is perfectly legitimate, even if beginners see it differently.
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The conclusion: is Bitfinex worth it?
Bitfinex is a very interesting crypto exchange. However, and this should also be mentioned here, only for professionals. Beginners should look for another platform. Because the fact that Bitfinex stipulates a minimum deposit of 10.000 US dollars should make it clear from the start that you don't want beginners here.
Frequently asked Questions:
Bitfinex is a swap exchange created for cryptocurrencies that came onto the market in 2012. With Bitfinex there was also the first real professional site for traders who have dealt with crypto currencies.
Bitfinex is a very interesting crypto exchange. However, and this should also be mentioned here, only for professionals. Beginners should look for another platform. Because the fact that Bitfinex stipulates a minimum deposit of US $ 10.000 should make it clear from the start that you do not want beginners here.
First of all, the good news: Bitfinex does not charge any fees when it comes to opening the account or making deposits - that is, the minimum deposit, which is 10.000 US dollars, is transferred 1 to 1 to the Bitfinex account. However, if you want to have your credit paid out, Bitfinex will charge a fee.
eToro convinces with a wide range, a fair fee model and also proves to be a very recommendable provider due to the test and experience reports that can be found on the Internet.