BITFINEX: DESCRIPTION OF THE EXCHANGE SITE

DESCRIPTION

Bitfinex is a Hong Kong cryptocurrency exchange trading platform. For the implementation of financial transactions, there are two vectors of motion: margin trading and exchange work. The site started in the middle of 2012 and in a short time increased its daily financial turnover to several billion dollars.

Rapid popularity came due to profitable offers for margin trading, that is, a trader can realize not only his financial assets, but also take a “credit” from investors. The process of lending to Bitfinex is called a financial leverage. The volume of credit funds is limited and is calculated by the principle: one to three. This means that having on account, for example, $ 200, a trader (using a leverage) can have 600 dollars.

The financial leverage in most cases – cryptocoins. And to guarantee a full refund the funds use a pledge in the form of fiat monetary assets. To use the credit service, you must independently find a lender. Among the exchange offer offers for Bitfinex often there are offers of credit financing for traders, also the user can independently leave a request for a “leverage” in the Bitfinex order list.

Financial leverage is provided with interest for the coin tenant. At the same time, do not forget about the fixed commission for using the exchange for trading. Depending on the type of cryptocurrency and its number, the commission will be retired. More details about commission fees can be found on the official website of the company.

Speaking about the interface of the exchange, it is considered one of the most convenient among competitors. The site does not hang around and you can use the wallet even at the time of active growth or decline in the price of the currency. There is a Russian-language profile, in addition to the Russian language, the user can choose others. The Bitfinex language bar is located in the right corner at the top of the working window of the site. In addition to Russian there is Chinese. It is presented in two versions – modern and traditional.

Bitfinex is designed for cooperation with Asian countries, but after the appearance of the Russian-language interface, the traders of the CIS also reached out to the site. Today, Bitfinex employs more than 250,000 active crypto-traders daily, as well as miners who want to sell coins profitably.

REGISTRATION ON THE SITE

It’s very simple to register on the Bitfinex website, but in order for the trader’s account to be suitable for bidding, and even more so for the financial leverage, you need to undergo additional verification and specify the documentation information to verify the identity.

To start the registration, you need to enter the official site of the Bitfinex exchange site. Address for the transfer: https://www.bitfinex.com/. After logging in, in the upper right corner of the active window, find the “Registration” menu item and click on it. The questionnaire will appear on the screen for completion. It will be necessary to invent and indicate a nickname (the name under which user will participate in the auction), eleven-digit password key-password, as well as the address of an effective mailbox.

Nickname (First name). Prescribed in Latin. Since there are a lot of users registered on Bitfinex, it is most likely that you will need to include fantasy in order for the name to come up and not coincide with those already registered. In order to simplify the task, you can write your real name, and then add a few numbers.

Password-key. The key is made up of eleven characters. The program does not allow weak keys to be registered. Therefore, the password must contain alphabetic characters and numbers (letters should be used, both uppercase and lowercase).

Electronic mail box. It is necessary to specify “Google” mail, because other options do not reach the message immediately. If the user does not have a mailbox on Google – it is recommended to get it before registering.

Verification. After the creation of a personal account, and its confirmation, you need to undergo additional verification of the exchange account. To do this, find the menu item “Verification” in your personal account and enter all information about yourself in the questionnaire fields (passport number and series, city and place of residence, as well as scanned copies or passport photos).

WORK WITH ORDERS

Bitfinex offers its users work with many types of orders. Today, the Bitfinex system supports five types of orders for work, so that each trader can choose for himself the most convenient way to earn money.

1. The closed order type. This order is rarely used, since it has no influence on other users of the stock exchange. All entered data does not pass through the fixation in the general order book of Bitfinex, and is also not available for cooperation with brokers (marketmakers).
2. The limit order type. The user specifies the necessary price and subsequent transactions are available exclusively on the exposed monetary conditions, or at a price higher than originally specified. This type of order, according to statistics, is used most often. The order works automatically. Fixed for viewing and activation in the Bitfinex order book.
3. The “Post Onli” order type. This type will be relevant for those who decide to use the services of market makers. That is, the user, having a large number of crypto assets, does not realize them independently, but with the help of a broker firm. “Post oni” order records provide automatic accrual of interest to the “broker” for the work done. The order is formed by the limit type, that is, the price requested by the trader does not decrease. They are fixed in the Bitfinex order book. If, for the paid market makers, the order is not realized, it automatically disappears from the list in the book and becomes inaccessible to other users.
4. The order of market type. The price for crypto assets is automatically equated to the market price, and the transaction for the purchase is carried out at the average market “tariff”. It is fixed until execution in the Bitfinex order book. This option is used only for stable crypto assets, since coins with a high percentage of volatility can “burn out”.
5. The “STOP” order of market type. The price, as in the previous version, is adjusted to the market, but at the same time the user can set the limiters – the maximum-minimum. In cases, if the rate of the asset put up for trading, falls below the minimum limit – the order is automatically closed. It is fixed in the Bitfinex order book until the limit stops.