Bitfinex is an exchange that is at number eight in Coinmarketcap ratings of cryptocurrency exchanges based on daily volume at the time of writing. It is one of the older exchanges and has been operating since 2014 with a very respectable rating of 7.2 out of ten in the exchange score. It is based in the British Virgin Islands, has competitive trading fees and an interesting variety of coins. It currently offers more than 180 different cryptocurrencies and 450 trading pairs. They trade both spot and margin. It did suffer a hack back in 2016 but seems to have overcome the difficulties and has operated without incident since then. It has a rating of 3.3 with trust pilot. This compares with 1.5 for Coinbase at the time of writing. As with all things in Crypto a degree of caution is important to exercise. However, it is a significant exchange with a high daily volume of business.
Joining bitfinex is relatively simple. Use this link to get to the website of Bitfinex: www.bitfinex.com By using that link, you are using our referral code which helps us. This website has a number of running costs which are solely funded by referrals and some minimal google ads.
HOW TO JOIN
- You will need to fill in the fields such as email, username, password and country of residence to proceed to the next page.
2. Next, you will be sent an email to confirm your email address.
3. Confirm it is your email and you will then be invited to join Google Authenticator.
If you do not have one already it is a very simple procedure to download the application and then proceed to the next page where you will be invited to submit the Google Authenticator 2FA code.
Google authenticator is used a lot in wallets and exchanges and, if you haven’t already downloaded it, you will find that you will most likely need to at some stage in your crypto journey. 2FA makes it much harder for somebody to hack your account.
4. Once you have done this, you should be able to begin trading cryptocurrency.
5. At a later stage, if you wish to start depositing fiat into your account, you will need to complete some more KYC info – Know Your Customer.
To start with, you should be able to begin trading. Assuming you can put some Bitcoin or Ethereum into you Bitfinex wallet from another source.
Bitfinex have some great instructional videos on their official YouTube channel, including this one about understanding charts when trading.