Bitfinex

in #bitfinex • 5 years ago


Among the different cryptocurrency exchanges operating in the market, Bitfinex is a Hong Kong-based entity that is a cryptocurrency exchange operating since 2016. It is a platform that facilitates trading between US dollars and Bitcoin as well as other Altcoins, seven in number that includes Ethereum and Monero. For those looking to trade in Bitcoin with the use of US dollars, this is a platform that comes to use.

Features of Bitfinex

This platform as a Bitcoin trading and exchange forum offers the following benefits:

• Leveraged trading features are available that allows 3 or more multiples of profitability for the traders.
• Margin funding opportunities are available from lenders.
• It has its own speculative tokens that can be sued on the Bitcoin unlimited or Bitcoin core network.

Performance of Bitfinex

Since the year of its inception, this platform has showcased certain parameters of performance and handled significant trading volumes such as:

• It is known to have handled the largest volume in Bitcoin trading and exchange as per the trading statistics captured in 2017.
• This is known to be the largest exchange to operate in China and is a legitimate entity.
• Trading volumes were affected after the PBOC ruling came by, which prevents the reporting of trading volumes that are artificially inflated.
• Trading volume being high showcases a certain advantage. Buying and selling prices have low differential and hence one is likely to profit more on this trading platform.
• With high volume trades one is also assured of high liquidity and that in turn helps to keep the volatility of the prices low and does not push prices in unfavorable price ranges.

With its reliable and lucrative reputation, it also has a high community of traders. It also acts as a good platform where one can check the trading prices between BTC and USD.

Words of caution

The platform has not been without incidences. For instance, in 2016 there were about 120,000 Bitcoins that were reported to have been stolen from this platform. It also impacted the price of Bitcoin and pushed its price down by a large margin. The platform handled the incident by socializing the losses so that all user accounts faced the loss in an even way. Custom tokens were introduced and awarded to affected users at this time.

Based on the above information it is important that those who choose to trade on this platform do so at their own risk.


Posted from my blog with SteemPress : https://icoshrimp.com/bitfinex/
5 years ago in #bitfinex by
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     5 years ago 

    My most used trading platform 😁

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