Are you familiar with online trading, but do not have enough idea about Bitfinex? How does it work? Where to start from? How it will operate? Is it secure or not? You may are not enough familiar with it or want to get more enough information about it. So, if are seeking these. You are at the right place. Read my Bitfinex exchange – step by step guide for the beginner to know details about this. This is an easy way to earn cryptocurrency.
Bitfinex, one of the most top rated and most advanced cryptocurrency exchange platform. That is providing advanced services for liquidity providers and digital currency traders. Professional traders are much familiar with it. Therefore, it is one of the most favorite platforms for them to trade crypto assert. So, here I want to show you the Bitfinex Exchange – step by step guide for beginners.
So, what exactly Bitfinex exchange is?
You buddies are a regular trader. Isn’t it? If not, I can guide you to know about it. Moreover, do not think of yourself so smart, buddy. You have to learn a lot about it. To do so, read it carefully. You have to learn a lot from Bitfinex exchange – step by step guide for the beginner article.
Bitfinex is a trading platform. It offers 21 cryptocurrencies, including Bitcoin. Anyone exchange cryptocurrency here. After BTC trade started it become one of the largest USD denominated market.
Certainly, this company was opened for the public in 2014.
How does Bitfinex Works?
The process of trading at Bitfinex is simple. Similarly, buying Bitcoin is also simple here. All you have to do is to deposit funds so that you can post orders on the exchange page.
Furthermore, by taking the coin’s value you can carry out orders immediately.
Moreover, you can also post order. And that order will last several hours. Then by using different margin trading functions, it is executed.
Bitfinex Exchange- Step by Step Guide
Now you gotta some ideas Bitfinex exchange. Now here we go with Bitfinex exchange – step by step guide with full understanding. Here we go-
Signup and Login
First of all, you have to signup to this site. Before getting to the final account, the Bitfinex team will remind you as a new user that Bitfinex platform is for more professional traders. Therefore, you must have to read the pop-up box with the agreement of the terms and conditions.
Surprisingly, it offers temporary minimum account equity worthing 10,000 USD. Hence, new users can not trade until they reach this amount.
Creating your own Account
By following the signup procedure you can create an account. Then, enter the required details of your username, email address, and password. At the same time, you have to enter the time zone in a prompt box with a unique Captcha text.
This verification is always be done via email. Namely, there are two levels of verification process:
If you are an individual user, you must have to follow the steps mentioned below:
- Your age must be more than 18 years old
- Read out the fee contact details
- Attach two identification documents with valid docs
- Show your bank statement with your own name
- Show them the proof of address with valid documents.
On the other hand, if you are willing to verify it with corporate verification, then follow the steps mentioned below:
- Attach your valid corporate document
- Provide them the name of every single director
- Now, it is not your turn only. Your every directors or shareholder have to finish their online form
You are about to work on top bitcoin exchanges platform. Now all you have to do is to deposit your funds in this platform. So, let’s check out what it requires or what the procedure is:
- Click the “Deposit” button. And you will find it on the upper right corner of the page
- Then, the browser will redirect you to the deposit page
- Now choose your medium of deposit from a list of cryptocurrencies
Start to trade
Finally, here you go. Don’t miss it. Gather your all skills by knowing the information and get your profit. But, before starting to trade, know the procedure to trade in this platform.
- Click on the ‘Trading’ button
- Select the pairing in accordance with your preference
- Know the type of the order that you want to execute so that you can check the quantity and price
Secure your account
A registered company in Hong Kong own the Bitfinex. It follows Anti-Money laundering in accordance with Know Your Customer (KYC) policies. Since its start, it is being operated and regulated under the laws and guidelines of Hong Kong’s own financial regulations.
Point to be noted here, in 2016 Bitfinex was hacked. As a result, $70 million bitcoins were stolen from trader’s accounts.
Since then, the company announced some safety measures, which are including:
- Two-factor authentication (2FA)
- It will lock the withdrawals process while a new IP address is found
- You will receive a withdrawal confirmation phrase
- Email encryption
- It has disabled “Keep Session Alive”
- Withdrawal addresses for all currencies are now disabled.
Finally, you are here to withdraw your profit. That means, take whatever is yours. You can withdraw in your personal wallet as well as bank account. And you can do it through the Withdraw button on Bitfinex home page.
To withdraw your funds you need to verify your account. Consequently, it will take you to the withdrawal page. Now, pick a currency, like USD, GBP, EUR, JPY. Then, fill your information with name, address and banking details. It will take 5-15 days to transfer in your account.
Moreover, if you want to get your withdrawal funds so early within 24 hours (1 business day), you have to pay 1.00% of the withdrawn amount. Otherwise, in normal withdrawal, you have to pay only 0.1% of the withdrawn amount.
You already have known the process, guidelines, and information about Bitfinex exchange – step by step guide for the beginners. So, what are you waiting for? You already have spent enough time to know about. Now, start right now to trade on Bitfinex, and grab your profit. Hence, earn more experience in online trading.
Read our other article on KuCoin – step by step guide for the beginners.