The Bitfinex.com project is an worldwide exchange platform. Its framework provides possibilities to make a spot trading deals and sale of cryptocurrencies. Users are allowed to conduct both secured and unsecured trading operations. The unsecured acquisition is provided through full financing from user assets. Trading operations with the cryptocurrency, regardless of the security, are made by transferring the requested amount of funds to the beneficiary’s account upon the fact of transfer by the recipient of the required amount to the sender’s account.
The possibility of carrying out secured cryptocurrency transactions is available with equitable funding within the Bitfinex.com system. At the same time, sponsors can be offered to fund. Transaction participants can receive financing up to 70 percent of the purchase amount.
Short positions are a type of secured operations within the Bitfinex.com system. In normal sales operations, the seller makes an ordinary spot transaction, and the transaction is conducted using own assets. In the case of a short position, the seller also makes a similar transaction but transfers the funds that he received as a result of the loan.
Cryptocurrency can play the role of borrowed assets for transactions on short positions through the use of equitable financing. In this case, the lessee makes an independent search for proposals or the placement of an application for the lease of funds in the number of more than 70 percent of the assets sold for positions. In the role of provision the conduct of short positions may act fiat assets until the loan repayment.
Equitable financing principle in Bitfinex.com
The Bitfinex.com platform allows traders to use third-party peer financing, obtained from other users of the system, to trade in cryptocurrency. Recipients may dispose of funds received as a result of financing that can be executed by placing orders in the Order Book to provide or receive funds at the best value from a guarantor selected automatically from the Order Book database.
The main commercial criteria for working within the Bitfinex.com platform are the amount, terms and interest rate of provision – they are agreed between the parties to the transaction.
Despite the fact that the Bitfinex.com system does not act as one of the parties in concluding transactions, one of the mandatory rules for the users of the platform is the conclusion of contracts in the Order Book for provision, which is independent of the Book of Trading Orders. Upon receipt by the user of the claimed security, all operations will be same.
Features of Bitfinex
The Bitfinex.com project is a advanced network for trading activities using popular cryptocurrency products, which include:
- Bitcoin Cash;
- Zcash and many other altcoins.
The Bitfinex.com platform allows users to make transactions with a ratio of up to 3.3 when using margin security. Participants in the system can borrow the necessary amounts of funds when choosing the optimal interest rates and terms. Also, users can open positions when choosing the optimal provision of the Bitfinex system.
Margin support on Bitfinex
Users can make a profit in cooperation with traders making transactions with a coefficient when providing liquidity. Such provision is provided in the Order Book at different terms and rates. The margin market of the Bitfinex.com system gives clinets the opportunity to operate both with cryptocurrency and fiat assets. At the same time, each user can independently choose the optimal conditions for concluding a transaction or take advantage of an automated choice of offers.
Exchange within the framework of Bitfinex
The system offers its clients the opportunity to use the functionality of a liquid worldwide cryptocurrency exchange, which are represented by the most popular projects.
Types of orders in the Bitfinex system
Up-to-date and detailed information about Bitfinex can be found on the official site of the system https://www.bitfinex.com, offers users work with orders of various types.
These orders options allow you to choose the optimal product for different situations. The following types of orders are supported by Bitfinex:
- Limited – trade operations are provided at the declared or better cost;
- Market – the implementation of the transaction is provided by using current market prices;
- Stop – allows you to close positions on the fact of achieving a specific market value;
- Trailing stop – ensures triggering when the value of the currency falls below the target figures. With their help, you can significantly raise the level of profit and protect it with the likely growth of price statistics;
- Fill or Kill – a limit order that ensures the execution or complete destruction of the position;
- One Cancels Other – used to place a pair of orders for full or partial execution with automatic cancellation. In case of mutual cancellation, it is ensured that instant profit is received upon the fact of loss registration;
- Post Only – a limit order providing payment for the commission of the market maker;
- Hidden – is not fixed in the Book of Orders and does not affect users.
What the Bitfinex System offers
The functionality of the Bitfinex platform provides a comfortable and safe operation with cash assets for users. At the same time, the project ensures optimization of work and increase of performance characteristics due to the integration of innovative technological solutions.
User security system in Bitfinex
The developers of the Bitfinex system made a special emphasis on the security, giving users a wide options:
- Two-factor authentication – user can use private API keys, print funds, log in to your private account through the use of Twilio resources or Google Authenticator;
- U2F – the second factor allows you to use a physical key to protect personal data that meets the FIDO standards;
- Advanced toolkit for verification – provides the preservation and verification of information to authorize users for suspicious activity, monitor changes in the IP address to prevent the hacking of the account, receive notifications to the email address, the ability to restrict access by IP;
- Protection of the withdrawal of funds – provides tracking of the withdrawal of assets using IP-address, as well as other patterns of user activity, the procedure for confirming the withdrawal of assets, resistant to malicious modules, the work of the white list of addresses to avoid theft of funds;
- Advanced API for API keys – provides the ability to create API keys with extended permissions for each option. Operation is possible when using WebSockets and REST;
- OpenPGP – provides enhanced security by using encryption of correspondence.
The repository for cryptocurrency assets in Bitfinex
The bulk of the assets are located in cold stock, and directly for the work of 0.5 percent of the general funds is placed in hot purses for daily transactions. Cold clients are not available for the Bitfinex, which greatly improves the user tools security – only the top administrators of the Bitfinex project can access them.
Customizable Bitfinex interface
The working environment is organized by optimizing the layout of the menu items, the design theme of the office, notification settings and other parameters that can be changed at any time.
Advanced graphical tools
Visualization of the trading process is provided by means of such options:
- Work with visual orders, positions and price alerts;
- The possibility of changing the value;
- The possibility of changing the characteristics of the order;
- The ability to view profits relative to specific positions.
TradingView’s built-in charts provide full functionality for efficient work with assets.
Bitfinex own Application
The application option on the Bitfinex provides a simple and effective development of clients and opportunities for profitable trading activities using digital assets. Users can edit and track orders, view statistics and balance, and create charts.
Bitfinex User Security
There is a wide functionality provided to users to improve the level of security:
- Use of the latest Linux systems for hosting the system – security is provided by the work of the current software and the top modern technologies in the field of computer security;
- The option of automated backup – every day there is a save of the information base of the Bitfinex, which is hashing and placed in the system archive;
- Backup information duplication – an automated backup is created, which is immediately deployed on several remote servers;
- DDoS attacks full protection – provides automated protection against possible hacker attacks.
Getting Started with the Bitfinex Resource
In order to get started with the Bitfinex platform, you need:
- Download a suitable version of the client, which is represented by applications running on devices that support iOS and Android platforms;
- Create your own API key – to enhance security, the mobile client can be additionally configured by the user. After importing the API key, you must select the appropriate permissions in the user settings to limit or expand the functionality;
- Read the QR code – QR-code is shown only once by the system. By using the gadget’s camera, you need to scan the image for import into the system. Subsequent authorizations will be made when using a user password.