Cryptocurrency Definitions: Bitfinex

Cryptocurrency Definitions: Bitfinex

Bitfinex is one the most popular cryptocurrency trading platforms right now. Providing a variety of tools, including margin trading, short selling, and liquidity swaps. Bitfinex was launched in 2013 and has grown in a short span to be one of the largest exchanges going by the trading volume. Unlike GDAX, this software has a lot of different features that lets you customize your layout. Additionally, Bitfinex offers several tools similar to chart platforms that let you add indicators to analyze your charts. I really like the platform for all the options to setup your layout, which is really important to the modern trader.

The problem with this exchange is with fund transfers. If you wanted to deposit some money, for some reason wire deposits have currently been paused. So you have to go to your Coinbase and send some ETH currency to Bitfinex if you want to fund it. USD isn’t transferable. They also prohibit direct withdrawals, meaning you need to send your money back to Coinbase for the withdrawal. Remember, you still can’t transfer cash so you need to move around ETH or BTC. They also do not offer any margin leverage on your trades.

Cryptocurrencies are an incredible new and exciting frontier in the financial markets. To prepare yourself to capitalize on this exciting new opportunity, check out our Cryptocurrency Trading Chatroom.

Bulls on Crypto Street is a trading education website dedicated to cryptocurrencies. We teach strategies for swing and day trading cryptocurrencies such as Bitcoin, Ethereum, Litecoin, and other Altcoins. We're at the forefront of this industry and are continuously providing up to date information on each coin, regulations, news, token sales, and much more.

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.