Bitcoin: Understanding Bitcoin, Mining, Investing & Trading for Beginners
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Founded inBitfinex is a cryptocurrency exchange providing advanced services for digital currency traders and liquidity providers. Bitfinex also facilitates the trading of many other altcoins. At the heart of Bitfinex are central limit order books for the spot trade of digital tokens. Users can deposit, trade, and withdraw digital tokens.
Bitfinex allows qualified users to trade with up to 3. When opening a financing position, users can manually enter a funding order to receive the desired amount of financing, at the rate and duration of their choice. Alternatively, users can open a financed trading position and Bitfinex will automatically link them with peer-to-peer financing at the current prevailing rate.
The P2P financing market provides users with a way to earn interest on their digital assets through lending out their funds to other users who want to trade with leverage. The first thing you need to do after creating your Bitfinex account is to optimise your security settings. Bitfinex provides an advanced range of security features that users can enable to increase their account security and further protect their funds. As a bare minimum, we insist for all users to create a strong, unique password for their Bitfinex account, and to combine this with Google 2FA.
A failure to do this can, in a worst case scenario, result in account lockouts lasting days. We have a number of additional recommendations for all users who wish to ensure the safety of their funds. For more information on how to thoroughly secure your Bitfinex account, visit the Security section of the Bitfinex Knowledge Base.
To get started with trading on Bitfinex, you will first need to deposit some funds. This can come in the form of any of our supported cryptocurrenciesUSD or Euros. Note that if you wish to deposit and trade fiat currencies USD or Euroyou will first need to verify your account.
In addition to letting you deposit, trade and withdraw fiat currencies, a verified account can also work to speed up deposit and withdrawal times. Please keep in mind that, once submitted, verification of your account can take up to 5 weeks. Whilst waiting, however, keep in mind that you can still deposit, trade and withdraw cryptocurrencies tokens prior to completing the verification process.
To make a deposit, visit the Deposit section of your Bitfinex account, found in the top right corner. Choose the currency you wish to deposit e. BTCgenerate an address in the wallet you wish to send to and input that address as the receiving address.
There are 3 wallets to choose from - ExchangeMargin and Funding. The most common type of wallet is the exchange walletwhich is used when buying and selling any of our supported currencies. Please keep in mind that deposit times can fluctuate hugely based on network congestion, and the gas price used to send the deposit.
More information on required deposit confirmations can be found here. You are now ready to make your first trade. To make a trade, follow the steps below. Your order should now appear in the Orders section, visible below the Chart. Once your order is executed, your funds will be credited to your Exchange wallet and the executed or canceled order will now move to the Order History tab.
Making your first trade on any exchange can be stressful as it often seems like there are many variables to keep in mind.
The first box, Limitshows the type of order. A limit order allows you to specify the exact price and quantity you want in contrast to e. Keep in mind that this is not the total price you wish to pay, but the price per individual token.
To make a purchase, click exchange buy; to sell DATA, click exchange sell. For more information on trading, visit our Trading on Bitfinex Knowledge Base. If you are not a trader and prefer safer investments, then the Bitfinex Margin Funding feature might be for you. You can enter offers with your own chosen terms desired return rate, duration, and amount. When an offer is taken by a margin trader, the money in your Funding wallet will be used by the trader to buy or sell bitcoins open a position on margin.
Margin funding is a slightly more advanced topic but is quick to master. Additionally, your margin funding strategy can be set to auto-renew, putting your funding strategy on auto-pilot and earning you interest upon interest upon interest. Bitfinex also allows users to trade with up to 3. Users can enter orders to borrow the desired amount of funding, at the rate and duration of their choice, or they can simply open a position and Bitfinex will take out funding for them at the best available rates.
Margin trading is a highly advanced, high-risk activity and needs to be carefully considered. Below are a few resources which you can look through for more information on margin trading. When you are finished trading and wish to withdraw your funds to a personal wallet or bank account, you can do so through the Withdraw function on your Bitfinex home page. To withdraw fiat currencies USD or Euroyour account first needs to be verified. After verifying your account, simply make your way to the withdrawal pagepick a currency USD, Euro and fill in your wire information name, address and banking details.
The fee structure for withdrawing fiat currencies is 0. Standard withdrawals are processed within 7 days. Express fiat withdrawals are processed with 24 hours or 1 business dayat a fee of 1. To withdraw cryptocurrencies, make your way to the withdrawal page. From here, select the cryptocurrency you wish to withdraw, e. Ethereum, and fill out the information as required. This includes filling out. After confirming that you have read and understood the conditions for auto-withdrawal processing, click request withdrawal.
Below are a compilation of resources which may answer any potential questions you may have. Reports can be downloaded for whichever date range required, in spans of 3 months at a time.
Bitfinex Knowledge Base Getting Started. Articles in this section What is Bitfinex? Can I take advantage of Bitfinex's features if I don't trade? Is there a tutorial on using Bitfinex? See more Welcome to Bitfinex. Bitfinex is made up of 3 core features: Exchange Trading At the heart of Bitfinex are central limit order books for the spot trade of digital tokens.
Margin Trading Bitfinex allows qualified users to trade with up to 3. Margin Funding The P2P financing market provides users with a way to earn interest on their digital assets through lending out their funds to other users who want to trade with leverage. To Get Started The first thing you need to do after creating your Bitfinex account is to optimise your security settings. We have a number of additional recommendations for all users who wish to ensure the safety of their funds - Enable two-factor authentication 2FA.
Setup a withdrawal confirmation phrase. Lock or disable withdrawal addresses for all currencies. Disable "Keep Session Alive". Limit access to your account based on IP address. Enable PGP email encryption. Depositing Funds To get started with trading on Bitfinex, you will first need to deposit some funds. Fiat Currencies Note that if you wish to deposit and trade fiat currencies USD or Euroyou will first need to verify your account. Cryptocurrencies To make a deposit, visit the Deposit section of your Bitfinex account, found in the top right corner.
Margin Wallet is used when trading on margin. Funding Wallet is used when providing financing for other margin traders. Where is my deposit? Why is my deposit unconfirmed? Deposit Fees Please keep in mind that deposit times can fluctuate hugely based on network congestion, and the gas price used to send the deposit. Making Your First Trade You are now ready to make your first trade.
To make a trade, follow the steps below - Make sure your funds are on your Exchange wallet. To transfer funds to your Exchange wallet, follow the steps outlined here.
Find to the Trading page and select the pair you wish to trade e. To make things simpler you can choose Market Order, resulting in your order being executed immediately at the current market price. When you have specified the type of order, size and price, simply click Exchange Buy or Exchange Sell to execute.
Margin Funding If you are not a trader and prefer safer investments, then the Bitfinex Margin Funding feature might be for you. Margin Trading Bitfinex also allows users to trade with up to 3. Cryptocurrencies To withdraw cryptocurrencies, make your way to the withdrawal page. This includes filling out - The external address where you wish to send the funds The amount you wish to send The wallet you wish to send from e.
Exchange wallet After confirming that you have read and understood the conditions for auto-withdrawal processing, click request withdrawal. Below are a compilation of resources which may answer any potential questions you may have - H ow do I make a withdrawal? How long does it take for a cryptocurrency withdrawal? How long does it take for a wire withdrawal? Where is my withdrawal? Why was my withdrawal cancelled?
