Do you love trading more than one crypto currency? Do you want a trading platform that is liquid and is not a newcomer in the market?
Every crypto investor wants an exchange that is not only secure and fast, but also one that is liquid and compatible with the fiat currencies of their choice. Bitfinex is one such exchange.
In this article we will discuss how to sign up for Bitfinex.
What is Bitfinex?
Compared to other crypto exchanges, Bitfinex is relatively older. Founded in 2012, it provides a bunch of services, including, but not limited to, spot trading, derivatives trading, futures, and more.
Bitfinex offers a bucket full of features to make your trading experience seamless. It’s got a “paper trading” feature that allows trading novices to experiment with their trading strategies before venturing into the real (and sometimes cruel) world of crypto trading.
Then we have their web-based trading feature that provides you with its advanced charting tools and intuitive user-interface.
In this brief article I will show you how to create an account on Bitfinex so that you can start buying and selling cryptocurrencies.
Use the special Coin Labs link to get started with Bitfinex!
Create an Account on Bitfinex
Creating an account on Bitfinex is easy and simple. It should not take more than ten to fifteen minutes. Here are the steps to open an account on Bitfinex:
Step 1: Open Website
Head to the Bitfinex official website. After reaching the website, hit “Sign Up” in the upper right side of your screen and fill in the necessary details: username, email address, password, time zone, and captcha.
After filling in the details in the signing up form, click “Open Account.”
Step 2: Verify Account
It is time to create and confirm a PIN code for the mobile application. Every time you open the Bitfinex mobile app, you’ll be asked to enter this PIN code. Therefore, it is crucial to keep your PIN code a secret to ensure security and safety of your information.
Step 3: Set-up Security Protocols
Good job! After setting the PIN code for your mobile app, you will be directed to the “Setup Security” page. Here, you may need to install an app called Google Authenticator or Microsoft Authenticator, depending on which server email you have chosen to register your Bitfinex account. For example, if your email address ends with “gmail.com” then Google Authenticator will work best for you.
You may skip this step if you have already installed the application. Make sure to select the “I’ve already installed the app” option.
Bitfinex will ask for your consent to open the Google Authenticator. The purpose of adding a token to your Google Authenticator is to add an extra layer of security to your Bitfinex account.
Hang on. There’s an alternative to linking your Bitfinex account automatically with your Google Authenticator. You can also link both accounts manually by using the QR code or the Setup Key for this purpose. Remember, if you use this method, you must save the Setup Key in a secure place where only you can access it. It will be used later if you forget your PIN or password someday.
After linking your account with the Google Authenticator, copy the 6-digit code generated, and paste it to enable 2 factor authentication (2FA).
Step 4: Begin Trading
After pasting the 6-digit code, it is finally time to confirm your email. Head to your email inbox and confirm that it was actually you who just created a new account on Bitfinex.
Last but not the least, accept the Bitfinex Terms of Service to begin your trading. That’s it. You have successfully created your account on Bitfinex. You may begin your trading now.
Fortunately, Bitfinex has 24 hours of customer service available. So, if you have any questions related to trading or any other technical support, feel free to get in touch with the Bitfinex Support team. You may contact them by clicking the “Contact Us” button on their website. They also have a chat facility available. You can chat with one of their representatives by clicking the green chat icon hovering in the lower right corner of your screen.
Happy trading!
Pros of Using Bitfinex
Trading on Bitfinex offers you a wide range of advantages:
- Bitfinex is perfect for experienced traders due to the advanced tools available.
- Bitfinex is also suitable for newbies due its intuitive user interface.
- More than a hundred coins are supported on Bitfinex.
- Bitfinex has a proven history of paying back all the losses to traders ethically, as exemplified during the 2016 crypto hack on the exchange.
- Bitfinex offers a high level of liquidity due to the frequency of trades that take place on their platform.
- Bitfinex allows bank wire deposits and withdrawals to make your transactions seamless.
Cons of Trading on Bitfinex
Despite its high level of security and liquidity, trading on Bitfinex comes with some disadvantages:
- Bitfinex is not supported in the US, so the residents of the US will have to look elsewhere.
- The trading fees for Bitfinex can be high for some users.
- Bitfinex is not a regulated exchange.
- The customer support team at Bitfinex, despite being available 24/7, can only be contacted via email, which may cause assistance to be slow at times.
How safe is Bitfinex?
Bitfinex is safe to invest and trade on. It is a popular choice for many investors due to the number of security measures it has taken, particularly after its 2016 hack, after which the investors were ethically compensated for all their losses.
All the data at Bitfinex is protected by DDoS protection and more than 90% of the clients’ wealth is kept in cold storage to ensure maximum security. A professional security team is also entrusted to look after the server’s security. Therefore, it is safe to trade on Bitfinex.
FAQs
What is Bitfinex?
Bitfinex is one of the largest exchanges available worldwide, founded in 2012. Bitfinex offers a variety of services including spot trading, derivatives trading, and futures.
How to create an account on Bitfinex?
To create an account on Bitfinex, users need to go to the Bitfinex official website and click on the “Sign Up” button. Here, they need to fill a form and verify the details. The details are verified against a link sent to the email address mentioned in the sign-up process. In some cases, certain government documents like national identity and bank statements (only for corporations) may be required.
What are pros and cons of using Bitfinex?
Bitfinex offers an intuitive user interface, high liquidity and a wide range of trading pairs. However, Americans cannot use it, and the fees are high compared to other exchanges.
Is Bitfinex a scam?
No, Bitfinex is not a scam and it is 100% legit, safe, and secure. It became operational in the year 2012 and since then it has become one of the largest, and therefore, one of the most liquid, crypto exchanges in the world.