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Bitfinex

Bitfinex

Bitfinex is a digital asset trading platform offering state-of-the-art services for digital currency traders and global liquidity providers.

OverviewStructured DataIssuesContributorsActivity

Contents

Fees TimelineTable: Funding RoundsTable: ProductsTable: AcquisitionsTable: SBIR/STTR AwardsTable: PatentsTable: Further ResourcesReferences
bitfinex.com
bitfinex.com/sign-up
Is a
Company
Company
Organization
Organization

Company attributes

Industry
Financial technology
Financial technology
Technology
Technology
Finance
Finance
Cryptocurrency exchange
Cryptocurrency exchange
Blockchain and cryptocurrency
Blockchain and cryptocurrency
Cryptocurrency
Cryptocurrency
Blockchain
Blockchain
Smart contract
Smart contract
...
Location
British Virgin Islands
British Virgin Islands
B2X
Marketplace
Marketplace
B2B
B2B
3
B2C
B2C
4
CEO
J. L. van der Velde
J. L. van der Velde
AngelList URL
angel.co/bitfinex
Pitchbook URL
pitchbook.com/profiles.../65965-33
Legal Name
iFinex Inc.
Subsidiary
Tether (cryptocurrency)
Tether (cryptocurrency)
Ethfinex
Ethfinex
Number of Employees (Ranges)
51 – 200
Email Address
support@bitfinex.com
Number of Employees
230
Investors
Arrington XRP Capital
Arrington XRP Capital
Master Ventures
Master Ventures
SNZ Holding
SNZ Holding
Vironit
Vironit
IOSG Ventures
IOSG Ventures
Founded Date
2012
3
Competitors
Beaxy
Beaxy
Coinbase
Coinbase
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Tsunami finance
Tsunami finance
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Binance
Binance
9
Bvnex
Bvnex
Narkasa
Narkasa
...
Business Model
Transaction processing / marketplace
CTO
Paolo Ardoino
Paolo Ardoino
25
CFO
Paolo Ardoino
Paolo Ardoino
Also Known As
Bitfinex
COO
‌
Claudia Lagorio
24
Wellfound ID
bitfinex
API Documentation URL
docs.bitfinex.com/docs
Headquarters
Hong Kong
Hong Kong

Other attributes

Blog
blog.bitfinex.com
Company Operating Status
Active
Strategic Partnerships
Shyft Network
Shyft Network
5
Wintermute
Wintermute
6
Callisto Network
Callisto Network
Ultra (cryptocurrency)
Ultra (cryptocurrency)
Tokenplace
Tokenplace
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Prycto
Prycto
Vulcan Forged
Vulcan Forged
...
Invested in
Onomy
Onomy
Jambo
Jambo
26
Netki
Netki
ShapeShift
ShapeShift
Onomy Private equity, November 23, 2022
Onomy Private equity, November 23, 2022
Essentia
Essentia
Thalex
Thalex
27
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Medium URL
medium.com/bitfinex
Owner of
Tether (cryptocurrency)
Tether (cryptocurrency)
Services
Over-the-counter (finance)
Over-the-counter (finance)
‌
Digital currency exchange
Wikidata ID
Q29647473

Bitfinex is a digital currency exchange based in Hong Kong. It was founded by Raphael Nicolle and Giancarlo Devasini in 2012. Bitfinex is the worlds largest cryptocurrency trading platform, and features cryptocurrency exchange, margin trading, margin funding market, ordered types, customizable interface, and API platforms.

Fees

Bitfinex charges "maker" and "taker" fees to its users. Maker fees are fees paid when a user adds liquidity to the Bitfinex order book, and taker fees are fees paid when liquidity is removed from the Bitfinex order book.

In May 2015, 1500 bitcoins were stolen during a hack.

In 2016, Bitfinex was the subject of the Bitfinex hack. In it, $72 million in bitcoin was stolen from the company's customer's accounts. Immediately thereafter, bitcoin's trading price plunged by 20%. After learning of the breach, Bitfinex halted all bitcoin withdrawals and trading.

In that hack, the second-biggest breach of a Bitcoin exchange platform, 119,756 units of bitcoin. Significant hacker funds transactions were signed off by Bitfinex's security provider, without full security.

Shortly after the hack, Bitfinex created BFX tokens, which were used to represent customers' stolen equity. The BFX tokens represented $1 and were issued to account for the value of customers cryptocurrencies at the time of the hack. In April 2017, Bitfinex announced they had bought back all of the BFX tokens, essentially paying back all of customers lost funds.

Arthur Hayes (the founder of Bitmex) and others complained about the lack of detail that Bitfinex provided about the hack, saying "There are so many questions about (Bitfinex)... All of this could be easily rectified by just showing all the figures." Der Velde responded that Bitfinex had "been as public and transparent as possible about (the hack) given the ongoing criminal investigations".

Trial

April 25, 2019, the New York State Prosecutor's Office indict iFinex.Inc, the operator of Bitfinex and Tether. The company is accused of concealing information about the loss of $850 million and of using Tether stablecoins to cover this money. According to the prosecutor's office, Bitfinex transferred these funds to the payment services provider in Panama - Crypto Capital Corp. Bitfinex denies all the accusations in its side, the company intends to challenge the claim in court. On May 13, iFinex.Inc asked the New York City Prosecutor’s Office to lift the transaction restrictions (previously adopted), and also accused the US Supreme Court of abuse of power.

Bitfinex Review

The access to the trading platform Bitfinex is available through a web interface or mobile app. Charts are built using TradingView. This means that you will have access to a wide range of technical analysis tools, such as indicators, Fibonacci tools, trend lines, etc.

The application book is also completely transparent. Although volumes sometimes fall, as a rule, a large number of transactions are constantly carried out with large cryptocurrencies. In order to Fund your account with Bitfinex, you can use a variety of cryptocurrencies. Bank transfers are also accepted. The addition of other traditional payment methods, such as Bank cards, PayPal or Skrill, is not yet known.

If you want to Fund your account in Fiat, you will need to pass the verification. To do this, provide proof of identity, proof of address, Bank statement and signed form in which you confirm the validity of the provided information and documents. In addition to the possibility of replenishment of the account in Fiat no other verification of benefits does not.

Bitfinex charts interface

Withdrawal and pricing

In April 2017, Bitfinex announced that it was no longer able to let users withdraw their funds in USD, Bitfinex and Tether sued Wells Fargo for the decision but dismissed the case few days later. As a consequence, Bitcoins were traded at a price around 100 USD higher than other exchanges[5] as users started buying bitcoins in order to move them to other exchanges and withdraw their funds there.

Shortly after the Wells Fargo cutoff, Bitfinex stated all international wires had been cut off by its Taiwanese bank. Since then, Bitfinex has moved between a series of banks in other countries, without disclosing to customers where the money is stored.

Main Functions

Bitfinex Review, last news, fees

Bitfinex and Bitcoin exchange

The exchange part works like any regular bitcoins exchanges: you put your offer to buy or sell bitcoins. When an order is matched against another, it is executed.

The exchange wallet type is used for this feature.

How to use Bitfinex

Their margin trading feature is unique in the Bitcoin world. Basically, it allows you to borrow funds from lenders (see next feature) to trade bitcoins. If you make a profit, you get the profit and pay the depositor interests. If you make a loss, you reimburse the depositors the whole borrowed amount + interests.

Lending

Their lending feature goes hand to hand with the margin trading feature described above.

If you don't feel like a trader and/or prefer safer investments, this feature is for you. Bitfinex allows you, using your deposit wallets, to lend bitcoins and/or dollars to traders. You can put offers with your chosen terms (which rates, for how long, and how much).

Currencies

Bitfinex is a full-featured spot trading platform for the major cryptocurrencies such as Bitcoin, Ethereum, Litecoin, Ripple, EOS, Bitcoin Cash, Ethereum Classic, Monero, Iota, NEO, OmiseGO, Dash, Zcash, Santiment, Bitcoin Gold, TRON, Qtum, ETP, 0x, RCN, iExec, Augur, QASH, Golem, Eidoo, Time New Bank, Basic Attention Token, Status, YOYOW, SpankChain, aelf, Streamr, FunFair, Ethfinex Nectar Token, Decentraland, Aventus, AidCoin, and SingularDTV. The platform offers leveraged margin trading through our peer-to-peer funding market.

Tether

Tether is an unregulated cryptocurrency pegged to the US dollar. Tether is closely associated with Bitfinex.

Timeline

No Timeline data yet.

Funding Rounds

Products

Acquisitions

SBIR/STTR Awards

Patents

Further Resources

Title
Author
Link
Type
Date

Ethfinex Liquidity Token:Creating the worlds most liquid exchange for digital assets.Built for the Ethereum community, using Ethereum.

Bitfinex Team

https://www.bitfinex.com/ethfinex-whitepaper.pdf

Academic

References

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