Use of bitfinex
Bitfinex is in my opinion the best exchange for cryptocurrency. Given the high volatility of cryptovalutes on bitfinex you can do a lot of business every day by buying and selling digital currencies like Bitcoin, Ethereum, iota, Monero, ripple and many others. Do you think that some crypto currencies can even make movements of the daily 100%, so simply buying them without the leverage that many brokers use are able to get profits all over even if you have very limited euro caps rather than dollars or any other cryptovalue. Obviously, as you can earn a lot of money even by investing little, you can lose as much as you know, but knowing how to stop losses with stop loss or manual intervention, on a bitfinex exchange you can safely stop losses and waste your profits. It is not uncommon to see traders on exchange of criptovalutes that impose stop at 3% of the capital and take profit at the 40%. So many closed-end investments can be recovered in a short time with just one investment. A exchange like this, however, in my opinion is ideal for those who want to invest capital from 500, 1000 euro trying to make them rise over time through a few but interesting operations or even through daily speculations. Think about who bought it 1000 euro bitcoin to 1 dollar a few years ago, and then forgetting them for 5 years, he would have it today more than 4 million dollars in bitcoin, and beautiful, through a single investment.
Do not forget that there are not only bitcoins, but a lot of other criptovalutes, and many of them have a lower dollar value, such as the IOTA and if they have to follow the same bitcoin path, with a minimum investment you may find in a few years with a nest not indifferent. By investing a few hundred euros today, you might get to have money to buy a home for a few years for you or your children.
Everyday we throw money for the most varied reasons, and if we want to start investing in our future? What about our kids? A diversified portfolio of criptovlute in the portfolio could be the best investment if at least one of them explodes. Note that Ethereum today (in fact, I dare say now) travels around the 400 $ while in January this year (2017) was worth only 13 $. But it is not the only one, there are and there will always be others ready to explode.
Here’s to have an account on Bitfinexis lthe best thing you can do today so be ready to invest when you start believing in one or, why not, in more projects related to cryptovalutes. IOTA For example, it is a cryptophoto on which many are investing (see the iota project), as well as Monero (see the monero project).
Ah, I forgot, Investing in criptovalute is currently exempt so you can trade without being compelled to recognize the 26% of your profits in the state. I think this will last for not a long time, a few years or maybe a few months, because you know, the Italian state where you see that there are opportunities to get hold of the beautiful slices of money is always ready to tax.
How BitFinex works
First of all you have to deposit money on the Bitfinex Exchange Exchange wallet. Since bank wire deposit is to a bank on which commissions can be very high, outside the SEPA area, I personally prefer to deposit on bitfinex directly the cryptovalutes. Where do I take it from?
I go on a wallet like Coinbase, or Cex.io and purchase by credit card, postepay, or even better by bank transfer so that no amount limitation, bitcoin (btc) or ethereum (eth) can be restricted. Once ready in the portfolio, I immediately transfer them to bitfinex.
How to transfer criptovalute to bitfinex
I go on the writing deposit top left and click
I’ll see a page in which I’m asked what kind of currency I want to deposit. So suppose we have bitcoin and then click on Bitcoin.
I will open the page that tells me in which wallet I want to place them with the corresponding string of letters that corresponds to the address of my bitcoin portfolio on bitfinex.
The string (which I obscured) at the Exchange wallet I will have to copy and paste it into my wallet in which I currently have bitcoin, for example on Coinbase. I will go to Coinbase and click on ",send",. I will be asked the address to which I will send my bitcoins and there I will paste the string I took on bitfinex.
After some time, usually around the 30 minutes, I will confirm the transaction on bitfinex and I will therefore have my bitcoins to start investing them to my liking.
Bitfinex has three types of wallets: exchange, margin trading and funding
As you have seen in the fundraising area, there are three types of wallet on bitfinex.
Exchange wallet: This is the wallet in which we deposit to exchange criptovalute and that is what we will use if we want to get hold of IOTA, rather than Monero or so many others.
Margin trading wallet: It is the wallet in which you can invest a quantity of money equal to about 3.3 times the amount deposited in front of a fee to pay for bitfinex for this loan. Basically this is the classic trading that is done on the various brokers, but here it is not about CFDs that replicate the price of the cryptovalutes, but directly on the cryptovalutes. You can buy a pair of criptovalutes (and then enter long) but also sell it in the open (and then open the position by entering shorts). If you’re interested in doing a brief but detailed guide that hears how the bitfinex margin trading works.
Funding wallet: for now we do not care
Important: Remember that you can freely transfer funds from the Exchange Wallet to Margin trading Wallet and vice versa so you can decide at any time to invest as Exchange or as Margin Trading.
How to place an order on Bitfinex
To invest through the exchange you have to make sure that in the panel Order Formis selected exchange as in the figure.
In this mode you will be able to buy the criptovalout you want with what you have in your wallet. Basically you can do so by setting up either USD or BTC or ETH.
Suppose you have previously deposited BTC and wanted to buy IOTA.
Example: how to buy IOTA on Bitfinex
In the order form we make sure to select the tab Exchange. Then we go to the Order Form panel above the cryptovalue we are interested in referring to bitcoin as shown in the image below
You can observe how many crypts, and I have to say that there are so many here, there are more voices. For example, for IOTA you find the items USD, BTC and ETH. This means you can buy IOTA with dollars, bitcoin or ethereum. As we are doing the example in which we have bitcoin in the portfolio then we will select the IOTA / BTC entry. For each item there is the price in that particular currency, the percentage change in the last 24 hours, the volume in the relevant currency and a star on the right that you can select. By selecting this star you will be able to place that change between your favorites.
If you see, in the upper part where Tickers, Trading, Funding . there is a star. By clicking on it in the panel you will only see the changes you have selected as favorites.
By staying in the form with the Exchange tab selected you have one menu with limit writing. By opening this menu you can set the order type: limit, market, stop, stop-limit, trailing stop, fill or kill.
If you want to buy IOTA at the market price you enter market. if you want to buy it only at a certain price you leave limit and enter the purchase price. In this case, you will not open a position, but you will enter an order that if and only if the price you have reached reaches then you will run and turn it into an open position. Otherwise, an order will be executed as soon as conditions are met.
Continuing in the Order form panel is the entry Amount. Here you will have to enter the amount of bitcoin you intend to invest in IOTA. If you want to put the maximum you have in the portfolio just click on the green buttons just above.
You are now ready to invest. To do this you need to click Exchange Buy. In Exchange mode, you can not sell it out and therefore the only possible transaction is the purchase. This operation will be closed when you click the button Exchange Sell. So, when you want to close the position, you just have to point out the amount you want to close (by clicking the red buttons you will close all the position completely or resell all your IOTAs to the market in exchange for the Bitcoin) and then click on Exchange sell.
Margin trading with Bitfinex
As I said before, you can also trade margins and have a capital of about 3.3 times higher than you have deposited so you can make larger investments by placing only part of them. To do this there is a small variable fee that you will see indicated in the panel when you decide to open the investment.
Then, in the order form, click the tab Marginas shown in the figure here on the left. Unlike the Exchange here you will have the opportunity to enter Long or Short that is, in the trading margins you can open an upward or downward transaction. Practically you can trade like on any forex broker with the difference that here couples are not currencies but criptovalute.
As before, we can choose how to enter the order, ie limit, market, stop, stop-limit, trailing stop, fill or kill. We can indicate the price at which we want to buy or sell and therefore the amount intended for the investment, which will automatically be multiplied by 3.3 times. So if we go for example $ 1000 for this margin investment, it’s actually like we’re investing $ 3330.
Put this page in your favorites and come visit us every now and then because we will keep it up to date, pointing to all the options and functions that are handled and updated on Bitfinex.
Soon we will also include a video guide in which we will show materially how to invest in Bitfinex.
What an order OCO are Bitfinex? Well, let’s say we’ve got a long run on BTC / USD and we want to include a stop loss and a take profit, whether we’re in Exchange mode or Margin mode. All you have to do is select the Limit item from the order type, the One Cancels Order (OCO) entry and enter the take profit price in the ",Price", box, in the ",Amount", box, the amount of BTC / USD we want to close in profit (if we are long with 1.5 BTC / USD and we want to close our position in full we should indicate 1.5), in the OCO Stop box we will indicate the price for Stop Loss. In this way we went to enter a Take Profit and a Stop Loss at the current transaction.
If we are in Margin mode, we can do the same thing even if we entered Short, making sure to include a price in the Price box (obviously lower than the opening amount) (just because we entered short) and in the OCO Stop box a higher price than the opening price.
Bitfinex is constantly investing in security, trying to offer its users a pleasant and safe experience. To do this they launched the Two Factor Authenticationa system that allows you to access your account only by entering user, password, and a variable token that can be obtained by downloading the google app token, an app that generates token continuously to provide a variable password, the maximum for security. Therefore, once registered, activate the Two Factor Authentication immediately.
How Bitfinex is used in the world
More than a lot of words there is a chart taken directly from Cryptocompare.com that shows us how Bitfinex is used globally.
As you can see Bitfinex is the world’s most widely used exchange for bitcoin trading
I wanted to remind you that if you sign up to Bitfinex through the following link of invitation
or bypassing the following code VG0ZLvXotI you will receive a 10% discount on all the transactions you will take in the first month of activity.
Believe me, once you understand the operation well, you will not abandon it anymore and you will begin to follow the cryptovalutes with another eye.
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