Bitfinex is a Hong-Kong based online coinage exchange company that was started in 2012 by Raphael Nicolle. Since its inception, Bitfinex has grown to become one of the biggest and popular cryptocurrency trading platforms.
Bitfinex is one of the world’s leading Bitcoin exchange platform by volume. It boasts of a market share of 39.12% of the total cryptocurrency exchange today, a figure that is higher than the combined market share of its competitors. It also has a coinbase share of 23.28% and Bitstamp of share of 15 percent.
It is important to note that upon deactivating your account, you cannot reverse the decision. The support team at Bitfinex cannot reverse the process by reactivating your account. Ensure that you do not have any pending orders, offers or trading positions and that you have made withdrawals of all your money and assets before embarking on the deactivation process. In addition, it is the preserve of Bitfinex to retain your account information to assist in such circumstances as audit and other legal as well as regulatory purposes. However, where applicable, Bitfinex will ensure that the data retained is as minimal as possible and to the extent that it serves to fulfill the purpose for which it is retained.
How to Delete Bitfinex Account
Here is the procedure for deactivating Your Bitfinex Account:
Step 1. Account Settings
1. The first step involves logging into your account and visiting the account setting section located in the top right corner of the page.
Step 2. Deactivate Account
Once you are sure you want to deactivate your account, click on “Deactivate your Bitfinex account”. You will do this by changing your status.
Step 3. Permanently Deactivate Account
The next step involves confirming your choice to permanently deactivate your account. You will need to send an email to confirm your Confirm your choice. By proceeding with this step, you will receive a confirmation email that your request has been received and subsequently your account will be deactivated permanently.
Step 4. Confirm Email
You will need to confirm the email for a permanent and irreversible deletion of the account. At this stage you will no longer be able to log into your account.
Pros and Cons
Bitfinex developed a Mobile App to help traders go about their trading while on the go. The Bitfinex iphone app provider traders with an exclusive opportunity to take advantage of the offers anywhere and anytime, so you won’t miss out on a valuable trading opportunity. The mobile interface resembles that of the website so you won’t have to learn how to use it. You can find the App on Apple Store of Android Play and install it easily.
The Mobile App interface is user-friendly Interface
The Demo is available to help new users learn and understand how to navigate the site with ease.
It involves an easy verification process–all you need is your phone to verify your account.
There are no deposit or withdrawal fees for your cryptocurrencies
The app supports a variety of cryptocurrencies (about 11 of them).
The US dollar is the only fiat currency supported
Recent incidences of hacking the site has caused worries among users, causing a downtime on the trading of cryptos on the site.
Making a Withdrawal from Your Account
Once you are done with trading and wish to have your funds withdrawn from your account, you can go straight to the “withdraw function available on your account home page. Account holders can either withdraw cryptocurrencies or fiat currencies.
Withdrawing Fiat currencies
To withdraw your fiat currencies (which are the US dollars or Euros), you will need to ensure that your account is verified. The verification process will need your phone only. Once you have verified your account, you can easily walk to the withdrawal section and make a withdrawal. Pick the desired currency and enter your wire transfer details, including your actual names as captured on your national Identity card, address and your bank details.
For you to withdraw cryptocurrencies, you need to do the following:
Navigate the site to the withdrawal page from the home page.
Select the Currency that you wish to withdraw. If you need to see the tokens you qualify for, enter the amount of money you wish to send by accessing the “Send Amount” section. Next, choose the type of wallet you wish to withdraw from. Remember that you have three wallets from which you can withdraw.
You will need to enter the address of the person receiving address the money in the “Address” field. Next, click on the “Request Withdrawal” button.
Please note that the first checkbox involves locking the address as a security measure established by Bitfinex support team. This option allows you to lock a specific address to ensure that no withdrawals are committed without your express permission. This is because the system may automatically send payments to commonly used emails.
This will require the account user to set up certain security measures to a more fool-proof profile that will guarantee the safety of the funds.
Once the system calculates the amounts, you can go ahead and click on the equivalent fiat amount found on the right of the “Receive Amount”. You can adjust this amount depending on the amount you need the person receiving the money to get.
You can now send the amount as entered at the top of the payments page. This amount will be deducted from your wallet balance.
Once the system calculates the amounts, you can go ahead and click on the equivalent fiat amount found on the right of the form. This procedure is similar to other cryptocurrencies except for the Monero and the Ripple.
If you are making a Monero withdrawal, the system will generate a Payment ID to be linked with your account at Bifinex. Where a Payment Tag or Payment ID is needed by the receiving address, you will require to associate the tag with your transaction. However, where no Payment ID or Tag is needed by the receiving address, you are at liberty to choose the checkbox and select “No Recipient Payment ID” or “No Recipient Tag”.
The biggest challenge that many traders of cryptocurrency have is the fact that they have little or no control over how to store and secure their digital currency. The good news is that wallets have come to offer the best and one-stop solution. A hardware wallet is a device developed to store digital currency such as bitcoins. They work the same way USB’s drives work except that they are password protected. You can store hundreds or thousands of your altcoins in these pocket-size devices. By keeping your cryptocurrency in the hardware wallet, you have the freedom and control on where and how to store your assets
The Benefits of Storing Cryptocurrency in a Hardware Wallet vs centralized Exchange Like Bitfinex.
There are many reasons why many people are turning to hardware wallets to store their cryptocurrencies instead of centralized exchange platforms such as Bitfinex. Here are some of the pros of hardware wallets over these online exchange plaftforms:
Perhaps the top reason many people are turning to these hardware wallets is the fear of cryptocurrency sites being hacked. If the recent cyber-attack on Bitfinex is anything to go by, hardware wallets have become the most trusted way of storing cyrtos. For example, traders on the popular Parity digital wallet lost approximately 150,000 Ethereum coins with an estimated worth of $30 million.
This has meant that any online digital crypto sites can be hacked, putting users and their money at risk. The growing popularity of altcoin Visa and MasterCard accounts and wallets has even exposed the site to more piracy.
As the number of places where cryptocurrency can be spent and store increase, the level of vulnerability of the users’ money. However, using a hardware wallet can reduce your vulnerability to losses since it is not connected to the internet. Storing your Bitcoin or DASH stored in a TREZOR or a Ledger Neo will ensure the safety of your money from the hackers.
Hardware Wallets Will Protect Your Money from Internet failures
The other challenge many users of online Bitcoin platforms face is regular failure of the internet, which opens the room for cyberattacks. Power outages, cyberterrorism and natural disasters are some of the major threats to successful trading and safety of the cryptocurrencies.
It is important to note that a majority of the cryptocurrency infrastructure is spread far and wide across the world such as China. This has meant that digital coins are at risk of theft given the magnitude of the mining processes currently being undertaken. Any changes in law in such countries whose jurisdictions you are not so conversant with is certainly a risk you don’t want to expose yourself to.
Keeping your coins in a hardware wallet will mean your money is safe and in a legal currency of your choice such as the USD or GBP. Thus, you won’t have to worry about the political unrest which is likely to destabilize the value of the currency you hold with the platforms.
Another great reason for the growing the popularity of hardware wallets is the need to protect their cryptocurrency against government actions such as heavy tax and other regularity controls that seek to undermine their trade. In addition, a hardware wallet will provide traders with a unique kind of protection from government-initiated seizures. You can simply stuff a wallet in your pocket and go with it anywhere you want. These wallets are sometimes so tiny that they may escape the attention of the authorities.
Bitfinex is a sound Bitcoin trading site that can be used by anyone looking to trade in cryptocurrencies. It has unparalleled features that make it easy to navigate the platform and trade without much hustle. Despite the recent hacking of the site, Bitfinex remains one of the most reliable online platforms that help people to earn by trading in cryptos. This is because of an upgrade of its systems and the fact that it has since picked up. The trading volumes have increased significantly, an indicator that many traders have begun trusting the site once again. IN short the future of the company is certainly bright
Bitfinex has a simple-to-understand demo that allows users to take a tour of the site. It is advisable to begin by checking out the demo before getting to the real action. Unlike other bitcoin trading sites, Bitfinex allows you to trade in 11 cryptocurrencies, a number that no other site offers.
Overall, Bitfinex website is user friendly, easy to navigate and has unrivaled customer support team that is ready to resolve any issue within the shortest time.
Arnold Webb received a Masters Degree in Computer Science from Harvard University. Arnold currently is a full-time researcher and trader in the cryptocurrency industry. Arnold contributes content to CryptoCelebrities.co, The Bitcoin Magazine and several other publications.