How to use the Bitfinex exchange? Detailed usage tutorial

To create a Bitfinex account, you must first visit the company's website and provide your personal and contact information, which includes your email address and phone number.

Oct 06, 2024 at 02:06 pm

How to Use the Bitfinex Exchange: A Step-by-Step Guide

Step 1: Create a Bitfinex Account

• Visit the Bitfinex website (https://www.bitfinex.com/).
• Click "Sign Up" and provide the required personal and contact information.
• Verify your email address and phone number.

Step 2: Fund Your Account

• Bank Deposit: Connect your bank account to Bitfinex and make a deposit using wire transfer or ACH.
• Cryptocurrency Transfer: Send cryptocurrency from an external wallet or exchange to your Bitfinex account.
• Credit Card Deposit: Fund your account using a Visa or MasterCard.

Step 3: Verify Your Identity

• Go to "Security Center" and select "Verification."
• Provide a valid government-issued ID (e.g., passport, driver's license).
• Upload a selfie holding your ID.

Step 4: Trading Cryptocurrencies

• Go to the "Trading" section.
• Select the trading pair you want to trade (e.g., BTC/USD).
• Create an order by specifying the order type, amount, and price.
• Click "Buy" or "Sell" to place the order.

Step 5: Order Types

• Market Order: Executes instantly at the current market price.
• Limit Order: Executes only when the specified price is reached or exceeded.
• Stop Order: Triggers a market order when a specified price (stop price) is reached.

Step 6: Managing Your Positions

• Go to "Open Positions" to view and manage your active trades.
• Close a position by placing an opposite order (e.g., close a long BTC position by selling BTC).
• Adjust the take profit and stop-loss orders to manage risk and maximize profit.

Step 7: Withdrawing Funds

• Go to "Withdrawals" in the "Wallet" section.
• Select the cryptocurrency you want to withdraw and enter the withdrawal address.
• Verify the transaction and confirm the withdrawal.

Step 8: Advanced Features

• Margin Trading: Use borrowed funds to increase your potential profits (but also risks).
• Funding Market: Borrow or lend funds to earn interest.
• LEO Token: Stake LEO tokens to receive discounts and benefits on Bitfinex.