Test How to Trade Crypto On Bitfinex

An early market entrant, Bitfinex has experienced the bumps and bruises that accompany such distinctions. In August 2016, it lost 120,000 bitcoins (worth $72 million at the time) in a hack that resulted in user account balances being reduced.

In June of that year, it was further fined by the U.S. Commodity Futures Trading Commission.

Still, Bitfinex battled back, issuing a cryptocurrency to users that represented their claims on crypto lost in the hack in an innovative first. (It would buy back all those tokens by April 2017).

As a result of its perseverance, Bitfinex has boasted some of the highest recorded trading activity, handling anywhere between $90-500 million a day. This makes the exchange highly liquid in addition to offering a sizeable collection of tradable crypto assets.

Today, you’ll either need to have some cryptocurrency ready to send to your new account from another major exchange such as Binance or Coinbase or be prepared for a large bank wire transfer in order to get the ball rolling.

Luckily for the more entry-level traders, Bitfinex recently removed it’s $10,000 equity minimum for account creation, so users can now gain access to the exchange no balance requirements at sign up.