Bitfinex crypto futures
What is Bitfinex?
Cryptocurrencies have become incredibly popular today, and new tools for trading and working with them appear almost every day. However, there are also projects that have been operating for quite a long time, having managed to gather their audience and have earned a reputation in the crypto market.
This article will look at the Bitfinex cryptocurrency exchange, one such example. We will find out how to make Bitfinex derivatives trading, how to pass verification and how to deposit money. Let's look at other questions that are related to interaction with this project and how to start trading on Bitfinex derivatives in the Philippines.
Bitfinex is one of the most popular exchanges on the market. In addition to the main features, Bitfinex is known for:
- High liquidity. Bitfinex is one of the leading exchanges in terms of daily BTC/USD trading volume.
- Trading pairs. The platform offers a large selection of market pairs, including both leading coins and less popular altcoins.
- Comprehensive trading opportunities. In addition to margin trading and financing, traders can take advantage of limit, market, stop, trailing stops, exercise or kill, iceberg, OCO, hidden limit orders and orders only after publication.
- Security. Due to several hacks in the past, Bitfinex is taking extra precautions to secure its platform. These include keeping 99.5% of user funds in cold storage, DDoS protection, database encryption, and regular backups. User accounts can whitelist withdrawal and IP addresses, set up 2FA and U2F, analyze suspicious activity, prevent session hijacking, and more.
It should be noted that Bitfinex acted quite wisely and released a BFX virtual currency, similar in price to Bitcoin at the time of the hack, which it distributed to all affected users, promising to buy them all out soon. In April 2017, the last BFX were bought back.
- Support service. Bitfinex users can contact support 24/7 via email. All questions will be answered within 12 hours, except during periods of high activity. In addition, users can use the extensive knowledge base to answer most of their basic questions.
What are crypto derivatives?
A derivative is a financial contract about the future price of a cryptocurrency, security, product or service. The subject of such a contract is called the underlying asset. Sellers and buyers of derivatives do not own the underlying assets, but sell and buy the right to execute the contract.
These tools are usually used to reduce risks and make money on price changes.
There are several types of derivatives, but futures, spots and options are the most widely used in the cryptocurrency market. Brokerage companies use CFDs.
Traders earn on changes in the price of the underlying asset. Since the future market price of the underlying asset is unknown, all bidders assume the risk. If at the time of the execution of the contract the goods have fallen in price, then the seller receives a profit, and the buyer remains at a loss. If the price of a product goes up, then the buyer wins.
To increase earnings, a trader uses leverage - a loan provided by the exchange. The size of the leverage is proportional to the deposit that the trader made. Thanks to this, a trader can make transactions for large amounts. The amount of leverage depends on the exchange. Most exchanges provide leverage with a commission.
How to trade Bitfinex derivatives in the Philippines?
Bitfinex is one of the platforms where you can trade derivatives. To start trading on Bitfinex derivatives in the Philippines, you need to register an account. After that, you can fund your trading account and start trading on Bitfinex crypto futures in the Philippines.
How to register?
To start on Bitfinex crypto futures trading, register your account. To do this, go to the Bitfinex website and click on the "Register" button in the center or in the upper right corner of the page.
Next, a registration form will appear that you need to fill out:
- Think of a username for yourself and enter it in the "Login" field. It must be in Latin (English letters) and consist of at least 6 characters. The username can contain numbers, dashes, dots, underscores, and the @ dog sign.
- Enter your email address in the next field. This must be a valid address, as you will receive confirmation of registration on it and in the future you will receive many other notifications related to actions in your exchange account.
- Think of a strong password and enter it in the "Password" and "Confirm password" fields. Your password must be at least 8 characters long, contain at least one capital letter, one number and one special character.
- Check the checkbox to confirm that you are sure that the data you entered is reliable.
- Select your country from the dropdown menu.
You will then receive an email to confirm your account registration. After that, you will be able to activate your account and start trading on Bitfinex derivatives in the Philippines.
How to open a demo account?
Not all exchanges offer the opportunity to trade on a demo account. Bitfinex derivatives trading platform has such an opportunity.
To register, being on the main page of the exchange, move the cursor to the user's image in the upper right corner and select the “Sub-Accounts” item. After we will be given the opportunity to register an additional account. Enter your data and check the box “Paper Trading account”. Next, click on the “Create” button.
After that, we need to go to the mailbox specified by us during registration and verify the Sub-Account. After confirming the registration, when you go to the previous tab, a new menu will appear in front of us.
Congratulations, your demo account has been registered! To start trading on a demo account, you just need to link your Google Authenticator account to a new account, after which you will be given the opportunity to enter the life of a trader without investments and risks.
How to deposit funds on Bitfinex?
In order to start trading on the Bitfinex derivatives trading platform, you need to deposit funds into the platform. Replenishment of the account is possible by entering cryptocurrencies supported by the platform or fiat money.
Keep in mind that in order to deposit fiat money into the platform (USD, EUR, GBP, JPY, CNH), you need to go through a full account verification. In addition to the fact that account verification will allow you to deposit / withdraw fiat money, full verification will allow you to increase the speed of processing transactions for depositing and withdrawing funds.
After filling in all sections, the process of reviewing documents may take up to 2-3 business days. Also know that until the verification process is completed, you can still deposit/withdraw and trade on Bitfinex derivatives in the Philippines.
To fund a trading account on the Bitfinex derivatives trading platform, follow these steps:
- Go to the "Account replenishment" page.
- From the list of cryptocurrencies, select the currency you wish to deposit.
- Select the wallet to which the funds will be credited.
- Now copy the address generated for the desired wallet.
- Open the wallet from which the funds will be transferred (for example, MyEtherWallet) and paste the address that was copied from the Bitfinex account.
Note: To deposit certain currencies, your account must be verified to at least the Intermediate level.
Minimum deposit amount
The minimum amount to withdraw cryptocurrency on the Bitfinex cryptocurrency derivatives trading platform is $5. This platform restriction is set to avoid processing small transactions.
How to withdraw money?
Withdrawing funds from the Bitfinex cryptocurrency derivatives trading platform is as simple as depositing. To do this, you must perform the following steps:
- Go to the Withdrawal page.
- From the list of cryptocurrencies, select the currency you wish to withdraw.
- Then, fill in the required information for your withdrawal.
- Select the wallet from which the funds will be withdrawn.
- Click on the "Request Withdrawal" button.
Note: To withdraw certain currencies, your account must be verified to at least the Intermediate level.
Bitfinex derivatives list
A large number of different instruments are available for trading on the platform. The exchange regularly expands this list and adds new pairs and tokens. Therefore, it is best to familiarize yourself with the current list on the website.
How does Bitfinex crypto derivatives trading work?
To conduct a trading operation on the Bitfinex cryptocurrency derivatives trading platform, you must complete the following steps:
- Go to the trading terminal, select the type of instruments and the currency pair you want to trade.
- Select the order type, order size and price. For simplicity, you can select a market order to be executed at the current market price.
- After you have chosen the order type, size and price, click on the “Exchange Buy” or “Exchange Sell” button.
Your order should appear in the "Orders" window, which is located below the "Chart" window. After your order is executed and your funds are credited to the Exchange Wallet, the order will go to the “Order History” window.
Alternatives to Bitfinex cryptocurrency derivatives
Now there are many alternative projects on the market, but still many traders prefer trading on Bitfinex crypto futures in the Philippines. However, if for some reason you do not like the Bitfinex platform, you can always choose another platform.
There are many exchanges on the market now, but we recommend that you give preference to companies from the top 10. In this case, you get more reliability, security, quality service and trading tools.
In this regard, Binance remains the market leader. It competes with such platforms as Okex, Huobi, KuCoin and others.