Bitfinex - How to sign up and trade crypto
Learn how to sign up and trade on Bitfinex — one of the best and most liquid crypto exchange
This is a brief article to show you how to sign up and buy or sell cryptocurrencies on Bitfinex.
Bitfinex is one of the best exchanges of the cryptosphere.
It is very useful to address the liquidity problem of the crypto market.
A market is illiquid when there are few trades.
If the market lacks of exchanges, you will not be able in converting large amounts of fiat currency into cryptocurrencies and vice versa.
Bitfinex is one of the most liquid exchanges in the world. You will be able to trade large amounts without slippage and delays in the execution of your trades.
Do you love trading several crypto? No problem, you are going to find over 100 cryptocurrencies on Bitfinex.
The Bitfinex trading engine is very poweful. It has been designed for intermediate and advanced traders.
Bitfinex provides advanced tools for margin trading, both long and short, as well as for the lending of some cryptocurrencies.
You can trade derivatives (not only crypto-related) and use some tools to perform custom algorithmic orders and trading strategies.
Bitfinex allows you to also enjoy the “Funding” feature, which let you lend your crypto to other margin traders and earn an interest.
Last but not least, you can easily stake some crypto through Bitfinex (e.g. Eos, Polkadot, and Tezos) and get rewarded to contribute in secure their blockchains.
How to open an account on Bitfinex
Go to the Bitfinex official website here.
Click on “SIGN UP” in the upper right corner, then fill in the following form:
Fill in all fields, then click on “Open Account”.
Congratulations! You have just signed up on Bitfinex.
How to buy or sell cryptocurrencies over Bitfinex
Log in to your account, then go to the panel on the left side (trading section).
Pick the pair you want to trade, such as BTC/USD.
Set the kind of order you want to place: limit order or market order.
Limit order means that the trade will be executed only at the price you set or at a better price.
For example, if you set a buy limit order at the price of $ 5,000 per BTC, the trade will only be executed at $ 5000,00 or at a lower price, should that be the current market price.
So if you place a limit order you have to set the amount you want to buy or sell and the execution price as well.
A market order involves buying or selling cryptocurrencies immediately at the best available current price.
So if you pick a market order, you just have to set the amount you want to buy or sell, not the price.
Before trading you must know that the trading pair (BTC/USD, ETH/BTC etc.) consists of a numerator and a denominator.
Take for example the BTC/USD pair. BTC is the numerator whereas USD is the denominator.
Knowing this, you have to click on:
- “Exchange Buy” if you want to buy the cryptocurrency in the numerator;
- “Exchange Sell” if you want to sell the cryptocurrency in the numerator.
Of course, you can also trade with leverage (up to 5x) by choosing “Margin” in the order form (not “Exchange”).
This is the wonderful world of Bitfinex. Just try it!
SIGN UP ON BITFINEX HERE — You’ll get a 6% rebate on the trading fees
Bitfinex pros:
- Very liquid exchange
- Over 100 cryptocurrencies to trade
- Powerful trading engine
- Advanced trading tools
Bitfinex cons:
- Not suitable for newbies
- It does not accept users in some jurisdictions
Hopefully this article helps you figure out how to sign up and buy or sell cryptocurrencies on Bitfinex. Should you have any doubts or questions, ask me in the comments below.
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