Support

Frequently Asked Questions
Getting Started
  • What is Bitfinex?

    Bitfinex is one of the leading cryptocurrency exchanges, and we are the world’s largest exchange by volume for trading bitcoin against the US Dollar. Several unrivaled products fuel our Bitfinex's market dominance:

    Exchange Trading
    At its heart, Bitfinex is a central limit order book for various cryptocurrencies. Users can exchange bitcoin (BTC), litecoin (LTC), ether (ETH) and ether classic (ETC) for US Dollars (USD) or BTC with the following trading pairs: BTC/USD, LTC/USD, ETH/USD, ETC/USD, LTC/BTC, ETH/BTC, and ETC/BTC. Bitfinex also provides a suite of order types to help our customer optimize their trading strategy.

    Financed Trading
    Bitfinex allows for users to trade with up to 3.3x leverage by receiving financing from our peer-to-peer financing platform. Users can enter an order to receive the desired amount of financing at the rate and duration of their choice, or they can open a position at Bitfinex and Bitfinex will link them with peer-to-peer funding at the prevailing rate at that time.

    Peer-to-Peer Financing
    The financing market provides users with a way to earn interest on USD, BTC, LTC, and ETH by providing funding to users wanting to trade with financing. Users can offer financing at the rate and duration of their choice, or they can lend at an automatically adjusting rate that we refer to as the Flash Return Rate (FRR). Also, users can use Bitfinex’s Auto-Renew feature to renew their lending offers automatically upon expiry.

  • What are the three account types and which should I choose?
    Trader: This account type allows access to margin trading, exchange and margin funding
    Exchange: This account type allows access to exchange and margin funding
    Deposit: This account type allows access to margin funding
  • Can I change my account type later?

    Can I change my account type later?Account Settings page

  • How can I take advantage of Bitfinex's features even if I don't feel like buying any Bitcoin or Litecoin?

    You can open a Deposit account and provide margin funding in US dollars to other Bitfinex traders. See Margin Funding.

  • I would like to simply buy and/or sell Bitcoin, what should I do?

    You can open an Exchange account and use the "Exchange" tab of Bitfinex

Security
  • How secure is Bitfinex?

    Security of funds and user information is our top priority. We are adding additional security layers, auditing processes, and reducing the "attack surface" of our infrastructure. It may be that a 100% robust system is never possible, but it is a goal well worth pursuing. Reducing our reliance on certain third parties has already brought us closer to this goal, along with implementing a new series of best practices to both minimize the probability of attacks and minimize exposure of funds in such an event. See our security practices here

  • How secure is your cryptocurrency storage?

    The majority of cryptocurrencies are stored in offline, cold wallets. We only keep approximately 0.5% of crypto assets in hot wallets. To further isolate the hot wallets from potential attack, the hot wallets are not accessible from the platform or the platform servers. They require special, manual intervention of our staff to access.

  • Where are your servers located?

    Our servers are cloud-based and globally distributed.

  • How long do I stay logged in to Bitfinex?

    If you have an active Bitfinex session, your browser will keep your session alive via a 10-minute ping to our platform, allowing you to monitor trading without having to worry about session timeout. When the session becomes inactive, it will time out in 30 minutes and you will be logged out.

Trading
  • What types of orders does Bitfinex offer?

    Bitfinex offers six order types to be used for different strategies and scenarios:

    Limit

    An order to buy/sell at a specified price or better.

    Ex: Current market price is $250/btc, I want to buy at $249 so I will place a limit order for $249. If the market reaches $249 my order will be executed.

    Market

    An order in which a buy or sell order to be executed immediately at current market prices. As long as there are willing sellers and buyers, market orders are filled. Market orders are therefore used when certainty of execution is a priority over price of execution.

    Stop

    An order to sell or close your position once the market reaches a certain price.

    Ex: Current market price is $250/btc, if the price reaches $245 I want to sell my Bitcoin and stop my loss. If the market reaches $245 my order will be executed.

    If shorting, you would set your stop at a price above the current price.

    Ex: Current market price is $250/btc, if the price reaches $255, I want to close my short and stop my loss. If the market reaches $255 my order will be executed.

    Trailing Stop

    A stop order that can be set to execute once the market goes against you by a defined price, called the price difference. Trailing–stop sell orders are used to maximize and protect profit as a stock's price rises and limit losses when its price falls.

    Ex: Current market price is $250 after a quick rise from $225, I can set a trailing stop with a $5 price difference. If the market reaches $245 my order will be executed.

    However, if the price continues to rise to $275, for example, instead of reversing to $245, the order would then be executed at $270. The stop price trails behind the market price by the amount specified as price difference.

    Fill or Kill

    This type of order is a limit order that must be filled in its entirety or cancelled (killed). The purpose of a fill or kill order is to ensure that a position is entered at a desired price.

    One Cancels Other (OCO)

    This option allows you to place a pair of orders stipulating that if one order is executed fully or partially, then the other order is automatically canceled. A one-cancels-the-other order combines a stop order with a limit order. This option allows you to place both take profit and stop loss targets for your position (only for limit orders).

    Ex: The current price is $250, I want a stop loss at $245, in addition I want a limit order at $260. If the market reaches $245 your stop order will execute thus canceling your order at $260. If the market reaches $260 before $245 your limit order will execute thus canceling out your order at $245.

    Note: If you manually cancel one of the OCO orders pair, you have to manually cancel the other one. An OCO order is only automatically cancelled if the other order is partially or fully executed.

    Hidden Order

    A hidden order is an order which does not appear in the orderbook, and thus doesn't influence other market participants. See the fees page for minimum size and fee applicable.

    Post-only limit order

    Post only limit orders are orders that ensure your order will be added to the order book and not match with a pre-existing order. If your order would cause a match with a pre-existing order, your post-only limit order will be canceled. This ensures that you will pay the maker fee and not the taker.

  • How do I open a Margin position?

    You can open a margin position by going to the Margin Trade tab and placing your desired order. If you have not already reserved funding the system will automatically acquire funding for you at the best current available rate. Alternatively, you can reserve funding at any time and then use it when you decide to open a margin position. Open the Margin Funding tab for more information.

  • What interest rate is charged on margin positions?

    It's the rate in effect for the funding involved in each position you take. See "How do I open a Margin position?" above.

  • What does it mean to "claim" my position?

    The claim feature allows you to use the funds you have in your Margin Wallet to settle a leveraged position as an exchange buy or sale.

    So when you claim the position, you will be credited the sale size in USD (for a BTCUSD short), i.e. charged the base price multiplied by the size of the position (sale size of the position), or the buy size in BTC (for a BTCUSD buy), with a fee based on the amount credited.

    For example, let’s say you have $100 USD in your wallet with 0.1 BTCUSD active long position. Claiming your position would use your available USD to reimburse the margin funding used to fund the underlying 0.1 btc at the opening price value and deduct it from your trading balance. So, at $250 base price, you will end up with ~$75 USD and 0.1 btc.

    You will be charged the pending margin funding returns and the position amount in BTC, LTC, ETH, or ETC will be charged to your balance directly.

    Claiming your position does not involve trading. If you don't have enough balance to claim the position when you click on "Claim", the system will tell you "You need to sell approximately XX Bitcoins at the current price to claim the position", but it's up to you to sell those Bitcoins with the type of orders you want.

  • I have money in my wallet but the system won't let me open a position, it says "NO RESERVE"?

    When you trade on margin you need to receive funding from funding providers. If there is no funding provider available, your order will be cancelled with a status "no reserve" which means that no funding was available when the order should have been executed.

  • What's your Margin Call Policy? What is the minimum maintenance margin required?

    You will receive a margin call (website and email notification) when the net value of your account reaches the maintenance margin limit. When the net value falls below the maintenance margin the position will be force liquidated. When you have a margin position, you will see an estimated liquidation price (the price at which you would be liquidated).

  • What happens to my margin position when the underlying funds are no longer available?

    The system will automatically aquire the necessary funding for you at the best current rate available. The position will be unaffected.

  • What is a settlement?

    In your transaction history, you may see the word 'settlement'. Settlement is the process of correcting a negative balance. For example: let's say Bitfinex charges a trading fee of 0.1 BTC to user Bob. But user Bob only has dollars in his wallet, and no BTC. Bitfinex will then charge the BTC, and make a settlement, converting some of user Bob’s dollars balance to BTC. To make this conversion, the rate used is the last ask price (if we settle a negative BTC balance) or bid price (if we settle a negative USD balance). You will then see a debit in your settled balance, and a credit to the other balance.

  • Why do I receive this error when trying to place an order: "Can not place additional order at the moment"?

    This error can happen in two cases:

    • You hit our "antispam" limit, which prevents you to place more than 256 orders within a 2 minutes timeframe.
    • You hit our throttle dynamic limit, that will prevent you to place a new order when the trading engine lag increases. It is very rare, generally does not last more than a few seconds, and is designed to mitigate attacks by spam orders, regulate lag during spike in activity and avoid flash crashes.
Margin Funding
  • What is Margin Funding?

    Our margin funding feature goes hand in hand with our margin trading. If you are not a trader and prefer safer investments, this feature is for you. Bitfinex allows you, using your Funding Wallet, to provide funding in the form of bitcoins, litecoins, ethers, and/or dollars to traders. You can enter offers with your own chosen terms (return rate, duration, and amount). When an offer is taken by a trader, the money in your wallet will be used to buy or sell Bitcoins. When the position expires (the trader closes his position), Bitcoins are bought or sold back and the money is returned to your wallet.

  • What is the difference between offering funding on a "daily" or "term" basis?

    The unrealized margin funding (margin funding interest) needs to be paid either every day from your Margin Wallet, or be backed by margin funding on the margin funding market. You can chose which option you want for each of your positions:

    • Daily: Your unrealized margin funding rate will be charged everyday from your Margin Wallet, up to 10,000 usd worth of interest.
    • Term: Your unrealized margin funding will only be charged when you close your position. It will be backed by margin funding taken from the P2P margin funding market
  • What is the minimum amount for offering funding?

    The minimum amount for one offer is $50 USD or the equivalent in other currencies. For margin funding providers who have a very small amount you can use auto-renew and the minimum amount would then be $30 USD for an offer to be posted.

  • What are the risks associated with offering funding?

    The risks are low. We have taken the following steps to prevent funding providers from losing money:

    • If a trader's position is at a loss he will cover the loss with funds in his Margin Wallet. The funds in the Margin Wallet serve as collateral only.
    • A trader's position is force liquidated when the net value of his account falls below the maintenance margin.
  • How is the return on offered funding calculated?

    The return is calculated hourly. Funding providers set their own return rates. When you open a position the system chooses the best offers to leverage your trade.

  • When do I receive my return payment?

    The return is credited to your Funding wallet balance every day around 00:00 GMT, even for funds returned earlier in the day.

  • What is the "Flash Return Rate"?

    The "Flash Return Rate" is a special kind of rate: it is based not on an agreed fixed rate, but on the average of all fixed-rate positions, of all terms, weighted by their amount, as displayed here. The Flash Return Rate (FRR) updates once per hour. The advantage is that return rates tend to follow Bitcoin price: when the price goes up, return rates for USD tend to go up, and similarly for BTC return rates when price goes down. Funding providers can then safely provide funding knowing that they will not miss opportunities if the market return rate goes up. Traders will find it even more interesting, because if the return rate they pay goes up, that usually mean their position is profitable.

  • Can traders withdraw the funds they are using?

    No, the funding a trader takes serves only to open margin positions. The actual funding always stay in either the funding provider's account or on the exchange as part of a position.

  • What is the margin funding "auto-renew" feature?

    When "Auto-renew" is activated, all the balance available in your Funding wallet is automatically offered at your set parameters. This is especially useful if you want to re-invest your daily return payments.

  • Can I take back my funding that I have offered before the period I specified expires?

    Once funding has been accepted it can only be closed by the funding taker or by the system upon expiration; those offering funding cannot take back their funding early.

Moving Funds
  • How long does it take for a cryptocurrency withdrawal to be processed?

    When you enable two-factor authentication your withdrawal will be approved instantly, unless you have logged with a new IP address in the previous 24 hours.

    A complex rule-set is used to determine if your withdrawal can be immediately processed or if there needs to be a manual approval process on our side. For example, enabling two-factor authentication you will satisfy some rules requires for the automatic processing of your withdrawal.

    For more information about automatic withdrawal processing, log in and visit https://www.bitfinex.com/withdraw/greenline. Most automatically processed cryptocurrency withdrawals will be processed within 2 minutes, but processing can sometimes take longer if an approval is required or if our "hot wallet" (special wallet used to process withdrawals) is empty and needs to be refilled. The funds kept in our hot wallet are kept to a minimum as a security measure, and are refilled periodically as needed.

  • How long does it take for a wire withdrawal to be processed?

    A USD wire withdrawal by wire is sent within 3 to 7 business days, unless the option "Express" is chosen (for a fee), in which case the wire is sent within 24 hours during business days.

  • What are Tethers?

    Tethers are a new type of digital currency, built on the Omni Layer on Bitcoin. Every tether is backed 1-to-1 by traditional currency held in Tether Limited’s reserves. So 1 USD₮ is always equivalent to 1 USD. Bitfinex lets you receive USD₮ from a Bitcoin blockchain address and treat them as a USD deposit. Similarly, you can withdraw funds to a Bitcoin blockchain address as USD₮. Learn more about the benefits of using tethers here.

  • Ethereum Deposits

    At this time Bitfinex does not support Ethereum transactions generated from smart contracts. To avoid missing deposits or deposit delays ETH and ETC should only be sent in traditional transactions.

    If you are uncertain that your deposit will not be sent as part of an Ethereum contract execution, please find out for sure before sending your deposit.

Fees
  • What are the fees you charge?

    Deposits and withdrawals are free except for international wires. See our fee schedule here

  • Does Bitfinex give market makers preferential fees?

    Yes, the breakout for various maker and taker fees can be found on the fees page. In order to maintain a fair trading platform, all users adhere to the same fee schedule.

BitLicense
  • What is the BitLicense?

    The BitLicense is a set of regulations put forward by the NYDFS for bitcoin companies with NY residents. It is, however, extremely invasive and would compromise the majority of our user base’s privacy. For these reasons, among others we have decided to "opt-out" of serving NY residents. You can read more about what BitLicense means for Bitfinex customers and you can read the actual BitLicense.

  • What does this mean for NY residents?

    New York residents can no longer hold a balance of any cryptocurrency (BTC/LTC/ETH/ETC) on Bitfinex.

    Because users can no longer keep a crypto balance, NY residents will no longer have access to a number of features on Bitfinex.com

    • Exchange: New York residents cannot use any of the features in the “Exchange” tab on Bitfinex. They cannot exchange USD for BTC/LTC, ETH/BTC or ETC/BTC, nor can they exchange BTC, LTC, ETH, or ETC and vice versa
    • Margin Funding: New York residents can no longer offer BTC, LTC, ETH, or ETC funds
    • Claim: New York residents who use our "Margin Trading" feature can no longer claim their position

    Every time a user logs in from a New York IP we will require a confirmation that the user is not a resident of New York before continuing to the site.

  • Can NY residents still trade on margin with USD as collateral?

    Yes, this is still allowed. However, you may no longer “claim” your position.

  • Can NY residents still provide USD margin funding?

    Yes they can.

TOP