Loïc Morel
Bitcoin for Business4.7(166)
Beginner
Learn the payment and treasury basics to onboard your company to Bitcoin
Founded in 2012, Bitfinex is one of the first bitcoin and altcoin exchange platforms. Initially focused on P2P bitcoin exchanges, the platform quickly expanded its services to include margin trading, P2P financing, derivatives trading, and an OTC ("over-the-counter") market for high-volume transactions.
Today, Bitfinex is a complete platform, enabling both simple purchases of bitcoins and the use of advanced trading functionalities (traditional trading, derivatives, OTC, lending, etc.) with risk management tools. It is available in a web version, and for simple transactions, an easy-to-use mobile application is also available.
In this tutorial, we'll cover the process of creating a business account on Bitfinex, buying and selling bitcoins, managing transactions for accounting purposes, and depositing and withdrawing euros and bitcoins. The aim is to provide you with the basic knowledge, whether you plan to integrate bitcoin into your cash flow or accept bitcoin as a means of payment.
If you're interested in the subject of integrating bitcoin into your business, I'd also recommend discovering our complete theoretical training course on the subject:
1 - Creating a Bitfinex account
Go to the official Bitfinex website. On the home page, find and click on the "Sign Up" option to start creating your account. At first, you'll create a standard account as for individuals, the "Corporate" option will be selected later during the verification process.
Complete the required information: enter your business email address and your company's country of residence. Choose a secure username and password, then click on "Sign up" to confirm registration.
For tips on using and safeguarding strong, unique passwords, see also this tutorial:
We're now going to configure the 2FA to secure the account. Use an authentication application on your smartphone, such as Google Authenticator or Authy for example. You'll find a tutorial on this tool here:
Scan the QR code with your app and enter the 6 digits provided.
Registration has been completed.
Check your mailbox and click on the link sent by Bitfinex to confirm your registration.
Your account is now created. Click on "Log in" to access the platform.
2 - Company account verification
Bitfinex applies a verification process (KYC) that complies with current regulations. In "Basic" mode, it is impossible to make deposits, making it essential to obtain at least the "Intermediate" verification level, or even "Full" if necessary.
Once your account has been created, a pop-up window should suggest that you verify your account. Click on "Verify".
If this window does not appear, go to your profile at the top right of the interface, then click on "Verification".
Under "Account Type", select "Corporate". In my case, I'm upgrading to "Intermediate", so I select "Upgrade to Intermediate".
Complete the steps by providing:
- Company information (company name, contact details, business sector, etc.) ;
- Legal documents (articles of association, Kbis extract, list of directors and shareholders);
- KYC information for each beneficial owner or director (identity documents, proof of address, etc.).
Once your application has been completed and submitted, it may take several days for the platform to validate it for business verification. During this period, deposits will be temporarily blocked.
3 - Quick introduction to the Bitfinex interface
Once logged in, you'll see a navigation bar at the top of the interface with: "Trading", "Derivatives", "Funding", "OTC", "P2P", "Wallet", etc. Bitfinex offers a wide range of functionalities, including:
- Trading: "classic" market where you can place orders to buy and sell cryptocurrencies (including bitcoin);
- OTC: Over-The-Counter service for trading large volumes directly with another player, outside the public order books;
- Funding: Area dedicated to lending and margin funding;
- Derivatives: Section for derivatives (futures, etc.), intended for experienced traders;
- P2P: Allows you to buy or sell cryptos from other users on a peer-to-peer basis.
For standard use (buying/selling bitcoins, deposits/withdrawals and cash management), you'll mainly use the "Trading" tab, as well as the "Wallet", "Deposit" and "Withdraw" sections.
Another advantage of the Corporate formula is the ability to create sub-accounts. This means you can give several users access to these sub-accounts, each with specific rights (read-only, trading, deposit only, etc.).
4 - Deposit and withdrawal of euros (fiat)
To deposit euros into your Bitfinex Corporate account, access the "Deposit" submenu located in the "Wallet" menu at the top of the interface.
Select "Bank transfer" or "Credit/Debit Card" to make a deposit in euros (or any other fiat currency).
Choose the fiat currency to be sent, e.g. euro. If you are only using the basic "Trading" functions, click on "Exchange". Also indicate the amount you wish to deposit and the country of your business account bank.
Make a transfer from your business bank account to the bank account indicated by Bitfinex.
To withdraw funds, the procedure is similar: go to the "Withdraw" sub-menu.
Click on "Bank transfer".
Select the fiat currency you wish to withdraw, the account to be debited at Bitfinex ("Exchange" if you only use the basic features) and the amount to be withdrawn.
Bitfinex may require validation of your bank account before accepting the transfer, for compliance reasons.
Once the procedure has been initiated, Bitfinex will transfer the funds to your bank account.
5 - Depositing and withdrawing bitcoins
To deposit bitcoin on Bitfinex, access the "Deposit" submenu.
Click on "Cryptocurrency".
Choose "BTC". A receiving address will appear. Copy this address and use it from your self-custody wallet or another platform to send your BTC.
To withdraw bitcoin, go to the "Withdraw" submenu.
Click on "Cryptocurrency".
Select "BTC". Choose the Bitfinex account to be debited for your withdrawal ("Exchange" for basic features). Enter the amount and the destination address of the bitcoins. Be sure to check the withdrawal address to prevent any errors.
Following your confirmation, your bitcoins will be transferred. Please note that fees and delays may vary depending on mempool congestion.
Bitfinex also offers deposit and withdrawal options via the Lightning Network, enabling faster and cheaper transactions.
If you're interested in the Lightning Network, we also have a complete training course to help you understand how it works:
6 - Buying and selling bitcoins on Bitfinex
Bitfinex offers various trading modes. For ease of use, opt for the classic spot market, also known as "Trading" or "Exchange". Here, you can place buy or sell orders at the market price, or set a limit price.
In the top menu, click on "Trading".
Select the "BTC/EUR" pair if you want to buy or sell BTC in exchange for euros, for example.
The interface displays a price chart in the center, the order book at the bottom, and the order entry module on the left. In the order entry section, you can choose between a "Market" order (executed immediately at the best available price) or a "Limit" order (you define the price). Indicate the quantity of BTC to buy or sell, or select a percentage of your balance. Then click on "Buy" to buy or "Sell" to sell.
You can view the history of your executed orders in the lower part of the interface.
7 - Transaction history export and accounting
For accounting purposes, you'll need to export details of your transactions (purchases, sales, deposits, withdrawals). Bitfinex offers a comprehensive reporting tool. Click on your profile icon at the top right of the interface, then on the "Reports" menu.
On the left, you can select the type of data to be exported. For example, selecting "Trades" will give you access to all your trades.
Define the desired period in the "Date" box and, if necessary, restrict your search to one or more specific pairs via the "Symbol" field.
To export this data, click on the "Export" button.
Check the parameters, then confirm the export.
The report will be emailed to the address associated with your Bitfinex account, as a CSV file.
Once the file has been exported, you can integrate it into your accounting software or send it to your chartered accountant.
9 - Use cases for the company
Depending on your company's objectives and structure, the use of Bitfinex may vary.
Buying bitcoins for cash
Objective: Diversify the company's cash flow by investing in bitcoin.
Steps to follow:
- Deposit euros on Bitfinex from the company's bank account;
- Use these euros to buy bitcoin;
- Keep bitcoins on the platform or withdraw them to secure them in self-custody ;
- Export transaction histories as required.
Accepting bitcoin as a means of payment
Objective: Offer your company the possibility of accepting bitcoin as a means of payment for your products or services.
Steps to follow:
- Integrate a bitcoin payment system. For small businesses, simple wallet software may suffice, or you can opt for specialized solutions like Swiss Bitcoin Pay or BTCPay Server to integrate bitcoin as a payment option on your website or at the point of sale;
- Transfer payments received in bitcoins to your Bitfinex account;
- Depending on your financial strategy, sell the bitcoins received for euros, keep them for potential future appreciation, or opt for a combination of both;
- Keep bitcoins on the platform or withdraw them for self-custody. You can also withdraw euros to your bank account;
- Export transaction histories as required.
For a more in-depth look at this topic, I recommend this comprehensive training course on integrating bitcoin into businesses, which covers in detail adding to cash flow, accepting bitcoin payments, and accounting:
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This tutorial has been written by Loïc Morel
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