Loïc Morel
Lightning Network Theory4.8(159)
Intermediate
Discover the Lightning Network from a technical perspective
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, allowing both simple purchases of bitcoins and the use of advanced trading features with risk management tools. It is available in a web version, and for simple transactions, an easy-to-use mobile application is also available.
Bitfinex actively supports the development of Bitcoin, investing in technologies such as the Lightning Network and promoting peer-to-peer solutions for financial freedom.
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.
Complete the required information: enter your email address and 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.
If you do it from the application on your smartphone :
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 - Account verification
Bitfinex applies a verification process (KYC) that complies with current regulations. In "Basic" mode, it is impossible to make deposits, withdrawals or transactions, which makes it essential to obtain at least the "Basic Plus" verification level, or even "Intermediate" or "Full" if necessary:
- Basic is a display-only mode, allowing you to consult the platform without performing any operations;
- Basic Plus provides access to essential functions, including spot market transactions and selected deposit and withdrawal options;
- Intermediate unlocks advanced services such as margin trading, loans, P2P and OTC transactions, and offers reduced deposit deadlines;
- Full gives you access to international bank transfers and all the platform's features.
For each level, additional documents are required for verification. For most users, Basic Plus or Intermediate accounts are generally sufficient.
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 "Individual". In my case, I'm upgrading to "Basic Plus", so I select "Upgrade to Basic Plus".
Complete the steps by providing the requested information and documents. Once your application has been completed and submitted, Bitfinex will verify your account to unlock the associated features.
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 and deposits/withdrawals), you'll mainly use the "Trading" tab, as well as the "Wallet", "Deposit" and "Withdraw" sections.
One of the advantages of Bitfinex is the ability to create sub-accounts. This means you can segregate different uses for your account:
If you wish, you can also customize your dashboard to highlight the features you need:
4 - Deposit and withdrawal of euros (fiat)
To deposit euros into your Bitfinex account, access the "Deposit" submenu 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 bank.
Make a transfer from your 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:
After purchasing your first bitcoins, you obviously have the option of leaving them on the platform, but I strongly recommend transferring them to your own wallet in self-custody. If you don't yet know how to use a Bitcoin wallet, I invite you to explore the "Wallet" section on Plan ₿ Academy.
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.
You can also set up a recurring purchase of bitcoins from the application to smooth out your acquisition price over time (DCA).
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