In this post we take a look at How To Use Bitfinex Cryptocurrency Exchange App.
Step 1: Open the Play Store / App Store on your mobile phone & type “Bitfinex” in the search bar ( Or visit the official site HERE )
Step 2: In the search results displayed below, Tap on Bitfinex
Step 3: Tap on the Install button ( If your mobile prompts with any messages, hit OK ).
Step 4: You will see the app getting downloaded & installed ( will take a few minutes, based on your internet speed ).
Step 5: Once the app is installed, Tap on the Open button.
Creating An Account On Bitfinex
The mobile app, does not have the option of Signing Up on Bitfinex. Instead only the Log In option is present. So to Sign Up/Create an account on Bitfinex, you need to visit the website and initiate the process of creating an account. To create an account follow these steps;
1. Open Bitfinex on your browser. Click on “Sign Up” or “Open Account“.
2. Next enter your credentials such as username, email address and password. You also need to set your timezone – Click the drop down menu and choose accordingly. Click on “Open Account” once you’re done.
3. You will now receive a mail in your inbox, asking you to verify your email address. Click on the link thats provided in the mail- and with that the verification process is complete and your account has also been set up. You can now login to your account, by entering your username and password.
Enabling Mobile Access
Now that your account has been created, its time we got it linked up with the app on your mobile phone. To do this, login to your account via the web browser and click on the last icon found on the top right corner. Find “API” under the drop down menu and click on it.
Click on “Create New Key” to generate a new API key, that you’d use to log in to your account via your mobile app. Now under this, by default the read permission for all the functions would be checked, if you’d like to make any modifications you may do so. To carry out trades via the app, it is important that you check the “Write” option against every function. If not, you will not be able to carry out the trades. Next click on “Generate API key“.
You’ll now receive a mail in your inbox, specifically reading -“A request has been made to create a new API key for your Bitfinex account.” Open the mail and find a button which reads, “Create API Key“; Click on that, and your API key will be generated. From here the browser will automatically direct you to the page with the API details. Make sure you save the details that are shown here in a safe place, because these details will not be shown again. And if you lose the details, you may have to delete this API and create a new one from scratch.
Now while you’re at it, the page will display a QR code, which you can scan and use it to login via the app. Alternatively, you can also manually enter the API key and the details which are required onto the app. This will enable you to access your account via your phone! As soon as you login to your account via your mobile app, the app will ask you to set up a 4 digit pin code as a level of security. You can choose to set up the finger print mechanism as a level of security too.
You can also choose to skip this step by simply clicking on the “Skip App Protection on Login” option found on the bottom of the screen. But it is always advisable to set a pin and to be on the safe side incase you ever lose access to your phone. With this your account has been set up and now you can start trading via your mobile app.
Understanding the App
Bitfinex boasts of a highly sophisticated app with great designs and functionalities. The app is designed to streamline all of the process in a very efficient and effective manner. The dark background apps a lot of flair and is really eye catchy. The app has 4 major tabs on it, namely;
- Trading – Carry out all your trades here
- Funding – Deposit/Withdraw funds
- Wallets – Manage all your wallets here and check your portfolio
- Settings – Customize the app to your needs. Explore various options such as Themes, Language etc.
Deposting Funds on Bitfinex
You can fund your Bitfinex account by depositing tokens from your external wallet or a third party exchange. To do this –
- Go to Wallets.
- Select the token which you’d like to deposit to your Bitfinex account.
- Select one of the 3 available wallet addresses –
Exchange Wallet is used for buying & selling supported tokens.
Margin Wallet is used when trading on margin.
Funding Wallet is used when providing financing for other margin traders.
The most common type of wallet is the exchange wallet, which is used when buying and selling any of our supported digital currencies. It is simple and free to move funds between the three wallets, so do not worry if you are unsure about the correct choice.
- Copy the deposit address for the wallet of your choice. Choose Copy to Clipboard when copying the address to ensure the address is copied correctly.
- Open the external wallet from which you wish to access your funds and send the funds (e.g. using MyEtherWallet) and paste your Bitfinex deposit address into the application as the transfer destination.
For each deposit you can use a single deposit address and continue to use the same one permanently. You may use the Change Address button to generate a new deposit address, and the old addresses will still remain valid for accepting deposits.
Withdrawing Funds on Bitfinex
As of today, you cannot withdraw your tokens via the mobile application on Bitfinex – so be advised on that. We’ll update this section, for when they include this update on the app.
Trading on Bitfinex
With all the said, you are now ready to make your first trade. To make a trade, follow the steps below –
- On the Trading page and select the pair you wish to trade (e.g. IOTA/BTC – buying IOTA using BTC)
- In the Order Form, select the Exchange tab.
- Specify the Order Type, Order Size, and Price. To make things simpler you can choose Market Order, resulting in your order being executed immediately at the current market price.
- When you have specified the type of order, size and price, simply click Exchange Buy or Exchange Sell to execute.
Using the IOTA/BTC example outlined above, pressing Exchange Buy would purchase IOTA using your existing BTC, whereas pressing Exchange Sell would sell your existing IOTA for BTC. Your order should now appear in the Orders section, visible below the Chart. Once your order is executed, your funds will be credited to your Exchange wallet and the executed (or canceled) order will now move to the Order History tab.
Types Of Orders
A limit order is one of the most basic order types. It allows the trader to specify a price and amount they would like to buy or sell.
Example: If the current market price is 250 and I want to buy lower than that at 249, then I would place a limit buy order at 249. If the market reaches 249 and a seller’s ask matches with my bid, my limit order will be executed at 249.
A market order is an order type that executes immediately against the best price available. As long as there are willing sellers and buyers, market orders are filled. A market sell will match the best available bids on the order book, and a market buy will match against the best available asks on the order book.
Market orders are often used when rapid execution is prioritized over the price at which the order executes. When placing this order, the trader prefers the trade to happen immediately at the current best price available.
A stop order is used to trigger a market sell when the market drops to your trigger price, or used to trigger a market buy if the market rises to your trigger price. This is often used as a stop loss order if the market is moving against an open margin position. Stop orders will fully execute as a market order once the trigger price is reached.
Example: If the current market price is 250, the trader in a long position might want to sell if the price reaches 245. A stop sell at 245 will be used in this case.
If shorting, a trader would place a stop buy above the current price. This would mean that if the market goes against their short (up) they can cut their losses by buying to close or reduce their short position.
Example: If the current market price is 250, the trader in a short position might want to buy if the price reaches 255. A stop buy at 255 will be used in this case.
A stop-limit order executes as a limit order within a specific price range (buy or sell limit price or better) and not as a market order. With a stop-limit, the trader sets a stop price at which the order is triggered and a limit price at which the order may be filled. The order will only execute between the stop and the limit as long as matching bids or asks are available on the book. If the market price surpasses the limit price, the order may not be entirely filled.
Once the stop of a stop-limit order is triggered, the limit order is automatically added to the book. If the market price does not reach the stop price, the order will not be triggered and will remain unfilled. If the stop is triggered and the limit order is placed, but the market price does not reach the limit price, the order will also go unfilled.
If the market price is moving quickly enough and gaps above the limit price, there may not be enough matching offers available between your stop and limit to fulfill the order.
Example: If a trader would like to buy once the market price reaches 250, but not pay more than 252, then a stop price of 250 and limit price of 252 will be specified at the same time using a stop-limit order. If the market price reaches 250, the order is triggered and will match the best available asks up to 252. If the market price moves to 252.01 or above, then the order may go partially unfilled due to the limit price.
A trailing stop order provides flexibility over a stop order by executing once the market goes against you by a defined price, called the price distance. When margin trading, a trailing stop sell order can be used to protect profit.
Example: If the trader is in a long position and the current market price is 250 after a quick rise from 225, a trader can set a trailing stop with a price distance of 5. This will create a sell stop order at 245. As opposed to a normal stop order, if the market price continues to rise to 275, then the trailing stop rises accordingly, always staying 5 behind the market price; rising to 270 in this example.
The stop price trails behind the market price by the amount specified as price distance and allows for a stop to adjust to the market if the market moves in a profitable direction. If the stop is triggered, a market order is placed.
Fill or Kill (FOK)
A “fill or kill” order is a limit order that must be filled immediately in its entirety or it is canceled (killed). The purpose of a fill or kill order is to ensure that a position is entered instantly and at a specific price.
Hope you have learnt How To Use Bitfinex Cryptocurrency Exchange App. Do share your views and queries in the comments section below and we’ll get back to you at the earliest! Happy Trading!