Bitfinex Bitcoin Exchange

Bitfinex Bitcoin Exchange

Fees range from .10% to .20%
Bitfinex Bitcoin Exchange
5.6

Currencies Provided

7/10

Liquidity

10/10

Support

4/10

Data/Analytics

3/10

Security

4/10

Pros

  • Low fees
  • Order book

Cons

  • No News Feed

Bitfinex Bitcoin Exchange

I enjoy data and how different Bitcoin Exchanges leverage it for investors. Sometimes it can become overwhelming if the design elements are not there. Many would argue that the more data the better especially when dealing with a currency as volatile as Bitcoin, BUT if the design isn’t there, it can be counter-productive.

Bitfinex doing over 20,000 BTC in 24-hour volume they weigh in as a heavy hitter in the industry. I am amused at the amount of data they have smashed onto the main dashboard to elimate a lot of navigation.

After verifying your email address, you are dropped onto the main dashboard where you can instantly see BUY and SELL. This is a great tactic similar to other exchanges. Get you onto the active order dashboard as soon as possible.

dash main

I enjoy the amount of data streams from trades, but I can’t help but feel a bit overwhelmed by the way the data is being displayed.

A huge plus I noticed right away that sets Bitfinex apart from some of the other players in the space is they use Litecoin on the exchange as well!

It is powerful to be able to move between LTC and BTC on the exchange.

I love having choices when it comes to trading.

choices

There is a unique design in the center of the dashboard that is quite useful for toggling between exchanges. The top three options are the type of trading desired and the bottom three are the currencies.

I commend Bitfinex for applying some design to the cluster of data. With the simple 6 button matrix you’re able to move easily between BTC – USD trading to LTC – BTC trading.

ltcbtc dash

After toggling through the different types of trading and currencies for a few minutes I check out the order book and it is similar to Bitstamp’s massive data dump.

Using the same matrix design from the main dashboard for navigation you can move through Litecoin and Bitcoin.

order book

Looking through mega large order books like this are fun, especially over the past week with Bitcoin’s rise.

Bitfinex claims to still be in BETA even though they are pushing out over 20,000 BTC transactions daily making them a top 5 Exchange.

The sign-up process has been clearly perfected to bring people on quickly. In exchange for this speed investors may think that security steps have been skipped. Obviously you have to verify you identity before you can begin trading BUT the feeling of getting onto a dashboard within a minute makes you feel a bit “un-secure.”

In the world of Bitcoin exchanges the key metric is transaction volume. Bitfinex tops the charts daily with huge transaction volume but in my opinion more time should’ve been spent on design.

The 6 module matrix was a neat touch in the center of the dashboard, but I think that there is a TON of white space that can be worked with. With startups like Gemini blazing into the industry with prestige and large operations like Bitstamp developing amazing design to give investors a learning curve, Bitfinex will have to work on their overall display.

I did like the simplicity of the wallet balance display.

wallet

I do feel that there has to be a better representation on the main dash of current market and Bitcoin news. The magic of the market is that sometimes random news can make an impact. This is something that investors need and should have access to while trading on any exchange. Leaving this out of the main dashboard is a mistake.

Again, I know the exchange claims to be in a beta stage but with important features like news feeds missing, investors are going to go with the slicker, well-designed exchanges as they launch in 2016.

Overall, I enjoy the data provided and the liquidity involved with such a massive exchange.

I am curious as to what Bitfinex’s meaning of beta is? When is it time to roll out the next iteration?