How to earn with Bitfinex?

Trade

The main type of work on the platform is cryptocurrency trading. By analyzing differences in prices, changes in exchange rates, and using different strategies, it is possible to generate income by selling and buying digital assets.

Margin Maintenance

Peer-to-peer financing is a tool for lenders to earn interest by lending their own assets to other users who want to use them in margin trading. This feature is suitable for those interested in low-risk investments. Funds can be lent through a special peer-to-peer funding platform. The Exchange makes it possible to provide them in different currencies that are available for trading.

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If the lender has funds in his financing wallet, he can place bids himself, specifying his rate, duration, and amounts. They will be executed like other warrants when buyers are found for them. Interest is paid until the funds are paid back. In order to earn income when a loan is made, the user must do the following:

• Contribute funds to the peer-to-peer funding wallet. To do this, you can top up your account or transfer them from another wallet. Only assets that are used for margin financing can be credited to the balance. Not all coins are available for this exchange function.
• Create Proposal. On the financing page, you can specify the details for which the user is willing to provide his funds. In the offer you can specify the rate (you can study the current market to select the appropriate option), the period (from 2 to 120 days), the amount.

You can also choose instant (FRR) or fixed rate for automatic bets, delta. The Instant Return Rate is not based on an agreed fixed amount, but on the average with all positions taken into account. It is updated once an hour. The advantage of this option is that the rate takes into account changes in the market. Using such rates, liquidity providers are assured that their assets are provided without missing out if prices go up. Delta is a dynamic rate that sets an offset from the instant rate, which is set in the “Collateral Form” in the “Financing” section.

After confirming all the information, you must click on the “USD Proposal” button. It will appear in the collateral book. When the offer coincides with the request for funding, it will be executed and will begin to generate income. At that time, the order will be shown on the financing page, which you can view through the “Bids” widget. The minimum for a single bid is 150 USD or the equivalent in another currency. Financing cannot be returned to the lender before the end of the loan period. But the borrower himself can return the funds at any time before the end of this period.

Disbursements for such funding are made daily at 01:30 UTC. You can go to “Reports – Financing Income” to select the currency that was loaned and see the history of payments. In the “Logs” income is shown in the line with the description “Payment on replenishment of the purse”. Loan origination fees are 15% of the amounts received for the loan origination, or 18% if the offer was placed as a concealed loan. The fee may be different if the balance has a certain amount of UNUS SEO LEO.

The Bitfinex Lending Pro feature is available for advanced users of the exchange. It is a tool that allows you to set up automated strategies and help you work with the peer-to-peer financing market. It uses an advanced set of functions to manage funds taking into account market conditions and borrower requests. Charts such a tool to track balances and increase income by automating the financial management process. There are 3 asset provisioning methods available on Lending Pro:

• Dynamic. The tool sends an offer of money on behalf of the user, which will later be replaced by offers for reduced rates until conditions change or an appropriate option is found.
• Static. The offer on behalf of the user will be replaced if the conditions change by the specified amount.
• Market. The offer will be sent at the last rate.

Period selection is also available in Lending Pro. This mode is a parameter that allows you to specify which period will be selected when placing offers. Adding it expands the ability to configure loan strategies. There are 3 types of periods:

• Dynamic. The term will be selected automatically based on current market conditions.
• Static. Gives you the opportunity to fix the duration of the loan.
• Custom. Allows you to fix the duration depending on the selected rate, taking into account behavioral triggers.

Affiliate Program

Bitfinex has developed an affiliate program, which gives the opportunity to receive rewards for attracting new users to the site. The service allows you to increase your earnings in cryptocurrency by receiving a percentage of commissions for trading and financing on a 3-tier system. To become a member of the affiliate program, you need to:

• Register on the Bitfinex website and log in to your account.
• Go to the “Referral Program Control Panel” and generate codes for invitations. You can share them in different social networks. There are also links for registration and a QR code that can be downloaded to invite your friends. It is possible to share information about the platform with other traders and give them a compensatory payment in 6% for registering on the site. Such payment is reduced every second so that every 30 days it is reduced by 0.5%.

Statistics on the program is available in the same program control panel. It shows the earnings and the number of referrals. It is also possible to analyze how effectively the attracted traders work. For all operations carried out by such users the percent of their commission is charged. Partners also earn a percentage of commissions of those attracted by their referrals. Remuneration scheme for the program:

• 1 stage of communication with the involved user (direct) – 18%.
• 2nd stage – 6%.
• Stage 3 – 2%.

The interest an affiliate receives from each participant is reduced each second so that it is reduced by 0.5% after each month. You can increase the amount of compensation by using coefficients. For them to be used for accrual, an affiliate and his referrals must meet certain criteria. There are 3 coefficients available, which are applied in such cases:

• For account verification. For those whose account is verified to the “Basic+” level, a coefficient of 1.2x is prepared. If a referral’s account is verified to the “Basic+” level and above, a coefficient of 1.2x will be applied to the remuneration to be received from his activity.
• For UNUS SED LEO tokens on the balance. If the attracted user has more than 500 USDt in the last month, coefficients from 1.1x to 1.5x will be applied (the amount must be more than 50,000).
• For social networking activities. The coefficient is valid for 36 hours from the moment of activity (like or repost a publication about the site by subscribers of the partner). It applies only to recent activity on the exchange (in the last week). For those who have more than 1,000 subscribers the coefficient 1.1x is available. If their number is more than 10,000, the figure increases to 1.2x. To receive bonuses for activity, you need to link your account to your social network account. To do this, log in to the system, go to “Account – Information – Connection of social networks”.

Bitfinex Borrow

You can make a profit by lending your assets. There is a Bitfinex Borrow platform for this purpose, where anyone can apply for a loan secured by cryptocurrency. Those users who have free assets can lend them to traders making requests and earn an income on it. The site has a section of the service, where you can study the list of requests and choose the appropriate one by term and interest rate.

Steaking

Program steaking will allow you to earn rewards by having cryptocurrency in your Bitfinex account. The income can reach 16,74% per year. In the section with information about the service, there is a calculator that allows you to calculate the potential reward. In the form, you need to select the cryptocurrency and the amount to be deposited. The service will automatically calculate the trader’s income. In order to deposit funds into the balance and make a profit, you need:

• Choose a token for steaking.
• Deposit the required amount to the balance of your account at the exchange.
• Receive automatic payouts.

The exchange supports 11 coins for stacking. The percentage of remuneration depends on the selected cryptocurrency. The amount is paid once a week. The service selects the account balance in the middle of the week and calculates the percentage depending on the amount in the account at that time. The reward is calculated and paid by the token network, there is no permanent scheme or policy for distributing the reward that determines who gets it. Therefore, the exchange does not guarantee that the user will receive a percentage of the staking on a weekly or ongoing basis.

There is no minimum amount to participate in the program. But the service has set a minimum to accrue remuneration. There is a threshold value, from which the interest on tokens stored on the balance begins to accrue. For most cryptocurrencies, this is an amount of $0.5. If there is not enough money on the account to accrue that amount as interest for stacking, the user will not receive the reward.

Rewards for developers

For those who integrate Bitfinex API into their own product or library, a 5% reward is available for each transaction that will be made through the API. To get it, you have to integrate the referral code into your code or product.

Bitfinex Pay

The exchange has developed Bitfinex Pay, a widget that allows you to simply and securely accept payments from your customers and buyers. Advantages of the offer:

• Zero commission. No fees for processing payments on the exchange server.
• Easy installation. The widget can be set up in just a few steps.
• High speed of transaction processing. The payment comes to the user’s wallet in a few minutes.
• A wide choice of tokens. You can receive payments in different cryptocurrencies.

Exchange offers to work with two different options:

• With the WooCommerce app. Partners can receive contactless payments with coins with minimal technical knowledge. It’s enough to download WooCommerce from WordPress or GitHub and set it up in a few clicks.
• Using API. You can integrate Bitfinex Pay with your requirements. To get started, you can set up the Node.JS REST API library.

How the widget works:

• Customers click on Bitfinex Pay on the page of the exchange partner’s site when placing an order.
• The service redirects them to the Bitfinex payment gateway page, which will display information about the purchase. It will also show a countdown, which will show how much time is left until the end of the payment.
• After payment, customers return to the exchange partner’s site. If the user does not complete the transaction before the end of the countdown, the invoice will be overdue. In this case a new invoice can be requested.

To start accepting payments in cryptocurrency, the seller must:

• Verify the account to an intermediate level. Submit an application to verify the Vendor. In the form that opens, specify the information that relates to the products and company.
• Go to the sub-accounts page and create a new one for Bitfinex Pay. Check the box next to the words “Merchant account” and accept the terms of service.
• Create an address for the deposit. It can be generated for each coin that will be used to receive payments.
• Set up authenticated endpoint APIs. To do this, you need to create an API key and an order with the endpoint. They are in the API documentation.
• Integrate widget. Go to the “Widget Setup” tab and scroll to the “Snippet Button” option. A window will open where you can add the order ID to the code.
• Copy the code to get the code to embed on the checkout page.
• To enter the settings in WordPressif such a plugin is used.

Employment

Cryptoexchange is constantly looking for new employees and publishes information about it on the website. In the section with free positions the company describes working conditions and requirements for applicants. The list of vacancies is regularly updated. Now the team is looking for such employees (for remote work only):

• Customer service specialist to work in the chat room.
• Manager of risk assessment and internal testing.
• The investigator on the ODP (VN).
• Money Laundering Investigator.
• Director of Corporate Communications.
• Social media manager.
• KYC Analyst.
• React Native mobile managers.
• Blockchain integration specialist.
• External interface developer.
• Senior Node backend developer.

A separate page with details is available for each job opening. It describes the duties and requirements for future employees. There is a button “Apply for the position”. It redirects to a form where you need to enter your name and email, add a resume file, and answer a few questions. For example, for a tech support employee, the chat offers the following questions:

• Why is it interesting to work at Bitfinex?
• Do you trade in cryptocurrencies?
• What languages do you know?
• Do you have any experience with programming languages?
• How do you rate your knowledge of blockchain?
• What knowledge do you have about trading?
• Video answer to the question, how did you find an approach to a client who didn’t want to respond to inquiries and cooperate?
• Evaluate your communication, independence and leadership skills, and stress tolerance.
• Describe your strengths and weaknesses.
• Any experience with remote work, chat support?
• Expected salary.
• The country from which the work will be done.