Registration on the Bitfinex cryptocurrency exchange

Bitfinex offers a convenient terminal with a large set of tools, margin trading, exchange, over-the-counter financing (OTC) and derivatives. To use these services, the client must create a personal account on the website bitfinex.com.

Registration on the exchange

Before you start working on the crypto exchange Bitfinex, it is necessary to register and confirm the creation of an account using the link sent to the user’s e-mail. To do this, a registration form is offered, in which the following data is entered:

• Username.
• Email.
• Password (8 characters and longer, including lowercase letters, special characters and at least 1 number).
• Country of residence (selectable from the drop-down list).
• Referral code (if the user was invited by another exchange client).

After completing the application, you will see a message stating that Google Authenticator is being used, which is necessary to protect your account with 2-factor authentication. To do this, you must download Google Authenticator, available from the App Store and Google Play. After installing the application, it is possible to go to the next step. It will ask you to scan a QR code and get a token to enable two-factor authentication (2FA). A key will also be available to set up authentication, consisting of a combination of letters and numbers.

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If the user does not turn on two-factor authentication, every time he logs in, he will have to confirm it using a link that will be sent to his email. It is valid for 15 minutes. During that time you have to follow the link in the same browser you used to sign in to your Bitfinex account. You can also copy the code for authorization and paste it into a special field on the cryptocurrency website. After logging in, another email will come with information about successful authorization and the device from which it was performed. If the user did not log in, he can freeze his account to prevent fraudsters from taking advantage of his funds. To do this it is necessary to write to the technical support of the exchange or follow the link in the letter, indicating that the login was not made by the user.

Registration in the mobile app

In the proprietary application of the service it is possible to create an account. It is offered to those who do not yet have an exchange account. Such users need:

• Open the program on your mobile device and click “Register”.
• In the form, enter your name, email, password, and agree to the terms of the service. You can also choose a time zone.
• Create and confirm a PIN code. It will be prompted every time you log in from your gadget. If Face ID or Touch ID is available on your smartphone, you can enable it.
• Enable 2FA authentication through the app (after opening Google Authenticator a new token will be added automatically), enter a secret code or scan a QR code. You can paste the code or enter the token from the authenticator program into the field in the app. An email will be sent to you with a link to confirm your account creation.

Personal Cabinet

A Bitfinex trader’s account has personal information, sections for working and using other services. After logging into the account, you need to connect 2FA, if this has not been done before. Otherwise, the service will not allow to use any services and browse the sections of the account. Before security measures are enabled, the system will redirect to the “Security” tab when you try to go to another account page.

In the private office there are 3 menus: the top menu with icons of sections you can go to, and 2 lists of tabs on the left side with names. The upper menu includes the following pages:

• Bitfinex Pulse. Go to a site where you can publish your own content and read articles by other users.
• Third-party services. Links to the sites of partners with whom the exchange cooperates.
• Tours and messages, support and private questions, knowledge base.

The following tabs are available in the User Information menu:

• Account. On the page you can change your name, password, email address, language, account status. There is also an address book where you can add destination addresses for quick selection when applying for withdrawal. Time zone and date format settings, currencies for paying commissions, funding options, and social media connections are available.
• Sub-account. Possibility to see the created and add a new one. When creating, you can specify what the additional account will be used for: paper trading or participation in competitions.
• Securities accounts. Account creation form.
• Notifications. Setting up desktop and browser alerts, pop-up messages in the bottom corner of the page (orders, trades, security, margin collateral).
• Interface. Customize the appearance of charts (orders, margin positions, price alerts), placements (sidebar layout, Bitcoin view mode), order book (depth of order book visualization, order book column order, indicators and number format), theme, tickers (units, currency order).
• Verification. Go to the page with the form for checking your Bitfinex account.
• Affiliate Program. Information about participation, conditions and requirements, statistics.
• Reports. Information about last month’s trading volume, fees, derivatives commissions, total income from margin funds.
• Rating table. A list of the most profitable and unprofitable accounts of traders.
• API. All keys and the ability to create a new one.
• Knowledge Base. Go to the help center with the materials you need to study before you start working on the exchange.
• Support and questions. Ability to create a ticket with a question to the administration of the service.
• Ads. News in the work of the company.
• Jobs. The button redirects to the section where the exchange publishes vacant positions. It describes the conditions of work, requirements for applicants, and you can fill out an application for an interview.

Another menu contains sections for working at the exchange. In it the transition to such pages is available:

• Trading – opens the terminal for placing transactions.
• Derivatives.
• Financing – margin collateral, loan processing, Lending Pro.
• Securities.
• OTC trading.
• Wallet – deposit, withdrawal, wallets and reports.
• More – additional tools and services. Information about UNUS SED LEO, connection to Bitfinex Lightning node, Bitrefill purchases (the ability to pay for orders in online stores and various services in cryptocurrency).
• Honey is a tool for algorithmic trading.
• Bitfinex Pay – accepting payments in cryptocurrency.
• Bitfinex terminal with free and paid access.

Master and sub-accounts

The exchange offers master and sub-account functions that allow you to connect multiple trading accounts to the master. This feature has several advantages:

• Discounts on charged commission to all accounts based on aggregate trading volumes.
• The ability to experiment independently with different strategies.
• Use reports to track the activity of additional accounts and aggregate information such as volume and other metrics.
• Choose a sub-account with which to share the data used in the verification process so that the account can take advantage (for those verified to Basic+ and above).
• Transferring assets between master and sub-account wallets.
• Creating a paper trading sub-account to test different Bitfinex features.
• Creating sub-accounts for competitions. The user must mark the account as a contest account.
• Ability to publish “Pulses” with the composition of the wallet and the percentage of the portfolio (for those tested to Basic + and above).

The master account that registers first can switch between viewing and making changes to the sub-accounts. To switch to a sub-account, you need to verify the e-mail. At the top of the personal Bitfinex master account you can find the context switch menu, which gives you the ability to enable different accounts and make new data.

Also, the wizard can set restrictions on other accounts, which are due to security requirements. To withdraw funds, you need to verify the mail of the desired account. Sub-accounts can get the status of master verification, for which you need to enable this function. To create a sub-account, the user must:

• Enter the office, which will be the master.
• Go to the “Sub-account” tab. Specify in the special fields e-mail, login and password. If the account is created for a specific purpose, it is necessary to enable the corresponding option during creation.
• Configure permissions, including withdrawal of funds and receipt of verification form data.

Reports

Bitfinex user can always view and download reports with the history of trading operations, deposit and withdrawal transactions, etc. The service has developed a new set of reports, which are designed to control and analyze conducted operations. In the new version they abolished the restrictions on information uploading, which allows you to view all the information from the moment of account creation in the online mode and downloaded file. The site has a “Reports” section, where you can select the desired period of time and download. To do this, you need to:

• Select the report type: position history, financial collateral, orders and trades, wallet history, deposits and withdrawals.
• Click “Confirm” to review the report online.
• Click “Export” to download the document.

All reports are sent to the e-mail address that is linked to your Bitfinex account and can be downloaded in CSV format. You can also download the Reports Framework application, which allows you to create full reports on the account for tax purposes. After installing and running the application, you need to provide an API key. It can be found in the Account Management section. After logging in, using the API and the secret key, you must wait for the completion of synchronization with the cloud service. Once the procedure is complete, the key will be embedded in the application. You can enter the desired dates to get a detailed report including a snapshot of positions, wallet balances, withdrawals and deposits, profits and losses.

Security

Bitfinex exchange takes all necessary measures to protect the personal data of its clients. In addition to connecting 2FA, there are other methods to ensure the security of user accounts. Also, the administration of the service gives a number of additional recommendations that will help increase the level of account security:

• Blocking the withdrawal of funds in the case of entry from another IP.
• Set a secret phrase to confirm the withdrawal of funds.
• Block or cancel addresses to which assets can be withdrawn.
• Cancel the “Detect session activity” function.
• Restrict access to the account based on IP.

Enable email encryption using OpenPGP technology. It uses a combination of public keys. To enable PGP for emails, you must specify your PGP key in the field under “Security”. If a Bitfinex user enables multiple 2-factor authentication modes, they will be applied in reverse order. For example, U2F has priority over SMS and token, and SMS authentication has priority over token. But if both SMS notifications and tokens are enabled, the token will be used for login. For physical security key based on U2F (Universal 2nd Factor) and 2FA such secure actions are available:

• Authorization.
• Changes in security measures.
• Supporting conclusions.
• API key generation.
• Cardinal account changes.

To activate two-factor authentication in the “Security” section, you need to click on the “Configure” button under the information about the service. After clicking, a window will open with a QR code. It should be scanned with the help of the application Google Authenticator, which will give the combination of numbers to be entered in the special field at the site. After sending the code a link will be sent to the email, which will confirm the activation of Bitfinex authentication. Session settings are also available. The user can enable or disable such options:

• Session. If the trader is logged in but inactive, it will ping for 10 minutes to keep the session open. With the feature enabled, the session will close after half an hour of inactivity.
• Receive an email when you log in to the cabinet. Each time the user logs in, they will receive an email notification with the IP data to block the account in case of unauthorized actions. This feature is enabled by default. You can disable it if you want.
• Exit session when using your IP. You can turn on logout by IP, for example, if your mobile device switches from Wi-Fi to LTE.
• IP Whitelist. You can restrict access to an account by IP by specifying one, multiple addresses, or an entire range.

Offers Bitfinex and adding addresses to a whitelist for withdrawals and withdrawal settings. You can use these options:

• Checking new IPs before confirming withdrawal. If the withdrawal is requested from a new IP, the user will receive an email to verify the information. The period lasts for 24 hours. If the withdrawal is requested 24 hours or more after the change of IP, the verification with an email will not be carried out.
• Withdrawal is blocked for 24 hours in case of IP change. If you log in to your account from a new address, all withdrawal transactions will be blocked for 24 hours.
• Custom verification. You can add a secret phrase to the image that confirms the operation.