Cryptocurrency Exchange

Bitfinex – The Infamous Asian Crypto Exchange And It’s Trading Pairs

Bitfinex

Cryptocurrencies and blockchain technology boasted high security and claimed to be the safest form of asset. However, the claims weren’t completely true, as hackers ultimately found out a way to hack blockchains as well.

In the past few years, several cyber attacks were carried out on crypto exchanges by hackers, taking away digital tokens worth hundreds of millions of dollars. Some of the hacked crypto exchanges learned from their mistakes and made necessary changes, while others tried but couldn’t prevent further attacks. These exchanges are the hackers’ favorite, and one of them is Hong Kong-based Bitfinex.

Bitfinex Crypto Exchange was launched way back in 2012, and since then, the exchange has been attacked two times. The first attack was carried out in May 2015, which caused a loss of $400,000, and the second hack was executed in August 2016, when a whopping $73 million was stolen from the platform.

And apart from hacks, the bank has had issues with lenders as well. In late September last year, Bitfinex ran into troubles with banks and had to release a statement claiming that it was not bankrupt. In June 2016, a $75,000 fine was imposed on Bitfinex by the US CFTC, for illegal off-exchange services. Also, there has been a continuous criticism on the Tether – Bitfinex relationship, as the stablecoin and the exchange have common shareholders and management.

However, the thing which invoked a lot of bad reputation for the exchange was the price manipulations in 2017. Many exchanges were accused of manipulating Bitcoin prices to increase prices, but Bitfinex was accounted for more than half of it. This resulted in exorbitant prices of Bitcoin at the end of December, which is one of the things that triggered the great collapse of crypto markets in 2018. But the Asian crypto exchange Bitfinex seems to have taken the organic path, as a report confirmed that Bitfinex and Binance were the only ones among the top 25 exchanges, which are not faking trading volume.

Nonetheless, the exchange has survived through tough times and is moving forward strongly. It currently offers about 113 trading pairs in 33 coins, including Bitcoin, Ethereum, Litecoin, Ripple, and Bitcoin Cash

Here are the pairings it offers for some of the famous cryptocurrencies:

  1. Bitcoin (BTC)

Bitcoin is expectedly the most traded digital coin on the exchange. Bitfinex offers five pairings options for Bitcoin which are BTC to US Dollar (USD), BTC to Euros (EUR), BTC to Japanese Yen (JPY), BTC to Ultra Salescloud (UST), and BTC to Pounds Sterling (GBP).

  1. Ethereum (ETH)

Ethereum, the second largest cryptocurrency was amongst the worst hit by last year’s collapse. However, it has shown a sign of recovery of late. On Bitfinex, it is traded on six pairs, including ETH to USD, ETH to BTC, ETH to EUR, ETH to JPY, ETH to UST, and ETH to GBP.

  1. EOS (EOS)

EOS is among the most traded tokens on the Bitfinex platform. The token is traded with total six trading pairs, which are EOS to USD, EOS to BTC, EOS to EUR, EOS to GBP, EOS to ETH and EOS to JPY.

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