How to configure the Bitfinex App for Secure Trading - #CryptoTrading

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Bitfinex App has a super easy way to configure it for safe use on your regular, unsafe smartphone.
Trading     · [technical]  · Author: AltcoinTradingNET

It is not exactly hot news that the BVI-based custodial cryptocurrency trading platform Bitfinex offers their own trading app for smartphones.

What you might not know is that the Bitfinex app is built in a different way than most crypto trading apps, and that it actually matters.

It’s really not to geek out.

Unlike with most altcoins, in the case of the Bitfinex app the superior tech matters. The reason is it makes it super quick to set up the app securely.

With the right configuration you can trade without worry even on your regular phone – even if it carries malware, spyware, credential stealers and whatnot. The configuration is a matter of ten seconds in your Bitfinex account, as accessed from browser.

How to configure Bitfinex app for safe trading on your normal phone

What you need

  1. A Bitfinex account set up from a clean, trusted device. You can use your laptop if you are confident it’s secure. (By the way, Bitfinex has no minimum deposit limit anymore.)
  2. A smartphone to install the app from Google Play or App Store. Don’t use the same device as you used to register on Bitfinex.

We have written before about how important it is to tier your devices. For instance, you should not have your main crypto wallets on a laptop that you use for download sites or to stream movies illegally, because the pop up ads there are full of malware.

In 2020, when you’re already making a malware, it’s really the standard to include something to check for crypto wallets. It’s an easy task for a programmer and if they find a wallet file, it’s easy money.

What is also pretty much a standard is to try and get your saved passwords, or to plant a keylogger into your device, with the specific focus on login credentials for the most popular crypto trading platforms.

First Security Advantage: No Login

With the Bitfinex app though, you are accessing the exchange with a PIN code or fingerprint, never with your full login data.

That’s what makes this app so secure. Even if your phone has some malware that’s specifically looking for your Bitfinex credentials, they are simply not there.

However, you will defeat the purpose of this system if you sign up from the browser on your phone and then start using the app on the same phone.

So don’t do it.

Open your account on Bitfinex

Second Security Advantage: Allow Only What You Will Use

After sign up, head to your account Settings and select ‘API’. If you are logged in, go straight to bitfinex.com/api.

Create a new API key and consider which functionalities you will allow. For example, if you are not a trader but you use Bitfinex to provide margin funding, you can disable everything other than the two funding-related options.

If somebody gets access to your phone and gets into the Bitfinex app now, they won’t be able to do anything else other than submit your money as a funding offer.

Disabling withdrawals for use on an unsafe phone is probably a no-brainer.

As you save the API key configuration, Bitfinex will show you a QR code which you will need, so don’t close anything yet.

More at Support.Bitfinex.com

Don’t Screw Up Now: Download The Real App

The real Bitfinex App Store identity (developer ID) is Bitfinex.

Get the Bitfinex app from Google Play or iTunes and install it. If you use Android, the page for the genuine Bitfinex app on Google Play should look similar to what you see on the screenshot below.

Never download cryptocurrency trading apps from unknown sources.

When you’re done, open the app and click ‘Login’. The app will ask you to scan the QR code of your API key, which will set up the connection to your exchange account.

After that, you will be only asked to create a PIN and to save your fingerprint, if your phone supports that…And that’s you done.

Go To Bitfinex >

Crypto Trading Strategies Suitable for Bitfinex

Margin lending strategy template (best for bitfinex lending)

How to decide whether the swap rate is enough to cover your risk and why it is a stupid idea to lend your coins for peanuts.

The case for dca

Actually crunching the numbers for you.

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A primer on how to look at a ranging market. Long read, specific to trading ranges in cryptocurrencies, and some basic Wyckoff method to look into the market phases.

 



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