Pros

  • Supports a wide variety of digital currencies
  • Offers traders high liquidity
  • Excellent platform for traders with more experience
  • Deposits and withdrawals available via bank wire

Cons

  • Trading fees higher than the market average
  • No U.S support
  • Customer service only available through email
  • Can’t use credit or debit cards for deposits

If you’re an experienced trader looking for a platform that offers advanced trading features and tools, then Bitfinex might be the crypto exchange for you. Want to know more about what this platform has to offer? Check out our Bitfinex review below.

What is Bitfinex?

Bitfinex was founded in 2012, long before many of the other exchanges you might use today. It’s one of the oldest, but it’s also one of the most liquid. They are managed by iFinex Inc. and headquartered in Hong Kong.

The early days of Bitfinex weren’t smooth sailing. Very early on, they suffered two separate hacking instances and endured multiple price manipulation controversies, allegations of insolvency, and other security breaches. Bitfinex was able to recover by implementing advanced safety measures and more unique features.

They managed to grow into one of the world’s largest exchanges in terms of crypto volume. Today, this is a top crypto exchange, dealing in digital tokens like BTC/USD pairs, major altcoins including Monero and Ethereum, and hundreds of other digital assets. Users have access to margin trading, fiat trading, deposits, and withdrawals. An in-house indicator for Bitcoin longs and shorts gives you trading signals for other cryptocurrencies in the market.

The verification process is extensive and tedious because there’s already a huge backlog of applicants. While this is a frustrating user experience, it’s clear that traders favor this platform, despite a questionable beginning.

You can find Bitfinex on the web and they have apps for Windows, macOS, iPhone, and Android.

Bitfinex Review Available On Appstore And Google Play

Trading Options & Order Types

Bitfinex offers a wide variety of trading options and order types. In fact, they bring you unusual offerings above and beyond the limit, stop-limit, and market order types you’ll find on other exchanges. You can also match any of your order types with their available order options.

Trailing Stop

When trading using a Trail Stop, your trade goes through when the market turns against your request based on a determined price. Most traders use a trailing stop to protect their profits. It is called a trailing stop because the stop price lags behind the ask/bid price that offers the most profit. If the stop gets triggered, an order is placed.

Fill or Kill

When you perform a Fill or Kill, you’re requesting that the trade be completed as requested. This has to be done at the price you set – or a better price – otherwise, the trade is canceled.

Immediate or Cancel

An Immediate or Cancel request means that all or part of your order completes immediately. Any unfilled portions of the request are canceled, which means that partial fills can occur when using an Immediate or Cancel order, which is what differentiates it from a Fill or Kill request.

One Cancels Other option

With One-Cancel-Other (OCO) order options, you place two orders that tell the platform if any part of one order executes, then the other order is immediately canceled. When placing an OCO order, you’re placing both a limit and a stop order. When doing so, you can take both stop loss and profit targets.

Reduce Only option

If you choose to use the Reduce Only option, you’ll have the ability to set orders that only reduce your existing position. That means you won’t have the ability to complete an order in the opposite direction for more than you already have in your current position. This allows you to trade without risking over-exposure of your existing assets.

Time in Force option

The last option we’ll talk about is Time in Force option. It’s available as a Stop Limit, Stop, Limit, and Trailing Stop order. With this option, traders can set the length of time a given order will remain open. That means the order will stay available until either the time expires or the order executes.

Currencies & Payment Methods

There are hundreds (yes, hundreds) of cryptocurrencies available on Bitfinex from common altcoins to project forks and from utility tokens to digital assets, that many of us have never heard of before.

Bitfinex supports the following cryptocurrencies:

  • Bitcoin (BTC)
  • Litecoin (LTC)
  • Ethereum (ETH)
  • Solana (SOL)
  • Aave (AAVE)
  • Ripple (XRP)
  • Dogecoin (DOGE)
  • Stellar (XLM)
  • And others

You can purchase these digital assets in a number of ways. The easiest way is by simply exchanging funds you already have in your account. However, if you don’t have funds in your account or you don’t want to use them, you can purchase crypto with a credit or debit card. If you’re paying with Euros, there are also several instant payment methods for on-ramp services.

Fees

Trading fees

When determining which platform to use to trade cryptocurrencies, it’s important to review the fees an exchange charges. Trades take place between a maker and a taker who pay fees for the trade. The amount each party is charged will depend on the exchange.

Bitfinex charges takers an average of 0.20% per trade. These fees are a little below the market average of roughly 0.25%. Makers also pay a fee when trading on Bitfinex and will pay 0.10% per trade.

However, if you use Bitfinex on a regular basis, the platform will reward you with discounts on your trading fees. Unfortunately, you have to perform half a million dollars worth of trades in a 30-day period to get these discounts, so if you’re new to the platform it might not be an option.

Withdrawal fees

You’ll pay withdrawal fees equal to 0.0004 Bitcoin when you withdraw your funds from Bitfinex. These are competitive fees when compared with the rest of the market. However, the exchange announced a few changes to its withdrawals, informing customers they’ll be charged a 3% fee if any of the following applies:

  • You’ve withdrawn over $1 million during the previous 30 days
  • You’ve performed more than two withdrawals during the previous 30 days

Deposit fees

Bitfinex does not charge fees on cryptocurrency deposits. However, if you choose to go the fiat route, you’ll have to pay a 0.1% on all deposits.

Limit

There are no minimum deposits and withdrawals so long as you’re using cryptocurrency to do so. However, if you decide to deposit or withdraw fiat currency, the minimum is 10,000 EUR/GBP/USD, 75,000 CNH, or 1,000,000 JPY.

Bitfinex doesn’t have limits on trades, but it does limit the features traders have access to depending on their verification levels. The four levels for Bitfinex are Basic, Basic Plus, Intermediate, and Full.

Security

Bitfinex Review Security

One of the most important features to consider when looking for a crypto exchange is its security. Bitfinex has several features available to protect user accounts and funds. For example, the exchange highly recommends users set up 2FA (two-factor authentication). When enables, users are required to take an extra step to confirm they are the owner of the account.

In addition to 2FA, Bitfinex has added extra levels of protection to the platform to ensure hackers and other nefarious attackers don’t gain access. One such way this is done is through regular audits that ensure security is up to par. Bitfinex servers had DDoS protection available, align with real-time mitigation measures that detect malicious traffic.

Bitfinex also keeps more than 99% of all user funds in a cold storage wallet. To access these funds, you have to have the approval of three out of the five management team members. That means that even if a hacker gains access to the platform, it will be near impossible for them to access user funds.

Customer Service

Bitfinex is an exchange for advanced crypto traders, which means you should know what you’re doing before you start. Users only have access to ticket-based support along a knowledge-based platform. This type of limited customer service is reflected in the platform’s TrustPilot score, which regularly receives a rating of “poor”. 

It doesn’t help that Bitfinex has repeatedly been accused of using the information to its advantage, especially when it comes to using Tether. In 2018, the platform was investigated for an $850 million coverup in which the exchange attempted to “control” Tether. Of course, Bitfinex denied the claims and sent a letter to its users saying as much.

Alternative Exchanges

If you discover that Bitfinex isn’t the right exchange for you, here are a few alternatives you can consider:

Binance

Binance ranks among the most popular crypto exchanges in the world and has been such since its launch in 2017. You’ll have access to a variety of products and features, as well as a long list of cryptocurrencies to buy, sell, and trade. 

With Binance, you’ll have a mobile app available on both iOS and Android. With this app, you can access your crypto trades no matter where you are. When it comes to fees, Binance charges only 0.1% on all trades, which can be reduced even further if you use BNB to pay for your trade.

Additionally, Binance offers the ability to stake coins, so you can earn while you hold your crypto. There are plenty of other options available on the platform, including advanced trading features for those who want more granular control. 

KuCoin

While KuCoin hasn’t been around as long as Bitfinex or Binance, it’s still a solid exchange if you’re looking for an easy-to-use platform. This top-tier exchange offers a native coin called KuCoin Share. Holding these coins gives you a daily bonus from the site, which goes toward cutting your trading fees in half.

There are no deposit fees when you use KuCoin and the trading fees are only 0.1%, which ranks among the lowest in the industry. Additionally, traders have access to a wide range of markets, so you can trade your favorite cryptocurrencies without needing to visit another platform.

How to Open an Account

Follow these steps to open an account with Bitfinex:

  • Step 1: Head to the Bitfinex site and click on the Sign Up button in the top right corner.
Bitfinex Review Open An Account Step 1
  • Step 2: Fill out Username, Password, Email address, and Time zone.
Bitfinex Review Open An Account Step 2
  • Step 3: Confirm your email address by opening your email and clicking the link in the message from Bitfinex.
Bitfinex Review Open An Account Step 3 1
  • Step 4: Set up two-factor authentication.
Bitfinex Review Open An Account Step 4
  • Step 5: Verify the account by providing additional documents to confirm your identity.

FAQs

Here are some commonly asked questions about the Bitfinex cryptocurrency exchange.

Is Bitfinex legit?

Yes, Bitfinex is a legitimate exchange that has been in operation since 2014. The platform is aimed at more advanced traders and offers a wide range of features and products.

Is Bitfinex available for US customers?

No, Bitfinex does not offer support for US residents at this time. If you are a US resident, you are restricted from opening up an account with the exchange.

Is there a withdrawal fee on Bitfinex?

There are fees charged on fiat withdrawals when using Bitfinex. You’ll pay a 0.10% fee for fiat withdrawals unless you’re moving your funds to another Bitfinex account.

Has Bitfinex been hacked?

Bitfinex suffered the “heist of the century” when it was hacked in August 2016. A total of $4.5 billion in Bitcoin was stolen from the platform when hackers performed unauthorized transfers from user wallets.