Bitfinex DETAILED REVIEW

 

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Bitfinex Review

Bitfinex is a digital asset trading platform that offers spot trading, margin trading, and derivatives trading. It is one of the largest and most popular cryptocurrency exchanges in the world, with a wide range of trading pairs and high trading volume. However, it has faced controversy in the past, including accusations of manipulating the crypto market and a loss of $850 million in customer funds in 2016. Additionally, the platform has been hacked multiple times in the past. It is important to thoroughly research any exchange before using it and to be aware of the risks involved in trading cryptocurrencies.

 Open your free trading account with Bitfinex now

(Risk warning: 75.59% of retail CFD accounts lose)

Bitfinex’s Cybersecurity: Is It Secure?

Bitfinex has had several high-profile security breaches in the past, including the loss of $850 million in customer funds in 2016. The exchange has stated that it has implemented various security measures to protect user funds, such as multi-signature wallets and cold storage. However, it’s still important to keep in mind that no platform can guarantee 100% security, as hacking and other forms of cybercrime are constantly evolving. It is recommended to use best practices for account security, such as using strong and unique passwords and enabling two-factor authentication. Additionally, it’s important to be aware of the risks of storing large amounts of funds on any exchange and to consider the use of a hardware wallet for long-term storage of cryptocurrency.

Available Coins on Bitfinex

Bitfinex offers trading for a wide range of cryptocurrencies, including Bitcoin, Ethereum, Litecoin, Bitcoin Cash, EOS, Ripple, and many others. The exchange also offers trading pairs with stablecoins such as USDT (Tether), USDC, and DAI. Additionally, it offers margin trading for some of these cryptocurrencies, which allows users to trade with leverage. The specific coins available on Bitfinex can change over time as new cryptocurrencies are added or delisted from the platform. It is best to check the Bitfinex website or the support center for the most up-to-date list of available trading pairs.

 Open your free trading account with Bitfinex now

(Risk warning: 75.59% of retail CFD accounts lose)

 

 

Bitfinex Coin Selection
Bitfinex Coin Selection

 

How to Create an Account and Trade on Bitfinex

Signing up

To sign up for Bitfinex, you can follow these steps:

  1. Go to the Bitfinex website (https://www.bitfinex.com/) and click on the “Sign Up” button.
  2. Fill out the registration form with your personal information, including your name, email address, and desired password.
  3. Click on the “Create Account” button to submit the registration form.
  4. Verify your email address by clicking on the link sent to your email.
  5. Log in to your account and set up two-factor authentication for added security.
  6. Verify your identity by submitting the required documents, including a government-issued ID and a selfie.
  7. Once your identity is verified, you can start trading on the platform.

It’s worth noting that Bitfinex has strict AML and KYC regulations, that you should comply with. This means that you will need to provide a government-issued ID and proof of residence.

It’s also important to note that Bitfinex operates in certain restricted countries, and if you’re in one of them, you may not be able to access the platform or complete the registration process.

Making a deposit on Bitfinex

To make a deposit on Bitfinex, you can follow these steps:

  1. Log in to your Bitfinex account and navigate to the “Deposit” page.
  2. Select the cryptocurrency you wish to deposit.
  3. Generate a deposit address by clicking on the “Deposit” button next to the cryptocurrency you want to deposit.
  4. Send the desired amount of cryptocurrency to the generated deposit address.
  5. Wait for the deposit to be confirmed on the blockchain. This can take a varying amount of time depending on the cryptocurrency and the network congestion.
  6. Once the deposit is confirmed, it will be credited to your Bitfinex account balance and you can start trading.

It’s important to double check the deposit address and the amount before sending the transaction, as Bitfinex doesn’t offer a way to reverse or recover a deposit made to the wrong address.

You can also deposit funds using wire transfer and EFT, please check the Bitfinex website or support center for more information about the fees and requirements for these deposit methods.

 Open your free trading account with Bitfinex now

(Risk warning: 75.59% of retail CFD accounts lose)

Bitfinex interface

The Bitfinex trading interface is designed for experienced traders and offers advanced features such as margin trading, order types and various charting tools.

When you log in to your Bitfinex account, you will be presented with the trading dashboard, which includes the following main components:

  • Navigation menu: Allows you to access different parts of the platform, such as the trading page, deposit/withdrawals, account settings, and more.
  • Trading pairs: Allows you to select the cryptocurrency pair you want to trade, such as BTC/USD, ETH/USD, etc.
  • Order Book: Shows the current buy and sell orders for the selected trading pair.
  • Charting tools: Allows you to view the price chart for the selected trading pair and apply different indicators and timeframes.
  • Trade history: Shows a record of all your past trades for the selected trading pair.
  • Order form: Allows you to place different types of orders, such as market orders, limit orders, stop-limit orders, etc.
  • Balances: Show the available balance of each cryptocurrency and stablecoin you hold on your account.

The interface is customizable, you can change the layout and the widgets that you want to see on the dashboard. This can be done by clicking on the “Settings” button and then on “Widgets” on the top right corner of the screen.

 

 

Bitfinex Dashboard
Bitfinex Dashboard

 

Bitfinex Fees

Bitfinex charges trading fees for both maker and taker orders. The fees vary depending on the trading pair and the user’s 30-day trading volume.

For spot trading, the maker fee ranges from 0% to 0.1% and the taker fee ranges from 0.1% to 0.2%. The higher the trading volume, the lower the fee.

For margin trading, the fees are different and are calculated based on the position’s opening size and duration. The interest rate charged on margin loans is also different for each currency.

Deposit and withdrawal fees also vary depending on the cryptocurrency. Some deposit methods are free while others, like wire transfer, have a fee. Withdrawals fees are also applied and can be found on the Bitfinex website or the support center.

 Open your free trading account with Bitfinex now

(Risk warning: 75.59% of retail CFD accounts lose)

Bitfinex trading fees

 

30-day volumeFee for market ordersFee for limit orders
Any volume0.2%0.1%
$500k or more0.2%0.08%
$1 million or more0.2%0.06%
$2.5 million or more0.2%0.04%
$5 million or more0.2%0.02%
$7.5 million or more0.2%No fee
$10 million or more0.18%No fee
$15 million or more0.16%No fee
$20 million or more0.14%No fee
$25 million or more0.12%No fee
$30 million or more0.1%No fee
$300 million or more0.09%No fee
$1 billion or more0.085%No fee
$3 billion or more0.075%No fee
$10 billion or more0.060%No fee
$30 billion or more0.055%No fee

Unus Sed LEO discounts

Unus Sed LEO (LEO) is a native token of the Bitfinex exchange. Holding and using LEO token on Bitfinex can give you a discount on trading fees. The discounts are tiered and increase as you hold and use more LEO.

The discount tiers are:

  • 0-499.99 LEO: 15% trading fee discount
  • 500-999.99 LEO: 18% trading fee discount
  • 1,000-4,999.99 LEO: 21% trading fee discount
  • 5,000-9,999.99 LEO: 25% trading fee discount
  • 10,000+ LEO: 28% trading fee discount

It’s important to note that these discounts apply to both maker and taker fees and are calculated based on the average LEO balance held in the last 30 days.

Holding LEO token also provides other benefits such as access to exclusive events, trading competitions, and other promotions. The benefits can change over time and it’s important to check the Bitfinex website or the support center for the most up-to-date information.

 

This table shows the discount for each level.

 

Level123
Amount of Unus Sed LeoMore than $1 worthMore than $5,000 worthMore than $10,000 worth
Crypto-to-Crypto discount-15%-25%-25% to -25.06%
Crypto-to-Stablecoin discount-15%-25%-25% to -25.06%
Crypto-to-fiat discountNo discount-10%-10% to -10.06%

Other fees at Bitfinex

In addition to trading fees, Bitfinex also charges other fees for certain actions on the platform. These include:

  • Deposit Fees: Some deposit methods, such as wire transfer, have fees associated with them. The deposit fees vary depending on the currency and method used. Some deposit methods, like crypto deposit, are free of charge.
  • Withdrawal Fees: Bitfinex charges withdrawal fees for moving funds off the platform. The withdrawal fees vary depending on the currency and the blockchain network fees.
  • Margin Funding: Bitfinex offers margin funding, where users can lend their funds to margin traders and earn interest on their loans. However, there is a daily funding fee which is determined by the platform to ensure a fair and efficient funding market.
  • Margin Trading: Bitfinex charges an interest rate on the funds borrowed for margin trading. This rate is different for each currency and can change over time.
  • Inactivity Fee: If an account is inactive for more than three months, a monthly inactivity fee of $5 (or the equivalent in other currency) will be charged.

 Open your free trading account with Bitfinex now

(Risk warning: 75.59% of retail CFD accounts lose)

Bitfinex vs. the Competition

 

 

ExchangeBitfinexKucoinCoinbaseBinance.USCrypto.com
Fees (excluding debit card processing)Up to 0.2%Up to 0.1%Up to 1.49%Up to 0.1%Up to 0.4%
Coin selection180+ coins600+ coins160+ coins60+ coins150+ coins
Debit card depositsNoNoYesYesYes
PayPal or debit card withdrawalsNoNoYesNoYes
Advanced trading optionsYesYesNoYesNo
Margin/futuresNo (not for unverified, U.S. residents)YesNoNoYes

Bitfinex Customer Service

Bitfinex provides customer support through its website and support center. The support center includes a knowledge base with articles and FAQs on various topics such as account setup, trading, and security. Users can also submit a ticket through the support center to contact the customer service team for assistance.

Bitfinex also has a customer service hotline for urgent issues and for users that prefer to speak with a representative. However, it’s important to note that the customer service hotline may not be available 24/7, and the waiting time for a call-back may vary depending on the volume of requests.

Bitfinex also has a presence on social media platforms such as Twitter and Telegram, where users can ask questions and receive updates from the exchange.

It’s worth noting that due to the high volume of requests and the complexity of some issues, the resolution time may vary and it’s not uncommon for some tickets to take several days to be resolved.

It’s also worth noting that Bitfinex’s customer support is provided in English and that users should communicate in English when reaching out to the customer service team.

Bitfinex Mobile App

Bitfinex offers a mobile app for both iOS and Android devices, which allows users to access the platform and trade on-the-go. The app includes most of the features available on the website such as trading, depositing, and withdrawing funds, viewing balances and order history, and more.

Users can access the same trading pairs, order types, and charting tools as on the website. The mobile app also includes a push notification feature to alert users of important events such as order execution and deposits.

It’s worth noting that some functionalities may be limited on the mobile app compared to the website, and some users may find it more convenient to use the website for advanced trading.

The app’s interface is designed to be user-friendly and easy to navigate, it’s also customizable, so users can arrange the widgets to their preference. The app also offers a dark mode feature for users who prefer to trade at night.

It’s also important to note that the mobile app may not be available in all countries, and users should check the availability in their region before downloading the app.

It’s worth noting that when using a mobile app or any other digital asset wallet, it’s important to use best practices for account security, such as using strong and unique passwords and enabling two-factor authentication.

 Open your free trading account with Bitfinex now

(Risk warning: 75.59% of retail CFD accounts lose)

 

 

Bitfinex on Mobile
Bitfinex on Mobile

 

 

 

Trading on Bitfinex
Trading on Bitfinex

 

The Good and the Not So Good

What Bitfinex gets right

Bitfinex is one of the largest and most popular cryptocurrency exchanges in the world, and it offers a wide range of features and functionalities that make it attractive for experienced traders. Some of the things that Bitfinex gets right include:

  • Trading Pairs: Bitfinex offers a wide range of trading pairs, including major cryptocurrencies such as Bitcoin, Ethereum, and Litecoin, as well as many other altcoins and stablecoins. This allows users to trade a variety of different assets on a single platform.
  • Margin Trading: Bitfinex offers margin trading, which allows users to trade with leverage. This can increase the potential profits, but also increases the risk. Bitfinex has a wide range of leverage options, which allows users to choose the level of risk they are comfortable with.
  • Advanced Order Types: Bitfinex offers advanced order types such as limit orders, stop-limit orders, and more, which allows users to implement advanced trading strategies.
  • Customizable Interface: Bitfinex’s interface is customizable, users can arrange the widgets to their preference and can choose the layout that suits their trading style.
  • Low fees for High Volume traders: Bitfinex offers tiered trading fees, where users with high trading volume pay lower fees, this can be beneficial for users that trade frequently.
  • Unus Sed LEO token discounts: Bitfinex has its own token, LEO, that can be used to pay for trading fees. Holding and using LEO on Bitfinex can give you a discount on trading fees, and other benefits.

 

Where Bitfinex falls short

Despite its reputation and the features it offers, Bitfinex has some areas where it falls short:

  • Security: Bitfinex has faced several high-profile security breaches in the past, which resulted in the loss of customer funds. While the platform has implemented various security measures to protect user funds, it’s still important to be aware of the risks of storing large amounts of funds on any exchange.
  • Controversy: Bitfinex has been involved in several controversies, such as accusations of manipulating the crypto market and accusations of not being transparent about the loss of customer funds in 2016.
  • Customer Service: Bitfinex’s customer service has been criticized for being slow to respond and not always helpful in resolving issues. Users have reported long waiting times and lack of clear communication from the customer service team.
  • Withdrawal Limits: Bitfinex has withdrawal limits for certain currencies, which can be restrictive for users that wish to withdraw large amounts of funds.
  • Limited Availability: Bitfinex operates in certain restricted countries, and if you’re in one of them, you may not be able to access the platform or complete the registration process.
  • Complex Interface: The Bitfinex’s interface is designed for advanced traders and may be overwhelming for new users. The platform offers many features and functionalities that can take time to learn and understand.

 

 

Is Bitfinex Right for Me?

Whether or not Bitfinex is right for you depends on your personal needs and preferences as a trader. Some things to consider when deciding if Bitfinex is the right exchange for you include:

  • Trading Experience: Bitfinex offers advanced features such as margin trading and a wide range of order types, making it well-suited for experienced traders who are comfortable with more complex trading strategies.
  • Security: Bitfinex has had several high-profile security breaches in the past, so it’s important to consider the risks of storing large amounts of funds on the platform.
  • Customer Service: Bitfinex’s customer service has been criticized for being slow to respond and not always helpful in resolving issues. If you need immediate assistance or expect a high-quality customer service, you may want to consider other options.
  • Trading Volume: Bitfinex offers low trading fees for high-volume traders, so if you trade frequently, it could be a cost-effective option.
  • Geographic Availability: Bitfinex operates in certain restricted countries and may not be available in your region.
  • Your Trading Goals: Bitfinex offers a wide range of trading pairs and advanced features, which can be beneficial for experienced traders looking to implement advanced trading strategies and gain access to a wide range of assets.

 Open your free trading account with Bitfinex now

(Risk warning: 75.59% of retail CFD accounts lose)

Conclusion

Bitfinex is a well-established and feature-rich cryptocurrency exchange that offers a wide range of trading pairs and advanced features such as margin trading and a wide range of order types. This can be beneficial for experienced traders looking to implement advanced trading strategies and gain access to a wide range of assets. However, Bitfinex also has some areas where it falls short, such as security, customer service and withdrawal limits. Additionally, it has been involved in several controversies and operates in certain restricted countries. It’s important to weigh the pros and cons, and consider your own needs and preferences before deciding if Bitfinex is the right exchange for you. It’s also important to conduct your own research and be aware of the risks involved in trading cryptocurrencies.

 Open your free trading account with Bitfinex now

(Risk warning: 75.59% of retail CFD accounts lose)

 

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