Bitfinex Review and Tutorial 2021

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Bitfinex Facts & Figures

Bitfinex is among the best crypto exchanges for experienced traders with a free mobile trading app and low fees.

InstrumentsCryptos
Demo AccountYes
Min. Deposit$10,000
Pay MethodsBitcoin Payments, Wire Transfer
Min. Trade$10
Regulated ByNone
MetaTrader 4No
MetaTrader 5No
cTraderNo
STP AccountNo
ECN AccountNo
DMA AccountNo
Mobile AppsiOS, Android
Auto TradingYes
Social TradingNo
Copy TradingNo
Trade SignalsNo
Islamic AccountNo
Cryptocurrency

Bitfinex offers an extensive list of crypto crosses and crypto fiat pairs

SpreadVariable taker & maker fee
CoinsBTC, ETH, USDT, LTC, XRP, DOGE, ETC, EOS, LINK, BCHN, DOT, DASH, IOTA, SUSHI, NEO, ZEC, UNI, ADA, OMG, MDOGE, BSV, TRX, XTZ, SOL, XLM, YFI, USDC, ZRX, FIL, VET, XMR, COMP, BTG, DAI, LUNA, CEL, ALGO, ATOM, EGLD, FTT, AVAX, MKR, LEO, BTT, CHZ, BAT, BAND, QTUN, CLO, AAVE, XDC, HEZ, KNC, ZIL, MANA, BAL, UOS
Risk Warning – Your capital is at risk

Bitfinex is a leading cryptocurrency exchange offering advanced trading options at competitive rates. This guide will unpack all you need to know about Bitfinex from trading platforms to order books, lawsuits and more. Read on to find out about one of the biggest names in crypto trading.

Bitfinex Headlines

The founders of Bitfinex, Giancarlo Devansini and Raphael Nicolle, established the exchange in 2012 in the British Virgin Islands. Today, it’s based in Hong Kong and is run by CEO, JL Van Der Velde. In 2020, the company’s net worth was valued at over $800 million and 2021 experienced further growth; in just the first three months, the broker saw a 300% surge in new customers.

The crypto exchange has grown into one of the world’s largest, operating globally across the UK (GBP), Europe (EUR), Japan (JPY), and beyond. Its services are best suited to experienced or professional traders.

In addition to standard crypto purchasing, the platform offers margin trading, staking and lending.

Trading Platform

Bitfinex offers a seamless trading experience. Order books with top-tier liquidity enable clients to exchange popular cryptocurrencies including Bitcoin, Ethereum, Litecoin and Neo.

Advanced market analysis is available using a long list of technical indicators and pattern recognition tools. APIs and enhanced reporting are also on offer. The quality and range of features supported is part of what makes Bitfinex’s trading terminal popular amongst traders.

Bitfinex trading platform
Bitfinex desktop platform

Clients can also access:

The dark interface can be customised to suit individual preferences and the terminal is compatible with MetaTrader 4 and MetaTrader 5.

Products

Bitfinex offers over 100 market pairs including leading cryptocurrencies: Ethereum, Dogecoin, Bitcoin, Ripple, Ecomi, and EOS. Users can choose between crypto-only pairs plus tokens paired with traditional currencies like USD, GBP, EUR, and JPY. Altcoins, such as Tron, Stellar and Neo, are also offered.

Bitfinex cryptos
Cryptos

Note, derivatives trading is available via the Derivative Wallet which is credited with USDt0.

Fees

Bifinex cites some of the most competitive rates. It operates a taker-maker fee model. Those that fulfil existing orders are considered takers. Traders that place new limit orders are considered makers.

Taker fees vary between 0.2% and 0.055% whilst Maker fees range from 0.1% to 0.0%. There is no trading fee for large orders conducted through the OTC desk. Bank wires have a 0.1% deposit and withdrawal fee. This can increase to 1% for international withdrawals.

The minimum deposit and withdrawal limit is $10,000. A comprehensive breakdown of the fee structure can be found on the Fees page on the Bitfinex website. Prices are quoted in a range of currencies for ease.

How To Open A Bitfinex Account

Opening an account with Bitfinex is relatively straightforward. Clients can register for an account on the broker’s website. All clients have to submit contact details to comply with the verification process. It is worth noting the verification process can take up to 8 weeks.

A personal account can be upgraded to a business account by submitting the necessary documentation.

Mobile Trading

Bitfinex offers a complete trading experience on the go via their mobile app. View positions, open orders and access your trading history in just a few clicks. The app can be set up in three simple steps:

  1. Download from the App Store or Google Play Store
  2. Create a new API
  3. Scan the QR code
Bitfinex mobile
Bitfinex app

Deposits & Withdrawals

Bitfinex accepts fiat deposits in GBP, EUR, JPY and USD. Fiat deposits can be actioned by wire transfer only. Bitfinex also supports Tether. Deposits can be made free of charge in Bitcoin Litecoin, Ethereum, Zcash, Monero, Dash, Ripple, Iota and EOS.

Note, for expedited cryptocurrency and deposits made via Tether, additional verification may be required.

Demo Account

Bitfinex offers a paper trading account. Paper trading is a simulation of a live market that gives traders a risk-free opportunity to develop their strategies. To sign up for a paper trading account, log in to your Bitfinex account and head to the sub-account section.

A demo of Bitfinex’s popular trading interface is also available to view on the broker’s website. Click ‘View demo’ to access it.

Bitfinex Bonus

Bitfinex does not offer any sign-up bonuses or promotional codes, as is expected with established exchanges. The exchange does however offer competitive rates once you’re an account holder.

Regulation Review

Bitfinex is registered in the British Virgin Islands but is not regulated by any official licensing body. With this in mind, it is advised that you tread with caution. Unregulated exchanges cannot guarantee the same security assurances. Bitfinex has suffered a number of security breaches and there is no guarantee it won’t happen again further down the line.

Additional Features

The broker provides a range of additional features in addition to its core offering, including:

Bitfinex top traders
Leaderboard

Building your knowledge base is essential. We recommend that traders ensure they are clued up on the latest funding and lending rates, relevant stocks and shares prices, interest rates and forecasts to put themselves in the best position for success. Advances in technology have made markets increasingly competitive in recent years.

Benefits

Bitfinex has a lot to offer prospective traders:

Drawbacks

There are some drawbacks to trading with Bitfinex too:

Customer Support

If you need help regarding a specific query, contact details can be found on the broker’s website under the Contact Us tab. You’ll need to submit your query as a ticket via an online form. Responses are generally prompt. To ensure the website and support offered are accessible to as many clients as possible, the website can be operated in 5 languages including English, Spanish and Mandarin.

You can access additional support via the company’s social media and interactive messaging accounts. Bitfinex is active on Twitter, Telegram, YouTube and LinkedIn.

Security

So, is it safe? Bitfinex’s recent history has been plagued by a series of security breaches. In 2015, the exchange was hacked and 1,500 Bitcoins were stolen. In 2016, the firm suffered a second breach, this time 120,000 Bitcoins were taken. The incident was the second largest of its kind and prompted an extensive investigation.

The broker has since taken steps to improve its security. It implements the Google Authenticator feature for login and withdrawals. The 2-factor authentication (2FA) process bolsters account security but can be reset if needed, for example, if it’s not working, if your account has been frozen, or if a client gets a new phone.

If clients are looking to withdraw larger sums, they must undergo a more thorough verification process. These are standardised measures for anti-money laundering (AML), know your customer (KYC), and counter-terrorism financing (CTF) checks. Different verification levels exist and processing times vary according to the level of verification required, public interest and the sum withdrawn.

Bitfinex Vs Binance

People often compare Bitfinex to exchanges such as Binance and Kraken. Whilst they each have merits, Kraken is better suited to less experienced traders while Binance offers a wider range of assets without the same security concerns. We advise that prior to investing capital, all traders conduct thorough research and try demo accounts where possible.

Bitfinex Verdict

If you’re an experienced investor looking to trade high volumes, Bitfinex is a good option. Its platform hosts a range of advanced features, an extensive suite of crypto coins, plus a transparent fee structure. However, it’s worth noting that the company’s history has been plagued with security breaches, not least the Tether lawsuit which stipulates claims of money laundering.

FAQ

Is Bitfinex A Good Exchange?

If you are a professional or experienced trader, Bitfinex has a lot to offer. Its advanced features, intuitive interface and range of assets make it an attractive option. We do, however have concerns regarding the safety of client funds.

What Are The Minimum Deposit And Withdrawal Sums At Bitfinex?

The minimum deposit and withdrawal limit is 10,000 USD/EUR/GBP. The minimum order size ranges from 10 USD to 25 USD.

How Can I Trade With Bitfinex?

To get started with Bitfinex, sign up on the broker’s website where you will be directed to an online form. Fill in your details and click submit. Once verified, you can start trading.

Is Bitfinex A Wallet?

Bitfinex is a cryptocurrency exchange. The broker supports three wallets: an Exchange wallet, a Margin wallet and a Funding wallet. Note that deposit addresses created before August 2016 have been invalidated.

How Can I View My Bitfinex Transaction History?

For an overview of your trading history, head to Manage Account and then Reports. Reports can be downloaded for all trades and orders.

Accepted Countries

Bitfinex accepts traders from Australia, Thailand, Canada, United Kingdom, South Africa, Singapore, Hong Kong, India, France, Germany, Norway, Sweden, Italy, Denmark, United Arab Emirates, Saudi Arabia, Kuwait, Luxembourg, Qatar and most other countries.

Traders can not use Bitfinex from United States, Bosnia And Herzegovina, Korea, Iran, Iraq, Syria, Uganda, Vanuatu, Yemen, Ethiopia.

Alternatives to Bitfinex

If you are looking for alternatives to Bitfinex we have compiled a list of the top 5 brokers that are similar to Bitfinex below. This list of brokers like Bitfinex is in order of similarity and only includes companies that accept traders from your location.

  1. Binance – Binance is one of the leading online crypto exchanges offering Bitcoin.
  2. Kraken – Kraken is a top crypto trading exchange offering the largest altcoins by market cap.
  3. Gemini – Gemini is a leading crypto trading exchange with low fees and a long list of altcoins.
  4. BitMex – Bit Mex Offer the largest market liquidity of any Crypto exchange. Ultra low trading costs and minimum deposit requirements. Join in 30 seconds.
  5. Coinbase – Coinbase is the easiest place to buy, sell, and manage your cryptocurrency portfolio.
Bitfinex is among the best crypto exchanges for experienced traders with a free mobile trading app and low fees.

Bitfinex vs Other Brokers

Bitfinex vs