Bitfinex Review 2024

3.9 / 5
Bitfinex is #64 in our crypto broker rankings.

Experienced crypto traders who want to trade spot or derivatives in high volumes will find a good match in Bitfinex.

- Daytrading Review Team

Bitfinex is a crypto trading firm with a powerful proprietary platform and a good range of digital assets. With 180+ cryptocurrencies and 430+ market pairs traded via spot or perpetual swap derivatives, this is a flexible exchange with plenty of opportunities for serious crypto traders. Bitfinex also offers decent leverage up to 1:10.

MT4, MT5, AlgoTrader
Referral codes
Wire Transfer, Bitcoin Payments, Credit Card, Debit Card, UnionPay, Visa, Mastercard, Simplex, Ethereum Payments

Crypto Trading

Bitfinex offers clients trading on a superb range of crypto assets, including more than 180 tokens. Perpetual swap trading is supported in addition to spot, giving traders access to margin trading on crypto assets with up to 1:10 leverage.

✓ Pros

  • Excellent selection of cryptos with hundreds of tokens including Bitcoin
  • Perpetual swap derivatives trade with up to 1:10 leverage
  • Powerful in-house terminal is compatible with MT4 and MT5
  • BitGo instant for zero confirmations on instant Bitcoin transactions
  • Reliable multilingual customer support
  • Staking program (ie: ETH staking)
  • API Python 3 key
  • Web socket
  • Quandl data

✗ Cons

  • Not as user-friendly as some competitors
  • History of security breaches raises concerns
  • Lengthy verification process can take up to 8 weeks

Bitfinex is a leading cryptocurrency exchange offering advanced trading products and options at competitive rates. This 2024 review 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, the firm is based in Hong Kong and is run by CEO, JL Van Der Velde. iFinex Inc is the owner and operator of the exchange.

The company’s net worth is valued at over $800 million and its customer base is constantly expanding. Average 30 day trading volumes now regularly exceed $58 billion.

The cryptocurrency exchange has grown into one of the world’s largest, operating globally across the UK (GBP), Europe (EUR), Japan (JPY), and beyond. Importantly, its services are best suited to experienced or professional traders owing to the advanced suite of products available.

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

Trading Platform

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

Advanced market analysis is available using a long list of technical indicators and pattern recognition tools. Python 3 API and enhanced reporting are also on offer. The quality and range of features supported is part of what makes Bitfinex’s terminal popular amongst seasoned investors.

The exchange also offers 9 order types (including stop limit), perpetual swaps as part of their futures selection, charts with ample historical data, and the possibility to connect to the Bitfinex Lightning Node which enables instant payments.

Bitfinex qash and 1 inch
Bitfinex desktop platform

In addition, clients can access:

Note, the dark interface can be customized to suit individual preferences and the terminal is compatible with MetaTrader 4 and MetaTrader 5.

People often compare Bitfinex to exchanges such as Binance and Kraken. Whilst they each have merits, the Kraken terminal is better suited to less experienced traders while Binance offers a wider range of assets without any security concerns. Importantly, traders can try potential platforms using demo accounts.

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 that KYC checks can take up to 8 weeks.

Make sure you write down and keep safe any 2FA barcodes, as they can easily be misplaced and you will need them to sign back in. With that said, if your 2-factor authentication is lost, contact customer support.

A personal account can be upgraded to a business account by submitting the necessary documentation. And if you have an invitation code, this is the ideal time to use it and make the most of trading fee discounts.

Products & Tokens

Bitfinex offers over 170 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 (ie: BTC/USD), GBP, EUR, and JPY. Altcoins, such as Tron, Stellar and NEOGAS, are also offered.

Bitfinex order book explained
Available Cryptos

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

Spreads & Commission

Bifinex cites some of the most competitive rates. It operates a taker-maker fee model. Those that fulfill 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. When comparing Bitfinex fees vs Binance, the former comes in slightly more expensive, but still within the industry standard.

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 in the Fees page on the Bitfinex website. Prices are quoted in a range of currencies for ease.


The highest leverage offered by the exchange is 10x. This is fairly low, but it provides a good cushioning for beginners who haven’t developed robust risk management strategies. In addition, cryptocurrencies are volatile and a small swing with leverage can wipe clean a position.

Mobile App

Bitfinex offers a complete investing experience on the go via their mobile app. View positions, open orders and access your 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 KYC analyst limit
Bitfinex app

Bitfinex Payment Methods

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

The withdrawal and deposit time depends on the chosen coin, but it usually takes a few minutes. For expedited cryptocurrency deposits made via Tether, additional verification may be required.

Demo Account

Bitfinex offers a demo account. Paper trading is a simulation of live markets that gives investors a risk-free opportunity to learn how to buy and sell crypto and develop 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.

Bonuses & Promotions

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

Regulation & Licensing

Bitfinex is registered under the jurisdiction of the British Virgin Islands, but is not regulated by any official licensing body. Unregulated exchanges cannot provide the same security assurances. Also, Bitfinex has suffered a number of security breaches, such as the 2016 hack, and there is no guarantee it won’t happen again.

Additional Features

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

Bitfinex API rate limit

Building your knowledge base is essential. Traders should be 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.

Live Accounts

At Bitfinex, account types are based on verification levels: Basic, Basic Plus, Intermediate and Full. The higher the lever, the more functionality the account provides. For example, Basic and Basic Plus can’t access Celsius (lending products), while Intermediate and Full can make use of this function.

The entire list of benefits can be found on the official website.

When comparing Bitfinex vs Coinbase, the latter often comes out on top because of its shorter verification times and international availability. However, when analyzing Bitfinex vs BitMEX, the former arguably comes out on top because of its impressive collection of over 170 coins. In comparison, BitMEX only has 18.

Trading Hours

Since crypto can be invested 24/7, the Bitmex platform is available around the clock. This means trading and investment opportunities 365 days a year.

Customer Support

If you need help with issues like invalid token errors, zero confirmed messages or not enough exchange balance status, the support team is helpful. Contact details can be found on the broker’s website under the Contact Us tab. You will need to submit your query as a ticket via an online form. Responses are generally prompt.

To ensure the website and help offered are accessible to as many clients as possible, the website can be operated in 5 languages including English, Spanish and Mandarin.

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


So, is it safe? Bitfinex’s 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 a lawsuit and extensive investigation.

The broker has since made 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 investors are looking to withdraw larger sums, they must undergo a more thorough verification process. These are standardized 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 Verdict

If you’re an experienced crypto 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 hit with security breaches, not least the Tether lawsuit which stipulates claims of money laundering.


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 tokens 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 limits are set at 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 investing.

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.

Top 3 Alternatives to Bitfinex

Compare Bitfinex with the top 3 similar brokers that accept traders from your location.

  1. Swissquote – Swissquote is a Switzerland-based bank and broker that offers online trading and investing. The company has a high safety score and is listed on the Swiss stock exchange. The firm offers a huge range of products, from stocks, ETFs, bonds and futures to 400+ forex and CFD assets. Hundreds of thousands of traders have opened an account with the multi-regulated brokerage. Clients can get started in three easy steps while 24/7 customer support is available to assist new users.
    Go to Swissquote
  2. IG – Founded in 1974, IG is part of IG Group Holdings Plc, a publicly traded (LSE: IGG) brokerage. The brand offers spread betting, CFD and forex trading across an almost unrivalled selection of 17,000+ markets, with a range of user-friendly platforms and investing apps. For 50 years, IG has maintained its position as an industry leader, excelling in all key areas for traders.
    Go to IG
  3. Bybit – Bybit is an established crypto exchange aimed at online traders. Clients can speculate on leading tokens like Bitcoin, access crypto staking and loans, or trade NFTs using the firm’s digital marketplace. Millions of users have signed up with the firm since it launched in 2018.
    Go to Bybit

Bitfinex Comparison Table

Compare Bitfinex With Similar Brokers
Bitfinex Swissquote IG Bybit
Rating 3.9 4 4.4 3.1
Markets Cryptos Forex, CFDs, Indices, Stocks, ETFs, Bonds, Options, Futures, Cryptos (location dependent) CFDs, Forex, Stocks, Indices, Commodities, ETFs, Futures, Options, Crypto, Spread Betting Cryptos, Futures
Demo Account Yes Yes Yes Yes
Minimum Deposit $10,000 $1000 $0 $0
Minimum Trade $10 – $25 0.01 Lots 0.01 Lots 0.001 Lots
Bonus Referral codes Up To 4030 USDT Welcome Bonus
Education No No Yes No
Platforms MT4, MT5, AlgoTrader MT4, MT5, AutoChartist, TradingCentral Web, ProRealTime, L2 Dealer, MT4, AutoChartist, TradingCentral MT4, TradingView
Leverage 1:30 1:30 (Retail), 1:250 (Pro)
Payment Methods 9 5 6 6
Visit Visit Visit Visit Visit
Review Swissquote

Compare Trading Instruments

Compare the markets and instruments offered by Bitfinex and its competitors. Please note, some markets may only be available via CFDs or other derivatives.

Compare Bitfinex Trading Instruments
Bitfinex Swissquote IG Bybit
CFD No Yes Yes No
Forex No Yes Yes No
Stocks No Yes Yes No
Commodities No Yes Yes No
Oil No Yes Yes No
Gold No Yes Yes No
Copper No No Yes No
Silver No Yes Yes No
Corn No No No No
Crypto Yes Yes Yes Yes
Futures No Yes Yes Yes
Options No Yes Yes Yes
ETFs No Yes Yes No
Bonds No Yes Yes No
Warrants No No Yes No
Spreadbetting No No Yes No
Volatility Index No No Yes No

Bitfinex vs Other Brokers

Compare Bitfinex with any other broker by selecting the other broker below.


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Bitfinex is a crypto trading firm with a powerful proprietary platform and a good range of digital assets. With 180+ cryptocurrencies and 430+ market pairs traded via spot or perpetual swap derivatives, this is a flexible exchange with plenty of opportunities for serious crypto traders. Bitfinex also offers decent leverage up to 1:10.