Bitfinex Review 2024

Contributor Image
Written By
Contributor Image
Written By
Christian Harris
Christian is a seasoned journalist with decades of experience. He transitioned from tech journalism to finance to follow his interest in investing. He has been trading stocks, futures, forex, and cryptocurrencies for more than 5 years, becoming an eToro Popular Investor. With hands-on expertise across various assets, he offers valuable trading insights.
Contributor Image
Edited By
Contributor Image
Edited By
James Barra
James is an investment writer with a background in financial services. He has worked as a management consultant, where he delivered large-scale operational transformational programmes at some of Europe's biggest banks. James authors, edits and fact-checks content for a series of investing websites.
Updated

3.9 / 5
Bitfinex is #63 in our crypto broker rankings.

With its growing token selection, advanced charting tools and volume-based fee structure, Bitfinex is a compelling choice for frequent crypto traders. However, testing reveals a daunting platform for newer day traders, hit-and-miss education and regulatory fines that raise safety concerns.

- Christian Harris, Reviewer

Established in 2012, Hong Kong-based Bitfinex is a formidable player in the crypto industry. It boasts a powerful proprietary platform, 180 cryptocurrencies and more than 430 market pairs available for spot or perpetual swaps derivatives trading. With new payment methods, lower entry barriers and fresh products like crypto futures, Bitfinex is attracting a wider range of active crypto traders.

$0
Web Platform
Cryptocurrencies
Referral Codes
USD, EUR, GBP, JPY, TRY
Wire Transfer, Bitcoin Payments, Credit Card, Debit Card, UnionPay, Visa, Mastercard, Simplex, Ethereum Payments, ADVcash, Payoneer, PayPal, Perfect Money, Skrill, Western Union, TransferWise

Trading App

Bitfinex provides a mobile application that mirrors the full functionality of its web platform, facilitating seamless crypto trading on the move. The app also includes a Lite Mode for a simplified trading experience, presenting a more user-friendly interface for trading, staking, and lending cryptos, requiring just a few taps. The app is downloadable from both Apple’s App Store and Google’s Play Store, though app store ratings demonstrate a superior user experience on iOS devices.

iOS App Rating
Android App Rating

Crypto Trading

Bitfinex provides access to an exceptional variety of crypto assets, encompassing over 180 tokens. In addition to spot trading, the platform supports perpetual swaps trading, enabling traders to engage in margin trading on crypto assets with leverage up to 1:10. With digital tokens frequently listed and delisted, Bitfinex provides diverse opportunities to participate in the dynamic cryptocurrency market.

✓ Pros

  • Despite a steep learning curve, the Bitfinex trading platform delivers for experienced traders, featuring a comprehensive charting package with 12 timeframes, plus margin trading and various order types.
  • Bitfinex boasts excellent liquidity across its crypto trading pairs, reducing the likelihood of slippage and ensuring efficient order execution, particularly for large volume trades, making it reliable for frequent traders.
  • After bolstering its roster, Bitfinex now offers access to over 180 cryptocurrencies, from Bitcoin and Ethereum to emerging altcoins with high levels of volatility that may appeal to day traders.
  • Bitfinex is well-suited to algo traders, facilitating automated trading through its Honey terminal and API integration, enabling traders to program trading strategies efficiently.

✗ Cons

  • Despite enhancing its security measures with two-factor authentication, Bitfinex still hasn’t escaped its dogged history of major security breaches and regulatory fines.
  • Like many crypto exchanges, Bitfinex operates in a regulatory grey area, which may pose risks for traders, especially compared to trusted crypto trading platforms like eToro.
  • Although Bitfinex has removed its $10,000 minimum deposit, making it more accessible to newer traders, the fee system remains complicated, with various factors such as trading volume and token holdings influencing fees, potentially leading to confusion.
  • Testing reveals inadequate support, especially for active traders, with response times of 12 hours via email and a frustrating user experience with no live chat integrated into the trading platform.
  • For occasional crypto traders and investors prioritizing simplicity, platforms like eToro, Gemini, or Kraken are superior options.

This Bitfinex review evaluates the trading environment following direct tests and comparisons with suitable alternatives from our 500-strong directory of crypto exchanges and online brokers.

Regulation & Trust

2.5 / 5

Bitfinex emerged as a pioneer among crypto exchanges, however recent regulatory issues have taken away some of its shine.

Having experienced a significant security breach in August 2016, where 119,756 Bitcoin (BTC) valued at approximately $72 million at the time were stolen, Bitfinex has faced various regulatory fines, including those from the Commodity Futures Trading Commission (CFTC), as reported by JD Supra.

More recently, it’s encountered serious allegations from the New York Attorney General’s Office, accusing the exchange of misleading investors regarding its Tether stablecoin. It has also been accused of engaging in cryptocurrency market manipulation.

In addition to its trading services, Bitfinex facilitates peer-to-peer (P2P) financing, operating offshore in the British Virgin Islands.

Nevertheless, like many crypto exchanges, Bitfinex operates as an unregulated entity. This implies that it functions without oversight or supervision from any governmental authority and may not adhere to the same standards and safeguards required of regulated entities.

Comparison of suitable alternatives 2024
Bitfinex Gemini eToro
Regulation & Trust Rating
Regulators Unregulated NYDFS, MAS, FCA FCA, ASIC, CySEC, FSA, FSRA, MFSA
Proof of Reserves Yes Yes No
Visit Visit Visit Visit
Review Review Review Review

Accounts & Banking

3.8 / 5

Live Accounts

Bitfinex offers several account types to cater to the diverse needs of traders:

While Bitfinex doesn’t offer distinct account types for retail traders, it does provide multiple verification levels aligned with KYC, AML, and CTF regulations, impacting platform activity.

These verification tiers ranged from Basic Access to Full. Basic Access affords view-only account privileges, while Basic Plus enables exchange and OTC trading, crypto transfers, and Tether token withdrawals.

Intermediate verification encompasses all investment, lending, and borrowing activities, with most deposit and withdrawal methods accessible, barring international bank transfers.

Upon achieving Full verification, I gained access to all deposit and withdrawal methods, as well as full trading, lending, and borrowing capabilities.

The processing time for Intermediate and Full verification typically took 2-3 working days.

author image
Christian Harris
Author

Bitfinex also provides a non-expiring demo account for paper trading, offering a risk-free environment that allows you to practice buying, selling, and developing strategies in simulated live markets.

Deposits & Withdrawals

There are three primary wallets:

You just need to remember that funds are allocated appropriately before executing orders or offers.

Additionally, Bitfinex offers two supplementary wallets:

However, using these wallets may involve specific requirements or limitations based on your verification levels and jurisdiction.

Transferring funds between wallets is swift and straightforward using Bitfinex’s Quick Transfer feature or the Balances box on the Trading page.

When purchasing cryptocurrencies, Bitfinex provides three options:

Each option varies in terms of available cryptocurrencies (new additions regularly), identity verification requirements, fees, and processing times. For example, credit/debit card purchases are typically instantaneous, while purchases through happyCOINS require a minimum of €50.

Making a deposit to Bitfinex platform

Withdrawals can be made in both crypto and fiat currencies, with transaction fees for crypto withdrawals. Bitcoin withdrawals, for example, require a minimum wait time of 12 hours, though in my experience, it’s typically around 2 hours.

Comparison of suitable alternatives 2024
Bitfinex Gemini eToro
Accounts & Banking Rating
Payment Methods ADVcash, Bitcoin Payments, Credit Card, Debit Card, Ethereum Payments, Mastercard, Payoneer, PayPal, Perfect Money, Simplex, Skrill, TransferWise, UnionPay, Visa, Western Union, Wire Transfer ACH Transfer, Bitcoin Payments, Credit Card, Etana, Ethereum Payments, Mastercard, PayPal, Silvergate Bank Transfer, Visa, Wire Transfer Debit Card, iDeal, Klarna, Neteller, PayPal, Przelewy24, Rapid Transfer, Skrill, Sofort, Swift, Trustly, Visa, Wire Transfer
Minimum Deposit $0 $0 $50
Visit Visit Visit Visit
Review Review Review Review

Assets & Markets

4 / 5

Bitfinex provides access to over 180 digital currency pairs, with a surge of new tokens in 2024, encompassing a wide array of leading cryptocurrencies including Bitcoin, Ethereum, Tether, and Ripple.

This range provides more opportunities than alternatives like Gemini with around 120 pairs, but trails firms like OKX with its 500+ pairs.

Bitfinex is closely associated with the Tether stablecoin, which aims to maintain a value of $1. However, concerns over transparency regarding reserves may prompt caution when holding significant amounts of Tether in your account. While Tether claims full backing of the currency, ultimately, it’s up to you to decide whether to trust this assertion.

Traders enjoy the flexibility to trade crypto-only pairs as well as tokens paired with traditional currencies such as USD, GBP, EUR, and JPY, notable examples include BTC/USD, ETH/USD, and XRP/USD. Additionally, altcoins like Tron, Stellar, and NEOGAS are available for trading.

However, while Bitfinex provides leverage up to 1:10 for crypto margin trading, for higher leverage options like 1:100 or more, alternative exchanges like Binance are preferable.

Moreover, the exchange offers clients the opportunity to generate passive income from their cryptocurrency holdings through its staking and lending programs.

With staking, I deposited my chosen cryptocurrencies (currently supporting 10 coins) into my Bitfinex account. Bitfinex securely held the majority of staked tokens in cold storage and staked only a fraction of assets to minimize risks. In return, I received weekly interest payments, the amount of which varied depending on the asset.

Staking incurred no fees, and there was no requirement to lock in crypto for month-long periods, making it convenient if I decided to sell spontaneously.

author image
Christian Harris
Author
Comparison of suitable alternatives 2024
Bitfinex Gemini eToro
Assets & Markets Rating
Trading Instruments Cryptocurrencies Cryptos CFDs, Forex, Stocks, ETFs, Cryptos, Futures, Commodities, Bonds
Margin Trading Yes No Yes
Crypto Mining No No No
Crypto Staking Yes Yes Yes
Visit Visit Visit Visit
Review Review Review Review

Fees & Costs

3.5 / 5

While Bitfinex’s fees slightly surpass those of Binance, they still align with industry standards. However, it’s important to distinguish crypto exchange fees from those of traditional brokers.

In crypto exchanges like Bitfinex, fees hinge on the trade’s nature. Buyers typically face higher fees as they’re perceived to remove liquidity from the market, while sellers, contributing liquidity, encounter lower fees. Notably, no trading fees apply to large orders processed through the OTC desk.

Still, my experience with Bitfinex unveiled a somewhat intricate fee setup influenced by factors such as my 30-day trading volume and holdings of Bitfinex’s proprietary cryptocurrency, LEO. Thankfully, their fee calculator eased the process.

Typically, transactions involving cryptocurrencies, stablecoins, and fiat currencies incur a maker fee of 0.10%, and a taker fee of 0.20%. For derivative transactions, the maker fee drops to 0.02%, with the taker fee at 0.065%. These fees replace the traditional broker’s standard commission.

💡
Holdings of LEO currency may qualify you for fee discounts, depending on the quantity held and transaction type. For instance, holding $1 in LEO could secure a 15% discount on taker fees for crypto-to-crypto and crypto-to-stablecoin trades.

Maintaining a minimum of $5,000 worth of LEO coins garners a 25% discount on taker fees for cryptocurrency and stablecoin trades, along with a 10% discount on fiat trades. Additionally, balances exceeding $10,000 in LEO tokens unlock further percentage discounts, personalized to account balance.

Borrowing funds on Bitfinex incurs a maker fee twice – upon loan initiation and repayment. Interest rates and lending fees vary based on the involved asset or coin.

Comparison of suitable alternatives 2024
Bitfinex Gemini eToro
Fees & Costs Rating
Crypto Spread Taker (0.2% to 0.055%) and maker (0.1% to 0.0%) Transaction fee from $0.99 BTC 1%
Inactivity Fee $5 $10
Visit Visit Visit Visit
Review Review Review Review

Platforms & Tools

3.3 / 5

The proprietary web platform provides essential tools for technical analysis – ideal for day trading. However, for those new to cryptocurrency trading, the experience might initially seem daunting compared to platforms like eToro or Kraken.

Bitfinex’s platform impresses with an array of advanced features, including drawing tools, order book data, a rolling news bar, and high liquidity to minimize slippage.

During testing, I utilized 12 timeframes ranging from one minute to one month, diverse chart types such as line and candlesticks, and an array of indicators like moving averages and stochastic oscillators.

Additionally, Bitfinex caters to various trading strategies with multiple order types including limit, stop, and trailing stop orders.

Bitfinex charting platform

Bitfinex Honey also proves to be a valuable tool, allowing you to execute numerous algorithmic orders directly from web browsers, streamlining the trading process.

Moreover, the Bitfinex Terminal facilitated strategy backtesting using historical market data, offering invaluable insights. Through APIs, clients can integrate with platforms like 3Commas and QuantConnect to deploy bots to help enhance their trading capabilities.

Comparing Bitfinex to leading exchanges like Binance and Kraken, each platform has its own strengths: Kraken’s platform is often favored by less experienced traders, while Binance boasts a broader range of assets with added complexities.

Comparison of suitable alternatives 2024
Bitfinex Gemini eToro
Platforms & Tools Rating
Platforms Web Platform ActiveTrader, AlgoTrader, TradingView eToro Web, CopyTrader, TradingCentral
Mobile App iOS & Android iOS & Android iOS & Android
Visit Visit Visit Visit
Review Review Review Review

Research

2.8 / 5

Bitfinex Pulse is an excellent resource for staying informed about the crypto market. This social investing platform delivers news and analysis directly to your device, covering a wide range of topics from NFT games to price predictions for various cryptocurrencies like XRP.

Moreover, Bitfinex Alpha provides insightful articles with market analysis and commentary. Navigating through the platform’s blog, I discovered educational content aimed at expanding users’ knowledge base, alongside tutorial videos and articles guiding traders on effectively utilizing the platform.

Comparison of suitable alternatives 2024
Bitfinex Gemini eToro
Research Rating
Visit Visit Visit Visit
Review Review Review Review

Education

3 / 5

Bitfinex’s educational resources are a valuable aid, especially for beginner crypto traders. These resources encompass tutorials, articles, and guides covering a wide array of topics, including cryptocurrency basics, trading strategies, market analysis, risk management, and platform navigation.

One particularly beneficial learning tool I’ve really enjoyed is Bitfinex’s active YouTube channel, which delves into intriguing topics such as Bitcoin halving events.

That said, I’ve noted that while the content is informative, there isn’t much hand-holding, and most of it may prove challenging for novice traders to grasp fully.

Bitfinex channels on YouTube

Comparison of suitable alternatives 2024
Bitfinex Gemini eToro
Education Rating
Visit Visit Visit Visit
Review Review Review Review

Customer Support

2.8 / 5

Similar to many cryptocurrency exchanges we’ve tested, Bitfinex operates on a self-service model for account management.

Assistance primarily comes from the exchange’s FAQ and help sections, offering a wealth of information covering various subjects, from beginner’s guidance to trading and lending insights, API documentation, account management, verification procedures, and deposit/withdrawal processes.

For additional support, email communication through a support ticket system is available, albeit without phone support. Based on my experience, I typically receive an email reply within up to 12 hours, which is relatively slow.

I’ve also encountered some inconvenience having to leave the trading platform and navigate to the exchange’s main website for live chat support for more urgent issues – not ideal if you’re day trading crypto.

To accommodate its diverse user base, the website offers support in five languages, including English, Spanish, and Mandarin.

There is also additional assistance through Bitfinex’s active presence on social media platforms like Twitter, Telegram, YouTube, Discord, and LinkedIn.

Comparison of suitable alternatives 2024
Bitfinex Gemini eToro
Customer Support Rating
Visit Visit Visit Visit
Review Review Review Review

FAQ

Is Bitfinex A Good Broker For Day Trading?

Bitfinex offers a range of features suitable for day trading, including a powerful trading platform complete with advanced charting tools and deep liquidity.

However, traders should be aware of the platform’s history of security breaches and legal challenges, which may affect their decision to use it for day trading.

Is Bitfinex Legit Or A Scam?

Bitfinex is a legitimate cryptocurrency exchange with a long-standing presence in the industry.

While it has faced security challenges and controversies in the past, it continues to operate as a prominent platform for trading digital assets, offering advanced features and a wide range of cryptocurrencies.

Is Bitfinex A Regulated Broker?

Bitfinex is not regulated by any financial authority, as it operates in the cryptocurrency market, which generally lacks extensive regulatory oversight.

Traders should be aware of the risks associated with trading on unregulated platforms and conduct thorough research before engaging with Bitfinex or any similar exchange.

Is Bitfinex Suitable For Beginners?

Bitfinex is not the best choice for beginners due to its complex trading interface and advanced features, which can be overwhelming for those new to cryptocurrency trading.

Beginners might find platforms with simpler interfaces and more educational resources – such as eToro – more suitable for their needs.

Does Bitfinex Offer Low Fees?

Bitfinex’s fee structure is competitive, however fees vary based on factors like trading volume and token holdings.

While some fees may be lower compared to other exchanges, especially for active traders, prospective users should understand and calculate their specific costs before trading on the platform, making use of Bitfinex’s fee calculator.

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 Cryptocurrencies 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 $0 $1000 $0 $0
Minimum Trade $10 0.01 Lots 0.01 Lots 0.001 Lots
Regulators Unregulated FCA, FINMA, DFSA, SFC FCA, ASIC, NFA, CFTC, DFSA, BaFin, MAS, FSCA
Bonus Referral Codes Up To 4030 USDT Welcome Bonus
Education No No Yes No
Platforms Web Platform MT4, MT5, AutoChartist, TradingCentral Web, ProRealTime, L2 Dealer, MT4, AutoChartist, TradingCentral MT4, TradingView
Leverage 1:30 1:30 (Retail), 1:250 (Pro)
Payment Methods 16 5 6 6
Visit Visit Visit Visit Visit
Review Swissquote
Review
IG
Review
Bybit
Review

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.

 

The most popular Bitfinex comparisons:

  1. Kraken vs Bitfinex
  2. Bybit vs Bitfinex

Customer Reviews

There are no customer reviews of Bitfinex yet, will you be the first to help fellow traders decide if they should trade with Bitfinex or not?

Submit Your Own Review of Bitfinex

If you have experience trading with Bitfinex please share your personal review of the broker and what you think are strong and weak points. Thank you.

Visit
Established in 2012, Hong Kong-based Bitfinex is a formidable player in the crypto industry. It boasts a powerful proprietary platform, 180 cryptocurrencies and more than 430 market pairs available for spot or perpetual swaps derivatives trading. With new payment methods, lower entry barriers and fresh products like crypto futures, Bitfinex is attracting a wider range of active crypto traders.

Article Sources

The writing and editorial team at DayTrading.com use credible sources to support their work. These include government agencies, white papers, research institutes, and engagement with industry professionals. Content is written free from bias and is fact-checked where appropriate. Learn more about why you can trust DayTrading.com