Bitfinex Review 2023: Key Features, Trading Fees & More!

Only intermediate and fully verified users can transact derivatives on the platform. Bitfinex was founded in 2012 as a peer-to-peer Bitcoin market. The exchange grew quickly and started offering altcoins and derivatives markets for trading. The crypto exchange operates in over 100 countries but isn’t available to the US, Canada, Italy, Austria, and, interestingly, British Virgin Islands-based customers. As a result it’s necessary to read the pop up box that appears and agree to the terms and conditions. These currently include a temporary minimum account equity of 10,000 USD and new accounts are not able to trade or perform any platform function until they reach this amount.

However, any account-specific queries require to be raised through the official support ticket system within the exchange to avoid any security issues. Bitfinex does not entertain private messages, and therefore traders should not share their passwords with anyone asking for it. An over-the-counter trading service is available for traders who wish to trade major amounts (say over $100,000) of cryptocurrency privately.

Has Bitfinex been hacked?

Bitfinex users are able to borrow and trade with up to 3.3x leverage through the site’s P2P margin trading platform. Borrowing terms can either be determined by the user himself or automatically through Bitfinex. However, the biggest problem with Bitfinex is that it isn’t licensed in the U.S.

Clicking it takes you to the deposit page where you can choose the preferred method of funding. Bitfinex supports a wide range of deposit options, including fiat currencies (USD, EUR, JPY, CNH & GBP), and a wide selection of cryptocurrencies. Great to hear you had a good response with our customer support team! Thank you for choosing Bitfinex as your cryptocurrency exchange of choice.

Bitfinex is a Hong Kong based trading platform that was founded in 2012 by Raphael Nicolle. The exchange is both owned and operated by iFinex, Inc. and has managed to work its way to the top of the charts in terms of trading volumes and user activity on the platform. If you hold $5,000 worth https://forex-reviews.org/ of LEO, you’ll be eligible for a 25% discount off taker fees for crypto and stable coin trades and 10% off for fiat trades. BitMEX provides up to 100x leverage for Bitcoin and high leverage for Altcoin contracts. Our trading engine uses the same technology as investment banks and hedge…

Verification long and finicky process

As a trading platform for cryptocurrencies, Bitfinex charges trading fees. These vary according to the amounts being traded and whether the user is the “maker” or “taker” of trade (i.e., according to whether they trade by making a new order or by taking an existing order). The maker fees range from 0.1% to 0.0%, while the taker fees vary from 0.2% to 0.055% based on the executed trade volume in the last 30 days.

• The exchange platform (i.e. Binance) acts as a middleman – it connects you with that other person .
• The company operates in Hong Kong and is registered in the British Virgin Islands.
• However, it’s also something that we’ll discuss a bit later on in the article.
• After users sign up, they will be directed to the verification page where they need to click on the “Verification” button and follow the on-screen instructions.
• Each BFX token was worth $1 and was awarded in the same amount lost by each investor.

Customer Support – Users are currently served by a support team that is available via email 24/7. The team aims to answer queries within 12 hours, but responses can take much longer. In addition to this, there’s a knowledge base section that covers the most pressing issues alongside other question and answer pages available on the site.

Crypto Coins Available on Bitfinex

It’s important to note that holders of the cryptocurrency LEO, receive the benefit of discounted trading fees. LEO is the utility token of the iFinex ecosystem and Bitfinex incentives users to invest in it in order to receive high trading discounts. For a cryptocurrency investing platform that has been around for so long, it does not offer many features but offers the basics – derivatives and spot trading plus crypto staking. In April 2017, Bitfinex announced it was experiencing delays in processing USD withdrawals after Wells Fargo cut off its wire transfers.

You can find a full list of maker and taker fees charged by Bitfinex here. We’ve already covered the deposit and withdrawal fees that you’ll have to pay on Bitfinex. It’s hard to compare crypto exchanges on the security front because we often depend on the platforms’ transparency to evaluate them.

Bitfinex is currently rated 4.4 stars out of 2K reviews on the Google Play store and 4 stars from 100 reviews on the App store. No, Bitfinex is not considered a safe exchange to store your assets. Bitfinex relies on several methods to provide security for users including two-factor authentication, bitfinex review withdrawal protection, and cold storage of customer assets. However, Bitfinex has been hacked several times before, and many clients have lost their funds as a result. Deposits are free for cryptocurrencies, stablecoins and securities but fiat currencies are subject to a 0.1% deposit fee.

Having said that, though, it’s worth pointing out the fact that Bitfinex wasn’t always considered to be “an amazing crypto trading platform”. In fact, the exchange does have a pretty shaky past – it’s something that many critics tend to bring up while discussing is Bitfinex legit, too. This website includes information about cryptocurrencies, contracts for difference and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. Bitfinex also offers discounted maker fees of 0.10% for promoting liquidity at the exchange.

Bitfinex fees

Bitfinex utilizes the Tether stablecoin and verified users on the site have the “Tether” funding option, in addition to “Crypto-Currencies” and “Wire Transfer” on the Deposit and Withdraw pages. As one of the older exchanges in operation today, Bitfinex has experienced a number of hacks with the first major hack taking place in May, 2015. Clicking this button takes you to the deposit page and here you can choose Us Dollar, Tether or from a list of cryptocurrencies in order to deposit. The Bitfinex team are constantly looking to increase the number of coins available on the site and new additions often make their way onto the platform.

So, it’s about time we looked at the most important features more closely. You’ll also pay derivative fees, which again will depend on whether you were a maker or taker. Cryptocurrencies are still in their early days, and the number of payment methods you can use will vary greatly depending on your chosen platform. However, you will need to pay several other fees, which we’ll go into in more detail in a moment. Content is for informational purposes and is not investment advice. This review is based on my own experience and is my genuine opinion.

Discover more about our most advanced Algorithmic orders types. Users can manage their accounts through the Bitfinex website or mobile app. Virtually all customer account settings are self-managed, similar to online banking. That said, Bitfinex has not always done such a great job with security.

A (Brief) Crypto Glossary – Learn Survival Crypto-speak in Just Under 10 Minutes!

As part of the agreement, Bitfinex will maintain its prohibition on trading activity with New Yorkers. As of January 2023, Bitfinex plans to open an office in El Salvador. El Salvador plans to issue its “volcano” token this year, which will be issued using blockchain technology, and which will trade on Bitfinex’s exchange. In March 2018, British Virgin Islands-based Bitfinex confirmed the exchange’s plans to relocate its primary server infrastructure to Zug, Switzerland. Find and apply for remote jobs and jobs in your area using the Slashdot Job Board. If you are located outside of the list of countries listed above, you will have to sign up by providing an email and creating a username and a password.

You also get features such as limit orders, stop orders, trailing stop, fill or kill, TWAP, and others, along with different market charts for various intervals. Amongst which, you will find popular cryptocurrencies like BTC, BCH, LTC, ETH, XMR, and LTC, etc. and numerous other popular ERC20 tokens. But you can place and complete your order only when you have a verified & approved account.

Crypto withdrawal fees vary and may change depending on the coin and market conditions. Bitfinex has been operating as a Bitcoin and cryptocurrency exchange platform ever since 2012 and is generally considered a popular exchange despite its long history of controversies. As a result of this, the exchange enjoys high USD liquidity, while offering extensive orders and trading options, and is the largest BTC exchange by volumes traded. Bitfinex also supports fiat currencies such as USD, EUR, GBP, JPY which can be used to trade many cryptocurrencies against fiat pairs. Bitfinex is a multi-coin exchange and has many advanced features that a newbie might not require when starting cryptocurrency trading.

Am I and My Cryptocurrency Protected?

With at least $5,000 in LEO, you’ll get 25% off taker fees for crypto and stablecoin trades and 10% off fiat trades. And with $10,000 or more in LEO, you can get a larger percentage discount, depending on your balance. Bitfinex supports over 170 cryptocurrencies on its active trading platform, including Bitcoin, Ethereum, Terra, Tether, Solana, Litecoin, Ripple, and many others. There are too many to list here, but overall, Bitfinex does an excellent job supporting in-demand currencies on its platform.

Maker fees range from 0.1% to 0.0% while the taker fees range from 0.2% to 0.1%. While Tether has proved to be beneficial to traders everywhere since its introduction, the stablecoin is also beginning to attract an increasing amount of attention. As a result, an overviewof each coin that’s available on the exchange is readily available and it’s a good idea to regularly check the site to see what has been added.