When talking about the list of leading crypto exchanges, you cannot miss out on Bitfinex! One of the most popular crypto exchange platforms, having a meager fee rate and more than 100+ cryptocurrencies. Based on the British Virgin Island, its platform successfully operates worldwide, except for the US citizens. The platform has a vast ecosystem of cryptocurrencies and has many trading options, like margin, spot, paper, and many more. It offers almost everything a trader needs, all power packs in its platform itself; however, it has a history of having regulatory charges, including multiple finds from the Commodity Futures Trading Commission. But is Bitfinex the right platform for you to get started? Let’s find out in this comprehensive review about the platform.
Table of Contents
Pros
Cons
Official Website | https://www.bitfinex.com |
Headquarters | Taipei, TW |
Founded In | 2012 |
Native Token | UNUS SED LEO |
Number of Listed Cryptocurrencies | 150+ |
Trading Pairs | 100+ |
Minimum Deposit | Depends on the currency chosen |
Trading Fee | Fees charged depend on the basis of trade |
Withdrawal Fees | Depends on the currency chosen |
Customer Support | Help Page, Ticket |
Industry | Financial Software |
Parent Company | iFimex Inc. |
Supported Fiat Currencies | 42 |
Bitfinex is one of the oldest cryptocurrency exchange platforms and was founded in 2012 by Giancarlo Devasini and Raphael Nicolle. Ever since its foundation, the platform has been in the 9th position, ranked among the largest cryptocurrency exchange platforms in the world. With years of working experience and over 5 million active users across 52 countries, the platform stands out with its high liquidity. In addition, several trading tools and advanced charting options are available across the different trading levels for the users. Overall, the company behind the platform has done a great job at developing an exchange with global solid support and hosts over 170+ crypto tokens to get started with. Not to forget, Bitfinex also offers relatively low trading fees compared to many platforms. It costs about 0.20 % or less and is suited for traders without prior experience. However, although the platform stands out with its excellent features and offerings, it comes with a catch. Bitfinex has had a shady past, revolving around many fines and accusations concerning market manipulation.
Bitfinex is an active crypto trading platform where you can easily trade via Spot trading or any other trading process. It has over 100+ currency assets and tokens to trade for its users. Some of the most popular cryptocurrencies available on the platform are Bitcoin (BTC), Ethereum (ETH), TRON (TRX), and emerging currencies like Shibu Inu (SHIB), Dogecoin (DOGE), Polkadot (DOT), and many more including its own token Bitfinex Token (UNUS SED LEO).
Polkadot (DOT) | Cosmos (ATOM) | Avalanche (AVAX) | Solana (SOL) |
Shiba Inu (SHIB) | Cardano ( ADA ) | Dogecoin (DOGE) | Ripple ( XRP ) |
Bitcoin (BTC ) | Ethereum (ETC) | Litecoin (LTC) | TRON ( TRX ) |
Besides, the platform is also open to accepting new and promising token projects on its exchange. Therefore, if you’re one of those investors who look forward to new and updated projects, Bitfinex might be the perfect platform for you.
Bitfinex is one of the largest crypto trading platforms in the world. Ranking among the top 20 crypto exchange platforms, it introduces its users to unique features. To give you an idea, we have listed some features that helped the platform get the limelight it currently enjoys.
The seamless compatibility of the Bitfinex platform is one of its core features. Unlike other trading platforms that are limited in creating an ecosystem, Bitfinex introduces its users to seamless connectivity across all its platforms. Whether you’re using web trading or have installed Android, iOS, Windows, Linux, or macOS, the platform presents you with a simple and easy-to-function platform. The console is detailed and keeps up with its simplicity and user-friendly approach, making the portal easy to surf and functional for almost everyone.
High liquidity is one of the most appealing features of any given crypto exchange. After all, the higher the liquidity, the better the chances users make the most of their trades and cash out in real-time. This is where Bitfinex stands out with its high rate of liquidity. It offers to order books that offer high liquidity, allowing its traders to exchange their digital assets with very low slippage easily, and offers different types of trading, like Thanks to the high trading volumes and active users' wallets over the platform, users can make the most of their BTC/USD trading volumes. This way, users signing up for the platform also have a guarantee of price stability, helping them avoid additional transaction fees.
The multiple trading assets on offer by Bitfinex are another primary reason you should consider the platform. As an industry leader, the platform has a global connection with numerous markets, allowing users to trade numerous crypto assets and diversify their portfolios. Once signed up, you can easily access any of the following trading assets:
Besides, users over the platform can also leverage trailing stop, limit, fill or kill, market, stop, hidden, iceberg, OCO, and post-only limit orders.
Like many of its competitors, Bitfinex also provides its users access to multiple rewards via its affiliate program. However, the rewarding programs make the platform a reliable experience. Bitfinex lets you earn extra rewards and money with the help of its Affiliate programs. The affiliate program allows traders to earn an extra commission-based income with 3 degrees of connections; all you have to do is generate your invite links on the Affiliate dashboard. Then, anyone who joins in via that link becomes your referral, where you earn up to 18% on the 1st degree, 6% on the 2nd degree, and 2% on the 3rd degree.
Listed above are some of the core features of the Bitfinex platform. However, that’s not all! There’s more to the platform that makes it reliable and secure. Therefore, to give you an idea, we’ve also explored some additional features of the platform in the section ahead.
Bitfinex offers a very user-friendly trading experience, where experienced traders, as well as beginners, can access the platform with ease. And professional traders will appreciate the features and options offered by the platform. The modes of trading Bitfinex offers are:
Paper trading was introduced in response to high customer demand. It is a unique feature available for newly created sub-accounts to help them test new strategies & help them in trading Bitcoins in the market in a simulated environment without depositing real funds. Paper trading is available for Margin Trading and Exchange, OTC, and Funding Derivatives Trading; it is also available for unverified accounts allowing the new users to understand the platform properly without depositing any funds.
Bitfinex trading platform has a unique set of platforms accessible for their traders, one of which is the Bitfinex Honey. Users accessing the platform have the option to create any custom order and have event-driven automated trading strategies. All the strategies are accessible via Bitfinex Honey, an integration of Bitfinex where their latest development makes it easier to use the strategy without any coding knowledge or developer. An option limited to advanced users, this feature allows users to delve into a seamless trading experience. Overall, the platform seems to be a good start for every type of user, primarily for its user-friendly trading experience.
Bitfinex charges a meager fee compared to any industry, which helps it to stand out from other platforms. It works on the maker-taker fee model and charges about 0.10% maker fee and 0.20% taker fee and is applied across everything, be it crypto, fiat coins, or stablecoin. This way, the platform allows its users to lower the overall fee based on the volume of their monthly trade. Here’s an overview of the charges based on varying trading volumes.
Trade Value | Maker Fee | Taker Fee |
---|---|---|
Trade value above $0 | 0.10% | 0.20% |
Trade value below $500,000 | 0.08% | 0.20% |
Trade value below $1 million | 0.06% | 0.20% |
Trade value below $2.5 million | 0.04% | 0.20% |
Trade value below $5 million | 0.02% | 0.20% |
Trade value below $7.5 million | 0.00% | 0.20% |
Trade value below $10 million | 0.00% | 0.18% |
Trade value below $15 million | 0.00% | 0.16% |
Trade value below $20 million | 0.00% | 0.14% |
Trade value below $25 million | 0.00% | 0.12% |
Trade value below $30 million | 0.00% | 0.10% |
Trade value below $300 million | 0.00% | 0.09% |
Trade value below $1 billion | 0.00% | 0.085% |
Trade value below $3 billion | 0.00% | 0.075% |
Trade value below $10 billion | 0.00% | 0.06% |
Trade value below $30 billion | 0.00% | 0.055% |
However, the platform charges some specific fees based on the mode of payment used. Here’s a detailed overview of the different methods:
Mode of Payment | Bitfinex Fee |
Wire Transfer | 0.10% |
Debit /Credit Card | Depends on the currency ( fee varies ) |
ACH Transfer | NA |
Also, according to sources, getting a hold of LEO currency is the native token of Bitfinex, which can give you about 15% off on taker fees.
Bitfinex has one of the most secure trading platforms in the crypto world. The Bitfinex security team continues to improve the end-to-end security measures, improving its auditing process and reducing the attack surface for its infrastructure. In addition to all of it, the platform also provides many more security measures to protect traders' funds and other malicious attacks.
Bitfinex allows DDoS prevention via:
Besides, the platform also offers a vigorous suite of user-defined security measures needed to ensure the security of the funds. Therefore, its users have but keep aside all the security processes the platform provides. Besides, the users can also do the bare minimum from their end to safeguard their accounts. By doing these measures, the trader not only increases their account security but also reduces the number of confirmations required during making any cryptocurrency deposits, prioritizing withdrawals via automatic processing and at the time of login.
Besides, the platform also offers a vigorous suite of user-defined security measures needed to ensure the security of the funds. Therefore, its users have but keep aside all the security processes the platform provides. Besides, the users can also do the bare minimum from their end to safeguard their accounts. Step 1: Search for the Bitfinex website or download it on your device. Step 2: Once you download Bitfinex’s application or come to their main landing site, you’ll be able to see a Sign-Up portal on the left side of the screen. Step 3: Complete the registration process, where you need to add your details, your valid-id proof to verify your details, and a selfie as well to match your identity with the ID you have provided.
Bitfimex has over 1000+ reviews, is flooded with mixed reviews from its users, and has a rating of 3.3 out of five-star. Among all those review sections, the positive feedback was specifically for the security offered by the platform and its fast & advanced features. However, among all those positive reviews, some were negative, making us realize that the platform still has some parts to be updated. The shortcomings of Bitfinex are that the customer support section was based on self-service. Besides, the verification process ensured high security but made it very complicated.
Bitfinex is one of the leading crypto trading platforms in the world, with a wide range of accessible services provided for its traders. However, besides being the main and global platform for its users, it may still not be enough for many new traders who want to start trading. However, similar to all the features and functionalities, the platform also has certain drawbacks concerning hacks. So if you feel that Bitfinex isn’t the ideal solution for you, let’s check out its overall performance against one of its primary competitors, Coinbase.
In terms of active traders and volatility, Bitfinex and Coinbase continue to be the largest crypto exchange platform in the world, with many common factors. But both platforms still have many differences. A detailed comparison is given below.
Our short but comprehensive overview shows that Bitfinex dominates Coinbase with its exceptional features.
Although Bitfinex has faced several allegations and fines, it still does not stop the platform from being one of the top trading platforms in the 9th ranking. Below are a few pointers on why you should consider Bitfinex as your exchange platform.
Positive reviews and many features do not mean the platform won't have any shortcomings. Some of these notable shortcomings of Bitfinex are stated below:
This brings us to the end of our comprehensive overview of the Bitfinex review! Looking at this detailed overview of the platform, it’s evident that it is innovative, has several features, and is safe to get started. However, similar to its perks, the platform also has drawbacks. Therefore, if you’re one of those users who wants to sign up with a safer crypto exchange, you might want to look elsewhere. But while you’re on it, you might want to consider this blog as a reference. All the best!
The users can move their funds from their Bitfinex wallet to a third-party wallet via the withdrawal method; it is to be noted that once the withdrawal is done from Bitfinex and successfully processed in the blockchain, Bitfinex takes no responsibility.
There’s no assurity of the statement as you never know when a platform is under attack. However, considering its multiple tools and features, it’s safe to say that the platform offers maximum security to prevent such situations.
Currently, there’s no way you could be trading stocks on the Bitfinex platform. However, given its popularity, the platform might allow users to trade in the future.
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