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Bitfinex Review

Last Updated on January 31, 2024

James Headshot
Written by
Adam Headshot
Edited by
Bitfinex logo
3.53
Crypto Head Rating
Our review is based on the spot trading platform. Please check our methodology on how we rate exchanges for further information.
Visit Bitfinex

The Bottom Line Our review is based on the spot trading platform. Please check our methodology on how we rate exchanges for further information.

Bitfinex stands as a robust trading platform with a comprehensive suite of features, catering to a diverse user base. From advanced trading tools for professional traders to a broad selection of assets for those looking to diversify their portfolio, Bitfinex aims to provide a secure and dynamic trading environment.

Table of Contents
Disclaimer: This is not a validation of cryptocurrency or any particular provider, service, or product. It should not be taken as advice to engage in trading or use any services. Please check our terms and conditions.

Pros

  • Wide range of cryptocurrencies
  • Advanced trading features and charting tools
  • High liquidity for large trades
  • Margin trading with up to 10x leverage available
  • Professional and user-friendly interface

Cons

  • Has previously faced security breaches
  • Complex fee structure can be confusing
  • Not available to US customers
  • Customer support can be slow to respond
  • Mandatory 2FA setup can be cumbersome for some users

Quick Summary

Headquarters Location Taipei, Taiwan
Fiat Currencies Supported USD, GBP, EUR + 3 others (some through third party apps)
Total Supported Cryptocurrencies 176+
Trading Fees 0.10% - 0.20%
Deposit Methods Bank Transfer, Debit Card, Credit Card, Cryptocurrency, Paypal, Revolut, Skrill, Payoneer, Perfect Money, Simplex, Payeer, Remitly
Support Facebook, Twitter, Live Chat, Help Center Articles, Support Ticket
Mobile App Yes - iOS, Android

Bitfinex is a prominent name in the bustling world of cryptocurrency exchanges. With its diverse offerings and complex features, it caters to a variety of users, from the crypto-curious to the seasoned trader.

Bitfinex homepage

Its reputation is built upon a foundation of user-centric design and a robust suite of trading tools.

Bitfinex has carved out a significant niche for itself in the crypto exchange landscape, distinguishing itself through a blend of innovation and customer-centric features. The platform’s commitment to meeting the diverse needs of its users is evident in its continuous evolution to incorporate emerging trends and technologies in the digital assets space.

It has emerged as a connector for a wide array of market participants, facilitating efficient cryptocurrency transfers and fostering the growth of a robust trading ecosystem.

About Bitfinex

Founded in 2012, Bitfinex has risen to become one of the significant players in the cryptocurrency exchange landscape. Headquartered in Hong Kong, it has weathered various market cycles and challenges to retain a loyal user base.

Bitfinex is often noted for its depth in liquidity and a wide array of trading pairs.

Bitfinex features

Since its inception, Bitfinex’s trajectory has closely mirrored the ebbs and flows of the cryptocurrency market at large. Its ability to adapt and grow amidst a rapidly changing financial landscape is a testament to its resilience.

Key historical milestones include the development of sophisticated trading tools and the integration of a variety of fiat currencies, such as the Chinese Yuan, to ease the process for users globally. The exchange’s journey has been shaped by the dynamic interplay of regulatory changes, technological advancements, and the shifting tides of trader demand.

Bitfinex has a number of active social profiles including Facebook, Twitter, Instagram, LinkedIn, Discord, Reddit, Telegram, TikTok and YouTube.

Bitfinex has a mobile app on both the Apple App Store and Google Play.

Bitfinex Supported Cryptocurrencies

Bitfinex supports trading on over 176 cryptocurrencies on their platform. This exchange currently supports 26 of the top 30 market cap cryptocurrencies.

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Tether USDt (USDT)
  • BNB (BNB)
  • Solana (SOL)
  • XRP (XRP)
  • USDC (USDC)
  • Cardano (ADA)
  • Dogecoin (DOGE)
  • Avalanche (AVAX)
  • Shiba Inu (SHIB)
  • Chainlink (LINK)
  • TRON (TRX)
  • Polkadot (DOT)
  • Polygon (MATIC)
  • Bitcoin Cash (BCH)
  • Toncoin (TON)
  • Uniswap (UNI)
  • Litecoin (LTC)
  • Internet Computer (ICP)
  • Dai (DAI)
  • Ethereum Classic (ETC)
  • Filecoin (FIL)
  • Cosmos (ATOM)
  • Immutable (IMX)
  • NEAR Protocol (NEAR)
  • UNUS SED LEO (LEO)
  • Aptos (APT)
  • Stacks (STX)
  • Optimism (OP)

View all cryptocurrencies Bitfinex supports

  • 1INCH
  • AAVE
  • ADA
  • ALGO
  • AMPL
  • ANT
  • APE
  • APENFT
  • APT
  • ARB
  • ATLAS
  • ATOM
  • AVAX
  • AXS
  • B2M
  • BAL
  • BAND
  • BAT
  • BCHN
  • BEST
  • BGB
  • BLUR
  • BNT
  • BOBA
  • BOSON
  • BRISE
  • BTC
  • BTSE
  • BTT
  • CCD
  • CHEX
  • CHSB
  • CHZ
  • CLO
  • COMP
  • CRV
  • DAI
  • DASH
  • DGB
  • DOGE
  • DORA
  • DOT
  • DUSK
  • DVF
  • EGLD
  • EOS
  • ETC
  • ETH
  • ETH2
  • ETHW
  • EURT
  • FB
  • FCL
  • FET
  • FIL
  • FLOKI
  • FLR
  • FORTH
  • FTM
  • FUN
  • GALA
  • GNO
  • GOC
  • GRT
  • GTX
  • HI
  • HMT
  • HT
  • ICE
  • ICP
  • ID
  • IOTA
  • JASMY
  • JST
  • KAN
  • KARATE
  • KAVA
  • KNC
  • KSM
  • LAI
  • LDO
  • LEO
  • LINK
  • LRC
  • LTC
  • LUNA2
  • LUXO
  • LYM
  • MANA
  • MATIC
  • MIM
  • MKR
  • MLN
  • MOB
  • MXNT
  • NEAR
  • NEO
  • NEXO
  • NOM
  • NXRA
  • OCEAN
  • OGN
  • OMG
  • OMNI
  • ONE
  • OP
  • PAX
  • PEPE
  • PLANETS
  • PLU
  • PNK
  • POLC
  • POLIS
  • QRDO
  • QTF
  • QTUM
  • RBTC
  • REQ
  • RLY
  • RRT
  • SAND
  • SEI
  • SENATE
  • SGB
  • SHFT
  • SHIB
  • SIDUS
  • SMR
  • SNX
  • SOL
  • SPELL
  • STG
  • SUI
  • SUKU
  • SUN
  • SUSHI
  • SWEAT
  • SX
  • TENET
  • THETA
  • TLOS
  • TON
  • TRADE
  • TREEB
  • TRX
  • TUSD
  • UNI
  • UOS
  • USDC
  • USDT
  • UTK
  • VET
  • VRA
  • VSYS
  • WAVES
  • WBT
  • WBTC
  • WILD
  • WMINIMA
  • WNCG
  • WOO
  • XAUT
  • XCAD
  • XCN
  • XDC
  • XEC
  • XLM
  • XMR
  • XRD
  • XRP
  • XTZ
  • XVG
  • YFI
  • ZEC
  • ZIL
  • ZRX

Trading Experience

Bitfinex is recognised for its customisable interface, which can be tailored to suit the preferences of individual traders, whether they are beginners or advanced users. The platform offers a broad range of advanced order types and algorithmic order types, enhancing the trading experience by allowing for sophisticated trading strategies.

The trading experience on Bitfinex is tailored to encompass a wide spectrum of trader proficiency levels, from the novice engaging in cryptocurrency deposits for the first time to professional traders looking to utilise algorithmic order types. The Advanced trading tools available on the platform are designed to offer experienced traders the ability to execute complex strategies and manage trades with precision.

For beginner traders, the Customizable interface simplifies the process of engaging with digital finance, providing an accessible point of entry into the market.

Bitfinex exchange marketing

Bitfinex Fees

Bitfinex employs a tiered fee structure that adjusts based on trading volume and market maker-taker dynamics. While the specifics of the fees are subject to change, the approach is designed to encourage liquidity and is generally in line with industry standards.

Understanding the fee structure is crucial for traders to optimise their trades effectively.

The approach Bitfinex takes towards exchange fees is a reflection of its user-first philosophy. By not pegging its fees to static numbers but instead using a dynamic, volume-based structure, the exchange incentivises active traders and liquidity providers, which is crucial for maintaining a vibrant and liquid trading environment.

This flexible fee strategy aligns with the financial habits of a vast majority of users, from those executing fiat trades to active participants in derivatives trading.

Type Fee
Deposit Fee (Bank Transfer) 0.1% (Minimum fee of $60 USD)
Deposit Fee (Credit/Debit Card) €0.50 EUR per transaction
Trading Fee 0.10% - 0.20%
Withdrawal Fee (Bank Transfer) 0.1% (min 60, USD/EUR)

Bitfinex supports a range of different cryptocurrencies with varying withdrawal fees. When looking at Bitcoin, their withdrawal fee is 0.0004 BTC compared to the industry average of 0.000075 BTC. So Bitfinex has a fee that is above the industry average by 433.33%.

Security - Is Bitfinex Safe?

Security is a chief concern for Bitfinex. Over the years, they have implemented numerous security measures, including advanced security protocols and additional safeguards to protect customer funds and assets.

Stringent verification processes are in place to ensure the integrity of user accounts, and the company has a dedicated security team to safeguard its operations.

Bitfinex’s commitment to security is unwavering. The platform has been proactive in strengthening its defense mechanisms, employing a blend of cold wallets to safeguard customer funds and sophisticated security protocols to thwart unauthorized access.

The Advanced interface of the exchange offers traders a more granular control over their security settings, allowing them to manage session timeouts, IP address whitelisting, and other security features. Bitfinex Security also includes the use of automatic processing to reduce the risk of human error in transaction handling.

Bitfinex Customer Support

Customer support is an essential aspect of any service-based platform. Bitfinex provides support through multiple channels and aims to resolve issues promptly.

The quality of service is designed to ensure that traders can trade with confidence, knowing they have the backing of a responsive support team.

In the dynamic world of cryptocurrency exchanges, robust customer support is critical. Bitfinex’s support framework is built to address the nuanced needs of its users, from addressing basic queries about fiat deposits to resolving intricate issues related to advanced traders’ strategies.

The verification process is supported by thorough assistance, ensuring that users can submit the required proof of address and other details with ease. The platform’s customer support is a pillar that upholds the trust and confidence of its users.

Bitfinex support

Bitfinex Support Channels

  • Facebook
  • Twitter
  • Instagram
  • Live Chat
  • Help Center Articles
  • Support Ticket

How to Sign Up on Bitfinex

  1. Create Account - Visit the Bitfinex website and fill out the create account form. You'll need to include a valid email, set your password and type in other details like your phone number and name.
  2. Verify Account - Confirm your email, you should get an email asking you to verify your account creation.
  3. Transferring Funds - Once your account has been verified, you can deposit using the deposit methods listed below, including some options through third party apps.
  4. Start Trading Crypto - That's it! You should now have everything in place to start trading.

Deposit Methods

  • Bank Transfer
  • Debit Card
  • Credit Card
  • Cryptocurrency
  • Paypal
  • Apple Pay
  • Google Pay
  • Revolut
  • Skrill
  • Payoneer
  • Perfect Money
  • Simplex
  • Payeer
  • Remitly

Bitfinex Alternatives

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Crypto Head Rating
Our review is based on the spot trading platform. Please check our methodology on how we rate exchanges for further information.

Total Supported Cryptocurrencies
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Trading Fees
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Fiat Currencies Supported
USD, GBP, CAD, EUR, NZD + 78 others

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Crypto Head Rating
Our review is based on the spot trading platform. Please check our methodology on how we rate exchanges for further information.

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Fiat Currencies Supported
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OKX logo

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Crypto Head Rating
Our review is based on the spot trading platform. Please check our methodology on how we rate exchanges for further information.

Total Supported Cryptocurrencies
332+

Trading Fees
0.06% - 0.10%

Fiat Currencies Supported
USD, AUD, GBP, CAD, EUR, NZD + 85 others

Visit OKX

Final Thoughts

In summary, Bitfinex is a sophisticated platform with a wealth of features that can be highly advantageous for users who know how to navigate its depths. It is more than just a trading venue; it is a comprehensive ecosystem for digital assets.

Bitfinex FAQs

Bitfinex is a well-established cryptocurrency exchange that has been operating since 2012. It’s known for providing a platform for trading various digital assets and has a significant user base.

However, Bitfinex has faced controversies, including a major security breach in 2016 and various legal issues. It’s registered in the British Virgin Islands, with subsidiaries around the world, and is owned and operated by iFinex Inc.

As with any exchange, it’s important for users to conduct their own due diligence.

The Bitfinex hack occurred in August 2016 and resulted in the theft of approximately 120,000 bitcoins. This was one of the largest security breaches in the history of Bitcoin.

Over the years, law enforcement has made progress in investigating the hack. Names of individuals associated with the hack have emerged through investigations, but for legal reasons, it’s important not to name individuals without conclusive evidence and legal conviction.

The withdrawal time from Bitfinex can vary depending on the type of currency and the volume of requests the exchange is handling at the time. Typically, cryptocurrency withdrawals on Bitfinex are processed within minutes, but they can take several hours or longer if additional security checks are required.

Fiat withdrawals usually take longer, often several business days, depending on the user’s bank and country of residence.

Bitfinex has Know Your Customer (KYC) policies in place. For certain levels of trading and withdrawal limits, Bitfinex requires users to complete a KYC verification process.

While it might be possible to do limited trading or withdrawals without full KYC verification, Bitfinex’s terms of service state that they reserve the right to require KYC at any time, in accordance with regulatory requirements.

Bitfinex is owned and operated by iFinex Inc., a company incorporated in the British Virgin Islands. The executive team behind iFinex Inc., and thus Bitfinex, includes various individuals known within the cryptocurrency industry, but specific details on ownership structure may not be publicly disclosed in detail.

Bitfinex allows trading in a variety of cryptocurrencies as well as fiat currencies. Users can trade in major cryptocurrencies like Bitcoin, Ethereum, and many others, alongside fiat currencies such as the US Dollar, Euro, and the Japanese Yen.

Bitfinex uses a maker-taker fee schedule to determine its trading fees. The fees can vary depending on the user’s last 30 days’ trading volume, with higher volumes resulting in lower fees.

Typically, maker fees start at a lower rate than taker fees, and they can decrease substantially for high-volume traders. It’s advisable for users to check Bitfinex’s fee schedule directly for the most current information.

Bitfinex has experienced several significant events since its inception. Most notably, in 2016, it suffered a major hack where 120,000 bitcoins were stolen, leading to significant financial loss and a crisis of confidence in the platform.

Since then, Bitfinex has taken steps to improve its security measures and has been working to address the consequences of the hack, including legal and financial challenges. Additionally, Bitfinex has been involved in various legal disputes, notably with regulatory bodies concerning compliance and financial transparency.

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Methodology

At Crypto Head we use a rigorous research and rating process to assess each platform. Our star rating system is out of 5 stars and is designed to condense a large amount of information into an easy-to-understand format. You can read our full methodology and rating system for more details.

About The Authors

James Headshot
Written by

Crypto Technical Writer

James Page, previously the lead writer at Crypto Head and a registered psychologist, brings a unique perspective to the world of blockchain and cryptocurrency.

His extensive experience in the industry and ability to present complex concepts in an understandable manner make his articles a valuable resource for readers seeking to navigate the ever-evolving crypto landscape.

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Edited by

Co-Founder / Managing Editor

Adam Morris, the co-founder of Crypto Head and a respected crypto expert, offers insightful commentary and analysis on cryptocurrency, NFTs, and the evolving digital landscape.

His extensive experience and features in top-tier publications like Forbes and CNN underscore his deep understanding of the crypto world and its future potential.

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