Bitfinex allows free deposits and charges reasonable fees for withdrawals of over 80 cryptocurrencies, including Bitcoin, Ethereum, Monero, Dash, Ripple, Iota, Litecoin, and EOS. But to use Tether and access quick crypto withdrawals, you must complete the KYC verification process. Additionally, Bitfinex fell victim to a prominent hack, resulting in a loss and causing customers to lose confidence in the platform. Yet, Bitfinex has since taken steps to regain trust, reimbursing all stolen user funds. Despite the hack, Bitfinex remains the largest exchange in terms of trading volume and offers some professional features. The crypto exchange offers free deposits and reasonably priced withdrawals for over 80 digital assets, including Bitcoin, Ethereum, Zcash, Monero, Dash, Ripple, Iota, Litecoin, and EOS.
How can I start trading with Bitfinex?
Even though there are still some better options like Bybit and Binance, Bitfinex is definitely worth checking out. While Bitfinex has grown to offer some of the most comprehensive security measures in the industry, the 2016 incident understandably left investors wary of the exchange. While Bitfinex hasn’t had a security issue in a substantial time, it’s still advisable to buy a hardware wallet for the long-term storage of funds. In 2016, Bitfinex suffered an exchange attack that led to the loss of approximately 120,000 Bitcoin tokens worth $623 million at the time of the hack.
Is Bitfinex trading legit?
A derivative is like a contract that’s tied to the asset that you’re interested in – in this case, it would be the cryptocurrency. Bitfinex’s order window is small, although it’s packed with various order types such as limit, market, stop-limit, and trigger orders. A standout feature is One-Cancel-the-Other (OCO) which allows individuals to place two trigger orders that can be used for take-profit or stop-loss entries. The leaderboard allows individuals to view and follow the most profitable traders on Bitfinex. Unrealized profits, total profits, or volume in US Dollars rank traders that agree to be shown on the leaderboard. Please note that fees may vary, and it’s advisable to check Bitfinex’s official website for the latest information.
Above all, our experts assess whether a broker is trustworthy, taking into account their regulatory credentials, account safeguards, and reputation in the industry. DayTrading.com is committed to helping traders of all levels make informed decisions about which broker to trade with. If you have experience trading with Bitfinex please share your personal review of the broker and what you think are strong and weak points. 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 with the top 3 similar brokers that accept traders from your location.
Mixed Customer Support
- You can enter an order and buy your desired amount of funding, or you can open a position, and Bitfinex will do the funding at the best available rate for you.
- Bitfinex stands out for its low trading fees and a range of advanced trading options, including margin trading, derivatives, and an array of crypto pairs, making it a versatile platform for seasoned traders.
- In this article, we will delve into a detailed examination of some notable competitors that challenge Bitfinex’s prominence in the market, analyzing their unique offerings, advantages, and shortcomings.
- Brokers like Bitfinex must disclose any inactivity fees as part of their regulations.
In addition to these coins, Bitfinex supports over 140 other cryptocurrencies and multiple trading pairs. Now, let’s dive into some of the different features and overview of Bitfinex in the table below. LEO is the utility token of Bitfinex exchange created by iFinex Inc. to overcome the 2016 security breach and reduce user trading fees. Bitfinex uses a maker-taker model where it charges different fees for both maker and taker. Currently, spot trading fees for maker and taker is 0.1% and 0.2% respectively, while derivatives trading fees is 0.02% and 0.065% for maker and taker respectively.
Bitfinex Review 2025: Fees, Safety, and Features
Thus, it’s fair to say that Bitfinex is all about easy usage and convenience for crypto enthusiasts. Users can view a chart provided by TradingView, a depth chart, and their open positions/orders. In addition, by utilizing an order-book style interface, Bitfinex has ensured that anyone can quickly familiarize themselves with the platform and start trading. The Bitfinex calculator is a handy tool for beginners to calculate position size accurately.
Explore Other Exchanges
Bitfinex, a leading crypto exchange, prides itself on offering a crypto trading environment replete with advanced order types, high liquidity, and unique features such as OTC trading and derivatives. As the 19th largest cryptocurrency exchange globally, Bitfinex supports over 400 trading pairs, including fiat currencies, promising a strong market presence and high liquidity. ” as it introduced Kucoin, a cryptocurrency exchange that has since become quite the charmer in the digital currency arena. With a smorgasbord of over 200 cryptocurrencies on offer, Kucoin is like an all-you-can-eat buffet for crypto enthusiasts – there’s always something for everyone. The platform is packed with unique features such as staking, lending, and trading bots, making it the Swiss Army knife of crypto exchanges. As the cryptocurrency market continues its rollercoaster ride, Kucoin remains on its toes, ensuring users have access to the latest bells and whistles.
The Bitfinex mobile wallet is relatively new and available on Android and iOS systems. The app has received a 3/5 star review on average with users complaining about how slow the app is even on new and updated devices. Margin funding is considered a safer investment as Bitfinex uses a risk-limiting engine to prevent providers from losing money, however, that can still happen. 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.
Its users’ accounts are also protected by mandatory two-factor authentication and IP whitelisting. Fhumulani Lukoto holds a Bachelors Degree in Journalism enabling her to become the bitfinex review writer she is today. Her passion for cryptocurrency and bitcoin started in 2021 when she began producing content in the space.
Pro-suite of Order Types
- Headquartered in Hong Kong and operated by iFinex Inc., Bitfinex has built its reputation on deep liquidity, advanced trading features, and professional-grade security measures.
- Bitfinex has worked diligently to improve its cybersecurity measures and create a secure environment for its users.
- Bitfinex offers paper trading to simulate strategies before risking capital, which is ideal for practising on the platform’s interface.
Stay up to date with our latest exchange reviews, promotions, how-to guides and educational articles on Bitcoin, cryptocurrency & more. By default, Bitfinex requires users to set up two-factor authentication using an app like Authy. Furthermore, Bitfinex has included the ability to whitelist withdrawal addresses, lock withdrawals when logging in from a new IP, and encrypt email communications via Pretty Good Privacy (PGP). While the fees charged by Bitfinex are competitive, large platforms like Binance and ByBit are still noticeably cheaper.
What Are Bitfinex Fees?
A link to or positive review of a broker, platform, or exchange does not constitute an endorsement of their services. Always conduct your own due diligence before making any financial decisions. Since then, the exchange has remained breach-free and consistently online, with 99.9% uptime and a focus on expanding services, including tokenised real-world assets through Bitfinex Securities. Bitfinex offers paper trading to simulate strategies before risking capital, which is ideal for practising on the platform’s interface. Yet, as I already mentioned earlier in this Bitfinex review, you can use paper trading to understand how the platform works without using real money.
You can either place an order to borrow your desired funding amount, setting your preferred rate and duration, or sit back and let Bitfinex do the legwork, securing the best available rate for you. Bitfinex’s margin funding market is a safe bet for earning interest on both fiat and digital assets by providing funding to those eager to trade with leverage. You can offer funding in a plethora of currencies and assets, setting your own rate and duration. The Auto-Renew feature lets your offers renew automatically once they expire. 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.
In return, I received weekly interest payments, the amount of which varied depending on the asset. To add funds, you need to navigate to the Wallet and then choose a deposit method. As previously mentioned, Bitfinex support credit and debit card, bank wire transfer, Tether, and a huge list of cryptocurrencies as payment methods. The tool enables users to automatically insert multiple limit orders in the market. At Bitfinex, the minimum deposit required to buy cryptocurrencies depends on what you are planning to use it for. If, however, you want to deposit funds with fiat currencies, then you’ll have to meet a minimum requirement of 10,000 USD/EUR/GBP and 1,000,000 JPY and 75,000 CNH.
