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Bitfinex Exchange, is one of the world’s highly advanced cryptocurrency exchanges and has its headquarters located in Hong Kong. Originally, it was launched only as a P2P (Peer-to-Peer) exchange for Bitcoins. Later, it started supporting a lot of cryptocurrencies, and thus eventually became a forerunner within the cryptocurrency trading world – with high daily trading volumes and liquidity.
Bitfinex is not registered with any legislative board. Even though it doesn’t offer customers with an insurance policy, Bitfinex has stated that it had returned all the funds stolen during 2016 to its customers.
The trading interface of Bitfinex is user-friendly for both experienced as well as novice traders. It has also listed a ‘Demo’ option on its homepage so that inexperienced traders familiarize themselves with it before starting their trading practices with Bitfinex.
This Bitfinex review will analyse several aspects to provide you with a detailed overview of both the exchange itself as well as its services. Although Cryptimi does its best to provide you with useful information, ensuring that everything is relevant is accurate, we still strongly recommend that you to visit Bitfinex.com for any updates which might be added afterwards.
Bitfinex Exchange has tightened its security after falling victim to a hacking attack back in 2016, which resulted in a theft of approximately $72 million worth of Bitcoins. In addition to the default security features like 2FA, U2F (Universal 2nd Factor), it also provides advanced options like IP monitoring, email encryption and withdrawal protection. These features are optional and can be enabled by the users depending on their need.
This cryptocurrency exchange stores the majority of the customers’ assets on offline cold wallets, in order to protect them from hackers and other kinds of fraudsters.
Bitfinex is a cryptocurrency trading platform which allows users to trade several altcoins and cryptocurrency tokens. It offers basic as well as advanced trading options like margin trading for its customers.
The fees charged by Bitfinex are very nominal when compared to other cryptocurrency exchanges. Since its hacking attack, it has greatly improved the security of the platform by adding advanced security features.
This feature is not available on Bitfinex. You must set up a wallet using another exchange like Coinbase. Or you can also buy hardware wallets like Ledger Nano S or Trezor to store altcoins or cryptocurrency tokens. To learn more about wallets, visit our wallet guides.
Bitfinex Exchange offers three types of accounts for its users as described below:
It is recommended for users to stick with the Trader Account option. They can change their account type anytime from their account page. Creating an account on Bitfinex is very simple and won’t take more than few minutes to finish setting it up. And in case a user forgets their password, it can easily be reset with the email address used when registering the account.
To create an account on the Bitfinex exchange, do the following:
Within a few minutes, you should receive a confirmation email from Bitfinex’s team. Click the ‘Confirm Email Address‘ link on that email to finish creating your account.
Congratulations! You have successfully created your account on Bitfinex.
To log in to your Bitfinex account, follow the below steps:
If you are logging to your account for the first time, then you should agree to the terms and conditions before starting to trade on Bitfinex.
Users don’t have to submit any documents in order to trade cryptocurrency on Bitfinex. When creating an account, users simply need to provide and confirm their email address. However, the relevant KYC (Know Your Customer) identity documents (passport, driving license etc.) must be submitted in order to deposit or withdraw fiat currencies. Usually, it takes approximately 6 to 8 weeks to complete the verification process. Only then, can the user buy or sell cryptos with fiat currencies from the exchange.
Bitfinex users can buy a large amount of altcoins and cryptocurrency tokens with a nominal trading fee. Bitfinex accepts both fiat currencies (EUR, GBP, USD and JPY) as well as crypto payments. To buy digital currencies using fiat currency, users should undergo a strict and lengthy verification process.
Recently, Bitfinex has improved their fiat deposit system so that the process will get completed within 10 business days rather than weeks.
This example shows how to deposit Bitcoin (BTC) on Bitfinex. You can buy Bitcoins (BTC) from Bitfinex by depositing fiat currency after verifying your account (the verification process will take a few weeks to get completed). Otherwise, you can buy BTC from exchanges like Coinbase and store them either in Coinbase Wallet or better on your own hardware wallet like Ledger Nano S.
The Bitcoins will get deposited to your account within 30 minutes or more depending on the network delays. You can follow the same procedure to deposit other altcoins provided that the exchange supports that coin.
To deposit fiat currencies like EUR or USD, you should verify your account by submitting the relevant documents.
This example shows how to buy Bitcoin (BTC) using Ethereum (ETH). It is assumed that ETH is already deposited and available on your exchange wallet.
Congratulations! You have placed your first order for Bitcoins (BTC). You should receive them in your exchange wallet once the transaction gets completed.
This example shows how to buy Ethereum (ETH) using Euro (EUR). It is assumed that EUR is already deposited and available on your wallet.
Congratulations! You have placed your first order for Ethereum (ETH). You should receive them on your exchange wallet, once the transaction gets completed.
This example shows how to buy Ethereum Classic (ETC) using USD. It is assumed that USD is already deposited and available on your wallet.
Congratulations! You have placed your first order for Ethereum Classic (ETC). You should receive them on your exchange wallet, once the transaction gets completed.
This example shows how to buy Litecoin (LTC) using Bitcoin (BTC). It is assumed that BTC is already deposited and available on your wallet.
Congratulations! You have placed your first order for Litecoin (LTC). You should receive them on your exchange wallet, once the transaction gets completed.
This example shows how to buy Bitcoin Cash (BCH) using Bitcoin (BTC). It is assumed that BTC is already deposited and available on your wallet.
Congratulations! You have placed your first order for Bitcoin Cash (BCH). You should receive them on your exchange wallet, once the transaction gets completed.
On Bitfinex, you can either withdraw funds to your personal wallet or your bank account. This may only be done if you have verified your account.
You will be charged a withdrawal fee depending on the crypto and your funds will be transferred to the chosen withdrawal method. Usually, you will receive cryptos into your wallet within an hour, whereas in this case, it may take a few business days to see the funds in your bank account. For a small withdrawal of an amount less than $250, you will have to wait 7 days before making another one.
Bitfinex exchange allows its members to buy a large number of altcoins and cryptocurrency tokens.
The top altcoins and cryptocurrency tokens listed on the exchange are given below:
Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Ethereum Classic (ETC), Bitcoin Cash (BCH), Dash (DASH), Ripple (XRP), Monero (XMR), Augur (REP), Bitcoin Diamond (BCD), Bitcoin Gold (BTG), Bitcoin Interest (BCI), Cortex (CTX), EOS token (EOS), Essentia (ESS), Zcash (ZEC), Golem (GNT), Qtum (QTUM), NEO (NEO), Status (SNT), Bancor (BNT), Bytom (BTM), Waltonchain (WTC), Loopring (LRC), TRON (TRX), Verge (XVG), Storj (STORJ), Basic Attention Token (BAT), Atonomi (ATMI / ATM), Aventus (AVT), Matrix (MAN), WePower (WPR), UTRUST (UTK), 0x Project (ZRX), SpankChain (SPANK), FunFair (FUN), Time New Bank (TNB), Decentraland (MANA), Auctus (AUC), Aragon (ANT), Autonio (NIO), Aelf (ELF), Nucleus Vision (NCASH), DADI (DADI), BLOCKv (VEE), Lympo (LYM), ParkinGO (GOT), Tezos (XTZ), ContentBox (BOX), Aventus (AVT)
To get the full list of all the cryptocurrencies supported by Bitfinex, simply visit their site, scroll down to the ‘Support’ section, click on ‘Knowledge Base’ and then click on the ‘Currencies & Tokens’ section:
Bitfinex accepts users from almost all countries in the world including the UK, EU, Australia, and Canada.
All countries in the world.
Recently, Bitfinex has withdrawn its support and service to both individual and corporate organizations in the US. US residents can try Coinbase, as it offers exclusive benefits for its US-based members.
Bitfinex will deduct a fee for every trade made on your account and their fee structure is given below:
Bitfinex uses the maker/taker structure and takes a small percentage depending on the volume traded in the last 30 days. For volumes between $0 and $500,000 a 0.1% Maker and a 0.2% Taker fee apply. For larger trading volumes the fee is lower. For those who trade more than $30M in 30 days a 0% Maker and a 0.1% Taker fee applies. To know the exact fee structure, simply scroll to the bottom of their site’s page and click on ‘our fees’:
Bitfinex doesn’t deduct any fee to deposit cryptocurrencies for amounts larger than $1000. To deposit or withdraw fiat currencies (EUR or USD) via bank transfer, a fee of 0.1% is applied. The minimum amount for fiat deposits is $200 as the minimum fee must exceed $20. A 1% fee is charged for express withdrawals via bank transfer (within 24 hours).
The deposit and withdrawal fee for cryptos varies depending on the altcoin or cryptocurrency token. For BTC, a 0.0004 BTC (approximately $2.50) is charged for both withdrawals and small deposits. Small deposits are deposits of less than $1000. To know the fees for cryptocurrency withdrawals, click on the above-mentioned link.
The minimum amount for fiat deposits is $200 as the minimum fee must exceed $20. There are no trading limits on Bitfinex. The more you trade, the cheaper the fee.
The following payment methods are available on this exchange.
Bitfinex doesn’t accept credit or debit card-based payments.
Bitfinex aims to protect its customer’s funds by using advanced security techniques. It is highly recommended that users set 2FA protection for their account using Google Authenticator, U2F Security Key or Twilio. In doing so, you will be notified if an unauthorized login attempt has been made.
The exchange has added protection for the withdrawals by monitoring behavior patterns. In case the system finds anything abnormal, the withdrawal request will be processed only after a manual inspection. Additionally, the users can also create a whitelist of withdrawal addresses to prevent hackers from stealing funds from their accounts.
Bitfinex also provides the option for the users to freeze their accounts in case they find any suspicious activity. To avoid receiving fake or spam emails, users can make use of encrypted email communication using OpenPGP.
If you experience any issues with your account, you can contact their support team by submitting a ticket. This section can be accessed by scrolling to the bottom of their landing page, in the ‘Support’ section (all you need to do is click on ‘Support Center’). Before creating the ticket, you will be asked a number of questions related to your issue.
If there is no solution available to your problem on Knowledge Base, you will be redirected to their support page. The Knowledge Base section on the website covers almost all topics related to trading like deposits, withdrawals, verification process and more.
To buy or sell cryptocurrencies on the go, users can download the Bitfinex mobile app which is available for both iOS and Android platforms. To download Bitfinex for Android, click on this link here. As for iOS users, the app can be downloaded here.
Despite the hack back in 2016, Bitfinex has managed to maintain high numbers for daily trading volume and liquidity. This is mainly thanks to its advanced trading tools and options, and the improved reputation among crypto enthusiasts. It is mostly a good choice for professional traders. The only drawback of the exchange is its lengthy verification process to deposit fiat currencies.
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