Bitfinex, the world’s largest & highly advanced cryptocurrency exchange, has its headquarters located in Hong Kong. Originally, it was launched only as a P2P (Peer-to-Peer) exchange for Bitcoins. Later, it added support for a lot of cryptocurrencies to become the leading cryptocurrency trading platform with high daily trading volumes and liquidity.
Bitfinex exchange is not registered with any legislative board. Even though it doesn’t have an insurance policy, Bitfinex has stated that it had returned all the funds stolen during 2016 to its customers.
The trading interface of Bitfinex exchange is user-friendly for both experienced as well as novice traders. It has also listed a ‘Demo’ option on its homepage so that the inexperienced traders can take a look at that before starting trading on Bitfinex.
This Bitfinex review will analyse several aspects to provide you with an all rounded detailed overview of the exchange and its services. Although Cryptimi does its best to provide you accurate info and to update it on regular basis, we strongly recommend that you to visit Bitfinex.com for any updates which might occur afterwards.
Bitfinex exchange has tightened its security after ta hacking attack on 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 customer’s 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 the users to trade a lot of 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 the hacking attack in 2016, it has greatly improved the security of the platform by adding advanced security features.
This feature is not available yet 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 the altcoins or cryptocurrency tokens. To learn more about wallets visit out wallets guide.
Bitfinex exchange offers three types of accounts for its users as described below.
It is recommended users 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. In case the user forgets his password, it can easily be reset using the email address used to register the account.
To create an account on the Bitfinex exchange, do the following:
Within a few minutes, you should receive a confirmation email from the Bitfinex team. Click the ‘Confirm Email Address’ link on that email to finish creating your account.
Congratulations! You have successfully created your account on the Bitfinex exchange.
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 the Bitfinex exchange. It is sufficient if the user creates an account by providing and confirming the email address. However, the user must submit the relevant KYC identity documents (passport, driving license etc.) to deposit/withdraw fiat currencies. Usually, it takes approximately 6 to 8 weeks to complete the verification process. Only then, the user can buy/sell cryptos using 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, the users should undergo a strict and lengthy verification process.
Recently, Bitfinex has improved the 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 exchange 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 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 on 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 Exchange 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 Exchange 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 Exchange 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 Exchange 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 exchange, you can either withdraw the funds to your personal wallet or to 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 the cryptos into your wallet within an hour whereas it may take few business days to see the funds in your bank account. If you do a small withdrawal, an amount less than $250, you will have to wait 7 days before doing 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, kindly visit https://support.bitfinex.com/hc/en-us/sections/115001039645-Currencies-Tokens.
Bitfinex exchange accepts users from almost all countries in the world including the UK, EU, Australia, and Canada.
All countries in the world.
Recently, Bitfinex exchange 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, please refer https://www.bitfinex.com/fees.
Bitfinex doesn’t deduct any fee to deposit cryptocurrencies for amounts larger than $1000. To deposit/withdraw fiat currencies (EUR or USD) via bank transfer, a fee of 0.10% 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 worth less than $1000. Check out https://www.bitfinex.com/fees to know the fees for cryptocurrency withdrawals.
The minimum amount for fiat deposits is $200 as the minimum fee must exceed $20. There are no trading limit on the Bitfinex exchange. The more you trade, the cheaper the fee.
The following payment methods are available on this exchange.
Bitfinex doesn’t accept credit/debit card-based payments.
Bitfinex exchange aims to protect its customer’s funds by using advanced security techniques and tools. It highly recommends that users set 2FA protection for thier account using Google Authenticator, U2F Security Key or Twilio. In doing so, you will be notified if a login is attempted on to your account from any unauthorized device.
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, the only way to contact their support team is by submitting a ticket https://www.bitfinex.com/support. Before creating the ticket, you will be asked a lot of questions related to your issue.
If there is no solution available to your problem on the Knowledgebase, then you will be redirected to their support page. The Knowledgebase section on the website covers almost all the topics related to trading like deposits, withdrawals, verification process and more.
To buy/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 – https://play.google.com/store/apps/details?id=com.bitfinex.bfxapp
To download Bitfinex for iOS – https://itunes.apple.com/us/app/bitfinex/id1079033582
Despite the hack back in 2016, Bitfinex has managed to maintain high numbers for daily trading volume and liquidity. This is mainly because of its advanced trading tools and options, and the improved reputation among crypto enthusiast. It is mostly a good choice for the serious/professional traders. The only drawback of the exchange is the lengthy verification process to deposit fiat currencies.
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