Bitfinex Review

This Bitfinex review will test-drive this cryptocurrency exchange to determine how reliable this trading venue is. Bitfinex is a top destination for experienced traders worldwide and one of the most well-known and active crypto exchanges in trading volume. It supports all fiat-to-crypto and crypto-to-crypto transactions, except for a few countries (listed below).

Margin trading, limit and stop orders, over-the-counter (OTC) trades, and other notable features are also available. Although there are numerous choices, everything is laid out impressively, with simple dashboards and navigation menus. Despite the strong security measures in place, Bitfinex has been compromised twice (2015 and 2016). Since then, it has greatly strengthened its security and compensated all users who have lost money.

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Why do Traders choose to Invest with Bitfinex?

Here are some of the most important features that we want to mention in this Bitfinex review:

1. Exchange Trading. Users can deposit, exchange, and withdraw digital tokens via central limit order books.
2. Margin Trading is a term that refers to the practice of trading. By using the margin funding platform, qualified users can trade with up to 3.3x leverage.
3. Margin funding is a term that refers to the funding of a business. For example, the peer-to-peer (P2P) lending market helps users gain interest by lending funds to other users who exploit their trading.
4. OTC Desk is an acronym for over-the-counter. Without having to go through public order books, Bitfinex allows traders to communicate directly with one another. 
5. Credit or debit cards are used to buy cryptocurrencies. Bitfinex allows traders to buy cryptocurrencies using OWNR and Mercury, two third-party payment processors.

Bitfinex is known for High Liquidity, in addition to the core features. In terms of daily BTC/USD trading volume, Bitfinex is one of the best crypto exchanges, ensuring market stability and trust for all traders.

Pairs trading is a term used to describe the process of Over 100 market pairs available on the site, including major coins like Bitcoin, Ethereum, Ripple, EOS, and other altcoins like TRON Stellar NEO, 0x, QTUM, and others. 

Different trading options. Traders can use limit, market, stop, trailing stop, fill or kill, iceberg, OCO, secret, and post-only limit orders in addition to margin trading and financing. 

Safety is paramount. Bitfinex reviews and takes extra care to protect its website after a few hacks in the past. These include cold storage for 99.5% of user funds, DDoS security, database encryption, and daily backups. In addition, users can allow withdrawal addresses and IPs, set up 2FA and U2F, conduct suspicious activity analysis, and prevent session hijacking, among other things. 

Customer support. Bitfinex users can email the support desk 24 hours a day, 7 days a week. Except during times of high activity, all questions are answered within 12 hours. Aside from that, users can use a comprehensive knowledge base to find answers to most of their basic questions.

Bitfinex Review – About the Company

Bitfinex, established in 2012 and based in the British Virgin Islands, has grown to become the world’s largest cryptocurrency exchange by trading volume. It caters to experienced traders rather than the general public, with features such as margin lending, margin financing, paired trading, and limit and stop-orders available (as well as other kinds of orders). Although the exchange is targeted toward skilled traders, it is simply due to its layout and user-friendly interface.

Although Bitfinex provides users with a wide range of security features, such as two-factor authentication (2FA) and IP address monitoring, the exchange has been the victim of two high-profile hacks, one in May 2015 and the other in August 2016. The exchange later reimbursed the missing funds, claiming that it had learned from the attacks and improved its security.

Bitfinex Review – Safety & Security

Despite its centralised existence, Bitfinex prioritises security, providing more consumer security safeguards and taking more security measures than other exchanges. For example, users can use Universal 2-Factor (U2F) authentication, which allows them to log in using an external physical device such as a USB stick, in addition to the aforementioned two-factor authentication. Additionally, a geographically dispersed multi-signature scheme stores 99.5 % of client funds in cold storage. Furthermore, Bitfinex keeps track of user accounts in the following ways:

• Saves login data and analyses it for any unusual activity 
• Detects IP address changes in the event of session hijacking 
• Sends notifications and allows account freezes in the event of suspicious activity 
• Can limit account access and withdrawals to specific IP addresses 
• Tracks behavioural patterns and triggers manual inspections on unusual withdrawals 

Bitfinex takes the following security steps to secure its system:

• Protects against distributed denial-of-service (DDoS) attacks.
• Backs up files automatically every day 
• Encrypts and duplicates backup data automatically 
• Updates applications and Linux systems regularly

In this Bitfinex review, we found out that vulnerabilities are reduced by the steps mentioned above. In addition, even though the exchange does not insure customer money, it has agreed to reimburse customers when assets are lost due to security breaches.

Bitfinex Review – Ease of Use 

Bitfinex is surprisingly user-friendly for an exchange that caters almost exclusively to skilled traders. It has a smartphone app that you can use, and its key dashboard is simple, intuitive, and logical (Android & iOS). At the top, there’s a graph charting the value of a selected currency, a sidebar with a clean order form and the user’s balances, and boxes at the bottom with Bitfinex’s order book, incoming trades, and the user’s order history. Furthermore, the dashboard is highly customizable and features sophisticated charting software, including TradingView maps.

Things are equally straightforward when it comes to making trades and handling money. Users can position anything from a basic market-price swap to a stop-limit margin trade using the order form on the right-hand sidebar. In addition, the “Tickers” box on the sidebar, as well as the “Orders” and “Order History” boxes at the bottom of the dashboard, make it easy to keep track of your operation once orders and trades have been placed.

Bitfinex used to have a $10,000 minimum deposit requirement, but this is no longer the case. Instead, you can deposit using a bank transfer/wire or a cryptocurrency transfer from an external wallet in fiat currencies. In addition, users can transfer funds between their exchange or margin trading accounts and their funding accounts once they have deposited funds. You can then use various accounts with different Bitfinex services (margin lending/trading and over-the-counter trades).

Making a deposit is straightforward, but bank transfers take time. Since bank transfers are only available to current accounts, this is the case. It took about six to eight days to check your account when writing this Bitfinex review.

Withdrawals function similarly: users can use a wire to transfer fiat currencies back to their bank account. You can also withdraw cryptocurrency back to your external wallet. Fiat currency withdrawals can take up to ten business days, while digital currency withdrawals can take ten hours.

Bitfinex Review – Exchange Fees

When writing this Bitfinex review, the company charges trading fees as a cryptocurrency trading site. These differ depending on the amount of money being traded and whether the user is a “maker” or “taker” of trades (i.e., according to whether they trade by making a new order or by taking an existing order). Based on the completed transaction amount in the previous 30 days, creator fees range from 0.1% to 0.0%, while taker fees range from 0.2% to 0.055%.

Poloniex, which also charges “maker” and “taker” fees, charges a 0.25% taker and 0.15 % maker fee for trades under 600 BTC to put this in context. As a result of this Bitfinex review, we found this crypto exchange one of the most affordable advanced trading platforms available.

When it comes to deposits, amounts equal to or greater than $1,000 (US dollars), as well as for cryptocurrencies, have no fees. For example, a bank transfer deposit in US dollars or euros costs Bitfinex 0.1%. 

It charges fees that vary depending on the cryptocurrency being deposited for deposits less than $1,000. A preview of these can be found below, with the complete list available on the exchange’s support page:

When it comes to withdrawals, Bitfinex is always the one to charge. For example, a bank transfer/wire in euros or US dollars costs 0.1% of the amount transferred, while an express bank transfer (completed within 24 hours) costs 1%. In addition, a 3% charge is applied to fiat wire withdrawals made at a high pace (more than two in 30 days) or in a large amount (more than $1 million). 

The fee for withdrawing cryptocurrency varies depending on which currency is being removed. Bitfinex, on the other hand, makes it a little easier for consumers by charging the same fee for withdrawals as it does for small deposits. In other terms, users would pay a flat fee of 0.0008 BTC for a “small” Bitcoin deposit and the same fee charged if they tried to withdraw the currency.

Bitfinex withdrawals are usually less expensive than those of Coinbase and CEX.io, two equally advanced exchanges.

How to Open a Bitfinex Account

If you’re thinking about becoming a serious trader or are already one, Bitfinex is the place to be. Opening a Bitfinex account is as simple as it comes, but you should be aware of the following conditions before doing so. 

• Bitfinex is a trading website for professionals.
• Before consumers can use the fiat deposit and withdrawal features, they must complete a KYC verification process of 6 to 8 weeks.
• Bitfinex intends to implement an inactivity charge in the future to discourage users from holding their funds on the exchange.

When writing this Binfinex review, users from the United States, Bosnia and Herzegovina, North Korea, Ethiopia, Iran, Iraq, Syria, Uganda, Vanuatu, and Yemen are restricted from using the exchange due to regulatory issues.

Step 1 – Open Free Account

Go to the exchange and click the “Open Account” button to get started. Alternatively, you can test the platform’s interface by pressing “View Demo” and inspecting it.

You’ll see a sign-up table after pressing “Open Account.”

Fill in your information and create a safe password (min. eight symbols, including at least one symbol and one uppercase letter). Save it somewhere secure, then click “Open Account.”

You’ve successfully created your Bitfinex account! If your registration was effective, the window below should appear, asking you to confirm your email address.

You’ll be able to log in once you’ve confirmed your email address. When you first do so, you will be required to read and agree to the terms of service.

After that, you’ll want to protect your account. Go to the upper right corner and look for the “Manage Account” button next to the bell and question mark icons. You’ll see a menu with different account choices if you hover your cursor over it. The second issue is safety. You’ll see the account protection window when you click it, where you can configure all of your preferred security features, like 2FA.

Last but not least, if you want to deposit or withdraw USD, Euro, or other fiat currencies, you must first check your account. Then, pick “Verification” from the drop-down menu under “Manage Account.”

Since Bitfinex takes the verification process seriously, it can take anything from 6 to 8 weeks to complete. You will be required to include documents that verify your name, contact details, address, identification, bank information, KYC form, and other information. Corporate accounts are subject to the same rules.

Step 2 – Deposit Funds

Go to the upper right corner and click the “Deposit” button. You will see the deposit tab by clicking it, where you can choose your preferred funding form. Bitfinex accepts various deposit methods, including fiat currencies (USD, EUR, JPY, and GBP) and cryptocurrencies.

Step 3 – Start Investing in Bitfinex

You can start by pressing the “Trading“ button once your portfolio has reached the $10,000 equity mark. First, choosing. Next, choose the market you want to trade in, and then you can decide on the price, quantity, and form of orders you want to place.

Making a Withdrawal from Bitfinex

It’s just as easy to withdraw money from Bitfinex as it is to make a deposit. Select the asset you want to withdraw and fill all relevant fields in the “Withdraw” window. If you haven’t protected your account with 2FA and/or registered email, you won’t be able to withdraw currencies. To withdraw fiat currencies, you must first have your account checked.

It takes around 12 hours to process a cryptocurrency withdrawal. The speed of the procedure is also determined by the security features you have activated—the more stable your account, the faster Bitfinex reviews and processes your request, as a rule of thumb. Standard fiat withdrawals take 5-10 business days to process, while express fiat withdrawals are processed in as little as 24 hours.

Final Verdict  

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Bitfinex Review –  

As a final word of this Bitfinex review, we would like to say that this is one of the best crypto exchanges we have reviewed to date. It has the latest technology and trading terminals suitable for beginner and advanced traders and supports over 300 cryptocurrencies. In addition, the verification process is seamless, and deposits/withdrawals are super fast. As a result, we rank Bintinex at the top alongside world-leading cryptocurrency exchanges such as Coinbase and CEX.io. You can also check some of the best CFD Brokers and best trading robots where you can buy Bitcoin.