Bitfinex Review

Bitfinex Review

Bitfinex is a direct competitor to multi-currency exchanges like Bittrex and Binance. It’s a place where you can trade Bitcoin and Ethereum for a wide range of digital currencies. Bitfinex distinguishes itself, however, by also accepting US Dollar and Euro payments, delivered through bank wire transfer. There may be no other exchange, at the time of this writing, that allows you to buy so many cryptocurrencies with fiat currency.

Bitfinex Deposit Options

• Similar to Changelly and BitMart, Bitfinex supports integration with Simplex and Mercuryo, which enable deposits from a bank card.
• The fee was 0.2%, matching the rates on the dedicated page.
• However, earning interest through funding is contingent on another user accepting the offer, meaning a specific rate is not guaranteed.
• Bitfinex is a leading cryptocurrency exchange designed for experienced traders and institutional investors.
• And lenders pay a portion of the interest earned to Bitfinex.
• Although the platform supports only around 170 tradable assets, it allows direct fiat deposits and withdrawals at relatively low fees.

Bitfinex is often noted for its depth in liquidity and a wide array of trading pairs. Generally speaking, most withdrawals that are processed automatically will be available in a couple of minutes. Bitfinex’s interface, with charts based on the popular Trading View charting site, is customizable, responsive, and detailed. Consider the CoinStats Wallet, one of the best software wallets to add an additional layer of security to your funds. Additionally, the live chat option is available to users from Monday to Friday.

Users can also choose to lend at the “Flash Return Rate” (FRR), or they can customize the rate and duration of the loan. Using the Auto-Renew feature, users can also renew offers automatically upon expiry. The company first entered the market in 2012 and has enjoyed steady expansion ever since. Since 2014, Bitfinex has emerged as one of the world’s largest Bitcoin trading platforms. Users that own UNUS SED LEO tokens are entitled to a variety of benefits when trading.

Bitfinex Review: A Highly Advanced Exchange That’s No Stranger to Controversy

Other fiat currencies are traded against 2-4 cryptos, usually BTC and ETH. For users who want to secure profits without cashing out crypto, Bitfinex offers a variety of stablecoins like USDT, TUSD, PAX, CELO, etc. One key aspect of our reviews is mentioning reputable independent security auditors like Cer.Live and Certik. These platforms rank different exchanges based on their cybersecurity, liquidity, traffic, trading volume, etc.

Bitfinex Customer Support

It supports a large number of coins and competes on price per trade. Binance does have a cleaner history than Bitfinex, but it also started much later. But we do have to make money to pay our team and keep this website running! TheCollegeInvestor.com has an advertising relationship with some or all of the offers included on this page, which may impact how, where, and in what order products and services may appear.

Bitfinex Bonuses and Special Offers

Here’s a look at how Bitfinex compares to Coinbase, another popular trading platform for cryptocurrency investors. To get started with Bitfinex, you’ll go through an account signup process similar to other cryptocurrency exchanges. Notably, Bitfinex is not currently available to U.S. citizens or residents. Bitfinex supports over 170 cryptocurrencies on its active trading platform, including Bitcoin, Ethereum, Tether, Solana, Litecoin, Ripple, and many others.

• The downside is that convenience comes at a cost, and you pay a bit more for the brokerage services.2.
• So these guys randomly delist some tokens and after a while ask for 500 euros to recover the funds.
• For example, if you earn $20 through lending, Bitfinex will take 15% of that or $3.
• As such, it’s best suited for those with a solid understanding of cryptocurrency markets and trading mechanics.
• It comes with fewer tools but offers a more user-friendly interface, making it suitable for beginners.

Bitfinex is an acceptable choice for hodlers and position traders. The platform follows the industry’s best practices by offering multi-layered protection for customers’ funds. Long-term investors can earn additional income through staking, with an Bitfinex Review added opportunity to profit via the referral program.

Additionally, the platform also offers margin trading with up to 5x leverage and margin funding. Bitfinex offers a wide range of trading tools tailored for expert traders, though, in my opinion, the variety may feel overwhelming for beginners and casual users. However, the standard layout made navigation easier after a few interactions. The staking tool is ideal for long-term investors looking to earn passive income, while the robust API library provides valuable trading data for those utilizing advanced algorithms. The platform offers a comprehensive API library with high-frequency trading strategies that can be backtested using the Honey Framework.

A maker is a person who puts forward a sale offer, while the taker, as you’ve probably guessed by now, is one who accepts that order. After the hacks, the lost user funds were reimbursed by the exchange – meaning, if you had lost any crypto assets during the hack, you would have been repaid, in full. In the introductory part of the Bitfinex review, I’ve mentioned the fact that Bitfinex has suffered some security issues over the years – that is true. However, it’s also something that we’ll discuss a bit later on in the article.

Bitfinex’s streamlined approach allows users to begin crypto-to-crypto trading quickly, making it convenient for those eager to start trading immediately. However, it is important to familiarise yourself with the platform’s advanced features before engaging in complex trading activities. Bitfinex provides live customer support through a chat box accessible from any page on the platform. This feature ensures that users can quickly get assistance with trading issues or account queries.

Users can customize Bitfinex’s trading interface more intensely than you normally can with other cryptocurrency exchanges. You can choose different themes, change your layout, and set up notifications or data preferences, for example. The withdrawal and deposit fees depend on which cryptocurrency, and which blockchain the coins are paying gas fees on. The fees can vary with some being high and some being free for withdrawals. There is also no charge for withdrawing cryptocurrencies to another BitFinex wallet.