Cryptocurrency Exchange

Bitfinex Exchange Review – The Largest USD Bitcoin Trading Exchange

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Overview

Legal NameBitfinex Exchange
HeadquartersHong Kong
CEOJean-Louis Van Der Velde
Year Founded2012
Exchange TypeCentralized
Trading Fees Maker0.10% / Taker: 0.20%
Deposit MethodsCryptocurrency, WireTransfer
Supported CryptosLitecoin (LTC), Bitcoin Cash (BCH), Ethereum Classic (ETC), Dash (DASH), Ripple (XRP) and much more
FiatUS Dollars, Euro.
Customer ServiceEmail, Phone
Trading OptionsSpot Trading, Margin Trading

With the rise in the popularity of cryptocurrencies, There are a large number of exchanges that are rising and offering their services. One such major cryptocurrency exchange that is hugely popular with online traders is Bitfinex

If you are thinking about opening an account with Bitfinex, ensure you read our article. We will cover everything from fees, services, supported coins, pros and cons and much more

Let us look in detail regarding this review now,

What is Bitfinex?

Bitfinex is a Hong Kong-based trading platform that was founded in 2012 by Raphael Nicolle. The exchange is both owned and operated by iFinex, Inc. It has managed to work its way to the top of the charts in terms of trading volumes and user activity on the platform.

Bitfinex gives users the choice to easily trade over 160 assets, including Bitcoin, Ethereum, EOS, Tron, and Tether USDT. Bitfinex has the reputation of being one of the world’s biggest and most advanced cryptocurrency exchanges. It offers some of the best features such as Advanced trading features, deep liquidity, and access to multiple altcoins.

The Bitfinex exchange currently handles approximately $2Billion worth of trades a day. Bitfinex had a 24-hour trading volume of USD 391 million. This placed it on place no. 55 on Coinmarketcap’s list of the exchanges in the world ranked after 24-hour trading volume.

Bitfinex Services

Bitfinex offers its customers a variety of services which can be listed below:

  1.  Advanced trading platform: Bitfinex’s trading platform interface is customizable. You can also get access to advanced charting functionality and API access. These features combine to make it a popular exchange with more sophisticated cryptocurrency traders.
  2. Margin Funding & Trading:  Bitfinex offers margin funding. The Bitfinex margin funding market provides a secure way to earn interest on fiat and digital assets by providing funding to traders wanting to trade with leverage. Users can offer funding across a wide range of currencies and assets at the rate and duration of their choice. Bitfinex also allows users to trade with up to 3.3x leverage by taking advantage of funding from the peer to peer margin funding market.
  3. Over the Counter Services: For such users who like to trade major amounts ($100,000+) of cryptocurrency privately, Bitfinex provides an over the counter trading facility. This service helps to secure major private deals.

Bitfinex Fees and Limits

If you choose to deposit funds into your Bitfinex account via a bank transfer, then you will pay a fixed fee of 0.1%. For example, if you deposit $10,000, you will pay a fee of $10. If you instead deposit by cryptocurrency, then you will pay a small fee, which is dependant on the specific coin you find your account with.

In terms of withdrawal fees, you will also pay 0.1% if you want to cash-out via bank wire. If you need your funds within 24 hours, you can pay a 1% express fee. Alternatively, cryptocurrency withdrawal fees vary depending on the coin.

Bitfinex offers a trading fee structure that is based on how much you trade in a single month. As you will see below, unless you trade more than $500,000 per month, you will pay a huge 0.2% in fees.

Bitfinex Supported Currencies

Approximately 72 market pairs linked to the four base currencies of USD, EUR, BTC, and ETH are currently available on the site. USDT Tether is also available on the platform, while Bitfinex is one of a few exchanges that allow its users to purchase IOTA (MIOTA).

In addition to allowing fiat purchases of the two major cryptocurrencies, a number of other currencies are also available to be traded and these include Litecoin (LTC), Bitcoin Cash (BCH), Ethereum Classic (ETC), Dash (DASH), Ripple (XRP), Monero (XMR), EOS (EOS), OmiseGO (OMG), NEO (NEO), Zcash (ZEC), and 0x (ZRX).

Mobile App

Bitfinex offers a native mobile app on both Google Play and the iStore, free of charge. The app allows you to trade, access your wallet, fund your account, receive notifications, and check your transaction history.

Bitfinex-mobile-app

How to register on Bitfinex?

Step 1: Head over to the Bitfinex homepage, click on ‘SIGN UP’, and then enter your email address, which you’ll need to confirm. You also need to choose a username and a strong password.

Step 2: Click on the “Verification” button within your account portal, and follow the on-screen instructions. You will need to enter a range of personal information and then upload a copy of some government-issued ID.

Step 3: Once your Bitfinex account has been verified, click on the ‘DEPOSIT’ button, which you will find at the top right-hand side of the screen.

Step 4: Once your account is funded, you can then begin day trading at Bitfinex. Click on the ‘TRADING’ button at the top of the screen, and you will be taken to the main trading area.

How to recover the Bitfinex password?

In certain cases, to recover the Bittrex password, Click on the “Password Reset” option. Then enter your personal information and user id after which you can reset your password. 

recover-the-Bitfinex-password

How to deposit on Bitfinex?

Step 1: To make a deposit, Visit the Deposit section of your Bitfinex account, found on the wallet tab of the top bar

Step 2: After which you will be directed to the deposit page and here you can choose Us Dollar, Tether, or from a list of cryptocurrencies in order to deposit.

Step 3: Generate an address in the wallet you wish to send to and add that address as the receiving address.

How to withdraw on Bitfinex?

Step 1: Enter the receiving address into the “Address” field,

Step 2: Enter the amount you wish to send in the “Send Amount” field,

Step 3: Select the wallet balance to withdraw from in the “From” drop-down menu,

Step 4: Press the “Request Withdrawal” button.

How to buy cryptocurrencies on Bitfinex?

Step 1: Go to your deposit page and select the payment card option.

Step 2: Select the gateway: Mercuryo or OWNR. 

Step 3: Select the currency you would like to purchase and the destination Bitfinex wallet.

Step 4: After you agree to the Terms of Service you will be redirected to the service provider to finalize the payment.

Step 5: Once you have completed the payment you will be redirected back to Bitfinex to confirm that the process has been successful and the tokens will be credited to your Bitfinex account.   

How to sell cryptocurrencies on Bitfinex?

Step 1: Go to the Trading page and choose the pair you want to trade. For example, IOTA/BTC.

Step 2: In the ORDER FORM select the Exchange tab. Then you will need to specify the type of order, order size, and price if you choose the “Limit” order type. If you choose instead “Market” order type, your order will be executed at a current market price.

Step 3: Click the “Exchange Sell” button. Your order will appear in the Orders tab.

Step 4: Once the order is executed, your funds will be credited to your Exchange wallet.

Step 5: The executed/canceled order will then move to the Order History tab.

Bitfinex Pros and Cons

Pros

  • Advanced trading features and order types
  • Low trading and withdrawal fees
  • Accepts bank wire deposits and withdrawals
  • It has Competitive fees
  • Mobile app supported

Cons

  • High trading fees
  • U.S. citizens not accepted
  • Long time for account verification
  • Hacked on more than one occasion
  • No debit/credit card or e-wallet deposits
  • Support team only available via email

Conclusion

Bitfinex is one of the most established exchanges in operation today. the exchange enjoys high USD liquidity while offering extensive orders and trading options and is the largest BTC exchange by volumes traded.

However Bitfinex has courted controversy on a number of occasions and is not a very transparent company, In view of this, we would recommend that anyone using Bitfinex to only keep a small balance on the exchange at any time.

Make sure to withdraw your currencies to your own wallet and also ensure to use all the security features available to you on the site. In terms of trading volume, Bitfinex has the largest volume. It is known in the industry for providing the lowest fees as a result of which is highly recommended.

Recent Updates

  • On April 10, 2020, Bitfinex Enables Deposits and Withdrawals for Tether (USDt) on Algorand
  • On June 26, 2020, Bitfinex Introduces Zero Fees on Tether/US Dollar (USDt/USD) Pair for Users Generating $15 Million-Plus, 30-Day Volume.
  • On June 30, 2020, Bitfinex Launches Paper Trading for Margin Trading and Funding
  • On July 03, 2020, Bitfinex Launches Over-the-Counter Paper Trading
  • On July 09, 2020, Bitfinex Lists Dogecoin (MDOGE)

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Disclaimer : The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of Coinpedia. Every investment and trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Delma Wilson

Delma is a B2B Content Marketer, Consultant, Blogger in the field of Blockchain, and Cryptocurrency. In her spare time, she loves to blog, play badminton and watch out ted talks. She likes pets and shares her free time with NGO.

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