Bitfinex Exchange Review
- Advanced Traders
- IEO Participations
Bitfinex is a controversial centralized cryptocurrency exchange with a globally diversified customer base. Bitfinex was founded in 2012 and is owned an operated by iFinex Inc., which also oversees and maintains the largest stablecoin by both volume and market cap - Tether (USDT).
Bitfinex Exchange - 2020 Comprehensive Review
Bitfinex Exchange Overview
|Trading Fees||Maker: 0.1% / Taker: 0.2%|
|Fiat Trading||US Dollars, Euro|
|Purchase Options||Bank Transfer, Crypto Deposits|
|Trading Options||Spot Trading, Margin Trading, Margin Funding|
|Order Types||Limit, Market, Limit-Stop, Trailing Stop, Immediate-Or-Cancel|
|Exchange Token||LEO Token|
|Token Benefits||Fee Discounts On: Trading, Withdrawals, Margin Funding, & Derivatives|
|KYC Rules||Required For All Accounts|
|Convert Micro Balance|
|Customer Service||Support Ticket System|
|Promotions||Earn interest on BTC, Stablecoins, Top Cryptos by providing Margin Funding|
Bitfinex Mobile App Features
Live Chat Support
Bitfinex Trading Fees (Maker & Taker)
|Tier||Monthly Volume Requirement||Maker||Taker||Maker|
|Level 1||$0.00 + LEO Balance = 0.00||0.10%||0.20%||0.00%||0.00%|
|Level 2||$500,001.00 + LEO Balance = 0.00||0.08%||0.20%||0.00%||0.00%|
|Level 3||$1,000,001.00 + LEO Balance = 0.00||0.06%||0.20%||0.00%||0.00%|
*Trading fees subtracted from user BNB balances receive a 25% discount
*All new users begin at the VIP 0 general trading tier, and should expect 0.1% Maker & 0.1% Taker fees.
Bitfinex Withdrawal Fees
|Asset||Withdrawal Fees||Minimum Withdrawal|
Bitfinex charges small fees on crypto asset deposits below $1,000 USD equivalent.
Bitfinex charges 0.1% on bank wire deposits (minimum 60 USD/Euro).
Bitfinex Markets & Volume
Bitfinex Top Markets
|Crypto Assets||Price||Pairs||24h Volume|
Bitfinex Supported Stablecoins
|Stablecoin Assets||Price||Pairs||24h Volume|
Bitfinex Coin (LEO) Token
Bitfinex Coin (LEO) Exchanges
Recommended Bitfinex Coin (LEO) Wallets
|Ledger Nano M||7/10||Mobile Application||$96.00|
Bitfinex Exchange Alternatives
|Trading Fees||Maker : 0.1%|
Taker : 0.2%
|Maker : 0.15%|
Taker : 0.25%
|Maker : 0.1%|
Taker : 0.1%
|Purchase Options||Bank Transfer, Crypto Deposits||Bank Transfer, Crypto Deposits, Credit Cards||Crypto Deposits, Credit Cards|
|Trading Options||Spot Trading, Margin Trading, Margin Funding||Spot Trading, Margin Trading||Spot Trading, Margin Trading, Margin Funding, Futures Trading|
|Headquarters||Tortola, British Virgin Islands||San Francisco, California, United States||Malta|
Pros and Cons
- Fiat Deposits - Bitfinex offers fiat deposits for both retail and institutional accounts via bank wire.
- Company Longevity - iFinex has been deeply involved in the crypto asset market space since 2012.
- Margin Trading - Bitfinex users can trade Bitcoin and several other crypto assets with up to 3.3x leverage on Bitfinex.
- Margin Funding - Users can lend their crypto assets to margin traders via the Bitfinex exchange platform and earn daily interest.
- Regulatory Issues - Bitfinex and Tether Holdings (USDT) have long been under scrutiny by regulatory agencies.
- Customer Support - Bitfinex is not known for their retail customer support quality. Lengthy response times are to be expected.
- Not Beginner Friendly - The Bitfinex trading platform caters to more intermediate and advanced level traders.
- Unpopular Mobile Apps - Bitfinex has not put enough development focus into their mobile applications. Reported user experiences and ratings on the Google Play and Apple App Store are mediocre at best.
- Privacy - Bitfinex requires users to submit personal identification documents in order to access the trading platform.
Frequently Asked Questions
Is Bitfinex a trustworthy exchange?
There is no denying that Bitfinex has had its fair share of controversies. Security breaches, allegations of running a fractional reserve with Tether (USDT), and most recently legal issues with the NYAG (New York Attorney General). That being stated, over the years Bitfinex has provided a quality product to its users.
Does Bitfinex offer margin funding?
Yes. Bitfinex offers margin funding for USD, Bitcoin and several other crypto assets.
Does Bitfinex offer margin trading?
Yes. Bitfinex offers margin trading with up to 3.3x leverage on Bitcoin and a variety of high cap altcoin trading pairs.
Does Bitfinex accept fiat deposits?
Yes. Bitfinex allows both retail and institutional accounts to deposit fiat currency by bank wire.
Does Bitfinex accept US customers?
Bitfinex does not currently accept US customers.
Bitfinex began operations in 2012 and is one of the most established cryptocurrency exchanges in the market. The exchange has encountered security breaches in the past resulting in thousands of stolen Bitcoins. Affected users were fully compensated after these events.
Bitfinex has been quite active in 2019 with the launch of their native exchange token LEO, an IEO platform, CNY supported trading pairs, and recently announced plans to roll out its highly anticipated derivatives platform.
iFinex has been incredibly resilient over the years. The company has survived multiple security breaches, PR nightmares, and legal battles with the US government. Short of a complete regulatory shutdown, Blockfer believes that Bitfinex will continue to operate successfully for the foreseeable future.
|Learn More||Best Features|
Bitfinex Official Website
Legal & Regulation - Facts & Figures
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The cryptocurrency exchanges found in this category have been tested extensively by our team as part of the review process. Factors we analyze in our exchange reviews and comparisons include: liquidity, purchase options, user experience, trading fees, trading options, listed assets, reputation, mobile experience, and customer support.
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