Opening an account to Bitfinex is simple and can be done in just a few steps. If you’re short on time to go through the comprehensive review, which can be quite extensive, I’ve compiled a table summarizing all the essential information about Bitfinex. Each aspect is assessed with a score ranging from 0 to 100, with a higher bitfinex review score indicating better performance. However, it’s important to acknowledge Bitfinex’s past challenges with regulatory authorities.
User Interface
His extensive experience and features in top-tier publications like Forbes and CNN underscore his deep understanding of the crypto world and its future potential. The Bitfinex hack occurred in August 2016 and resulted in the theft of approximately 120,000 bitcoins. This was one of the largest security breaches in the history of Bitcoin. As with any exchange, it’s important for users to conduct their own due diligence. Understanding the fee structure is crucial for traders to optimise their trades effectively. Bitfinex is often noted for its depth in liquidity and a wide array of trading pairs.
This way, you can borrow from Bitfinex using your crypto as collateral or pay with crypto through Bitfinex Pay, all without relying on a traditional banking system. Thus, it’s fair to say that Bitfinex is all about easy usage and convenience for crypto enthusiasts. Verification can help ensure real people are writing the reviews you read on Trustpilot. We use dedicated people and clever technology to safeguard our platform. Labeled Verified, they’re about genuine experiences.Learn more about other kinds of reviews. I thought my money was gone forever, but until I contacted the company written on profile name and helped me retrieve it all.
Who is Bitfinex Exchange Best Suited For?
We personally contact support using all available methods and present hypothetical problems that users might face. Our evaluation concentrates on how quickly they respond, the quality of the help provided, and whether we can talk to a real person rather than a bot. This method effectively measures the capability of customer support to assist both active traders and casual investors. The platform offers many different trading tools, such as Market, Stop, and Trailing Stop orders, futures, and securities trading. Its native integration with TradingView makes it possible to perform price analyses without leaving the platform. Additionally, the system automatically detects address typos, preventing transactions to non-existent wallets.
Please note that fees may vary, and it’s advisable to check Bitfinex’s official website for the latest information. The fees charged by Bitfinex are considerably lower than the industry average. The functionality of Bitfinex Mobile is mostly identical to the desktop version. However, its interface is neater, which makes the app more beginner-friendly. During my tests, I particularly appreciated the convenience of the trading interface and the clear portfolio structure. 📱 Available on Android, iOS, and desktop, with Pro and Basic versions for mobile users.
Spot Maker/Taker Fees
However, to avoid overburdening the system, there is a minimum staking reward that can be earned ($0.50). In February 2021, Tether and Bitfinex were ordered to pay $18.5 million by the New York Attorney General’s office. They commingled client and corporate funds to cover up a massive $850 million loss and lied about it. On top of the financial penalty, Tether was booted out of New York State and ordered to file regular transparency statements. At CoinGeek, we’ve been yelling from the rooftops for years that Tether is a scam and will someday cause the biggest crash in the history of the digital currency industry.
- Headquartered in Hong Kong, it has weathered various market cycles and challenges to retain a loyal user base.
- The first tier typically represents casual traders, as they don’t usually trade more than $10,000 per month, while the higher tiers often relate to more advanced traders.
- Tether maintains that the currency is fully backed, but ultimately, the decision to trust or hold Tether remains with the individual user.
- The trading interface follows standard industry layouts, which experienced traders will find easy to navigate.
- Namely, make sure to point your attention to either Binance or Coinbase crypto brokerage.
- This is a feature that allows users to lock their tokens and earn APY after a predetermined length of time.
Bitfinex Customer Service
- However, this option may only be suitable for large-volume traders, as the minimum withdrawal amount equals $10,000.
- The Bitfinex Trading Platform makes it easy to find assets using a dedicated coin search field.
- DayTrading.com is committed to helping traders of all levels make informed decisions about which broker to trade with.
- The fees can vary depending on the user’s last 30 days’ trading volume, with higher volumes resulting in lower fees.
If you’re just starting out, though, and haven’t got the vaguest idea of how crypto trading works, admittedly, there are going to be better options for you out there. Namely, make sure to point your attention to either Binance or Coinbase crypto brokerage. Deposits are completely free, and withdrawals are going to cost a bit, depending on the cryptocurrency you’re withdrawing. Bitfinex had two historical break-ins – one in May 2015 and one around a year later, in August 2016. These two break-ins were notable at the time since a lot of funds were lost. The hacks were also of a high profile – they echoed through the crypto communities worldwide and sent a clear message to other exchanges.
Bitfinex’s trading fees are significantly lower than the industry average, and volume discounts may attract active traders. However, fiat withdrawal and deposit fees are high, making the platform less suitable for casual traders. In our review of spot fees, we examine spot fees across three distinct tiers, focusing on the fees for different trading volumes. We focus on the essentials and potential savings through native tokens and various discount schemes.
What are the funding methods for Bitfinex?
Its current user base has surpassed the 30 million mark, and it’s been widely adopted around the world. Bitfinex is popular because of the relatively lower and very reasonable exchange fees. Most of the trades on the platform will cost you 0.20%, which is lower than what other exchanges charge. While Bitfinex has grown to offer some of the most comprehensive security measures in the industry, the 2016 incident understandably left investors wary of the exchange. While Bitfinex hasn’t had a security issue in a substantial time, it’s still advisable to buy a hardware wallet for the long-term storage of funds. Bitfinex users can deposit cryptocurrency for free, but bank transfers incur a 0.1% fee ($60 minimum).
To gain access to more features of the platform, you need to go through the identity verification procedure. Comparison of verification levels and their functionality is presented in the table. In summary, Bitfinex is a sophisticated platform with a wealth of features that can be highly advantageous for users who know how to navigate its depths. It is more than just a trading venue; it is a comprehensive ecosystem for digital assets. Stringent verification processes are in place to ensure the integrity of user accounts, and the company has a dedicated security team to safeguard its operations.
Now, let’s talk about fees in this part of my Bitfinex review, so you’ll understand why it’s one of the best alternatives for anyone who’s looking to save as much money. As pointed out earlier in the Bitfinex review, the company has appeared to have learned its lesson and has since strengthened its security exponentially. Now that we’ve discussed all of the major benefits and features of the Bitfinex exchange, let’s transition and take a look at some of the less positive aspects of the platform. Even if the platform you’re using is highly secure, all exchanges can still be vulnerable to malicious activity.
Bitfinex is a top provider of liquidity to other crypto exchanges and is also the owner of the stablecoin Tether which is backed 1 to 1 with the US Dollar. Bitfinex has been one of the prominent cryptocurrency exchanges since its inception in 2012. Over the years, it has built a reputation for offering advanced trading features, including margin trading and lending, which appeal to professional traders. However, its trustworthiness has been a topic of debate due to several high-profile incidents and regulatory challenges.