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Bitfinex exchange has attracted attention from technical traders thanks to its impressive features and exceptional order execution, but is it worth using? This Bitfinex review analyzes the platform's core features, covering everything from ease of use to security.
Bitfinex is a well-designed exchange that offers a selection of features likely to appeal to experienced traders. Furthermore, with Bitfinex offering an excellent mobile app, the exchange is perfect for on-the-go traders.
Unfortunately, Bitfinex has previously had a few security issues harming consumer trust. Additionally, the interface is dated and doesn't feature a central dashboard, which could confuse beginners. As such, while Bitfinex is an excellent exchange for experienced traders, beginners could be better off using another platform.
- Equipped with advanced trading tools
- Support for spot, margin, derivatives & OTC markets
- Excellent mobile app
- Competitive trading fees
- History of security incidents
- Confusing for beginners
- Equipped with advanced trading tools. Bitfinex has integrated TradingView into its platform, enabling users to utilize some of the best cryptocurrency trading tools on the market. As such, Bitfinex is an excellent platform for technical traders or beginners looking to learn about different indicators.
- Support for spot, margin, derivatives & OTC markets. To ensure users can trade their desired market, Bitfinex has included support for several markets. As such, platform users can employ a wide range of trading strategies, making Bitfinex an incredibly versatile exchange.
- Excellent mobile app. The Bitfinex mobile app is fully-featured and includes extensive charting tools and technical indicators. Furthermore, the app features Lite and Pro versions, making it excellent for new and experienced traders that frequently travel.
- Competitive trading fees. Bitfinex offers some of the best fees in the industry. Furthermore, with volume-based discounts, high-frequency traders can get a substantial discount.
- History of security incidents. Security is paramount for any company dealing with large sums of money. Unfortunately, Bitfinex has previously suffered a security breach costing the company hundreds of millions. As such, Bitfinex should be used with caution, with minimal funds kept on the exchange.
- Confusing for beginners. Bitfinex does not feature a beginner mode on the web platform, hindering its accessibility for new traders. Additionally, there is no central dashboard, making it even more challenging for beginners.
Bitfinex Compared and Alternatives
|Exchange||Crypto Assets||Trading Fees||Rating||Promotion||Website||Review|
|385||0.1% (spot) and 0.02% / 0.04% (Futures)|
|Up to $100 welcome bonus||Visit Binance||Binance Review|
|331 (608 trading pairs)||0% (spot), 0.06% / 0.01% (futures)|
|0% trading fees for 30 days (spot only)||Visit ByBit||ByBit Review|
|222||0.16% (maker) and 0.26% (taker)|
|None available at this time||Visit Kraken||Kraken Review|
Bitfinex At A Glance
Founded in 2012, Bitfinex is a popular unregulated cryptocurrency exchange headquartered in the British Virgin Islands. The platform enables users to trade several markets, including spot and derivatives. While Bitfinex is targeted primarily toward experienced traders, the exchange features a familiar order-book-based interface making it simple to use. 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.
|Features||Staking, Derivatives, Funding, Leaderboard, Position Calculator, Bitrefill Shopping|
|Accepted Fiat Currencies||USD, EUR, GBP, JPY, TRY, CNH|
|Deposit Methods||Credit/Debit Card, Wire Transfer, Crypto|
|Number of Trading Pairs||410|
|Trading Fees||0.1% Maker / 0.2% Taker|
|Customer Support||Ticket System, Help Center, Live Chat|
|Security Measures||2FA, Address Whitelisting, IP Whitelisting, Cold Storage|
|Mobile App||Yes (Android and IOS)|
Review of the Top Features on Bitfinex
Margin & Derivatives Markets
Bitfinex offers a secure cryptocurrency margin trading market for users to use borrowed funds to access greater capital. While writing our Bitfinex review, accessing up to 100x leverage was possible after completing verification. Alternatively, users access margin funding to acquire capital provided by other users. By taking this approach, it's possible to set terms like payback period, interest per day, and margin amount.
Advanced Orders & Calculator
Experienced retail crypto traders that rely on technical analysis have access to several order types to execute trades and manage active positions. The supported orders will suit different trading strategies (scalping, spot, swing). The supported order types available to Bitfinex include limit, market, stop, stop-limit, trailing stop, Fill or kill (FOK), One-Cancels-the-Other (OCO), and Immediate or Cancel (IOC).
The Bitfinex calculator is a handy tool for beginners to calculate position size accurately. Traders can determine the correct size based on pre-defined take-profit and stop-loss entries before entering a position. The profit/loss percentage can be adjusted by size to meet a maximum risk level. For example, a trader with a maximum loss tolerance of 5% can adjust the amount of collateral accordingly. The calculator is complicated at first but is easy to get to grips with.
The leaderboard allows individuals to view and follow the most profitable traders on Bitfinex. Unrealized profits, total profits, or volume in US Dollars rank traders that agree to be shown on the leaderboard.
The most prominent winners and losers are highlighted on the Bitfinex leaderboard, with people able to add their Twitter handle to gain recognition and build a following. As such, the leaderboard can be a valuable tool for people to find and learn from personalities with demonstrable trading skills.
Lending assets is a popular way to earn staking rewards. Bitfinex allows users on the exchange to delegate their coins to a staking wallet to earn rewards as high as 8% APY. Users can stake ten assets on Bitfinex, including Tron, EOS, Tezos, Cosmos, Solana, Cardano, Polkadot, Polygon, Ethreum, and Kusama. The staking rewards are paid out weekly to the respective wallet. However, the offered PoS tokens on Bitfinex are lacking compared to the leading staking platforms.
Earn Interest By Funding
While staking has become commonplace within the crypto industry, Bitfinex created another way for users to earn interest on their crypto holdings. By using the funding feature, it's possible to be rewarded for providing margin to other users on the platform. The funding system uses an order book interface, meaning that users can easily view where the demand lies to determine whether to provide funding.
The earnable APR changes based on the asset but range between 0.001% to 27% daily. However, earning interest through funding is contingent on another user accepting the offer, meaning a specific rate is not guaranteed. Bitfinex also has live data on open interest for its platform, which combined with funding rates, can be a useful metric for advanced derivatives traders on the platform.
An interesting Bitfinex feature not commonly found on other exchanges we have reviewed is the ability to purchase goods using cryptocurrency. Bitfinex has fully integrated Bitrefill into its platform, meaning users can buy gift cards from companies like Amazon, Xbox, and Netflix using their crypto holdings. In addition, as the service is integrated directly with Bitfinex, customers can complete purchases via the lightning network without leaving the exchange.
Creating and Verifying a Bitfinex Account
Anyone can create a Bitfinex account within a couple of minutes. Initially, users do not have to complete the Know-Your-Customer (KYC) verification process, meaning the only details required are an email account and password. Users must verify their identity to access features like OTC and derivatives markets. In total, there are three levels of verification. To learn how long it takes to verify on Bitfinex, read this guide.
Supported Fiat Currencies and Deposit Methods
Like most cryptocurrency exchanges, the Bitfinex platform supports fiat deposits in several currencies. Users can deposit with USD, EUR, GBP, TRY, CNH, and JPY, making Bitfinex accessible across a significant portion of the world. To ensure that nobody is left without a viable deposit method, Bitfinex supports deposits using a credit/debit card, bank transfer, and cryptocurrency.
Supported Cryptocurrencies and Trading Pairs
As one of the top-rated spot exchanges, it makes sense that Bitfinex would support many cryptocurrencies. In total, there are 188 assets available to trade on Bitfinex. Although this figure is less than platforms like Binance and KuCoin, the range of cryptos offered by Bitfinex is superior to other popular exchanges like Gemini and Bitstamp.
As Bitfinex supports derivatives trading and multiple fiat currencies, there is a significantly increased number of trading pairs available to exchange users. All in all, there are 410 markets for users to browse between, providing plenty of opportunities for savvy traders.
Spot Trading Fees
Bitfinex uses a volume-based maker/taker structure to determine the fees for buy and sell transactions. The spot fees start from 0.1% (maker) and 0.2% (taker) but can be reduced to a minimum of 0% (maker) and 0.055% (taker).
|30-Day Trading Volume||Trading Fee (Maker /Taker)|
|$0 to $500,000||0.100% / 0.200%|
|$500,000 to $1 Million||0.080% / 0.200%|
|$1 Million to $2.5 Million||0.060% / 0.200%|
|$2.5 Million to $5 Million||0.040% / 0.200%|
|$5 Million to $7.5 Million||0.020% / 0.200%|
Derivatives Trading Fees
The maker fees on Bitfinex's derivatives exchange are 0.0200%, while the taker fees are priced at 0.0750%. While users can lower derivatives fees with a 30-day trading volume above $2 million, these tiers will be inaccessible to most users.
|30-Day Trading Volume||Trading Fee (Maker /Taker)|
|$0 to $2 Million||0.0200% / 0.0650%|
|$2 Million to $7.5 Million||0.0125% / 0.0600%|
|$7.5 Million to $30 Million||0.0100% / 0.0550%|
|$30 Million to $300 Million||-0.0025% / 0.0450%|
LEO Token Fee Discounts
Retail traders on the platform can obtain a fee discount of up to 25% by holding over $5,000 in Bitfinex's native token, LEO. The fee discount applies to traders that remove liquidity from the exchange order books and vary on the user's level.
Bitfinex Deposit Withdrawal and Deposit Fees
Bitfinex users can deposit cryptocurrency for free, but bank transfers incur a 0.1% fee ($60 minimum). However, bank transfers via OpenPayd (EUR/GBP only) cost €0.5.
While the withdrawal fee for bank wire transfers is the same as the deposit fees, crypto withdrawals are charged at fixed rates. While some assets like BTC are relatively expensive to withdraw (0.0004 BTC), others, like Tron, are entirely free. As such, it's worth double-checking the costs of withdrawing a specific crypto before registering.
Bitfinex Trading Fees Compared
While the fees charged by Bitfinex are competitive, large platforms like Binance and ByBit are still noticeably cheaper. Below, we've included a comparative table highlighting how Bitfinex stacks up against a few other popular exchanges.
|Exchange Name||Trading Fees (Maker / Taker)|
|Binance||0.1 % / 0.1%|
|ByBit||0.1 % / 0.1%|
|BitFinex||0.1% / 0.2%|
Bitfinex Exchange Ease of Use
While Bitfinex is a popular exchange for cryptocurrency trading, its complicated interface could stump beginners. While all core areas of the site are easily accessible via clearly labeled buttons on the navigation bar, the user is immediately presented with a trading interface after logging in, which could be overwhelming for less experienced investors.
The Bitfinex trading interface is responsive and information-rich. Users can view a chart provided by TradingView, a depth chart, and their open positions/orders. In addition, by utilizing an order-book style interface, Bitfinex has ensured that anyone can quickly familiarize themselves with the platform and start trading.
Bitfinex's order window is small, although it's packed with various order types such as limit, market, stop-limit, and trigger orders. A standout feature is One-Cancel-the-Other (OCO) which allows individuals to place two trigger orders that can be used for take-profit or stop-loss entries.
Thanks to Bitfinex integrating TradingView's charts, customers can access advanced charting tools and many useful technical indicators. While excellent for frequent traders or anyone with experience using platforms like Binance, the lack of a basic mode could make it difficult for crypto-novices to use the exchange.
Bitfinex Mobile App
The Bitfinex mobile app is supported on iOS and Android devices. The app has an overall rating of 4.4 / 5 based on customer reviews on the App Store. Designed for beginners and advanced traders alike, the Bitfinex mobile app features Lite and Pro modes. The Lite mode disables complex features like lending and reduces trading to spot-only. The Pro mode contains each feature found on the web platform, including full TradingView integration.
While the Lite variant of Bitfinex lets users buy crypto using fiat currencies, the Pro version enables trading pairs like BTC/USDT, significantly increasing the number of opportunities on the platform. Furthermore, Bitfinex users can access an extensive range of technical indicators, although the lack of drawing tools makes plotting complex strategies challenging.
Including a Lite mode and advanced trading options makes the Bitfinex mobile app suitable for investors of all experience levels. To summarize our mobile Bitfinex review, while it would be nice to see some additional charting tools, the app is exceptionally well-rounded and excellent for simple spot buys as well as more complex operations.
Customer Support Team
The Bitfinex customer service team was attentive and responded quickly to any queries. Although it would be nice to see a dedicated support phone line, Bitfinex offers live chat support and a 24/7 email-based ticketing system, making it easy for a client to get a fast response from the relevant team. Based on customer reviews, Bitfinex has a 3.2/5 star rating on TrustPilot, with several users complaining about the difficulties with account verification.
Bitfinex Security Measures
In 2016, Bitfinex suffered an exchange attack that led to the loss of approximately 120,000 Bitcoin tokens worth $623 million at the time of the hack. However, since getting compromised, Bitfinex has ramped up its security efforts, implementing strict policies surrounding client protection and an advanced cold storage system for 99.9% of customer funds.
By default, Bitfinex requires users to set up two-factor authentication using an app like Authy. Furthermore, Bitfinex has included the ability to whitelist withdrawal addresses, lock withdrawals when logging in from a new IP, and encrypt email communications via Pretty Good Privacy (PGP).
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 is a world leader in digital currency trading and is famous for its innovative and advanced platform. Alternative exchanges like Bitfinex, renowned for sophisticated user interfaces and high liquidity, are Binance, Kraken, Huobi, and KuCoin.
- Binance is the world's largest and most popular crypto exchange in terms of customers, trading volume, and liquidity. Binance is an exceptional platform for altcoin traders because it supports over 700 cryptocurrency assets. Like Bitfinex, Binance enables users to trade across multiple markets, including spot, margin, and derivatives.
- Kraken is a popular crypto trading platform available worldwide, including in the United States. Kraken features an advanced trading terminal for exchanging crypto and margin trading. Although the interface could be more modern, Kraken is more suitable for beginners and less experienced traders than Bitfinex.
- Huobi is a long-established cryptocurrency exchange for altcoin trading. Like Bitfinex, the platform has an intuitive and reliable interface, the ability to stake digital assets, and a crypto loan system.
- KuCoin is a trusted platform used by millions of customers globally. The exchange has an advanced trading terminal suited for beginners and experienced traders. Although the trading fees are slightly cheaper than Bitfinex, KuCoin reportedly has a few issues with leverage trading.
Frequently Asked Questions
According to the Bitfinex Services Agreement, US residents are not allowed to use the services of Bitfinex. Individuals from the United States are strictly prohibited from creating an account and will not be able to complete ID verification. Users will need to find a cryptocurrency exchange that is licensed by FinCEN. This also includes residents in Canada that are not allowed to use the platform.
Bitfinex is a global cryptocurrency exchange supported in over 52 countries. As of 2017, Bitfinex banned residents from the United States from using their services due to increased regional regulations. However, accepted countries include Australia, Canada, Singapore, South Africa, the United Kingdom, and several parts of Europe.
At the time of writing, Bitfinex is ranked #5 worldwide based on traffic, trading volumes, and average liquidity. While the trading volumes on the smaller altcoins are less compared to Binance, Huobi, or Kraken, the liquidity for Bitcoin and Ethereum is advantageous for professional traders looking for crypto arbitrage opportunities on other exchanges.
Users on Bitfinex can create a sub-account and select the 'paper trading' option to demo trade cryptocurrencies on the platform. The demo account does not simulate actual markets and live prices but allows beginners to practice trading without depositing funds.
Bitfinex Review - Final Verdict and Scores
To conclude our Bitfinex review, the exchange is designed primarily for active traders and, as such, offers features like a position calculator, 100:1 leverage, and margin funding. While Bitfinex has previously found itself in hot water due to hacks, the team has worked hard to improve security, now keeping 99.9% of client funds in cold storage, substantially reducing the chance of digital attacks.
Although the features offered by Bitfinex are likely to appeal to experienced traders, the exchange could be difficult for a beginner to use. As such, while a strong all-around platform, traders who lack experience could be better off using a simpler platform.
|Review Criteria||HedgewithCrypto Score|
|Features||4 / 5|
|Supported Fiat and Deposit Methods||4 / 5|
|Supported Crypto & Trading Pairs||3.5 / 5|
|Fees||4 / 5|
|Ease of Use||3 / 5|
|Customer support||4 / 5|
|Security Measures||3.4 / 5|
|Mobile App||4.5 / 5|