However, the platform has limited asset diversity, supporting only around 170 cryptocurrencies. It also lacks Proof of Reserves and an insurance fund for customer assets. As a precaution, it’s advisable to store only a small portion of funds on the platform and keep the majority in cold wallets. For products or services in the crypto space, trust and security should be the biggest factors in the selection process. Bitfinex uses a maker-taker fee schedule to determine its trading fees. The fees can vary depending on the user’s last 30 days’ trading volume, with higher volumes resulting in lower fees.
Customer support
If you are a taker, expect fees for exchanges to start from 0,2 percent. However, the amount may drop to 0 percent when it comes to some major maker orders. As a taker, you should know that there are no fees for the exchange and trading orders done via the OTC desk. You might need to pay something when it comes to bank wires which have withdrawal fees and a deposit. A deposit equals 0,1 percent, while a withdrawal fee can be almost 1 percent high when it is an expedited withdrawal. Over-the-counter is a web page for making Bitcoin trading and exchange save for crypto traders and protecting private trades from cryptocurrency market manipulation.
- Bitfinex had two historical break-ins – one in May 2015 and one around a year later, in August 2016.
- The supported orders will suit different trading strategies (scalping, spot, swing).
- Evan Jones was introduced to cryptocurrency by fellow CryptoVantage contributor Keegan Francis in 2017 and was immediately intrigued by the use cases of many Ethereum-based cryptos.
- This was one of the largest security breaches in the history of Bitcoin.
- Bitfinex Borrow allows you to obtain loans and the terms against your digital assets, while its staking program means you can generate up to 7% APY.
- Bitfinex also provides a non-expiring demo account for paper trading, offering a risk-free environment that allows you to practice buying, selling, and developing strategies in simulated live markets.
Bitfinex Bonuses and Special Offers
It has generally low trading fees that get lower with higher trading volumes. Its cutting-edge trading tools have been praised by experienced traders and specialists in cryptocurrency. Following past security breaches, the platform has worked towards becoming one of the safest crypto exchanges, safekeeping customer funds with robust security frameworks.
A long wait or no response at all in the event of problems can be frustrating, especially when it comes to sensitive topics such as finances. With this rating, we give our assessment of the quality of customer support. In order to provide as balanced an assessment as possible, we also include user opinions from other platforms in our evaluation. Most exchanges offer the option of sending the purchased cryptocurrencies to their own wallet. The withdrawal time from Bitfinex can vary depending on the type of currency and the volume of requests the exchange is handling at the time. Typically, cryptocurrency withdrawals on Bitfinex are processed within minutes, but they can take several hours or longer if additional security checks are required.
Spot Maker/Taker Fees
Bitfinex’s fee structure is competitive, however fees vary based on factors like trading volume and token holdings. Bitfinex is a legitimate cryptocurrency exchange with a long-standing presence in the industry. Bitfinex Pulse is an excellent resource for staying informed about the crypto market. This social investing platform delivers news and analysis directly to your device, covering a wide range of topics from NFT games to price predictions for various cryptocurrencies like XRP. Moreover, the Bitfinex Terminal facilitated strategy backtesting using historical market data, offering invaluable insights. Through APIs, clients can integrate with platforms like 3Commas and QuantConnect to deploy bots to help enhance their trading capabilities.
Customer Service
- 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.
- Bitfinex offers paper trading to simulate strategies before risking capital, which is ideal for practising on the platform’s interface.
- Basic verification requires personal details like a telephone number, email, and residential address.
- For trading a cryptocurrency for a stablecoin (e.g. BTC/USDt), the fees are the same as trading one cryptocurrency for another.
Bitfinex is a well-known cryptocurrency exchange that caters primarily to advanced traders, offering a suite of sophisticated trading tools and features. Below is a detailed list format summary of the platform’s advantages and disadvantages to help users make an informed decision. They offer advanced trading tools, which experts can use to maximise their crypto trading experience. It’s great for users with a stomach for risk, as its margin trading functions allow you to potentially earn major profits but could also result in losses.
Bitfinex offers a range of features suitable for day trading, including a powerful trading platform complete with advanced charting tools and deep liquidity. Buyers typically face higher fees as they’re perceived to remove liquidity from the market, while sellers, contributing liquidity, encounter lower fees. Notably, no trading fees apply to large orders processed through the OTC desk. This cryptocurrency exchange charges different fees for transactions based on variables such as order type and trading volume. Holding the native coin gives users lower fees and discounts on transactions. Bitfinex’s uniqueness comes down to its robust features catered to professional and institutional traders.
Despite having higher fees than Binance, advanced traders favor Bitfinex due to its robust features. However, there is criticism about the platform’s user experience and fee scheme. To evaluate brokers, we test the accounts, trading tools and services provided.
We focus on the essentials and potential savings through native tokens and various discount schemes. Our unique methodology provides a clear view of fee structures and how they benefit traders of all levels. Bitfinex offers lower-than-average fees, making it a good choice for active traders. It comes with fewer tools but offers a more user-friendly interface, making it suitable for beginners. Users can enable Lite mode in the settings, but I didn’t notice any significant differences between the two versions.
Bitfinex is a leading cryptocurrency exchange offering advanced trading features, competitive fees, and strong security. However, beginners may find it challenging due to its complexity and lack of asset insurance. If you’re an experienced trader prioritizing advanced features and security, Bitfinex is a strong contender. Bitfinex is a leading cryptocurrency exchange known for its advanced trading features, competitive fees, and strong security. It’s particularly well-suited for experienced traders and institutional investors seeking a platform with deep liquidity. While Bitfinex doesn’t offer phone support, it provides email and chat support and an educational center for those seeking to expand their knowledge.
Trading Options
Futures trading allows users to speculate on the future price of an asset. Leverage trading enables users to borrow funds to amplify their trading positions. Bitfinex margin trading allows traders to borrow funds from the exchange to increase their trading position. Traders can leverage their own funds by up to 5x, allowing them to trade with a larger position than they would be able to with just their own funds. For international bank transfers, the minimum withdrawal is 10,000 USD/EUR/GBP or 1,000,000 JPY.
Lending Pro
Our Content on the Website is Our own opinion and does not constitute financial or investment advice in any way whatsoever. Nothing published on the Website constitutes an investment recommendation, and You should not rely on any data or Content published by Us for any financial or investment activities. Adam Morris, the co-founder of Crypto Head and a respected crypto expert, offers insightful commentary bitfinex review and analysis on cryptocurrency, NFTs, and the evolving digital landscape.
For now, let’s take a look at some of the current security features that are present on the site. Traders can choose between different margin funding options and can also earn interest on their margin positions. Margin trading is only available to verified users who meet certain eligibility requirements. At FXEmpire, we strive to provide unbiased, thorough, and accurate exchange reviews by industry experts to help our users make smarter financial decisions. However, this option may only be suitable for large-volume traders, as the minimum withdrawal amount equals $10,000. However, the platform lacks Proof of Reserves and does not offer insurance for customer deposits.
The exchange required 2FA confirmation, and the transaction fee was displayed in a pop-up window with the option to deduct it from the withdrawal amount. To fund my account, I generated a deposit address by selecting the deposit currency and network. The address included a QR scanning feature to prevent typos but lacked a “copy” button.
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. 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. The leaderboard allows individuals to view and follow the most profitable traders on Bitfinex.