The Ultimate Bitfinex Review (For 2021)

Recently, the global number of crypto exchanges has exploded. It is due to the gradual but steady global adoption of blockchain technology and cryptocurrency tokens. They can also be traded on both centralized and uncentralized exchanges.

Choosing the exchange to suit your needs among a  staggering number of cryptocurrency exchanges out there might not seem easy. Our Bitfinex review will reveal everything you need to know about the Bitfinex exchange, its features, services, trading fees, etc., to help you decide if it’s a suitable exchange for you.

Bitfinex, one of the most established centralized exchanges in existence since 2012, is still going strong. Bitfinex offers over 200 crypto currencies and is accessible in more than 50 countries.

Let’s take a closer look at what you can expect from the state-of-the-art digital token trading platform Bitfinex!

What exactly is Bitfinex

Bitfinex has been operating since 2012 and is one of the oldest cryptocurrency exchanges. Bitfinex is headquartered in Hong Kong. Its management company, iFinex Inc., manages it.

Bitfinex ranks among the best exchanges in terms of trading volume and recognition. The exchange is available in most parts of the world and accepts both crypto-tocrypto and fiat-tocrypto trades. Bitfinex offers advanced trading options and tiered fees. It also has menus and dashboards that make it easy to navigate.

Bitfinex suffered hacking attacks in 2015/16 despite having strong security precautions. Nonetheless, Bitfinex’s recovery management after the hacks was legendary, and since then, it has significantly improved its security and compensated lost funds to every user.

There is a difference between centralized and decentralized exchanges

Bitfinex is a central cryptocurrency exchange. Decentralized exchanges are not possible. Centralized exchanges serve as intermediaries to enable trading in crypto tokens.

The decentralized exchange allows peer-to–peer trading and transaction without intermediaries. This gives users complete control over crypto assets. There are significant risks associated with this, such as not being able correct any mistakes, reverse wrong transactions, retrieve forgotten passwords, stop frauds, and so on. In contrast, it’s much safer to trade on a centralized exchange, which stores assets on its platform and secures all transactions.

Bitfinex Features

Bitfinex is the biggest cryptocurrency exchange in terms of trading volume with over $2 billion traded per 24 hours. Bitfinex has a reputation for high liquidity (BTC/USD daily volume), which ensures traders price stability.

Bitfinex’s advanced trading platform, which includes customizable GUIs, multiple order types and charting, is a great option for advanced and intermediate traders. 

Bitfinex, a cryptocurrency exchange centralized in the United States, offers its users many features and services that will make trading easy and enjoyable.

Bitfinex allows trading of more than 500 tokens including Bitcoin (BTC), Ethereum(ETH), Ripple [XRP], Cardano (ADA), Ripple (“XRP”), Ripple “XRP”) and other popular altcoins such as Dogecoin (“DOGE”), Shiba Inu ($SHIB), and others. 

Bitfinex comes in six languages: English (Russian, Cantonese), Chinese (Chinese), Spanish (Spanish), and Turkish.

The Bitfinex exchange is available worldwide with a few exceptions, i.e., the United States of America, Bangladesh, Bolivia, Ecuador,  and Kyrgyzstan. 

Bitfinex Offers Different Types Of Trading 

Bitfinex offers more than 50 trading pairs including BTC/ETH and BTC/USDT. Bitfinex users have many trading options, including:

• Market trading (Spot trading)The current market price for cryptocurrency tokens is available to be purchased and sold. 
• Place your OrderAfter reaching a specific price known as the stop-price, cryptocurrency tokens are available for purchase and sale.
• Limit Order: The price and quantity of cryptocurrency tokens may be set.
• Stop-Limit Order:The Stop Price and Limit can be selected by the user. 
• Scaled OrderAn algorithm can create multiple limit orders for a given price range. 
• OTC: Over the Counter Trading: OTC traders can trade in tokens valued at $100000+ in private and secure trading. 
• Margin trading:Bitfinex Peer to Peer offers advanced users Margin Trading options up to 10x leverage. 
• Paper Trading:This simulator is a great tool for traders who want to improve their trading skills without spending any money.
• Trade in ExchangeThe central limit order book allows users to deposit, trade, or withdraw digital tokens.
• Comprehensive trading options:Trading options include fill-or-kill, OCO and hidden derivatives. There are also post-only limits orders. 

A Bitfinex account allows users to access the following trading opportunities in addition to those already mentioned:

• Margin funding: You can earn interest by lending your tokens to traders who use leverage. 
• Referrals: Bitfinex allows you to make up to 55% from your referral links or codes. 
• Staking:Token holders can place their tokens to earn interest.

Bitfinex Charts

A chart can be a crucial tool for cryptocurrency traders.

Bitfinex has advanced charts which allow users to stay informed on the wider crypto market and Bitfinex currencies. This will help them make well-informed decisions regarding trading or investing. The platform’s charting tools let users track Bitfinex crypto coin-to-coin performance and price over time.

Bitfinex customers can View their trading history and wallet balances.,Deposits and withdrawals, orders etc. are all available in the Reports section.

Bitfinex is a top-rated exchange for high volume trades. You can earn tokens with the features and services listed above. 

How to Start Bitfinex

Bitfinex was created for high volume traders who are experienced and have high volumes. The minimum deposit required in fiat currency to access Bitfinex’s services is $10000. These are some of the fiat currencies supported and the minimum deposits on Bitfinex:

• U.S. Dollar: $10000
• Euro: EUR 10000
• British Pound Sterling 10,000 GBP
• Japanese Yen 1,000,000 JPY
• Chinese Yuan Renminbi: 75,000 CNH

Fiat deposits to your Bitfinex account are possible directly via a bank transfer. Bitfinex has its own deposit fees. They are limited to 0.1 percent and have a minimum fee of $60. Bitfinex digital asset deposits have no trading fees, except the gas fee for transactions on specific blockchains. 

Establishing a Bitfinex Account

New Bitfinex users must register to open an account on Bitfinex by entering their email address. Username and email address. To make full use of the features available, however, you will need additional information such as:

• Full name 
• Get the complete address
• For additional security, dial a phone number
• Two scanned photo identifications, namely driver’s license and passport 
• You will need to provide proof of your address (i.e., the utility bill). 
• The selfie should match the one on the I.D. issued by the government

Bitfinex approves account details and users are able to use the Bitfinex account immediately. This allows them to take advantage of all features and services offered by Bitfinex. Because the exchange supports high volumes of trades, verification takes around seven to ten business days.

Once you have created an account, and completed the KYC process, it is possible to purchase your crypto tokens using your bank account, debit card or credit card. It’s easy to set up a payment, but a minimum purchase of $25 is required. This is not for trading, but only to buy crypto assets. 

The Bitfinex web exchange is available. You may also switch to the Bitfinex app on iOS or Android. 

Bitfinex Fee Structure

Bitfinex offers a friendly fee structure, including withdrawals and trading. This fee structure was created to allow high volume trades and minimize trading fees.  

Bitfinex Trading fees

Bitfinex trade fees are lower than those charged by other central exchanges, such as Binance and Huobi or Coinbase. The exchange has a “Taker-Maker fee model” – the taker fee starts at 0.2%, and the maker fee at 0.1%.

Bitfinex deposit fees

For fiat bank transfer deposits, the exchange charges 0.1% fees. Bitfinex’s fee for digital token deposits varies depending upon the crypto and the blockchain where the transaction was made. 

Bitfinex withdrawal fees

Bitfinex charges 0.1% to withdraw money from their bank account. The 1% upfront payment is required if withdrawals are to be completed within 24 hours. 

Bitfinex Security Features

Security is a key feature to look at when choosing cryptocurrency trading platforms.

Bitfinex was subject to hacks and cyber attacks in the past, as we have already mentioned. The two most notable hacks against Bitfinex were in August 2016 and May 2015. Bitfinex has a reputation for making full refunds within one year of the hacks.

Bitfinex, which is located in a geographically distributed multi-signature network to safeguard users from future attacks, has also stored almost 99.5 percent user funds in cold stock.

Bitfinex also offers a 2-factor authentication system as well as a Universal 2nd-Factor (U2F) Authentication to secure users’ accounts. To secure accounts with U2F users will need to log in to an external device, such as a USB flash drive.

Bitfinex also offers other security options that are commonly used:

• Saving users’ login information to identify unusual activities
• Notifying customers about any changes in their I.P. Address 
• Users can now freeze their accounts to protect themselves from suspicious activity
• Protection from Distributed Denial of Service Attacks (DDoS) 
• Keep your system and software current. 

Bitfinex Support

Bitfinex is committed to providing the best customer support possible for its users.

Bitfinex customers can contact support via email 24/7 Except during periods of high activity, most queries can be addressed within twelve hours.

Live chat is also available from Monday through Friday.

Along with customer support services, Bitfinex has a dedicated “Help Centre” that provides information, guides, tips, and guidelines on how to make the most of the exchange and their tokens. You can access a vast knowledge base for basic queries.

Bitfinex wallets 

Bitfinex provides 3 types of wallets

• Bitfinex Exchange Wallet: To exchange funds among currencies
• Margin wallet: To trade leveraged short or long positions
• Funding wallet: To provide margin financing/financing for other traders.

Bitfinex supports every major hardware and software wallet where digital currency can be stored.

You should consider the CoinStats Wallet as a software wallet to provide additional security to your fund.

CoinStats also lets you track your Bitfinex portfolio on its platform – all you have to do is connect your portfolio to the CoinStats Portfolio tracker.

Bitfinex Review

Bitfinex is an online marketplace that has existed since 2012. It has experienced many challenges. Bitfinex has been through many hacks and its accounts have been frozen in the United States. It also had to deal with controversies like price manipulation and solvency speculations. However, the exchange has tightened security and has come a long way in earning users’ trust. 

The large liquidity volumes are one of the main advantages to Bitfinex. Bitfinex boasts one of the best lists of support coins. A variety of trading options and top-notch charting tools are available to advanced traders.

Bitfinex cannot be regulated, and is therefore not available in certain countries.

That being said, the exchange’s reputation, user-friendly interface, high liquidity, advanced trading, security features, etc., have made Bitfinex one of the best exchanges for high-volume advanced traders helping it achieve significant trading volumes. Connect Bitfinex to CoinStats if you want to track and manage all of your DeFi and crypto assets from one place.