Review: Bitfinex cryptocurrency exchange

See why Bitfinex is one of the most popular cryptocurrency exchanges for professional high-volume traders.

  • Great for its deep liquidity
  • Not so great for its large/frequent withdrawal fees

Check out our full list of pros and cons or read on.

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Fiat currencies




Product Name Bitfinex Professional Trading Exchange
Fiat Currencies USD, EUR, GBP, JPY
Cryptocurrencies BTC, BCH, BTG, ETH, EOS, XRP, NEO, DAI, ZEC, ZIL & 150+ more
Deposit Methods Cryptocurrency
Trading Fee Maker: 0-0.1%
Taker: 0.055-0.2%
Deposit Fees Wire: 0.1% (min 60 USD/Euro)
Cryptocurrency: Free
Withdrawal Fees Wire: 0.1%
Express bank wire (within 24 hours on business days): 1% (min 60 USD/Euro)
Cryptocurrency: Fees vary
Disclaimer: This information is not financial advice or an endorsement of cryptocurrency or any specific provider, service or offering. Cryptocurrencies are highly volatile and high risk. Do your own research and seek financial advice before buying. Please check with providers if their services are available in your state.

Bitfinex is not available to US residents

As of August 15, 2018, Bitfinex does not serve US individual or corporate customers. This means that if your primary residence is in the United States, you will not be able to use any trading or funding services on the platform.

Learn more about:

Which fiat and cryptocurrencies are supported?

  • Supported fiat currencies: USD, EUR, GBP, JPY
  • Supported cryptocurrencies: Approximately 164 cryptocurrencies

Which payment methods are accepted?

  • Cryptocurrency

Fees and limits

Platform trading fees

Trade volume in the last 30 days (USD equivalent)Maker feesTaker fee
$0.00 or more traded0.100%0.200%
$500,000.00 or more traded0.080%0.200%
$1,000,000.00 or more traded0.060%0.200%
$2,500,000.00 or more traded0.040%0.200%
$5,000,000.00 or more traded0.020%0.200%
$7,500,000.00 or more traded0.000%0.200%
$10,000,000.00 or more traded0.000%0.180%
$15,000,000.00 or more traded0.000%0.160%
$20,000,000.00 or more traded0.000%0.140%
$25,000,000.00 or more traded0.000%0.120%
$30,000,000.00 or more traded0.000%0.100%
$300,000,000.00 or more traded0.000%0.090%
$1,000,000,000.00 or more traded0.000%0.085%
$3,000,000,000.00 or more traded0.000%0.075%
$10,000,000,000.00 or more traded0.000%0.060%
$30,000,000,000.00 or more traded0.000%0.055%

Last checked on Jan 15, 2019

  • Maker fees apply when you place a limit order below the ticker price for buy and above the ticker price for sell.
  • Taker fees apply when you place any order that is executed against an existing order.
  • Hidden orders will always pay the taker fee.

Deposit and withdrawal fees

Deposit fees
Deposit typeFees
Fiat deposit0.1%
Cryptocurrency depositFree for deposits above US$1,000 equivalent.
Nominal (less than US$1) fees apply otherwise.
Tether (USDT) depositFree for deposits above US$1,000 equivalent.

20 USDT otherwise.

Withdrawal fees
Withdrawal typeFees
Fiat withdrawalBank wire: 0.1%
Express bank wire: 1%
High frequency/volume bank wire: 3%
Cryptocurrency withdrawalVaries depending on cryptocurrency. Typically less than US$1 equivalent.
Tether (USDT) cryptocurrency withdrawal20 USDT

A high-frequency/volume bank wire is when you either:

  • Make more than two fiat withdrawals in any 30-day period
  • Make more than $1 million in aggregate fiat withdrawals in any 30-day period

These situations attract fiat withdrawal fees of 3%.


Transaction typeLimit
Fiat depositNo minimum or maximum limits
Fiat withdrawalUS$20 minimum
CryptocurrencyThe fee amount

Margin trading fees

Fee typeCharges
Charge on fees collected by margin trading providers15%
Charge on fees collected by margin trading providers when opened by a hidden offer18%
Charge on funding that is borrowed and returned without being used in a margin positionUp to 1 full day’s interest

How Bitfinex financing and margin trading works

  • All trading involves risk. Losses can exceed deposits.

Spread bets and CFDs are leveraged products and can result in losses that exceed deposits. The value of shares, ETFs and ETCs bought through a share dealing account, a stocks and shares ISA or a SIPP can fall as well as rise, which could mean getting back less than you originally put in. Please ensure you fully understand the risks and take care to manage your exposure.

Bitfinex margin trading is financed peer-to-peer on the platform. Users can trade with up to 3.3x leverage or offer funding to other users for a potential profit.

Margin trading funding is done through an open marketplace and with the funds a user deposits onto the exchange. Users can choose to either automatically match with open funding offers or to place bids for funding.

A user can accept a financing offer for up to 70% of the value of a cryptocurrency purchase. They are not under any obligation to use the financing, may repay the financing plus interest at any time without penalty and may replace existing financing with a more favorable offer.

Users can also provide margin funding to others without necessarily doing any trading themselves.

Case study: See how Bitfinex financing and leveraged trading works

Jack deposits $30,000 into his Bitfinex account and then wants to buy as much bitcoin as possible with the maximum amount of financing possible.

Jill is offering the best financing rates, so Jack gets financing from Jill.

The maximum amount of bitcoin he can purchase with his $30,000 deposit is now $100,000 because 70% of the purchase is equal to $30,000, the amount Jack deposited. This is roughly equivalent to 3.3x leverage.

If the price of bitcoin goes up

Jack’s in luck. He might sell the bitcoin and pocket the full profits minus the $70,000 owed to Jill plus the cost of outstanding interest.

Let’s say Jill charges 2.5% per day in interest ($1,750 per day in this case) and Jack held the financing and bitcoin for 2 days during which the price of bitcoin rose by 20%, then he decides to sell it.

Jack’s bitcoin was worth $120,000 when he sold it and he owes Jill $70,000 plus a total of $3,500 in interest.

  • With financing: When everything’s settled Jack’s $30,000 deposit turned into $46,500.
  • Without financing: If he had done everything the same, except without Jill’s financing, his initial $30,000 deposit would only have turned into $36,000.

If the price of bitcoin goes down

If the price of bitcoin falls too much while Jack is borrowing money from Jill, he might be liquidated.

Specifically, if Jack’s share (the $30,000 that he deposited) falls to 15% or less of the total financed bitcoin purchase, the bitcoin will automatically be sold on Bitfinex to ensure Jill gets her money back.

Let’s say he gets the same 2.5% per day loan and buys the same amount of bitcoin as before, except this time bitcoin prices fall.

In line with Bitfinex’s 15% rule, bitcoin prices would only need to fall by 12.5% before Jack gets liquidated.

This is because a 12.5% drop would mean Jack’s $100,000 bitcoin purchase is now worth $88,500 but Jack still owes Jill $70,000 in principal and $3,500 in interest.

$88,500 minus $73,500 is $15,000 so Jack’s remaining share of the deal is 15% of the total. Now that prices have hit this point the entire bundle of bitcoin is sold off, Jill is paid back in full and Jack is left with only $15,000

  • With financing: Jack’s $30,000 deposit was cut in half to $15,000 even though bitcoin only fell 12.5%.
  • Without financing: Jack’s $30,000 of bitcoin would still be worth $26,250.

Bitfinex’s financing system can magnify both the risks and rewards for people who trade on margin the way Jack did, as well as serve as a comparatively safer source of revenue for people like Jill who provide the financing.

As Jack’s experience with falling bitcoin prices illustrates, margin trading can be much higher risk for users.

And as Jill’s experience with Jack illustrates, providing financing to other Bitfinex users can be relatively safe compared to using it.

How fast will my funds be available?


Clock icon for transfer speed

Varies widely

Cryptocurrency deposits will typically arrive after the appropriate number of confirmations, which varies depending on the cryptocurrency and may change over time. It will typically be a few minutes.

Fiat deposits may take up to about two weeks from start to finish, including account reviews and processing. To get started you’ll need to send an expression of interest in making a fiat deposit, and Bitfinex will commence an account review before sending you the details.


Clock icon for transfer speed

Up to 10 days for fiat

Cryptocurrency withdrawals will typically arrive within 12 hours.

Fiat withdrawals may take up to 10 business days for regular wire withdrawals. Express wire withdrawals (1% fee) should arrive within 24 hours.

Wallet transfers

Clock icon for transfer speed

May vary

To move funds faster, ensure you take steps such as applying two-factor authentication (2FA) and meeting other security requirements.

Bitfinex order types

Bitfinex offers the following order types:

  • Limit. An order to buy/sell at a specified price or better.
  • Market. An order to be executed ASAP at current market prices.
  • Stop. An order to close a position once the market reaches a set price.
  • Trailing stop. An order to close a position once the market shifts by a certain amount relative to one’s current position.
  • Fill or kill. An order that’s either filled in its entirety at the set price or canceled.
  • One cancels other. A pair of orders stipulating that one cancels the other if it executes.
  • Post only. A limit order that will not match with other posted orders, ensuring that the creator of a post-only order will only pay the maker fee.
  • Hidden order. An order that is not visible in the order book, so it can be filled but does not influence other market participants.

Shorting on Bitfinex

The financing system also lets users go short on Bitfinex betting that a cryptocurrency’s prices will fall.

This can be done through the finance marketplace and works similarly to the regular Bitfinex financing except in reverse.

Essentially, when you opt to go short, transactions are settled with the borrowed cryptocurrency (the up to 70% that can be financed) rather than your own (the up to 30% funded by your own deposit).

The result is that when prices go down, your own share of the total increases and you profit, while the counterparty’s decreases.

How do I create an account at Bitfinex?

To get started with a Bitfinex account:

  1. Sign up. Prior to signing up, take note of the conditions Bitfinex lays out. Note that it’s a professional platform intended for use by experienced traders, that a $10,000 minimum deposit is required to start trading and that verification may be an extensive process.
  2. Verification. Go to your account settings and provide the relevant information, plus the accompanying documentation to prove the details provided. You will also need to sign a statement saying that the information is true and correct.
  3. Making a deposit. You can make either a cryptocurrency or a fiat deposit. If depositing fiat, you’ll have to register an expression of interest in the deposit first, including the amount and the currency you would like to deposit. Only then will Bitfinex provide the relevant banking details. It may take up to two weeks to complete a fiat deposit from start to finish. Cryptocurrency deposits will typically be much faster.

You’ll also notice there are three wallet options you can send a deposit to. Choose the one relevant to you.

  • Exchange. This wallet is used to buy and sell crypto on the Bitfinex markets. It’s the primary wallet.
  • Margin. This wallet is used for margin trading and holds your funds while you want to go short or open leveraged long positions.
  • Funding. This wallet is used for providing margin funding or financing to other traders.

4. Setting up. Once you’ve made a deposit, it might be a good idea to take a tour of the platform to acquaint yourself with its features, customize it to your liking and familiarize yourself with Bitfinex.

    From there, you’re ready to start trading.

    Is Bitfinex safe to use?

    • Regulation. Bitfinex is registered in the British Virgin Islands with headquarters in Hong Kong and it has previously taken steps to ensure it complies with applicable regulations to the necessary extent. For example, US-based customers are barred from the exchange for regulatory reasons.
    • Verification process. Fiat currency deposits and withdrawals are for verified users only. Bitfinex describes it as a “standardized compliance measure” consisting of an online questionnaire, supporting documentation such as passport and driver’s license and a signed declaration confirming the accuracy of the submitted information.
    • Security features. Bitfinex supports 2FA and strongly recommends everyone use it. Users can take further control of their security with features such as IP whitelists and a range of customizable security and self-account-audit measures. Approximately 99.5% of user funds are maintained in an offline multisignature hardware wallet with seven separate physical keys, known as hardware security modules, at least four of which are required to unlock it. It maintains an extensive security team, employs comprehensive DDoS protection and performs regular penetration testing.
    • Other: The Blockchain Transparency Institute assessment of Bitfinex believes it to be 100% real trading volume, without any of the wash trading that’s common elsewhere in cryptocurrency.

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    BTC, BCH, BSV, ADA, DOGE, EOS, ETC, FIL, XLM, ZEC & 50+ more

    Deposit method

    Bank transfer (ACH), Credit card, Debit card, PayPal, Bank transfer (SEPA)

    Trading fee

    Fees vary

    Withdraw fees

    Instant Card Withdrawal: Up to 1.5% of the transaction plus a minimum of $0.55
    Outgoing Wire Transfer: $25
    Fees vary by location and payment method.

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    BTC, ETH, BCH, XRP, DASH, LTC, ETC, ADA, MIOTA, XLM & 15+ more

    Deposit method

    Bank transfer, Credit card, Debit card, Neteller, PayPal, Online banking, Skrill

    Trading fee

    Fees vary. Overnight and weekend fees apply

    Withdraw fees

    US$5 (minimum withdrawal of US$50)

    In a nutshell


    • Advanced trading. A high degree of customization and advanced trading options can be found at Bitfinex.
    • Deep liquidity. Bitfinex has some of the world’s most liquid cryptocurrency markets.
    • Additional features. Margin trading, shorting and the peer-to-peer financing markets make Bitfinex a unique option for experienced traders.


    • For advanced users only. Bitfinex is a professional platform for professional traders.
    • Slow and potentially expensive. Verification can take weeks, as can deposits. Large or overly frequent wire withdrawals can also incur hefty fees.
    • Controversial. Bitfinex is an opaque and controversial exchange with an extensive but not entirely spotless track record.
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    Frequently asked questions

    Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

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      Avatarfinder Customer Care
      January 2, 2018

      Hi Richard,

      Thanks for your inquiry. Please note that we are not affiliated with Bitfinex or any company we feature on our site and so we can only offer you general advice.

      Yes, you can buy and sell Bitcoin on Bitfinex in Australia.

      There are two main ways to buy bitcoin in Australia.

      1. Use a bitcoin broker. This is probably the easiest way to buy bitcoin. If you just want to get it done quickly and easily, and have no plans to become a cryptocurrency trader, then this might be the way to go. The downside is that convenience comes at a cost, and you pay a bit more for the brokerage services.
      2. Buy from an exchange. Cryptocurrencies like bitcoin are traded on exchanges. If you want to buy bitcoin as cost-effectively as possible, or plan on doing more trading in the future, then choosing a reliable exchange might be what you want to do.

      Our beginner’s guide on how to buy Bitcoin in the US has step-by-step instructions that can help walk you through the process.

      Best regards,

      Default Gravatar
      December 13, 2017

      What’s the fee for withdrawal?

        Avatarfinder Customer Care
        December 13, 2017

        Hi J,

        Thank you for your inquiry.

        With Bitfinex, the withdrawal fee may vary depending on the currency you are going to withdraw. You can click the link “List of Bitfinex withdrawal fees” then it will show you a table of withdrawal fee per currency.

        I hope this information has helped.


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