Review: Bitfinex cryptocurrency exchange

Last updated:  

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

Quick verdict

Great for:
  • Deep liquidity
  • Advanced trade types
  • Margin trading and shorting
Not so great for:
  • Inexperienced traders
  • Large/frequent withdrawal fees
  • Complicated fiat currency deposits

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

4

Fiat currencies

64

Cryptocurrencies

Details

Product Name Bitfinex Professional Trading Exchange
Fiat Currencies USD, EUR, GBP, JPY
Cryptocurrencies BTC, BCH, BTG, IQ, TRX, GNT, AVT, DASH, DATA, EDO, EOS, ETC, ETH, LTC, MIOTA, NEO, OMG, QTUM, SAN, USDT, XMR, XRP, BAT, ZRX, FUN, MANA, SPANK, TNB, RLC, RCN, REP, ELF, AID, SNGLS, SNT, QASH, YOYO, MITH, ETP, XTZ, CNN, BOX, GOT, TKN, UTN
Deposit Methods Cryptocurrency
Wire transfer
Trading Fee Maker: 0-0.1%
Taker: 0.1-0.2%
Deposit Fees Wire: 0.1%
Cryptocurrency: Fees vary
Withdrawal Fees Wire: 0.1%
Express bank wire (within 24 hours on business days): 1%
Cryptocurrency: Fees vary

Pros

  • Deep liquidity
  • Advanced trading features and order types
  • An exceptionally wide range of cryptocurrencies
  • Competitive fees
  • Mobile app supported

Cons

  • Not be suitable for beginners or those unfamiliar with trading platforms
Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade.

Learn more about:

Which fiat and cryptocurrencies are supported?

  • Supported fiat currencies: USD, EUR, GBP, JPY
  • Supported cryptocurrencies: Approximately 64 cryptocurrencies

Which payment methods are accepted?

  • Cryptocurrency
  • Wire transfer
Go to Bitfinex's website

Fees and limits

Platform trading fees

Trade volume in the last 30 days (USD equivalent) Maker fees Taker fee
$0.00 or more traded 0.100% 0.200%
$500,000.00 or more traded 0.080% 0.200%
$1,000,000.00 or more traded 0.060% 0.200%
$2,500,000.00 or more traded 0.040% 0.200%
$5,000,000.00 or more traded 0.020% 0.200%
$7,500,000.00 or more traded 0.000% 0.200%
$10,000,000.00 or more traded 0.000% 0.180%
$15,000,000.00 or more traded 0.000% 0.160%
$20,000,000.00 or more traded 0.000% 0.140%
$25,000,000.00 or more traded 0.000% 0.120%
$30,000,000.00 or more traded 0.000% 0.100%
$300,000,000.00 or more traded 0.000% 0.090%
$1,000,000,000.00 or more traded 0.000% 0.085%
$3,000,000,000.00 or more traded 0.000% 0.075%
$10,000,000,000.00 or more traded 0.000% 0.060%
$30,000,000,000.00 or more traded 0.000% 0.055%

Last checked on 15 Jan 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 type Fees
Fiat deposit 0.1%
Cryptocurrency deposit Free for deposits above US$1,000 equivalent.
Nominal (less than US$1) fees apply otherwise.
Tether (USDT) deposit Free for deposits above US$1,000 equivalent.

20 USDT otherwise.

Withdrawal fees
Withdrawal type Fees
Fiat withdrawal Bank wire: 0.1%
Express bank wire: 1%
High frequency/volume bank wire: 3%
Cryptocurrency withdrawal Varies depending on cryptocurrency. Typically less than US$1 equivalent.
Tether (USDT) cryptocurrency withdrawal 20 USDT

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

  • Make more than 2 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%.

Limits

Transaction type Limit
Fiat deposit No minimum or maximum limits
Fiat withdrawal US$20 minimum
Cryptocurrency The fee amount

Margin trading fees

Fee type Charges
Charge on fees collected by margin trading providers 15%
Charge on fees collected by margin trading providers when opened by a hidden offer 18%
Charge on funding that is borrowed and returned without being used in a margin position Up to 1 full day’s interest

What’s it like to use Bitfinex?

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 favourable offer.

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

How fast will my funds be available?

Deposits

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 will need to send an expression of interest in making a fiat deposit and Bitfinex will commence an account review before sending you the details.

Withdrawals

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 2-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 cancelled.
  • 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 which is not visible in the order book and so 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 (up to 70% that can be financed) rather than your own (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?

Go to Bitfinex's website

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 7 separate physical keys, known as hardware security modules, at least 4 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.

In a nutshell

Pros

  • 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.

Cons

  • 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.
Go to Bitfinex's website
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Compare Bitfinex against other exchanges

Name Product Deposit methods Fiat Currencies Supported Cryptocurrencies
Bank transfer
Credit card
Cryptocurrency
Debit card
Interac e-Transfer
SWIFT
Wire transfer
CAD
BTC, ETH, LTC
Buy cryptocurrency with CAD on this beginner-friendly Canadian exchange through credit card, wire transfer and several other payment options.
Bank transfer
Cryptocurrency
Express Interac e-Transfer
Flexepin
Interac e-Transfer
SWIFT
CAD
BTC, BCH, ETH, LTC, XRP
Get a $20 bonus when you buy or sell at least CAD$100 in digital currency. T&Cs apply.
At this Canada-based cryptocurrency exchange, you can pay in CAD through bank wire, Interac e-Transfer or Flexepin.
Electronic Funds Transfer
Bank transfer (SEPA)
Wire transfer
USD, EUR, GBP, JPY, CAD
BTC, ETH, XRP, BCH, EOS, LTC, ADA, XLM, DASH, XMR, USDT, ETC, QTUM, ZEC, REP, DOGE, GNO, MLN, ATOM, XTZ
Buy, sell and trade a range of digital currencies on this high-liquidity exchange – suitable for beginners right through to advanced traders.

UK residents: In addition to normal crypto trading, Kraken offers margin lending. As this is a regulated activity which they are not authorised to offer in the UK, we advise you not to use this service. If you're interested in margin trading, see authorised providers.

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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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