Review: Bitfinex cryptocurrency exchange
|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|
Wire: 0.1% (min 60 USD/Euro)
Express bank wire (within 24 hours on business days): 1% (min 60 USD/Euro)
Cryptocurrency: Fees vary
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?
- Credit card
- Bank Wire
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
|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.
|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%.
|Fiat deposit||No minimum or maximum limits|
|Fiat withdrawal||US$20 minimum|
|Cryptocurrency||The fee amount|
Margin trading fees
|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?
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.
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.
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?
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
- 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.