- Advanced trading tools with a deep liquidity pool
- Has a history of multiple security breaches
Check out our full list of pros and cons or read on.
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Bitfinex review 2023
By Iain Taylor
- Fiat currencies
- 4
- Supported assets
- 178
This is not financial advice or an endorsement of digital assets, providers or services. Digital assets are volatile and risky, and past performance is no guarantee of future results. Potential regulations or policies can affect their availability and services provided. Talk with a financial professional before making a decision. Finder or the author may own cryptocurrency discussed on this page.
Our verdict
See why BitFinex is one of the most popular cryptocurrency exchanges for professional high-volume traders.
BitFinex is a difficult exchange to master. The complex nature appeals to experienced and institutional traders. However, once mastered the exchange offers a variety of benefits for users such as staking and lending. Its deep liquidity pools and advanced trading features make it a great trading platform option. Fees can be lowered with high trading volume or by holding the exchange’s native asset LEO.
BitFinex’s history of security breaches is of some concern. The breaches have resulted in a much stronger security protocol being installed. The exchange has a reliable history of reimbursing users when breaches occur. It is not the exchange for everyone, but is worth using if considering trading on a more serious level.
Pros
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Trade crypto alongside other asset classes. Bitpanda allows you to trade a variety of assets all in 1 place. If you don’t like managing multiple apps or brokerage accounts for different asset classes, then you may find Bitpanda convenient.
Cons
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Not available to US residents. Unfortunately, you can’t use Bitpanda if you live in the United States.
Details
Product details
| Product Name | Bitfinex Professional Trading Exchange |
| Fiat Currencies | USD, EUR, GBP, JPY |
| Cryptocurrencies | BTC, BTG, ETH, EOS, XRP, NEO, DAI, ZEC, LUNC & 169 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: None |
| Withdrawal Fees |
Wire: 0.1% Express bank wire (within 24 hours on business days): 1% (min 60 USD/Euro) Cryptocurrency: Fees vary |
Finder Score
★★★★★About Bitfinex — company background
BitFinex was founded in 2012 in Hong Kong and is registered as a subsidiary of iFinex in the British Virgin Islands. BitFinex offers traders the options of exchange trading, margin trading, margin funding (P2P lending), over-the-counter markets and derivatives trading.
BitFinex has a muddied history and has been the target of multiple successful hacks resulting in the theft of tens of thousands of BTC. The exchange also found itself as part of a 2019 New York Attorney General investigation into the hiding of 850 million dollars of commingled client and corporate funds from investors.
Listed Bitfinex crypto exchange assets
Bitfinex supports over 178 cryptocurrencies, but some notable assets are missing. Namely, Tether, BNB and USDC, which are in the top 20 cryptos by market cap. In total, 14 of the top 20 cryptos are available on Bitfinex.
Popular assets on Bitfinex supports
Bitcoin (BTC) supports
Ethereum (ETH) does not support
Tether (USDT) does not support
BNB (BNB) supports
Solana (SOL) does not support
USDC (USDC) does not support
Lido Staked Ether (STETH) supports
XRP (XRP) supports
Dogecoin (DOGE) supports
Toncoin (TON) supports
Cardano (ADA) supports
Shiba Inu (SHIB) supports
Avalanche (AVAX) supports
TRON (TRX) does not support
Wrapped Bitcoin (WBTC) does not support
Bitcoin Cash (BCH) supports
Polkadot (DOT) supports
Chainlink (LINK) supports
NEAR Protocol (NEAR) supports
Polygon (MATIC)Bitfinex fees
Deposit & withdrawals fees
| Transaction type | Fee |
|---|---|
| Deposit funds | Wire: 0.1% (min 60 USD/Euro) Cryptocurrency: None |
| Withdraw funds | Wire: 0.1% Express bank wire (within 24 hours on business days): 1% (min 60 USD/Euro) Cryptocurrency: Fees vary |
| Other fees | Various margin trading fees |
Bitfinex deposit methods
- Cryptocurrency
How to sign up on Bitfinex exchange
Before you can even get started trading on Bitfinex, you have to go through the rigorous verification process (which usually involves providing proof of identification). This can take time. The reason for this is Bitfinex's commitment to certifications and compliance with regulations and insurers.
- Get started
After selecting the Get Started button, fill in the create account form. - Set up payment
Before you can start trading, you have to add your bank account to your Bitfinex account. There are several options to choose from, so choose the option most compatible. - Provide identification
Before you can make withdrawals and increase your transaction limits, you must submit proof of address and some additional identification. Use either a passport or a driver's license for this. - Start trading
After all that is processed, you're ready to trade on Bitfinex.
Is Bitfinex safe?
BitFinex has had a troubled history since its founding in 2012. It has been the target of numerous successful hacks, its bank accounts were frozen by its correspondent bank, Wells Fargo in 2017, and it was the target of a New York Attorney General investigation in 2018. Despite these issues, affected users have been reimbursed and the exchange is focused on improving security.
Past hacks BitFinex has been successfully hacked on 2 separate occasions. In 2015 the exchange was hacked successfully for 1,500 BTC. A year later in April 2016, BitFinex was successfully hacked for 120,000 BTC. The 2016 hack remains the second-largest Bitcoin heist in history, second only to the Mt.Gox hack of 2014 which made off with 750,000 BTC.
Users were reimbursed for losses. BitFinex is also still working to get back lost BTC. On 14 December 2021 BitFinex announced that it had recovered over 6 BTC that had been lost in 2016 and that affected users would be repaid proportionally.
Security audits One of the biggest ongoing headaches for BitFinex is its association to iFinex and the legal claim against USDT that it is not backed fully by the same amount of USD. There was another lawsuit filed against USDT as recently as 4 December 2021. Due to the ongoing legal battles the exchange faces, it has undergone multiple audits. These include audits of its LEO token by Callisto Network Security.
Insurance BitFinex provides no insurance for users’ funds. However, BitFinex has a history of reimbursing its users when hacks occur. BitFinex has upgraded its security protocols and is holding even more cryptocurrency in its offline cold storage units.
Keeping your crypto secure
All centralised exchanges, including Bitfinex, are vulnerable to counterparty risks like hacking, theft and insolvency. Using a self-custodial or hardware wallet is widely accepted as the best way to improve the security of your funds. We've shared some of our top picks below.
Ledger Nano X Wallet |
Trezor Model T Wallet |
SafePal S1 Wallet |
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Supported assets 5,500+ |
Supported assets 9,000+ |
Supported assets 30,000+ |
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Price (USD) $149 |
Price (USD) $179 |
Price (USD) $49.99 |
See more of the best crypto wallets
Bitfinex customer support
BitFinex has multiple forms of customer support available for users. This includes a contact us form, which can take days to receive a response from. It offers a help centre with solutions to common problems. There is instant live chat available on every page and it provides bug bounties for users that find errors in code. Responses can be slow but are helpful.
Whether products shown are available to you is subject to individual provider sole approval and discretion in accordance with the eligibility criteria and T&Cs on the provider website.
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Alternatives to Bitfinex
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Bitfinex Professional Trading Exchange is not currently available on Finder
Have you considered eToro USA LLC Cryptocurrency Trading?
Get $15 when you sign up and buy $100 of crypto. T&Cs apply.
Copy the trades of leading cryptocurrency investors on this unique social investment platform. Non-US residents can read our review of eToro's global site here.
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Iain Finder
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J
December 12, 2017
What’s the fee for withdrawal?
Harold Finder
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.
Cheers,
Harold
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Rench Finder
January 02, 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,
Rench
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