Bitfinex is a full-featured cryptocurrency exchange that is trusted by millions of traders worldwide.
Since 2014, Bitfinex has emerged as one of the world’s leading bitcoin exchanges. Based in Hong Kong, the company first entered the market in 2012, and has enjoyed steady expansion ever since.
Today, Bitfinex is a trusted source of cryptocurrency trading, with daily volumes well north of US$1 billion. In addition to bitcoin, it provides access to the world’s leading altcoins as well as full-spec wallet services.
Market participants looking for a one-stop shop for all their cryptocurrency needs will find Bitfinex both convenient and effective.
Andrew Munro is the cryptocurrency editor at Finder. He was initially writing about insurance, when he accidentally fell in love with digital currency and distributed ledger technology (aka “the blockchain”). Andrew has a Bachelor of Arts from the University of New South Wales, and has written guides about everything from industrial pigments to cosmetic surgery.
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.
What is Bitfinex?
Bitfinex and Tether controversy
Bitfinex is closely affiliated with the Tether company, and makes wide use of Tether’s cryptocurrency, known as Tethers (USDT). These are kept pegged to the US dollar, and are always worth almost exactly US$1.
When users make US dollar deposits on Bitfinex, it will often be credited to their accounts in the form of USDT.
There are currently over 2 billion USDT in circulation. The Tether company claims to have currency reserves to back up all the Tethers in circulation, but there is no concrete evidence of this claim. Tether recently discontinued its relationship with the auditors that were going to verify this claim, causing further uncertainty.
Because Bitfinex gets a lot of its liquidity from Tether, many people are concerned that the exchange might not be as financially secure as it claims to be.
Bitfinex has the reputation of being one of the world’s biggest and most advanced cryptocurrency exchanges. Advanced trading features, deep liquidity and access to multiple altcoins make Bitfinex a contender for serious traders who want all the options at their fingertips to help them make money from cryptocurrency.
In addition to being widely recognized as the world’s largest bitcoin exchange, Bitfinex offers a customisable interface that allows you to personalise your workstation. The platform is fully equipped with margin trading and ten different order types that give you the opportunity to trade the market without limitation.
Bitfinex aims to be a powerful and professional-level cryptocurrency exchange.
Features not available
As of November 2017:
US-based traders are not allowed to use Bitfinex.
No fiat currency deposits are available. You can only trade by depositing cryptocurrencies.
Bitfinex is available globally with few exceptions.
Which payment methods are accepted?
Payments can be made directly via cryptocurrency. As of November2017there are no fiat currency deposits available.
How much will it cost me to use Bitfinex?
Bitfinex has a tiered fee structure. Trading fees range from 0% to 0.2% depending on your trade volume over the previous 30 days, and whether you’re paying maker fees or taker fees.
30 daytrade volume (in USD equivalent)
$0 or more
$500,000 or more
$2.5 million or more
$5 million or more
$7.5 million or more
$10 million or more
$15 million or more
$20 million or more
$25 million or more
$30 million or more
Maker vs taker
Maker fees:These are charged for placing a buy limit order under the ticker price, or a sell limit order above the ticker price. Orders placed which hit a hidden order will always be charged the maker fee.
Taker fees:These are charged for placinganyorder that is executed against a listing in the order book. Hidden orders are always charged the taker fee.
Bitfinex transaction fees
All deposits are fee-free, except bank wires which are charged at the greater of either 0.1% of the deposit amount or US$20.
Withdrawals are also subject to a fee depending on the currency being withdrawn, or the transfer type.
The greater of 0.1% or US$20
Express bank wire
The greater of 1% or US$20
How fast will my funds be available?
Withdrawals may take up to 12 hours to complete, although this may be expedited if certain security requirements are met. Enabling 2-factor authentication and ensuring that withdrawal addresses have been locked for at least 5 days can ensure that your withdrawals are processed faster.
In general, most automatically processed withdrawals will be available in a few minutes.
Are there any transfer limits?
Verified users are not subject to any withdrawal limits.
Is it safe to use Bitfinex?
Bitfinex was victim to a high-profile security breach in 2016 in which 120,000 bitcoin, worth $72 million at the time, were stolen by hackers. Bitfinex compensated the users whose bitcoin was stolen by issuing them tokens equivalent to the number of bitcoin theylost,and then purchasing these tokens back from their users at bitcoin prices over time.
Bitfinex bought back all the tokens in less than a year, fully compensating affected customers and showing its deep liquidity and dedication to customers in the process.
That being said, Bitfinex has tight security measures in place to protect client funds. At any given time about 99.5% of client funds are held in cold storage and away from the prying eyes of hackers. The platform also uses 2-factor authentication for logins and withdrawals, and email encryption to monitor withdrawals by IP. New withdrawal IPs are also locked for 24 hours.
These features, combined with other data encryption techniques, also ensure that client privacy is maintained.
Bitfinex offers comprehensive customer support, including 24/7 email, an FAQ section and an active forum where you can ask questions.
Once logged in, you can also submit a ticket to the support team should you have any outstanding issues.
Pros and cons
Advanced trading features and order types
The world’s most popular bitcoin exchange
Lists an exceptionally wide range of cryptocurrencies
Mobile app supported
Exchange was hacked in 2016, raising concerns about security
May not be suitable for beginners or those unfamiliar with trading platforms
Fiat currency deposits have been blocked since 18 April 2017. It’s not known when they will be available again
If you’re serious about cryptocurrency, it’s worth considering the Bitfinex claim that it’s one of the strongest value propositions on the market today. If you’ve completed your research and would like to get started, head over to Bitfinex.com and select “Sign Up” at the top right hand side of the homepage. Create a username and submit your email to begin the registration process.
Frequently asked questions
Bitfinex offers three different wallets for controlling your funds. They include: an exchange wallet (for exchanging funds between currencies), a margin wallet (for margin trading) and a funding wallet for providing financing to other traders.
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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