Bitfinex multi-coin cryptocurrency exchange – July 2022 review

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.

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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 & 170+ more
Deposit Methods Credit card
Bank Wire
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 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 recognised 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.

Available countries

Bitfinex is available globally with some exceptions. Indian traders can use Bitfinex, but US-based traders cannot.

Which payment methods are accepted?

Payments can be made directly via cryptocurrency. As of November 2017 there are no fiat currency deposits available.

Go to Bitfinex's website

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 day trade volume (in USD equivalent)Maker feesTaker fees
$0 or more0.1%0.2%
$500,000 or more0.08%0.2%
$2.5 million or more0.06%0.2%
$5 million or more0.04%0.2%
$7.5 million or more0.02%0.2%
$10 million or more0%0.18%
$15 million or more0%0.16%
$20 million or more0%0.14%
$25 million or more0%0.12%
$30 million or more0%0.1%

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 placing any order 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.

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.

Go to Bitfinex's website

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 they lost, 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, contribute to efforts to ensure that client privacy is maintained.

Customer support

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.

Go to Bitfinex's website

Pros and cons


  • Deep liquidity
  • Advanced trading features and order types
  • A very popular bitcoin exchange
  • Lists an exceptionally wide range of cryptocurrencies
  • Competitive fees
  • Mobile app supported


  • 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.

Next steps

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 and select “Sign Upat the top right hand side of the homepage. Create a username and submit your email to begin the registration process.

Bitfinex website

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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