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Review: Bitfinex cryptocurrency exchange

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

  • Great for its deep liquidity
  • Not so great for its large/frequent withdrawal fees

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

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By

Andrew Munro

Updated

Fact checked

4

Fiat currencies

241

Cryptocurrencies

Details

Product Name Bitfinex Professional Trading Exchange
Fiat Currencies USD, EUR, GBP, JPY
Cryptocurrencies BTC, BCH, BTG, ETH, EOS, XRP, NEO, DAI, ZEC, ZIL & 232 more
Deposit Methods Credit card
Cryptocurrency
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.

Learn more about:

Fiat & cryptocurrencies
Payment methods
Security
Fees & limits
How to sign up
Pros & cons
Alternatives
FAQs

Which fiat and cryptocurrencies are supported?

  • Supported fiat currencies: USD, EUR, GBP, JPY
  • Supported cryptocurrencies: Approximately 241 cryptocurrencies

Which payment methods are accepted?

  • Credit card
  • Cryptocurrency
  • Bank Wire
Go to Bitfinex's website

Fees and limits

Platform trading fees

Trade volume in the last 30 days (USD equivalent)Maker feesTaker fee
$0.00 or more traded0.100%0.200%
$500,000.00 or more traded0.080%0.200%
$1,000,000.00 or more traded0.060%0.200%
$2,500,000.00 or more traded0.040%0.200%
$5,000,000.00 or more traded0.020%0.200%
$7,500,000.00 or more traded0.000%0.200%
$10,000,000.00 or more traded0.000%0.180%
$15,000,000.00 or more traded0.000%0.160%
$20,000,000.00 or more traded0.000%0.140%
$25,000,000.00 or more traded0.000%0.120%
$30,000,000.00 or more traded0.000%0.100%
$300,000,000.00 or more traded0.000%0.090%
$1,000,000,000.00 or more traded0.000%0.085%
$3,000,000,000.00 or more traded0.000%0.075%
$10,000,000,000.00 or more traded0.000%0.060%
$30,000,000,000.00 or more traded0.000%0.055%

Last checked on 15 Jan 2019

  • Maker fees apply when you place a limit order below the ticker price for buy and below 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 typeFees
Fiat deposit0.1%
Cryptocurrency depositFree for deposits above US$1,000 equivalent.
Nominal (less than US$1) fees apply otherwise.
Tether (USDT) depositFree for deposits above US$1,000 equivalent.

20 USDT otherwise.

Withdrawal fees
Withdrawal typeFees
Fiat withdrawalBank wire: 0.1%
Express bank wire: 1%
High frequency/volume bank wire: 3%
Cryptocurrency withdrawalVaries depending on cryptocurrency. Typically less than US$1 equivalent.
Tether (USDT) cryptocurrency withdrawal20 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 typeLimit
Fiat depositNo minimum or maximum limits
Fiat withdrawalUS$20 minimum
CryptocurrencyThe fee amount

Margin trading fees

Fee typeCharges
Charge on fees collected by margin trading providers15%
Charge on fees collected by margin trading providers when opened by a hidden offer18%
Charge on funding that is borrowed and returned without being used in a margin positionUp to 1 full day’s interest

What’s it like to use Bitfinex?

1. Getting started

Open an account, view a demo, adjust your settings and get a quick overview of Bitfinex's markets from the home page.

2. Customise your trading interface

Tailor your trading interface to your tastes. Compose and position your trading sidebar, manage tickers, sort the orderbook columns and choose your preferred theme.

3. Bitfinex trade funding

Bitfinex's peer-to-peer financing is a market in itself.

4. A wide selection

Browse Bitfinex's wide range of currency pairs to find up-to-date information on the latest market movements.

5. Bitfinex guided tour

Familiarise yourself with what Bitfinex can offer by taking a guided tour after logging in.

‹ ›

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 (the up to 70% that can be financed) rather than your own (the 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 customisable 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 customisation 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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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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