Bitfinex multi-coin cryptocurrency exchange – December 2018 review

Bitfinex Professional Trading Exchange
Bitfinex Professional Trading Exchange
  • Advanced charting tools
  • Build your own workstation
  • Free deposits
  • In-built wallet options
Find out more Go to site

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.

Product Name Bitfinex Professional Trading Exchange
Fiat Currencies USD, EUR
Cryptocurrencies BTC, BCH, BTG, IQ, TRX, GNT, AVT, DASH, DATA, EDO, EOS, ETC, ETH, LTC, MIOTA, NEO, OMG, QTUM, SAN, USDT, XMR, XRP, BAT, ZRX, FUN, MANA, SPANK, TNB, RLC, RCN, REP, ELF, AID, SNGLS, SNT, QASH, YOYO, MITH, ETP, ZEC, XTZ, CNN, BOX, GOT, TKN, UTN
Deposit Methods Cryptocurrency
Wire transfer
Trading Fee Maker: 0-0.1%
Taker: 0.1-0.2%
Deposit Fees Wire: 0.10%
Cryptocurrency: Fees vary
Withdrawal Fees Wire: 0.10%
Express bank wire (within 24 hours on business days): 1.000%
Cryptocurrency: Fees vary

Pros

  • 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

Cons

  • 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.
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. 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.

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.

Go to site Bitfinex's website

Features not available

As of November 2017:

  • US-based traders are not allowed to use Bitfinex.
Go to site Bitfinex's website

Available countries

Bitfinex is available globally with few exceptions.

Which payment methods are accepted?

Payments can be made directly via cryptocurrency. Bitfinex had previously enabled USD payments, but at the time of writing, in September 2017, that appears to have been disabled.

How much will it cost me to use Bitfinex?

Bitfinex has a tiered fee structure based on how much you trade. The trading fees range between 0% and 0.2%.

Withdrawals are also subject to a fee, depending on which cryptocurrency you wish to liquidate. Bank wire fees are 0.1% of the withdrawal amount, plus US$20. Express bank wire withdrawals are subject to a 1% fee, plus US$20.

Deposits are free.

Visit the Bitfinex website for a full breakdown of the fee structure.

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 and it compromised nearly 120,000 BTC. Naturally, investors have been wary of the platform ever since.

That being said, Bitfinex has tight security measures in place to protect client funds. 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.

Go to site Bitfinex's website

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.

Pros and cons

Pros

  • Deep liquidity
  • Advanced trading features and order types
  • The world’s most popular bitcoin exchange
  • Competitive fees
  • Mobile app supported

Cons

  • Exchange was hacked in 2016, raising concerns about security
  • USD payments have been blocked for some time with no timetable of when they will resume
  • May not be ideal for beginners

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 Bitfinex.com 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

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