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
  • Warning: Bitfinex offers cryptocurrency derivatives which the regulator banned from sale to UK consumers in January 2021.

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

No reviews yet. Write a review
Crypto is unregulated in the UK; there's no consumer protection; value can rise or fall; tax on profits may apply.


Fiat currencies


Supported assets


Product Name Bitfinex Professional Trading Exchange
Fiat Currencies USD, EUR, GBP, JPY
Cryptocurrencies BTC, BCH, BTG, IQ, TRX, GLM, AVT, DASH, DATA, LUNC & 235 more
Deposit Methods Cryptocurrency
Trading Fee Maker: 0-0.1%
Taker: 0.055-0.2%
Deposit Fees Wire: 0.1%
Cryptocurrency: Free
Withdrawal Fees Wire: 0.1%
Express bank wire (within 24 hours on business days): 1%
Cryptocurrency: Fees vary

What is BitFinex?

BitFinex is an advanced cryptocurrency exchange that specialises in large volume trading and offers major spot and derivatives options. It 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.

  • If this is your first exchange. BitFinex is an advanced trading platform designed for experienced and institutional investors. If this is your first exchange it is advised to spend a considerable amount of time learning the tools before investing too heavily.
  • If you’re switching exchanges. BitFinex can be a useful upgrade in exchanges if you are looking for margin trading with a deeper liquidity pool.

Pros and cons of BitFinex


  • Deep liquidity pool
  • Has a history of reimbursing users after a security breach
  • Wide selection of trading options and assets


  • History of security breaches
  • Difficult to navigate for new users
  • No control over staking governance
  • Not available in the USA

Verdict: Is BitFinex any good?

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.

Finder ratings for BitFinex

Supported cryptocurrencies★★★★★
Transferring money or assets★★★★★
Fees and costs★★★★★
Ease of use★★★★★
Customer service★★★★★
Overall score3

What to know about BitFinex

BitFinex is an exchange that has been around since 2012. It is designed with seasoned and institutional traders in mind. It offers a wide selection of trading and lending options but can be difficult to navigate for new users. There is a large liquidity pool and tons of trading pairs. The exchange gives traders the ability to stake, lend and borrow digital assets. Trading fees are competitive with other exchanges, as are deposit fees for cryptocurrency and fiat. Withdrawal fees for cryptocurrency can be high depending on the asset, but some digital assets have free withdrawals.

Supported cryptocurrencies

BitFinex supports 174 different cryptocurrencies for use in trading, lending, borrowing and staking options across the platform. The most popular include BTC, ETH, ADA, SOL, USDT and the exchange’s native utility token UNUS SED LEO (LEO).

Fees and costs

There are no deposit fees for cryptocurrencies or stablecoin deposits and 0.100% on fiat currencies via bank wire. Where BitFinex is primarily a trading exchange platform the majority of the fees and costs are associated with trading and lending. The maker fees range from 0.000% – 0.100% with taker fees ranging from 0.055% – 0.200%. The taker fees can also be subject to a 25% discount when the user holds the BitFinex native utility token UNUS SED LEO.

Bitfinex fig 1

Fiat withdrawal and deposit fees
0% (stablecoins)0.100% Bank wire (min 60 USD/EUR)
0.100% (min 60 USD/EUR)1.000% Express bank wire (min 100 USD/EUR)
Cryptocurrency withdrawal and deposit fees

The withdrawal and deposit fees depend on which cryptocurrency, and which blockchain the coins are paying gas fees on. The fees can vary with some being high and some being free for withdrawals. There is also no charge for withdrawing cryptocurrencies to another BitFinex wallet.

FreeFees vary

What is it like to use BitFinex?

BitFinex can be overwhelming for new users, and even experienced cryptocurrency exchange users can find it daunting. It is designed to be an advanced cryptocurrency exchange that offers a plethora of services for borrowing, lending and trading. The user interface can seem cluttered but all of the functions available through more popular exchanges are available on BitFinex in addition to the advanced features.

Getting started / KYC

Signing up for BitFinex is easy and requires no KYC for cryptocurrency trading. Users can begin swapping digital assets as soon as they enable 2FA on their account.

bitfinex fig 2

Bitfinex Trading terminal

BitFinex’s trading page can be overwhelming. This is because all trading options are available through a single trading interface; just toggle between tabs to switch to derivatives and margin trading.

bitfinex fig 3
Bitfinex Staking

BitFinex provides staking for certain proof-of-stake cryptocurrencies such as Cardano and Tezos. Users can deposit assets and receive interest paid out to their accounts weekly.

bitfinex fig 4

Bitfinex app

BitFinex has a mobile app for both Android and iOS. This gives traders access to BitFinex’s advanced trading features while on the go.

bitfinex fig 5
Live customer support

BitFinex provides users with live customer support. Traders can access live chat on any page via a chat box at the bottom of the screen.

bitfinex fig 6

List of services on BitFinex

BitFinex is a complex exchange to navigate, but for seasoned traders, the ability to seamlessly access margin trading and lending through the P2P marketplace is a major advantage. Having P2P on BitFinex exchange creates a fluid movement of funds between lending, borrowing and trading without the need for a third-party intermediary.

Earning on BitFinex

Staking. Staking rewards are distributed weekly based on a midweek account balance snapshot. There is no minimum to begin staking but if rewards are less than US$0.50 for the week then the reward will not be distributed. BitFinex offers staking on TRX, EOS, XTZ, ATOM, ALGO, SOL, ADA, DOT, ETH and KSM.

Margin trading. Users can trade up to 10x leverage through funding from the peer-to-peer (P2P) margin funding platform. BitFinex supplies the P2P marketplace which allows users to access their desired amount of funding at the rate and duration of their choice.

Margin lending. This is the other side of the P2P marketplace where users can lend out their funds and digital assets to traders wanting to trade with leverage. Users utilising the margin lending tool can offer funding on a wide range of currencies and assets and pick the rate and duration of their choice.

Exchange. BitFinex exchange allows users to easily exchange their cryptocurrencies and digital assets. There are a variety of trading options including stop limit, trailing loss, limit, kill and market. Traders can easily switch between exchange and margin trading.

Derivatives. BitFinex enables derivatives trading through the use of the BitFinex Derivative Wallet. To engage in derivatives trading a user will need to convert USDT into USDt0. Derivative trading allows traders to mitigate some of the risks that are associated with the volatility of cryptocurrencies.

Borrowing on BitFinex

Borrowing is straightforward on BitFinex. Users can borrow BTC, USDT, ETH, LTC, DOT, XRP, EOS, ADA, UNI, LINK, XTZ, IOTA, ATOM and SOL through providing collateral and paying interest. Users can tailor their borrowing by duration and rates (variable vs fixed rate), which will impact the amount of interest owed on the loan.

bitfinex fig 7

Promotions on BitFinex

Affiliate program. This is a commission-based promotion by BitFinex. If someone you refer signs up to use BitFinex and holds UNUS SED LEO tokens in their account you are eligible for a percentage of the trading and margin funding fees they incur.

bitfinex fig 9

UNUS SED LEO token. This is the utility token for the BitFinex exchange. Users that own UNUS SED LEO tokens are entitled to a variety of benefits when trading.This includes reduced trading fees.

bitfinex fig 10

How Bitfinex financing and margin trading works

  • All trading involves risk. Losses can exceed deposits.
  • Warning: Bitfinex offers cryptocurrency derivatives which the regulator banned from sale to UK consumers in January 2021.

Spread bets 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.

  • Is Bitfinex safe to use?

    • Not registered in the UK. Whilst crypto trading isn’t regulated in the UK, the FCA keeps a cryptoasset register of firms that have passed AML and counter-terrorism checks. However, you won’t find Bitfinex on that list because it has no UK-based entity. Bitfinex offers cryptocurrency derivatives which the regulator banned from sale to UK consumers in January 2021.
    • Verification process. Fiat currency deposits and withdrawals are for verified users only. Bitfinex describes it as a “standardised compliance measure” consisting of an online questionnaire, supporting documentation such as passport and driver’s licence 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.

    Does BitFinex have good 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.

    Support offeredWait times
    Contact us formcheckdays
    Help Centrecheckinstant
    Live chat (virtual assistant)checkinstant
    Bug Bounty (self-report for rewards)checkweeks

    Signing up on BitFinex

    • Back to top

      Compare Bitfinex against other exchanges

      Table: shows partner brands and other brands, sorted by popularity
      Crypto is unregulated in the UK; there's no consumer protection; value can rise or fall; tax on profits may apply*.
      1 - 3 of 9
      Name Product Deposit methods Fiat Currencies Cryptocurrencies Offer Disclaimer
      Finder Award
      eToro UK Cryptoasset Investing
      Bank transfer, Credit card, Debit card, Neteller, PayPal, Skrill, eToro Money


      Uphold - Digital Asset Platform
      Bank transfer (ACH), Debit card, Apple Pay, Google Pay


      Finder Award
      Kraken Cryptocurrency Exchange
      Bank transfer, Credit card, Cryptocurrency, Debit card, Apple Pay, Google Pay, SWIFT


      Disclaimer: Star ratings are only displayed for products with 10 or more reviews.

      Frequently asked questions

      *Cryptocurrencies aren't regulated in the UK and there's no protection from the Financial Ombudsman or the Financial Services Compensation Scheme. Your capital is at risk. Capital gains tax on profits may apply.

      Cryptocurrencies are speculative and investing in them involves significant risks - they're highly volatile, vulnerable to hacking and sensitive to secondary activity. The value of investments can fall as well as rise and you may get back less than you invested. Past performance is no guarantee of future results. This content shouldn't be interpreted as a recommendation to invest. Before you invest, you should get advice and decide whether the potential return outweighs the risks. Finder, or the author, may have holdings in the cryptocurrencies discussed.

      Go to site