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Bitfinex Exchange Review 2021 — Details, Trading Fees, & Features

Bitfinex Exchange Review 2021 — Details, Trading Fees, & Features

This Bitfinex exchange review is a must-read for every crypto trader, especially since the exchange was already operating since 2012. Based in Hong Kong, Bitfinex is a cryptocurrency exchange platform owned and managed by iFinex Inc.

Table of contents

As a peer-to-peer Bitcoin exchange, Bitfinex expands its services and availability to mainstream adoption by providing a digital asset trading experience to traders and users as well.

The exchange functions as a margin lending platform with curated support for various cryptocurrencies. Alongside this, Bitfinex offers a variety of fintech-related services for both emerging start-ups and customers.

More importantly, Bitfinex provides the most liquid order book with a higher volume for traders with a low spread that differentiates between a bid and the ask prices.

Alongside the above-mentioned, Bitfinex makes it available to extend its overall services to clients around the world wherein Bangladesh, Bolivia, Ecuador, and Kyrgyzstan are partly exempted.

Let’s proceed to the rest of the details in this Bitfinex exchange review.

Bitfinex Exchange Review details

Website www.bitfinex.com
Available on mobile Yes
Number of supported coins/tokens 151
Number of supported trading pairs 350
Native token FTX
Supported fiat currency USD, EUR, JPY, CNH, GBP
CEO Jean-Louis Van Der Velde
HQ Location Hong Kong
Company Owner iFinex Inc.

Bitfinex Exchange History Overview

As a peer-to-peer (P2P) Bitcoin platform, in December 2012, Bitfinex began to operate. It offered a margin lending platform for Bitcoin and added support to several digital currencies.

Its CEO Jean-Louis van der Velde was one of the founders. Even now, he still leads the exchange.

2015 to 2016

On several occasions in 2015, Bitfinex experienced a number of hacks which caused it to lose an amount worth about 1,500 bitcoins at that time.

From there, the US Commodity Futures Trading Commission filed a lawsuit against Bitfinex to pay almost $75,000 as a penalty for enabling unlawful off-exchange finance commodity transactions. Moreover, the plaintiff also sued the exchange for not operating under the country’s Commodity Exchange Act.

In early August 2016, the exchange announced that due to black hat activities by shady actors, it has suffered a security breach. Consequently, it lost over $72 million in bitcoin from a customer account.

Thereafter the breach, bitcoin’s price dove within moments to 20%. This made Bitfinex suspend almost all bitcoin trading and withdrawal options by order.

Even individual persons whose accounts were exempted from these hilarious hijacks experienced a drastic balance decrease to 36% downwards. Bitfinex later reimbursed each victim by giving BFX tokens in proportion to their losses.

In 2017, USD withdrawal and processing on the Bitfinex exchange platform got delayed, although not necessarily denied. This caused Wells Fargo, an American household name in banking, and several Taiwanese banking institutions to cut off their services.

What is more, in March 2018, Bitfinex relocated to Zug, Switzerland. From there, the exchange called upon its customers for tax details, which the company aims to share with the British Virgin Islands. In the same year,  Chief Strategy Officer Phil Potter left the company.

A year later, New York Attorney General Leticia James indicted the exchange for using the reserves of Tether (USDT) to resolve its losses due to hacks.

Despite suffering hacks in 2018, Bitfinex profited about $418 million. The exchange had an expense of over $14, $404 million as net profits, and dividends of $262 million.

Bitfinex Platform Interface

For intraday trading, Bitfinex offers a good option for both individual traders and professionals. Crypto investors can opt-in as they enroll in their investment journey.

Bitfinex provides a margin trading facility as an intraday activity, enabling users to access a greater sum of money on time and anchor their position.

Bitfinex Website

Bitfinex Website

Bitfinex Terminal: Real-time Charting and Trading Tools

Bitfinex Terminal Real-time Charting and Trading Tools

Bitfinex Exchange Key Features and Functions:

All-day Supports: For customer-centric and peer-to-peer (P2P) fintech services, Bitfinex offers customer services and prioritizes user satisfaction.

Exchange Trading: Bitfinex focuses on trading and similar financial activities. It provides a central limit order book with liquidity to enable spot trading.

Margin Trading: Bitfinex allows individual users to buy and sell almost up to 5x and receive funds from the corporate margin funding platform.

Traders can open a position from their interest while Bitfinex charges funds for them.

Margin Funding: Through the Bitfinex marketplaces, the exchange provides a safe and secure approach allowing users to earn fiat and digital currencies. On expiry, users can automatically renew offers through a platform feature.

Derivatives: On the derivative site, users aiming to do away with the risk associated with asset volatility have the opportunity to buy and sell derivative products on the website using a derivative wallet with a credit of USDT.

Bitfinex Exchange Supported Cryptocurrencies

Bitcoin (BTC) Bitcoin Cash (BCH) Antshares (NEO) Balancer (BAL) Blockpass (PASS)
Tether (USDT) Bitcoin SV (BSV) EOS (EOS) Bitcoin Gold (BTG) BAND (BAND)
Ethereum (ETH) Ampleforth (AMP) IOTA BiTKan (KAN) Bancor (BNT)
Litcoin (LTC) Ripple (XRP) Aragon (ANT) BitTorrent (BTT) Avalanche (AVAX)

Note: Not all currencies can be directly traded with one another. Check out Bitfinex’s fiat-to-crypto, fiat-to-fiat, and crypto-to-crypto pairs here.

Deposit/Withdrawal/Trading Fees

At Bitfinex exchange custody, the optimal fee structure for withdrawing fiat assets is 0.1% per the amount to be withdrawn, with a minimum fee of $60. Standard withdrawal periods take a maximum of 5-to-15 day schedule for processing.

Bitfinex does not charge any fee for cryptocurrency deposits. In the case of trading digital assets, there is a near zero-fee or minute charge based on the activities of the trader in the last 30 days.

Bitfinex Maker fee: To add liquidity within the order book, individual traders are paid when a limit order is placed below a ticker price to buy, and also above the ticker price to sell in that order.

Bitfinex Taker fee: The taker fee can be generated when a trader removes liquidity from the order book by adding orders that are executed against an order in the order book.

Bitfinex Exchange Accepted Payment Methods

Bitfinex exchange payment provides both fiat and crypto options to users. Users can deposit and withdraw USD, EUR, GBP, and JPY approximately within 5 to 7 working days. Hence, the payment availability services are based specifically on where the user resides.

Bitfinex’s account verification requirement is a standardized measure for anti-money laundering (AML), know-your-customer (KYC), and counter-terrorism financing (CTF) principles and laws.

Within a week, Bitfinex authenticates account verification, provided all correct information is submitted.

Controversies and Issues

Bitfinex exchange has experienced issues since August 2016. The exchange announced that it has suffered a security breach that accounted for the already-mentioned $72 million bitcoin lost from the firm’s customer accounts.

Bitfinex Pros and Cons

Pros

  • Bitfinex is highly anonymous and privacy-oriented
  • Has many payment options
  • Withdrawals are not limited
  • Provides in-house mobile app
  • Has easy verification process
  • Has easy verification process

Cons

  • Supports USD as a fiat currency
  • Customers doubt it because of previous attacks
  • Has paused its deposits

Final Score

  • Service offered: 5/5
  • Cryptocurrency support: 3/5
  • Fees: 3/5
  • Security: 3.5/5
  • Review Score: 4/5
  • Summary

This Bitfinex exchange review summary emphasizes the fact that the exchange is available in several nations. It offers over-the-counter (OTC) trading, margin trading, derivative trading, and more.

Bitfinex exchange is a recommendable and trustworthy platform for buying and selling cryptocurrencies. It continues to offer advanced trading services to advanced and beginner traders.

FAQs

What Bitfinex?

Bitfinex is a cryptocurrency exchange that provides secure and anonymous digital assets trading to both professionals and start-ups. Opened in 2012, it enables crypto-to-fiat trading and other fintech-related services.

Is Bitfinex safe for trading?

As per our Bitfinex exchange review, the answer is yes! Despite its hacks in 2016, Bitfinex now facilitates trustworthy trading services to everyone with ease. Through the years, it has been putting measures that disable hackers’ actions and platform inconsistencies.
The exchange operates 24/7 within the countries that have access.

Is Bitfinex better than Binance?

BitFinex and Binance exchange are known to be some of the world’s best choices as far as crypto trading is concerned. However, Binance plays a major function as compared to Bitfinex in terms of crypto-related services.
Like Binance, Bitfinex also provides 24-hours trade services with less fee charges, making it a user-friendly and reliable exchange platform

How do I open a Bitfinex Account?

You can visit Bitfinex’s official website to create an account on the landing page. If you have already opened a Bitfinex account, you can log in on the website.

What are the payment methods accepted in Bitfinex?

Bitfinex accepts fiat-to-crypto and crypto-to-fiat payment options online. It accepts USD, EUR, JPY, CAD, and AUD and other currencies as payment. The exchange also approves credit cards.

Disclaimer: This material must not be used as the basis for making any investment decisions. This serves only as helpful material about the crypto exchange. Trading digital assets involve risk and can result in the loss of investment capital. Hence, always make sure to do in-depth research before engaging or investing in any crypto assets

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Collins Adane is a writer who follows the crypto industry closely. He loves fish stew and Real Madrid. He believes in cryptocurrency’s potential to transform the money landscape in his native country Ghana.