Bitfinex Exchange Review:
In this Bitfinex exchange review for 2020, where we share in-depth details about getting started with this exchange like, how to sign up, Bitfinex’s features, fees and an overview of their site.
Disclaimer: Under NO circumstance should this review be interpreted as a recommendation to trade or an endorsement of a trading platform, supplier or of a specific cryptocurrency.
This post was last updated on:4 February 2022
Bitfinex Exchange Review – QUICK NAVIGATION
QUICK FACTS – Bitfinex Crypto Exchange
Type: Trading platform/crypto exchange
Founder: Giancarlo Devasini, Rafaele Nicolle
Headquarters: Hong Kong, China
Overview:
Bitfinex Exchange Review Summary:
Bitfinex is probably one of the best known cryptocurrency exchanges around. Although it has a relatively easy interface to use, Bitfinex is principally aimed at the intermediate and advanced user. It has a wide variety of trading pairs as well as a considerable selection of coins, trading pairs and options.It has a considerable daily trading volume of around USD 164 million a day with 5-day volume rising to USD 1.7 billion. It is currently registered in Hong Kong..
Bitfinex is reputed for their high trading volumes and low fees which is certainly a positive for crypto trading enthusiast. The company is known for its trader, their competence and customer centricity.
Bitfinex offers circa 72 crypto pairs that once can trade on. Starting up is easy as you can directly convert fiat to crypto on site to get started.
Bitfinex appeals to both casual traders and institutional investors. Their OTC desk accepts minimum deposits of $10,000 USD.
Bitfinex Exchange Bonuses: Sign up bonus
Whether you are a crypto trader or a die-hard crypto fan, you can invite your social network through the Bitfinex Affiliate Program and earn unlimited commission. Generate your invite links on the Affiliate Dashboard and share them across your social media channels.
Trading on Crypto Exchange: Bitfinex
These are the trading methods available on Bitfinex:
- Market
- Limit
- Stop
- Trailing stop
- Fill or kill
- One cancels other (OCO)
- Post-only limit order
- Hidden order
The exchange attracts a high volume of trades and has a high level of liquidity with bid/ask and order count. resolved in real time. This gives users much more flexibility in their timing to place an order.
How to place a Trade
To buy and trade on Bitfinex you just need to follow the next steps:
- Login to your Bitfinex account
- Click trading
- Select your trading pair
- Select Quantity
- Choose price
- Type of order
Fees
Fees on Bitfinex are described in their fee schedule and are determined by trading volume over the last 30 days as well as maker or taker status.
Maker fees are usually paid when you add liquidity to the order book by placing a limit order below the ticker price when buying and above the ticker price for sales.
Taker fees are usually paid when customers do the opposite and remove liquidity from the order book by filling an order that’s already in the order book.
Maker fees range from 0.1% to 0.0% while the taker fees range from 0.2% to 0.1%.The higher rates cover trading volumes of up to $500k a month whilst customers will have to accumulate trades worth more than USD 30 million a month in order to qualify for the lowest fee rates.
All cryptocurrency deposits are free, however withdrawals are not and there are a variety of different charges depending on the particular cryptocurrency you would like to withdraw. Deposits made via bank wire are charged a 0.1% fee.
Withdrawal on Bitfinex
Withdrawal options are quite straightforward but with several hacks occurring in the past, the process has become much more secure. Bitfinex monitors withdrawals in order to help stave off attacks; the platform’s security system currently monitors withdrawals by IP address and other behavioural patterns that trigger manual inspection on withdrawals that appear to be unusual.
Bitfinex Exchange Review: User Experience
Navigation
It is fairly easy to get around the Bitfinex platform although as already indicated, newbies are not really advised to take it on if they have zero knowledge of cryptocurrency and trading.
Charts
Charts are rather complex but very detailed so they are ideal for experienced users. They have integrated TradingView charts into their system so it is really a crypto buff’s dream in that respect. They are customisable and have dark/light options.
Offerings/Markets
At the last count,there are approximately 72 USD, EUR, BTC and ETH Trading pairs on the Bitfinex exchange. There are a number of questionable coins listed but turnover for these is practically zero.
Approximately 72 market pairs linked to the four base currencies of USD, EUR, BTC, and ETH are currently available on the site.
In addition to allowing fiat purchases of the two major cryptocurrencies, a number of other currencies are also available to be traded and these include Litecoin (LTC), Bitcoin Cash (BCH), Ethereum Classic (ETC), Dash (DASH), Ripple (XRP), Monero (XMR), EOS (EOS), OmiseGO (OMG), NEO (NEO), Zcash (ZEC), and 0x (ZRX).
USDT Tether is also available on the platform, while Bitfinex is one of a few exchanges that allow their users to purchase IOTA (MIOTA).
Other products
Bitfinex offers an OTC trading desk
Mobile Experience
Mobile experience is pretty hand although the desktop option is quite better if you want to delve into further detail
Security
Although it has been renowned to suffer some pretty high profile hacks in the past, Bitfinex has ramped up its security quite impressively of late. Client accounts are secured by using 2FA and U2F, in addition to PGP email encryption. Accounts are also monitored and strengthened by using a number of advanced verification tools that cover account activity
Governance
Bitfinex is headquartered in Hong Kong and has a license to trade cryptocurrency there The Bitfinex wallet is quite secure as already indicated whilst it is privately owned so no governance model is available.
Support & Social
Bitfinex has some Telegram accounts although they are not really authorised by the company. Support is OK but there is no live chat and it is mostly email based.
Bitfinex exchange review: Our Rating
Being one of the most established exchanges around, in this Bitfinex exchange review we found that Bitfinex provides excellent service although this is typically aimed at experienced traders as well as institutional investors.
The exchange has high liquidity and offers a comprehensive orders and trading option. On the con side, it has been involved in a number of hacks although security has been beefed up considerably in recent years.
It is a good exchange to use if you are an experienced but newbies should steer away until they grasp the more basic tenets of the crypto world.
