Bitfinex Review

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Bottom line:

Bitfinex is a well-designed exchange that offers a selection of features likely to appeal to experienced traders. Furthermore, with Bitfinex offering an excellent mobile app, the exchange is perfect for on-the-go traders.

Unfortunately, Bitfinex has previously had a few security issues harming consumer trust. Additionally, the interface is dated and doesn't feature a central dashboard, which could confuse beginners. As such, while Bitfinex is an excellent exchange for experienced traders, beginners could be better off using another platform.

How We Rated It

Review Criteria	Hedge With Crypto Score
Features	4 / 5
Supported Fiat and Deposit Methods	4 / 5
Supported Crypto & Trading Pairs	3.5 / 5
Fees	4 / 5
Ease of Use	3 / 5
Customer support	4 / 5
Security Measures	3.4 / 5
Mobile App	4.5 / 5

Pros Explained

• Equipped with advanced trading tools. Bitfinex has integrated TradingView into its platform, enabling users to utilize some of the best cryptocurrency trading tools on the market. As such, Bitfinex is an excellent platform for technical traders or beginners looking to learn about different indicators.
• Support for spot, margin, derivatives & OTC markets. To ensure users can trade their desired market, Bitfinex has included support for several markets. As such, platform users can employ a wide range of trading strategies, making Bitfinex an incredibly versatile exchange.
• Excellent mobile app. The Bitfinex mobile app is fully featured and includes extensive charting tools and technical indicators. Furthermore, the app features Lite and Pro versions, making it excellent for new and experienced traders who frequently travel.
• Competitive trading fees. Bitfinex offers some of the best fees in the industry. Furthermore, with volume-based discounts, high-frequency traders can get a substantial discount.

Cons Explained

• History of security incidents. Security is paramount for any company dealing with large sums of money. Unfortunately, Bitfinex has previously suffered a security breach costing the company hundreds of millions. As such, Bitfinex should be used with caution, with minimal funds kept on the exchange.
• Confusing for beginners. Bitfinex does not feature a beginner mode on the web platform, hindering its accessibility for new traders. Additionally, there is no central dashboard, making it even more challenging for beginners.

Bitfinex Compared and Alternatives

EXCHANGE	CRYPTO ASSETS	TRADING FEES	RATING	PROMOTION	WEBSITE	REVIEW
Binance	385	0.1% (spot) and 0.02% / 0.04% (Futures)	Rating We provide an overall weighted average rating out of 5 stars. Our ratings are based on objective criteria like the ease of use, fees, deposit methods, customer support and availability. Our reviews are not influenced by 3rd parties. Click here for further information about our rating methodology and a full list of categories we review against. 4.8 / 5	Up to $100 welcome bonus	Visit Binance	Binance Review
ByBit	331 (608 trading pairs)	0% (spot), 0.06% / 0.01% (futures)	Rating We provide an overall weighted average rating out of 5 stars. Our ratings are based on objective criteria like the ease of use, fees, deposit methods, customer support and availability. Our reviews are not influenced by 3rd parties. Click here for further information about our rating methodology and a full list of categories we review against. 4.8 / 5	0% trading fees for 30 days (spot only)	Visit ByBit	ByBit Review
Kraken	222	0.16% (maker) and 0.26% (taker)	Rating We provide an overall weighted average rating out of 5 stars. Our ratings are based on objective criteria like the ease of use, fees, deposit methods, customer support and availability. Our reviews are not influenced by 3rd parties. Click here for further information about our rating methodology and a full list of categories we review against. 4.8 / 5	None available at this time	Visit Kraken	Kraken Review

Bitfinex At A Glance

Founded in 2012, Bitfinex is a popular unregulated cryptocurrency exchange headquartered in the British Virgin Islands. The platform enables users to trade several markets, including spot and derivatives. While Bitfinex is targeted primarily toward experienced traders, the exchange features a familiar order-book-based interface making it simple to use. Bitfinex is a top provider of liquidity to other crypto exchanges and is also the owner of the stablecoin Tether which is backed 1 to 1 with the US Dollar.

Exchange Name	Bitfinex
Features	Staking, Derivatives, Funding, Leaderboard, Position Calculator, Bitrefill Shopping
Accepted Fiat Currencies	USD, EUR, GBP, JPY, TRY, CNH
Deposit Methods	Credit/Debit Card, Wire Transfer, Crypto
Supported Cryptocurrencies	188
Number of Trading Pairs	410
Trading Fees	0.1% Maker / 0.2% Taker
Customer Support	Ticket System, Help Center, Live Chat
Security Measures	2FA, Address Whitelisting, IP Whitelisting, Cold Storage
Mobile App	Yes (Android and IOS)

Review of the Top Features on Bitfinex

Margin & Derivatives Markets

Bitfinex offers a secure cryptocurrency margin trading market for users to use borrowed funds to access greater capital. While writing our Bitfinex review, accessing up to 100x leverage was possible after completing verification. Alternatively, users access margin funding to acquire capital provided by other users. By taking this approach, it's possible to set terms like payback period, interest per day, and margin amount.

Advanced Orders & Calculator

Experienced retail crypto traders that rely on technical analysis have access to several order types to execute trades and manage active positions. The supported orders will suit different trading strategies (scalping, spot, swing). The supported order types available to Bitfinex include limit, market, stop, stop-limit, trailing stop, Fill or kill (FOK), One-Cancels-the-Other (OCO), and Immediate or Cancel (IOC).

The Bitfinex calculator is a handy tool for beginners to calculate position size accurately. Traders can determine the correct size based on pre-defined take-profit and stop-loss entries before entering a position. The profit/loss percentage can be adjusted by size to meet a maximum risk level. For example, a trader with a maximum loss tolerance of 5% can adjust the amount of collateral accordingly. The calculator is complicated at first but is easy to get to grips with.

Bitfinex Leaderboard

The leaderboard allows individuals to view and follow the most profitable traders on Bitfinex. Unrealized profits, total profits, or volume in US Dollars rank traders that agree to be shown on the leaderboard.

The most prominent winners and losers are highlighted on the Bitfinex leaderboard, with people able to add their Twitter handle to gain recognition and build a following. As such, the leaderboard can be a valuable tool for people to find and learn from personalities with demonstrable trading skills.

Bitfinex Staking

Lending assets is a popular way to earn staking rewards. Bitfinex allows users on the exchange to delegate their coins to a staking wallet to earn rewards as high as 8% APY. Users can stake ten assets on Bitfinex, including Tron, EOS, Tezos, Cosmos, Solana, Cardano, Polkadot, Polygon, Ethreum, and Kusama. The staking rewards are paid out weekly to the respective wallet. However, the offered PoS tokens on Bitfinex are lacking compared to the leading staking platforms.

Earn Interest By Funding

While staking has become commonplace within the crypto industry, Bitfinex created another way for users to earn interest on their crypto holdings. By using the funding feature, it's possible to be rewarded for providing margin to other users on the platform. The funding system uses an order book interface, meaning that users can easily view where the demand lies to determine whether to provide funding.

The earnable APR changes based on the asset but range between 0.001% to 27% daily. However, earning interest through funding is contingent on another user accepting the offer, meaning a specific rate is not guaranteed. Bitfinex also has live data on open interest for its platform, which combined with funding rates, can be a useful metric for advanced derivatives traders on the platform.

Bitrefill Shopping

An interesting Bitfinex feature not commonly found on other exchanges we have reviewed is the ability to purchase goods using cryptocurrency. Bitfinex has fully integrated Bitrefill into its platform, meaning users can buy gift cards from companies like Amazon, Xbox, and Netflix using their crypto holdings. In addition, as the service is integrated directly with Bitfinex, customers can complete purchases via the lightning network without leaving the exchange.

Related: Best lightning wallets for Bitcoin to use.

Supported Fiat Currencies and Deposit Methods

Like most cryptocurrency exchanges, the Bitfinex platform supports fiat deposits in several currencies. Users can deposit with USD, EUR, GBP, TRY, CNH, and JPY, making Bitfinex accessible across a significant portion of the world. To ensure that nobody is left without a viable deposit method, Bitfinex supports deposits using a credit/debit card, bank transfer, and cryptocurrency.

Supported Cryptocurrencies and Trading Pairs

As one of the top-rated spot exchanges, it makes sense that Bitfinex would support many cryptocurrencies. In total, there are 188 assets available to trade on Bitfinex. Although this figure is less than platforms like Binance and KuCoin, the range of cryptos offered by Bitfinex is superior to other popular exchanges like Gemini and Bitstamp.

As Bitfinex supports derivatives trading and multiple fiat currencies, there is a significantly increased number of trading pairs available to exchange users. All in all, there are 410 markets for users to browse between, providing plenty of opportunities for savvy traders.

Bitfinex Fees

Spot Trading Fees

Bitfinex uses a volume-based maker/taker structure to determine the fees for buy and sell transactions. The spot fees start from 0.1% (maker) and 0.2% (taker) but can be reduced to a minimum of 0% (maker) and 0.055% (taker).

30-Day Trading Volume	Trading Fee (Maker /Taker)
$0 to $500,000	0.100% / 0.200%
$500,000 to $1 Million	0.080% / 0.200%
$1 Million to $2.5 Million	0.060% / 0.200%
$2.5 Million to $5 Million	0.040% / 0.200%
$5 Million to $7.5 Million	0.020% / 0.200%

Derivatives Trading Fees

The maker fees on Bitfinex's derivatives exchange are 0.0200%, while the taker fees are priced at 0.0750%. While users can lower derivatives fees with a 30-day trading volume above $2 million, these tiers will be inaccessible to most users.

30-Day Trading Volume	Trading Fee (Maker /Taker)
$0 to $2 Million	0.0200% / 0.0650%
$2 Million to $7.5 Million	0.0125% / 0.0600%
$7.5 Million to $30 Million	0.0100% / 0.0550%
$30 Million to $300 Million	-0.0025% / 0.0450%

LEO Token Fee Discounts

Retail traders on the platform can obtain a fee discount of up to 25% by holding over $5,000 in Bitfinex's native token, LEO. The fee discount applies to traders that remove liquidity from the exchange order books and vary on the user's level.

Bitfinex Deposit Withdrawal and Deposit Fees

Bitfinex users can deposit cryptocurrency for free, but bank transfers incur a 0.1% fee ($60 minimum). However, bank transfers via OpenPayd (EUR/GBP only) cost €‎0.5.

While the withdrawal fee for bank wire transfers is the same as the deposit fees, crypto withdrawals are charged at fixed rates. While some assets like BTC are relatively expensive to withdraw (0.0004 BTC), others, like Tron, are entirely free. As such, it's worth double-checking the costs of withdrawing a specific crypto before registering.

Bitfinex Trading Fees Compared

While the fees charged by Bitfinex are competitive, large platforms like Binance and ByBit are still noticeably cheaper. Below, we've included a comparative table highlighting how Bitfinex stacks up against a few other popular exchanges.

Exchange Name	Trading Fees (Maker / Taker)
Binance	0.1 % / 0.1%
ByBit	0.1 % / 0.1%
BitFinex	0.1% / 0.2%
eToro	1%

Bitfinex Exchange Ease of Use

While Bitfinex is a popular exchange for cryptocurrency trading, its complicated interface could stump beginners. While all core areas of the site are easily accessible via clearly labeled buttons on the navigation bar, the user is immediately presented with a trading interface after logging in, which could be overwhelming for less experienced investors.

The Bitfinex trading interface is responsive and information-rich. Users can view a chart provided by TradingView, a depth chart, and their open positions/orders. In addition, by utilizing an order-book style interface, Bitfinex has ensured that anyone can quickly familiarize themselves with the platform and start trading.

Bitfinex's order window is small, although it's packed with various order types such as limit, market, stop-limit, and trigger orders. A standout feature is One-Cancel-the-Other (OCO) which allows individuals to place two trigger orders that can be used for take-profit or stop-loss entries.

Thanks to Bitfinex integrating TradingView's charts, customers can access advanced charting tools and many useful technical indicators. While excellent for frequent traders or anyone with experience using platforms like Binance, the lack of a basic mode could make it difficult for crypto-novices to use the exchange.

Bitfinex Mobile App

The Bitfinex mobile app is supported on iOS and Android devices. The app has an overall rating of 4.4 / 5 based on customer reviews on the App Store. Designed for beginners and advanced traders alike, the Bitfinex mobile app features Lite and Pro modes. The Lite mode disables complex features like lending and reduces trading to spot-only. The Pro mode contains each feature found on the web platform, including full TradingView integration.

While the Lite variant of Bitfinex lets users buy crypto using fiat currencies, the Pro version enables trading pairs like BTC/USDT, significantly increasing the number of opportunities on the platform. Furthermore, Bitfinex users can access an extensive range of technical indicators, although the lack of drawing tools makes plotting complex strategies challenging.

Including a Lite mode and advanced trading options makes the Bitfinex mobile app suitable for investors of all experience levels. To summarize our mobile Bitfinex review, while it would be nice to see some additional charting tools, the app is exceptionally well-rounded and excellent for simple spot buys as well as more complex operations.

Customer Support Team

The Bitfinex customer service team was attentive and responded quickly to any queries. Although it would be nice to see a dedicated support phone line, Bitfinex offers live chat support and a 24/7 email-based ticketing system, making it easy for a client to get a fast response from the relevant team. Based on customer reviews, Bitfinex has a 3.2/5 star rating on TrustPilot, with several users complaining about the difficulties with account verification.

Bitfinex Security History

In 2016, Bitfinex suffered an exchange attack that led to the loss of approximately 120,000 Bitcoin tokens worth $623 million at the time of the hack. However, since getting compromised, Bitfinex has ramped up its security efforts, implementing strict policies surrounding client protection and an advanced cold storage system for 99.9% of customer funds.

By default, Bitfinex requires users to set up two-factor authentication using an app like Authy. Furthermore, Bitfinex has included the ability to whitelist withdrawal addresses, lock withdrawals when logging in from a new IP, and encrypt email communications via Pretty Good Privacy (PGP).

While Bitfinex has grown to offer some of the most comprehensive security measures in the industry, the 2016 incident understandably left investors wary of the exchange. While Bitfinex hasn't had a security issue in a substantial time, it's still advisable to buy a hardware wallet for the long-term storage of funds.

Bitfinex Alternatives

Alternative exchanges like Bitfinex, renowned for sophisticated user interfaces and high liquidity, are Binance, Kraken, Huobi, and KuCoin. These exchanges can be considered as similar alternatives to Bitfinex if it doesn't meet your expectations.