Bitfinex review: Pros, cons, fees & more

There was another lawsuit filed against USDT as recently as 4 December 2021. Due to the ongoing legal battles the exchange faces, it has undergone multiple audits. These include audits of its LEO token by Callisto Network Security.Insurance BitFinex provides no insurance for users’ funds. However, BitFinex has a history of reimbursing its users when hacks occur. BitFinex has upgraded its security protocols and is holding even more cryptocurrency in its offline cold storage units. See why BitFinex is one of the most popular cryptocurrency exchanges for professional high-volume traders.

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After signing up, I accessed my account in “View only” mode.
Yes, the platform offers margin and derivatives trading to users with Intermediate or Full verification levels.
U.S. Residents will not be able to open a Bitfinex account.
For specific information about a cryptocurrency exchange or trading platform please visit that provider’s website.

Bitfinex Educational Resources

It offers mobile apps, providing convenient access to the platform from virtually anywhere. To achieve this, Bitfinex utilizes a cold storage system, storing 99.5% of user accounts and funds, which is geographically dispersed and includes a multi-sig feature. In addition, traders must undergo a two-level authentication process when logging in and making withdrawals. While Bitfinex doesn’t offer an insurance fund, it implements robust security measures. BitDegree aims to uncover, simplify & share Web3 & cryptocurrency education with the masses. Join millions, easily discover and understand cryptocurrencies, price charts, top crypto exchanges & wallets in one place.

Supported Cryptocurrencies and Trading Pairs

Patrick McGimpsey is passionate about crypto and its impact on the financial world. To the extent any recommendations or statements of opinion or fact made in a story may constitute financial advice, they constitute general information and not personal financial advice in any form. As such, any recommendations or statements do not take into account the financial circumstances, investment objectives, tax implications, or any specific requirements of readers. To finish off our Bitfinex review, let’s take a look at how the actual registration process on the site works, and whether or not it’s actually simple to create an account.

A decentralized exchange supports peer-to-peer transactions and trades without the need for middlemen, letting users have complete control over their crypto assets. However, this comes with significant risks of not being able to correct possible mistakes, undo wrong transactions, recover forgotten passwords, prevent frauds, etc. In contrast, it’s much safer to trade on a centralized exchange, which stores assets on its platform and secures all transactions. Lately, there has been a boom in the number of cryptocurrency exchanges all across the globe. U.S. Residents will not be able to open a Bitfinex account.

Under this arrangement, traders will typically only use margin for a few hours before returning it.
Here’s a full Bitfinex review to answer all of your questions.
A decentralized exchange supports peer-to-peer transactions and trades without the need for middlemen, letting users have complete control over their crypto assets.
No matter where it is that you’d look online, the vast majority of user Bitfinex reviews are going to mention the fact that this particular exchange is mostly aimed at crypto trading professionals.
Even as Bitfinex has had to withdraw its service to the United States, it remains one of the largest and most popular cryptocurrency exchanges in the world.

Cryptocurrencies Available on Bitfinex

Since then, the exchange has implemented robust safety measures to improve security. Although Bitfinex doesn’t offer real-time support with a live agent, the email support was efficient and far better than my experience with KuCoin. While trading on Bitfinex, I verified that the actual fees charged matched those listed on the platform. This demonstrates that the platform is transparent about its fee structure and does not have any hidden charges. Additionally, we also compare these fees with industry standards to give a thorough perspective on each exchange’s affordability.

A Cryptocurrency Exchange Aimed at Professional Traders

The platform has extensive and advanced functionality features, and it also supports fiat deposits in five different currencies (USD, EUR, GBP, JPY, and CNH). In general, Bitfinex is aimed at professional traders more than beginners, and the features on the site showcase that quite well, too. In the dynamic world of cryptocurrency exchanges, robust customer support is critical. Bitfinex’s support framework is built to address the nuanced needs of its users, from addressing basic queries about fiat deposits to resolving intricate issues related to advanced traders’ strategies.

The exchange has remained a leader in cryptocurrency trading since its founding, holding the number 21 spot among the largest cryptocurrency exchanges in the world by volume, as of October 2024. Bitfinex uses a maker-taker fee schedule to determine its trading fees. The fees can vary depending on the user’s last 30 days’ trading volume, with higher volumes resulting in lower fees.

The exchange has a reliable history of reimbursing users when breaches occur. It is not the exchange for everyone, but is worth considering if you’re thinking about trading on a more serious level. Bitfinex also supports all major software and hardware wallets, where users choose to store their digital currencies.

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.

Top 30 Coins Traded on Bitfinex

Choosing the exchange to suit your needs among a staggering number of cryptocurrency exchanges out there might not seem easy. Our Bitfinex review will reveal everything you need to know about the Bitfinex exchange, its features, services, trading fees, etc., Bitfinex Review to help you decide if it’s a suitable exchange for you. In an effort to create a fair and balanced Bitfinex review, let’s talk about Bitfinex alternatives. Bitfinex has a handful of strong competitors, 4 of whom we’ve already discussed.

How long does it take to withdraw from Bitfinex?

To evaluate the quality of customer services for diverse user needs, we created a unique trading test. We personally contact support using all available methods and present hypothetical problems that users might face. Our evaluation concentrates on how quickly they respond, the quality of the help provided, and whether we can talk to a real person rather than a bot. This method effectively measures the capability of customer support to assist both active traders and casual investors. Bitfinex’s trading fees are significantly lower than the industry average, and volume discounts may attract active traders.

Bitfinex is a well-established exchange for experienced traders seeking advanced features and competitive fees. However, potential users should consider the limitations, such as the lack of insurance and phone support, before choosing Bitfinex. Kevin started in the cryptocurrency space in 2016 and began investing in Bitcoin before exclusively trading digital currencies on various brokers, exchanges and trading platforms. He started Hedge With Crypto to publish informative guides about Bitcoin and share his experiences with using a variety of crypto exchanges around the world.