Bitfinex is a centralized cryptocurrency exchange founded in 2012. It is registered in the country of British Virgin Islands. The Bitfinex exchange is available at www.bitfinex.com . In addition, information about the platform can be obtained from official social media accounts (e.g. Twitter ). The current Trust Score for this exchange is 9. In the last 24 hours, the trading volume reached 12,338 BTC.
Bitfinex is a popular cryptocurrency exchange from Hong Kong, offering not only cryptocurrency exchange but also transactions with fiat currencies. The platform offers over 150 cryptocurrencies. Bitfinex users can expect low fees and a relatively advanced trading service.
Bitfinex is one of the longest-standing cryptocurrency exchanges on the market. It was founded in 2012, initially as a platform for lending Bitcoins. Later, it expanded its functionality and gained users from all over the world. Previously, Hong Kong was indicated as the main headquarters of the exchange. However, the companies were registered in other locations. Currently, it is the British Virgin Islands.
Bitfinex offers over 150 cryptocurrencies. Trading with leverage, staking, and cryptocurrency loans are possible. The exchange also supports FIAT currencies such as EUR, USD, GBP, and JPY.
The exchange offers many altcoins, including the most recognizable ones (e.g., Litecoin or Ethereum). Niche cryptocurrencies are also supported, such as Golem (GNT), AidCoin (AID), Bitcoin Gold (BTG), Dai (DAI), Time New Bank (TNB), FunFair (FUN), and many other niche altcoins. It is worth noting that Bitfinex supports transactions in FIAT currencies.
A significant advantage of the exchange is its advanced trading platform. It is intuitive even for beginner traders. At the same time, it offers many possibilities for more advanced users, as the platform provides a wide range of tools for technical analysis. Additionally, the Bitfinex platform offers various types of orders. The more advanced ones are dedicated to experienced traders. Available order types include fill or kill, one cancels other, and iceberg order.
Detailed fees on Bitfinex depend on the monthly trading volume and status (maker, taker). Maker transaction fees range from 0.1% to 0.0%. Taker transactions are subject to fees ranging from 0.2% to 0.055%. The highest rates are charged for operations up to 500,000 USD per month. For larger volumes, the fees are significantly lower (e.g., for volumes above 7,500,000 USD, maker fees are 0%).
Detailed information about current fees can be found on the exchange’s website: https://www.bitfinex.com/fees/
The exchange employs various security measures. Almost all assets (probably 99.5%) are stored in cold wallets using multi-signature technology based on multiple authorization keys. Bitfinex paid special attention to this after serious security issues resulting from hacker thefts.
To protect access to accounts, two-factor verification is used (logging in requires two-factor authorization using 2FA and U2F mechanisms). The website is secured with appropriate SSL protocols and other technological solutions to enhance security. Interestingly, Bitfinex has a system in place that automatically detects suspicious transactions. Additionally, it is worth noting that investors can create lists of IP addresses from which they have access to their accounts or trusted wallets for fund withdrawals.
Creating an account on the platform involves the following steps:
After verifying your account, you can proceed with depositing funds. To do this, click on the “Deposit” button. Then, choose the type of deposit. You can choose from credit/debit card, cryptocurrencies, bank transfer, or tether tokens. Next, select the currency.
If you choose cryptocurrencies, simply copy the generated address and use an external cryptocurrency wallet to send funds to Bitfinex.
To make a deposit via bank transfer, ensure that your account is fully verified. Also, keep in mind that the minimum deposit amount is quite high (10,000 USD/EUR/GBP). Another thing to consider is the processing time for deposits, which is usually around 5 business days.
To start trading, select the “Trading” button, which will take you to the main trading screen. Then, choose a trading pair, amount, and select the type of order (Limit or Market). If you choose a Limit order, you will need to enter the order size and price. For a Market order, the order will be executed at the current market price, so there is no need to enter a price. Keep in mind that the minimum order size varies depending on the chosen trading pair.
We do not have a bonus for Bitfinex yet. Get a bonus on another exchange:
You can withdraw funds via bank transfer or transfer to an external cryptocurrency wallet. To make a withdrawal, go to “Wallet” -> “Withdrawals”. Then, select the cryptocurrency you want to withdraw. Follow the instructions displayed on the screen, such as entering the amount to be withdrawn, the value of the withdrawn funds, and the destination address. It is important to note that some cryptocurrencies require additional information, such as a tag for Ripple withdrawals to associate transactions with your account.
In addition to withdrawing to a cryptocurrency wallet, withdrawals can also be made via bank transfer. Bitfinex supports withdrawals in USD, EUR, GBP, and CNH. The minimum withdrawal amount in fiat currency is 10,000 USD/EUR/GBP. The processing time for fiat currency withdrawals is approximately 5-10 business days. To expedite this process, you can choose “An Express bank wire,” which shortens the processing time to 1 business day but incurs a handling fee of 1%.
New users of the exchange can take advantage of a referral code that entitles them to receive a bonus. Using the code during registration allows for a 6% discount on transaction fees. The code can be used for margin and spot transactions.
Bitfinex exchange is one of the most popular and longest-running cryptocurrency trading platforms. For many years, it was considered the largest exchange in terms of trading volume. However, it currently does not receive many positive reviews due to its complex history related to exchange security. Nevertheless, the platform still functions well and maintains a high level of activity.
Bitfinex supports over 150 cryptocurrencies, including Bitcoin, Ethereum, Litecoin, Ripple, QASH, and TRON. It also offers less popular digital currencies such as Augur, Sentiment, Time New Bank, Decentraland, Golem, and many others.
Transaction fees on Bitfinex depend on the monthly trading volume and the type of transaction (maker, taker, market maker).
There is a native mobile application available for free download from Google Play and the iTunes Store. The app allows users to trade, deposit funds into their wallet, monitor transaction history, and receive activity notifications.
To activate an account, users need to go through the identity verification process. This is necessary for depositing or withdrawing fiat currencies. For crypto-to-crypto exchanges, full verification is not required.