It’s easy to set up a payment, but a minimum purchase of $25 is required. Remember that this is only for buying crypto assets and not for trading. The features and services described above and many more make Bitfinex one of the go-to exchanges in high-volume trades, offering you the advantage of earning on your tokens.
The user interface can seem cluttered but all of the functions available through more popular exchanges are available on BitFinex in addition to the advanced features. 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., to help you decide if it’s a suitable exchange for you. BitFinex was founded in 2012 in Hong Kong and is registered as a subsidiary of iFinex in the British Virgin Islands.
Withdrawal fees
- The fee discount applies to traders that remove liquidity from the exchange order books and vary on the user’s level.
- So these guys randomly delist some tokens and after a while ask for 500 euros to recover the funds.
- Bitfinex customer support works as a ticketing/email system and the exchange provides users with an extensive FAQ section and knowledge base.
- Users can borrow certain fiat currencies, as well as BTC, USDT, ETH, LTC, DOT, XRP, EOS, ADA, UNI, LINK, XTZ, IOTA, ATOM and SOL through providing collateral and paying interest.
For Derivatives order execution on Bitfinex, the amount of each transaction fee and rebate you will get is calculated as a percentage of the trade value to which it applies. Let’s say you have a 30-day derivatives trading volume of $0.00 or more traded; you will be charged 0.0200% maker and 0.0650% taker’s fees. Bitfinex has no maximum withdrawal limit for fiat currencies or cryptocurrency transactions. For fiat withdrawals, the minimum is $10,000 USD/EUR/GBP or 1,000,000 JPY for bank transfers.
Bitfinex has made a name for itself with its distinctive trading fees. The typical trade is accompanied by either a 0.10% maker fee or a 0.20% taker fee, applicable to crypto, stablecoin, and fiat trades. However, if you’re a LEO currency holder, you’re in for some savings. Trading volume is essentially the heartbeat of an exchange, reflecting the pace and intensity of trading activities by its users.
Moreover, Bitfinex has stored nearly 99.5 percent of user funds in cold storage through a geographically distributed multi-signature system to protect users from possible future attacks. Yet despite the robust security measures, Bitfinex was hacked in 2015 and 2016. Nonetheless, Bitfinex’s recovery management after the hacks was legendary, and since then, it has significantly improved its security and compensated lost funds to every user. Finder US is an information service that allows you to compare different products and providers. We do not recommend specific products or providers, however may receive a commission from the providers we promote and feature. With Bitfinex, the withdrawal fee may vary depending on the currency you are going to withdraw.
External crypto withdrawals are generally free for some cryptocurrencies, but Bitfinex charges a small fee for others. However, from our Bitfinex review, their customer service needs improvement, especially in handling issues that the self-help services can not settle. In cases like account blocking or freezing, withdrawal delays, etc., such customers would need to communicate with a knowledgeable and responsive support team. 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. Furthermore, Bitfinex users can access an extensive range of technical indicators, although the lack of drawing tools makes plotting complex strategies challenging.
For now, let’s take a look at some of the current security features that are present on the site. Bitfinex offers lower-than-average fees, making it a good choice for active traders. 📊 Advanced desktop tools, including Market, Limit, IOC, Stop Limit orders, derivatives trading, staking and TradingView bitfinex review integration. The main reason for this is the lack of insurance on both crypto and fiat deposits, as well as the lack of Proof of Reserves.
Support is very helpful and correct.
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.
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. BitFinex can be overwhelming for new users, and even experienced cryptocurrency exchange users can find it daunting. It is designed to be an advanced cryptocurrency exchange that offers a plethora of services for borrowing, lending and trading.
So before joining Bitfinex, traders should check if there are any tokens unavailable for them. Users can borrow certain fiat currencies, as well as BTC, USDT, ETH, LTC, DOT, XRP, EOS, ADA, UNI, LINK, XTZ, IOTA, ATOM and SOL through providing collateral and paying interest. Users can tailor their borrowing by duration and rates (variable vs fixed rate), which will impact the amount of interest owed on the loan. The exchange has some tough competitors like Kraken, Coinbase or Bittrex, but when it comes to trading volume, almost all of them have pretty much the same volume except Bittrex. Finally, to achieve the Full verification level, you should provide a bank statement and all the information required for the Intermediate level. However, Bitfinex is unregulated and unavailable in a few countries, including the U.S.
The exchange is not regulated, which might raise concerns for some traders. Additionally, customer support is limited to email correspondence, and the platform does not accept debit/credit card or e-wallet deposits. These factors may deter some users from choosing Bitfinex as their go-to crypto exchange. When we talk about margin trading, Bitfinex puts the power in your hands, allowing you to trade with up to a tenfold leverage, thanks to the funding from its peer-to-peer margin platform. You can either place an order to borrow your desired funding amount, setting your preferred rate and duration, or sit back and let Bitfinex do the legwork, securing the best available rate for you. Bitfinex’s margin funding market is a safe bet for earning interest on both fiat and digital assets by providing funding to those eager to trade with leverage.
Bitfinex Deposit Withdrawal and Deposit Fees
The Bitfinex headquarters is based in Hong Kong and managed by iFinex Inc. Bitfinex is one of the oldest centralized exchanges, which has been in operation since 2012. The platform offers over 200 cryptocurrencies and is available in over 50 countries. Buy, sell and trade a range of digital currencies on this high-liquidity exchange – suitable for beginners right through to advanced traders.
- Bitfinex supports over 178 cryptocurrencies, but some notable assets are missing.
- The platform offers a comprehensive API library with high-frequency trading strategies that can be backtested using the Honey Framework.
- If you just want to get it done quickly and easily, and have no plans to become a cryptocurrency trader, then this might be the way to go.
- 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).
- The tokens got delisted and they are asking for cash to renew them which is not supposed to be so.
Deposit & withdrawals fees
Bitfinex frequently organizes trading competitions to engage active traders. During my evaluation, the “Happy 12” competition was active, offering a prize pool of $12,000. To qualify, participants needed to achieve a minimum profit of 12% with a trading volume of at least $1,200.
When looking at security measures adopted by Bitfinex there is one major security measure missing, crime insurance. When looking at the Bitfinex user agreement, users have to acknowledge that they are not protected by any insurance policy from any government body. This is bad, but on the bright side, Bitfinex is known to compensate traders in the event of theft. Security is one of the most important aspects of crypto exchange or any place where we are investing our money.
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. However, the minimum deposit size is $10,000, and the minimum fee is 0.1% or $60, making this option suitable only for large-volume traders. Other fiat currencies are traded against 2-4 cryptos, usually BTC and ETH. For users who want to secure profits without cashing out crypto, Bitfinex offers a variety of stablecoins like USDT, TUSD, PAX, CELO, etc.
Fees & Commissions
As pointed out earlier in the Bitfinex review, the company has appeared to learn their lesson, and have since strengthened their security exponentially. A derivative is like a contract that’s tied to the asset that you’re interested in – in this case, it would be the cryptocurrency. Please note that fees may vary, and it’s advisable to check Bitfinex’s official website for the latest information. The fees charged by Bitfinex are considerably lower than the industry average. To create a Bitfinex account, you need an email address, a username, and your country of residence. 📱 Available on Android, iOS, and desktop, with Pro and Basic versions for mobile users.
Which countries are supported by Bitfinex?
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). 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).
