Bitfinex | Business24-7

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Written by Braden Chase Edited by Giles Thomas Fact Checked by Tomislav Turcin

7 March 2023

4 March 2023

Page Summary

Bitfinex is a popular cryptocurrency exchange for experienced traders. It offers advanced trading tools. Bitfinex supports 100+ digital coins. We recommend it for professional traders, as it has limited learning tools.

Review Summary: 

The Bitfinex exchange has a long track record and a good reputation.
It offers excellent services for advanced traders.
It offers 100+ crypto coins, including Bitcoin, Bitcoin Cash, Ethereum, and Ripple.

Bitfinex Overview:

Bitfinex is a top cryptocurrency exchange launched in 2012. It offers a good selection of digital assets. Bitfinex has a complex interface, which is why it’s a top choice for intermediate and expert traders. The Bitfinex exchange has a transparent fee structure and average costs. Bitfinex is available worldwide, but the following countries aren’t supported:

United States
Bangladesh
Bolivia
Ecuador
Kyrgyzstan

Trading Experience

Bitfinex is a third-party exchange. It matches cryptocurrency buyers and sellers. To receive access to Bitfinex, you have to create an account. After you fund your account, you receive access to 100+ coins. The main method to deposit funds is by bank transfer.

Users get to hold their digital assets in an account. We recommend withdrawing funds to a private Bitcoin wallet. Check our in-depth reviews for more information on how to store your cryptocurrency.

Cryptocurrencies Available 

Bitfinex supports many digital coins. It offers popular cryptocurrencies, including Bitcoin, Ethereum, and Ripple. Other digital coins available at Bitfinex include:

Dash
Litecoin
Tether
Tezos
Zcash
Zilliqa

Fees 

Bitfinex offers different payment methods and trading fees. Depositing funds with a bank transfer comes with a 0.1% fee. If you deposit funds by cryptocurrency, you’ll receive a discount. The standard Bitfinex withdrawal fee is 0.1%. But if you need an express withdrawal, you’ll pay a 1% fee. The Bitfinex trading fees are average and the Bitfinex withdrawal fees are higher than with competitor exchanges.

Regulation & Reputation 

Bitfinex doesn’t have a license from a trustworthy regulatory body. It uses top security measures. Bitfinex stores 95%+ of customers’ crypto offline in cold storage. Even though it is easier to store coins on Bitfinex, it might be good to consider other options.

Bitfinex is a popular crypto exchange. Account holders get access to many security measures and Bitfinex services. It uses useful safety measures, including:

Two-factor authentication
Cold storage
IP address whitelists
DDoS protection

Account Opening 

Creating a new account with Bitfinex is simple. You have to pass account verification process and receive access to the trading platform. Trading cryptocurrency is possible up to your Bitfinex account limits.

To set up a Bitfinex account, follow the steps below:

Access Bitfinex and click on Get Started.
Submit personal information, including full name and email address.
Agree to the User Agreement and Privacy Policy.
Click on Create Account.
Verify your account.
Add a payment method and start using your Bitfinex account.

Customer Support 

Customer service is the main aspect we review. Bitfinex has average customer service, as it is difficult to reach one of their team members. This exchange offers email support available 24/7. It doesn’t have a live chat or phone support.

Bitfinex Vs. Other Cryptocurrency Companies

Bitfinex is a popular crypto exchange with leading competitors like Coinbase. Crypto traders use many exchanges and digital wallets to receive access to different coins.

Coinbase

Coinbase is a trustworthy crypto exchange. It has an intuitive mobile app and trading platform. Coinbase is the main competitor of Bitfinex. Both exchanges offer excellent services, but they differ in some key aspects:

Coinbase is a secure exchange to trade with cryptocurrencies.
It has a beginner-friendly interface and a simple account opening process.
It offers Coinbase Pro with useful trading features for professionals.

Coinbase is a trustworthy exchange with industry-leading services. All exchanges have strengths and weaknesses. Read our in-depth reviews to learn more about the services available at Coinbase.

Summary 

Bitfinex is a popular crypto exchange with a useful platform. The Bitfinex platform is a top choice for professionals, as it might be challenging to learn for new traders. The Bitfinex exchange has a versatile portfolio with access to leading digital coins, including Bitcoin, Ethereum, and Ripple. Our Bitfinex review shows it is a top choice for using different trading strategies.

We review cryptocurrency exchanges with real accounts and money. Our results depend on 105 criteria, including licenses, safety, and portfolios.

FAQ

Is Bitfinex Safe And Legit?

Crypto trading is risky. Digital coins remain speculative assets. Bitfinex is a reliable exchange and has a good reputation. It uses top safety measures for all its accounts. Check our in-depth reviews to learn more about crypto exchanges and safety.

Which Is The Main Competitor Of Bitfinex?

The main competitor of Bitfinex is Coinbase. Coinbase is a US-based firm that follows strict regulations. It offers up to 5% interest on specific coins. Read our in-depth reviews to discover more information on Coinbase and on how to earn interest.

Does Bitfinex Offer A Wallet?

Bitfinex offers a third-party online wallet. You don’t have control of your private keys. If Bitfinex is hacked, your funds are at risk. It is best to use a private wallet to protect your digital coins. Read our in-depth reviews for more information on digital wallets and safety measures.

Does Bitfinex Offer An App?

Bitfinex has a native mobile app available on Android and iOS devices. It lets traders invest in digital coins and check transaction history. The Bitfinex mobile app is reliable and useful to all traders. It offers many features, including advanced charting functionality.

Disclaimer

Braden Chase

Braden Chase is an investor, trading specialist, and former research specialist for Forex.com who helps aspiring investors develop the confidence and habits they need to make an income from the market. Braden has served as a registered commodity futures representative for domestic and internationally-regulated brokerages and has also spoken & moderated numerous forex and finance industry panels across the globe.

Bitfinex Review