Welcome to the tradingapps.org review of the Bitfinex Cryptocurrency exchange. Before we get started with the review, I would like to say that Bitfinex is really stepping up their game, and is one of the best crypto trading apps I’ve seen in a while. Without further ado, let’s get into the review.
|Languages||English, Russian, Chinese|
|Trading Platforms||Web & Mobile Apps|
|Minimum Deposit||0 BTC|
What is Bitfinex?
Bitfinex is a cryptocurrency spot & margin trading platform available to 52 countries worldwide. Bitfinex was founded in 2012 in Hong Kong and is a registered company (iFinex Inc.) in the British Virgin Islands. Bitfinex is renowned for being one of the earliest and most popular cryptocurrency exchanges in the world, it is trusted by thousands of Bitcoin & Altcoin traders. The main focus of Bitfinex is to provide professional crypto trading for everyone from small retail customers right through to the corporate sector with 7 figure balances. Bitfinex is also known for leading another popular company within the digital asset industry; Tether – the most well-known USD stablecoin used by traders to protect their capital in times of high volatility.
Bitfinex is owned and operated by iFinex Inc. a registered company in the BVI. Although many traders all over the world trust Bitfinex with large sums, there have been some cases of unfair acts on Bitfinex’s part. It is important to note that many of these cases have been resolved in the past though.
It’s also important to note that Bitfinex is very transparent with regards to who runs the exchange, you can see the full team on the Bitfinex about page as well as on LinkedIn.
For this reason, I feel pretty safe trading on Bitfinex, as I know who is behind the exchange, therefore I would be able to do something about it if my money were stolen.
Trust & Safety
One of the most important things to asses when looking into any cryptocurrency exchange is the level of trust & safety the exchange has. With that in mind, let’s take a look at Bitfinex’s safety features.
Is Bitfinex safe?
In my opinion, yes, Bitfinex is a safe cryptocurrency exchange. As I mentioned above, the high levels of transparency assist with the trust I have with Bitfinex. In addition, there is a wide range of security features built into the exchange to prevent hacks from occurring.
As standard, Bitfinex offers two-factor authentication with Google Authenticator, Twilio, or a U2F Security Key. I’m impressed by the large range of 2FA options available on Bitfinex, it’s usually only one or two methods with other crypto exchanges.
Email Verification & Encryption
Each withdrawal requires you to verify the action by email, which adds another step into the process but is well worth the extra security gained in my opinion. This means that even if someone was able to get access to your account, they would then need to be able to access your email address to steal funds from your account.
In addition to that, Bitfinex also encrypt emails using PGP which makes it just that bit harder for someone to gain access to your account.
As expected, Bitfinex is fully encrypted with a valid SSL certificate, meaning that your access to the website is completely secure.
Intelligent IP Protection
Bitfinex constantly monitors the activity of your account by IP address. This ensures that if someone does access your account from an unknown or previously unused location, it will be secured until you prove it is you. This extra step which most exchanges don’t take ensures that your funds are kept extra safe within Bitfinex.
Similarly to other crypto trading platforms, Bitfinex stores the majority (99.5%) of crypto assets in cold storage, which ensures that clients cryptocurrencies are kept safe if a hack were to occur. These cold wallets are almost impossible to hack, and only the founders among a few other people have access to the private keys. On the other hand, this does put risk on those who have access to the cold wallets as they could be physically forced to hand over Bitfinex’s crypto assets.
Bitfinex regular updates and performs routine data backups so that if the system were to go down, you shouldn’t lose any money from trades you weren’t able to close for example. These backups are then sent to other server locations off-site, ensuring maximum security levels.
To conclude, I am very impressed with the measures Bitfinex takes to ensure customers are safe on the platform and mobile apps. You can read more about Bitfinex’s security by visiting the dedicated Security Policy on their website.
Trading & Account
Now that we have reviewed the security of Bitfinex as well as the general company information, it’s time to dive into the trading details.
What cryptocurrencies can you trade on Bitfinex?
Bitfinex supports a wide range of cryptocurrency trading pairs, I’ve put together a full list of the coins on Bitfinex for your reference below.
Bitfinex offers 3 account types, here’s a breakdown of each with the corresponding features.
This regular Bitfinex account is free to sign up for and has access to all trading pairs on the exchange. You can also trade with up to 3.3x leverage with a regular Bitfinex account. This account is suitable for most traders and offers a professional trading suite.
Corporate accounts give users of Bitfinex a slightly more advanced trading experience as well as a few other main features. The main differences of note are; access to sub-accounts, dedicated customer support, faster verification, quicker withdrawals and OTC trading.
The requirements to open a corporate account are certificates of company registration as well as a yearly fee.
Get started with a Bitfinex Corporate account today by going to Bitfinex.com.
The Bitfinex Pro account is similar to the Corporate account listed above, except for the fact that it can be used by individuals rather than companies. You can enjoy all the benefits associated with Corporate accounts without a registered company.
To sign up for a Pro account, visit this page.
Bitfinex supports 52 countries. The main locations where Bitfinex is available currently are as follows:
- Major European Countries
Restricted countries include the US, Bangladesh, Ecuador, Kyrgyzstan & Bolivia.
The login process on Bitfinex is fairly simple and doesn’t require too much hassle.
Depending on whether or not you set up 2FA, the login process takes 0-2 minutes.
To login to Bitfinex, head over to Bitfinex.com, click ‘LOG IN‘ in the top right-hand corner, enter your login details, complete the Captcha and then proceed to login.
Hint: If you can’t do the captcha, just refresh the page and there will be a different one.
I really like the fact that the prompt users to check that they are on the right website before logging in, it’s another safety feature which helps protect users from phishing sites.
Similarly to other popular cryptocurrency exchanges like BitMEX, Bitfinex offers leveraged trading on its desktop and mobile apps.
Leverage allows you to trade with more than your account balance which means that you can make more profits, but also lose more if the trade were to go in the other direction.
The maximum leverage available to users on Bitfinex is 3.3x. Therefore, if you had $100 in your account, you could trade with a balance of $330. To work out how much you would make/lose, you just multiply the percentage gain/loss by 3.3.
Bitfinex uses leverage with something called peer-peer funding. In essence, this means that each time you use leverage, someone else’s account is funding that trade. An easier way to understand this idea is by looking at how banks work. When you take out a loan at a bank, they are giving you someone else money, and paying the interest out to the other person who you are borrowing from. Peer-peer funding is essentially the same thing (I hope you found that metaphor clear enough!).
Signing up to Bitfinex
Signing up for a Bitfinex account is simple and only takes a few moments. To get started, head over to Bitfinex.com, click ‘SIGN UP‘, enter your login details and verify your email address.
You will then have access to the main Bitfinex platform and be able to deposit & withdraw cryptocurrencies.
Does Bitfinex require KYC?
To open a regular account, KYC isn’t usually required on Bitfinex (unless you are depositing/withdrawing fiat) although they do reserve the right to ask you to KYC should your account raise any red flags. This is to ensure that they comply with international money laundering laws.
This information is officially given by Bitfinex in this support article.
As Bitfinex is a cryptocurrency exchange, there is currently no demo account available. This isn’t to say that they won’t launch one in the future, but for now, there isn’t one.
That being said, there is no minimum deposit on Bitfinex, so you can try out trading on the platform with relatively low financial risk.
Bitfinex offers professional trading with industry-low fees. This means that traders can lock in more profits on their trades.
For a detailed breakdown of Bitfinex fees, see the information below.
Bitfinex’s fee structure is tiered based on your total account trading volume on a monthly basis. Basically, the more you trade, the fewer fees you pay on your trade.
With derivatives, you can actually get a fee rebate on Bitfinex if you add liquidity to the books.
|Spot (Regular) Fees||0.000% – 0.200%|
|Derivatives Fees||-0.0300% – 0.0750%|
It’s also important to note, that if you hold LEO (Bitfinex’s exchange token), you can get a discount of up to 25% on your trading fees.
To learn more about Bitfinex’s fees, visit bitfinex.com.
Deposit & Withdrawal
Getting money in and out of a crypto exchange is the key to whether or not the exchange is good or not. Slow withdrawals can put customers off big time. In light of this, let’s take a look at deposits/withdrawals on Bitfinex.
You can deposit on Bitfinex with all cryptocurrencies listed on the exchange as well as 5 fiat currencies.
Here’s a list of the most popular deposit methods on the Bitfinex exchange:
How to deposit on Bitfinex
Making a deposit on Bitfinex is similar to many other cryptocurrency exchanges. First off, you have to find the deposit address for the cryptocurrency or fiat you want to deposit onto the exchange. Once you have that, you need to send money to over to Bitfinex, to do this, copy the address and send your crypto to it (or wire transfer for fiat).
Here’s a step-by-step guide to depositing on Bitfinex.
- Login to Bitfinex.com
- Go to ‘Wallet‘ and then ‘Deposit‘
- Select the deposit method and copy address
- Send crypto/fiat to that crypto address/bank details
There is no minimum deposit on Bitfinex, but the small deposit fee may make small deposits (under $5) pointless.
Are there any deposit fees on Bitfinex?
There is a deposit fee on Bitfinex for small deposits (anything under $1000 at the time of deposit). This fee is displayed to you when making a deposit and is calculated in the deposit method you choose (see screenshot above).
Withdrawing from Bitfinex can be done with any of the valid deposit methods listed above. For this reason, you are most likely able to withdraw in all major cryptocurrencies and fiat currencies.
How to withdraw from Bitfinex
Want to take funds out of the Bitfinex exchange? Don’t worry, I’ve got you covered. It’s a simple process which only takes a few moments.
To withdraw from Bitfinex, login to your account, go to ‘Wallet‘ and select ‘Withdraw‘. From this page, select which (crypto)currency you wish to withdraw, enter the amount and the withdrawal address and proceed.
Handy Tip: You will have to verify your withdrawal by email, so make sure you have access to your account email address. In addition, if you can’t see the email, check your junk/spam folder.
Are withdrawals instant?
Yes, all withdrawals are instant on Bitfinex when you complete the necessary withdrawal steps. However, larger withdrawals may take longer since they are sometimes manually checked for extra security.
There is no minimum withdrawal on Bitfinex, although the miner fees for crypto transactions mean that small withdrawals of $5, for example, are pointless as you would only receive a small amount.
Are there any withdrawal fees on Bitfinex?
Some cryptocurrency withdrawals require something called a miner fee to complete the transaction. This is not charged by Bitfinex, but rather by the miners running the blockchain. You’ll always be able to see this fee before making a withdrawal fee.
The fee is very small (a few dollars) and shouldn’t affect the majority of users.
Bonuses & Promotions
Trading is more fun with bonuses (well in my opinion anyway). Here’s a rundown of the bonuses available on Bitfinex.
Fee Rebate (no deposit required)
Bitfinex is giving 6% off trading fees to anyone that signs up for a free account with a valid invite link like this one.
If you want to learn more about this, check out our post on the Bitfinex referrer code.
You can earn up to 38% of your trading fees from people that you refer to sign up to Bitfinex and they’ll get 6% off their trading fees by using your link – it’s a win-win.
The Bitfinex affiliate program launched in late 2019 and is one of the most advanced in the industry in my opinion. You can create several different links, track the revenue generated by each referred user all on a good-looking intuitive dashboard.
Here’s a screenshot of the Bitfinex affiliate dashboard:
To get started earning from the Bitfinex affiliate program, you have to first sign up for a free Bitfinex account.
I’m personally a big fan of the Bitfinex affiliate program – it’s well designed, easy to use and most of all, profitable for all parties involved.
Bitfinex offers desktop and mobile trading apps for the main crypto exchange platform. These apps are available for download on IOS & Android as well.
Here are the download links for the Bitfinex app:
The mobile app is pretty easy to use and offers all the basic features you would expect of a crypto trading app. Once you’ve downloaded the app, you have to create an API key on a laptop/desktop computer and then scan the QR code for that API key from the app – this is how they keep the app secure whilst maintaining eases-of-use.
Bitfinex App Features
As mentioned above, the Bitfinex app offers a wide range of features to suit on-the-go traders. Here’s a list of the main ones offered on the mobile app for Android and IOS.
- Wallet Access
- Manage Funding
- Customise Account Settings
- Price Alerts & Notifications
Support systems can make or break a crypto exchange, more so than with forex or stock trading platforms since they can be slightly more difficult to use for beginners. My personal experience with the Bitfinex support team is flawless. Any issues I had were cleared up efficiently.
The main Bitfinex support system can be accessed by visiting cs.bitfinex.com – from here you can directly contact support as well as view guides which may be able to solve the issue for you first.
A satisfied customer is a happy one!
Does Bitfinex support have an email or phone number?
No, there is no public support email or phone number for the Bitfinex exchange or mobile app.
All support queries are handled through the form on the main support desk or via social media. Pro accounts may be able to access other support channels.
How about a live chat?
Bitfinex doesn’t currently offer live chat functionality to its users. This is something I would like to see added in the future as it would improve the support process in my opinion.
To summarise, Bitfinex is a secure, trustworthy cryptocurrency trading app worthy of an almost 5* rating. I personally love using this exchange. My highlight of Bitfinex is the lengths they go to keep traders funds safe and with regards to improvements to the exchange, I would like to see live chat functionality as well as the removal of the small deposit fee.
All in all, Bitfinex is a great cryptocurrency exchange and trading app and is suitable for beginner and advanced traders alike.
You don’t have to take my word for it though, go ahead and create a free account today with a 6% fee rebate by using our special link.
I really hope you enjoyed this review of the Bitfinex exchange and found it thorough enough. If you didn’t find the information you are looking for, leave a comment below and I’ll try my best to help you out.