Bitfinex Review: One of The Largest Cryptocurrency Exchanges

Bitfinex was founded in 2012, is based in Hong Kong, and is owned by iFinex inc. It is one of the largest Bitcoin trading platforms by trading volume, and It provides regular and margin trading against 105 trading pairs. Bitfinex has trading, deposit, and withdrawal fees, though the deposit fees are waived on deposits over $1000 USD or equivalent.

Bitfinex’s high trading volume makes it good for any investors, while the simplicity of its interface will make new traders feel comfortable, without hiding information from more experienced investors. There is also an API available for programmatic trading.

Bitfinex

bitfinex logo

URL: bitfinex.com
Total Trading Pairs: 105
Deposit Fees: Yes for small deposits
Withdrawal Fees: Yes
Trading Fees: 0.00%-0.20%
Margin Trading: Yes
Verification: Only for fiat withdrawal

Fees

Bitfinex breaks its trading fees down into the usual maker/taker system. With fees going down as the amounts go up based on your total trading over the last 30 days. Starting at 0.1% for makers and 0.2% for takers for orders between $0 and $499,999.99 USD. And 0.0% for makers and 0.1% for takers at $30,000,000.00+ USD. Aside from standard trading, Bitfinex offers an OTC desk with no fees, so long as you allow Bitfinex to broker the transaction.

For deposits, there is no fee so long as your deposit is larger than $1000 USD or equivalent, for withdrawals there is a flat fee for all currencies.
You can find the exact numbers for both withdrawals and deposits here

Interface

Bitfinex’s trading interface is a nice dark blue-green background with light off-white text. Which makes it awesome for late-night trading without eye strain.Bitfinex's default trading interface

There is a large amount of information presented on the main screen which all updates in real time:

  • Your current balance on all wallets
  • An interactive chart of the currently selected trading pair
  • Your current regular and margin orders
  • The current order book (which can be filtered to show only your orders)
  • A list of all Bitfinex’s trading pairs and their current price, with the ability to switch  to them
  • The most recent trades on the current trading pair

The chart is extremely configurable, you can change every colour and the style of the candlesticks. It also has a screenshot button to grab an image of the chart as it stands. There is also a fully interactive tour of the interface, which even provides a small amount of basic trading information. Overall the interface feels comfortable and easy to use.

Verification

Bitfinex requires verification only if you intend to withdraw fiat currencies, you are free to trade and withdraw crypto at any time. Verification requires you to be at least 18, your phone number, your address, two forms of government photo ID, a bank statement indicating you as the account holder, and proof of address no more than three months old.

Security

Bitfinex offers various account and email security features. For email security, you can request that all communication is encrypted with PGP. And on the account side, you can enable 2FA with optional hardware key support, monitor the IP addresses that use your account, any unknown IP addresses attempting to withdraw from your account will be blocked until the withdrawal is confirmed by an administrator.

Armin Davis

Armin is a cryptocurrency mining and computer security enthusiast. Writing is fun too.

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.