Up-to-Date Bitfinex Review Is It Legit & Safe? 2023

With a brokerage, however, there is no “other person” – you come and exchange your crypto coins or fiat money with the platform in question, without the interference of any third party. When considering cryptocurrency exchange rankings, though, both of these types of businesses (exchanges and brokerages) are usually just thrown under the umbrella term – exchange. If you’re just starting out, though, and haven’t got the vaguest idea of how crypto trading works, admittedly, there are going to be better options for you out there.

• Fees can be lowered with high trading volume or by holding the exchange’s native asset LEO.
• The maker fees range from 0.1% to 0.0%, while the taker fees vary from 0.2% to 0.055% based on the executed trade volume in the last 30 days.
• However, if you are a novice trader and are new to cryptocurrency, there are far simpler trading platforms out there which would be much better suited to your needs.
• First of all, let’s take a look at some of the features that the Bitfinex platform offers to traders.
• The United States has tighter cryptocurrency regulations than the rest of the globe.

Bitfinex supports a wide range of deposit options, including fiat currencies (USD, EUR, JPY, CNH & GBP), and a wide selection of cryptocurrencies. For an exchange that caters almost exclusively to professional traders, Bitfinex is remarkably user-friendly. Its main dashboard is clear, intuitive, and logical, and it also has a mobile app you can use (Android & iOS). Besides, the dashboard is highly customizable and includes advanced charting tools, which also integrate TradingView charts.

Best Ways To Buy Bitcoin in Canada in 2023

If you hold the LEO currency in your account, you can save on fees. With the equivalent of $1 in LEO in an account, you’ll get 15% off taker fees for crypto-to-crypto and crypto-to-stablecoin trades. With at least $5,000 in LEO, you’ll get 25% off taker fees for crypto and stablecoin trades and 10% off fiat trades. And with $10,000 or more in LEO, you can get a larger percentage discount, depending on your balance. Bitfinex’s active trading platform includes standard features like advanced charting tools, an order depth chart and order book view, and quick access to buy and sell supported currencies. Bitfinex is one of the older cryptocurrency exchanges, founded in 2012.

• Choosing the exchange to suit your needs among a  staggering number of cryptocurrency exchanges out there might not seem easy.
• This includes a contact us form, which can take days to receive a response from.
• A hyperlink to or positive reference to or review of a broker or exchange should not be understood to be an endorsement of that broker or exchange’s products or services.
• However, accepted countries include Australia, Canada, Singapore, South Africa, the United Kingdom, and several parts of Europe.
• Alternative exchanges like Bitfinex, renowned for sophisticated user interfaces and high liquidity, are Binance, Kraken, Huobi, and KuCoin.

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. However, for more advanced traders, Bitfinex offers some exciting features such as margin funding, leverage, and multiple order types. Combine this with the high cryptocurrency liquidity of the platform and you’ve found yourself a great advanced trading platform. Whilst first and foremost Bitfinex is a crypto trading platform, it does incorporate three wallets in which you can store your cryptocurrency.

Review of the Top Features on Bitfinex

Before you can even get started trading on Bitfinex, you have to go through the rigorous verification process (which usually involves proof of identification). The reason for this is Bitfinex's commitment to certifications, and compliance with regulations and insurers. Some of them take several days to get back to me when I ask a question, and many times the response comes in the form of a link, which often doesn't resolve my problem. Marc responded in less than five minutes with detailed instructions on how to resolve my issue. Now I see why Bitfinex is considered to be the best exchange in the crypto universe.

In this Bitfinex review, a summary of all important points is covered to help traders choose the right cryptocurrency exchange according to their conveniences. Binance, also called Binance Global, is a cryptocurrency exchange that was founded in 2017 and is based in Malta. It gives you a wide range of trading pairs to choose from and is known for being reliable and easy to use. Binance also lets you trade on margin, and it has its own currency, Binance Coin (BNB), that can be used to pay trading fees and get discounts on transactions.

Bitfinex Staking and DeFi Services

Finder.com is an independent comparison platform and
information service that aims to provide you with information to help you make better decisions. We may receive payment from our affiliates for featured placement of their products or services. We may also receive payment if you click on certain links posted on our site. Bitfinex supports over 244 cryptocurrencies, but some notable assets are missing. Namely, BNB, Lido Staked Ether and Bitcoin Cash, which are in the top 20 cryptos by market cap.

The Bitfinex headquarters is based in Hong Kong and managed by iFinex Inc. For traders who don’t want to go through public order books, Bitfinex offers an over the counter trading facility. This allows users to trade large sums of cryptocurrency privately, matching traders together and helping them to secure private deals. Bitfinex has the most liquid order book in the world, where users are able to deposit, trade and withdraw digital tokens. This helps to ensure a low spread for traders, enhancing price stability and increasing confidence.

Binance

You should consider whether you understand how an investment works and whether you can afford to take the high risk of losing your money. Whether products shown are available to you is subject to individual provider sole approval and discretion in accordance with the eligibility criteria and T&Cs on the provider website. It also https://forex-reviews.org/bitmex/ maintains order books and facilitates P2P trading for an exchange fee. The specifics of the same will be discussed later in this article. However, in all the hullabaloo, some exchanges have left a positive mark on the crypto space. The leaderboard allows individuals to view and follow the most profitable traders on Bitfinex.

BitFinex exchange allows users to easily exchange their cryptocurrencies and digital assets. There are a variety of trading options including stop limit, trailing loss, limit, kill and market. The trading area at Bitfinex is most commonly used by intermediate or expert traders, as the platform offers a good selection of chart analysis tools. In terms of depositing and withdrawing funds, the only payment method supported is a bank transfer, other than cryptocurrencies.

Because Bitfinex charges really high fees, is not user-friendly, does not accept U.S. traders and was hacked in 2015 and 2016, we would suggest re-thinking your plan to open an account. However, if you want to proceed, follow our simple step-by-step guide below. If you’re based in the U.S., then you can access all of the same exchange services offered by Bitfinex at Coinbase. Alongside the likes of Coinbase, Bitfinex is one of the few platforms that allows you to short cryptocurrencies and implement leverage trading strategies. Maker fees start at 0.02% and decrease to -0.01%, while taker fees range from 0.06% to 0.035%. And for comparison, Bitfinex’s withdrawals are generally cheaper than those of two similarly advanced exchanges, Kraken and HitBTC.

Finder.com compares a wide range of products, providers and services but we don't provide information on all available products, providers or services. Please appreciate that there may be other options available to you than the products, providers or services covered by our service. Bitfinex is a leading cryptocurrency exchange that allows users to buy, sell and trade a full range of digital coins. The platform was first launched in 2012 and is based in Hong Kong. Exchanges were reviewed on points including security, fees, number of cryptocurrencies available, and more.

In fact, the exchange does have a pretty shaky past – it’s something that many critics tend to bring up while discussing is Bitfinex legit, too. There is a separate Telegram channel where the admin team answers general compliance-related questions. However, any account-specific queries require to be raised through the official support ticket system within the exchange to avoid any security issues. Bitfinex does not entertain private messages, and therefore traders should not share their passwords with anyone asking for it. An over-the-counter trading service is available for traders who wish to trade major amounts (say over $100,000) of cryptocurrency privately. To create an account on the Bitfinex platform, users need to first log in to the homepage of Bitfinex and click on the “signup” button.

In general, Bitfinex is aimed at professional traders more than beginners, and the features on the site showcase that quite well, too. However, it might take a lot of time for a new user to complete the verification process, which is due to the backlog of applicants the exchange has. This yet again favors the exchange that despite a long verification process and turbulent records, cryptocurrency traders are keen to use the trading platforms for crypto trading and investments. But with its unique features and safety measures, it has managed to become one of the largest cryptocurrency exchanges in the world in terms of high volume. BitFinex can be overwhelming for new users, and even experienced cryptocurrency exchange users can find it daunting.