Bitfinex is one of the oldest digital currency exchanges, founded in 2012. It was originally designed for P2P Bitcoin transactions, but more than 400 cryptocurrencies can now be traded in it!
Bitfinex crypto is the second digital exchange in the world in terms of the number of bitcoins held (more than 403,000), and for this reason, it has a special place in the cryptocurrency ecosystem. If you are eager to learn more about this centralized exchange after reading this text, don't miss the āBitfinex reviewā article!
Bitfinex Company Information & Regulation
In the early 2010s, āRaphael Nicolā was working on a project called "Bitcoinica," which eventually led to the launch of the Bitfinex exchange. Thus, Bitfinex Crypto was launched in December 2012 by āRaphael Nicolleā and āGiancarlo Devasiniā, and the rest is history. Right now, Bitfinex is operated by iFinex Inc. and its subsidiaries BFXWW Inc. and BFXNA Inc. although Bitfinex is a pioneer in crypto industry but hasnāt achieved reliable licenses. Right now it is regulated in 3 jurisdictions:
- El Salvador (CNAD)
- British Virgin Islands (FSC)
- Cayman Islands (CIMA)
Summary of Specifications
Bitfinex offers a comprehensive suite of trading features and services such as more than 400 supported coins & 10x leverage but itās not all about it, Bitfinex summary of specifications:
Exchange | Bitfinex |
Launch Date | 2012 |
Levels | 4 |
Trading Fees | Varies Based on USD Value Traded or UNUS Sed Leo Holding |
Supported Coins | 400+ |
Futures Trading | Yes |
Minimum Deposit | $10 |
Deposit Methods | Bank Wire Transfers, Credit/Debit Cards, Openpayd, Crypto, Tether Coins |
Withdrawal Methods | Bank Wire Transfers, Credit/Debit Cards, Openpayd, Crypto, Tether Coins |
Maximum Leverage | 10x |
Minimum Trade Amount | $10 |
Security Factors | Cold Storage, Two-Factor Authentication (2fa), DDoS Protection, Ip Address and Withdrawal Whitelisting |
Services | Lending Pro, Staking, Bitfinex Borrow, Bitfinex Pay |
Customer Support Ways | Live Chat, Ticket |
Customer Support Hours | 24/7 |
Fiat Deposit | Yes |
Affiliate Program | Yes |
Orders Execution | Custom, |
Orders Execution | Limit, Market, Stop, Stop-Limit, Trailing Stop, Fill or Kill (Fok), Immediate or Cancel, Scaled Order |
Native Token | No |
Restricted Countries | USA, Cuba, North Korea, Iran, Syria, Crimea, Parts of Ukraine That Has Annexed from Russia |
User Levels
Bitfinex offers a tiered user level system based on verification. Each level has its own features which you can see in the table below:
Specifics | Basic Access | Basic Plus | Intermediate | Full |
Exchange Trading | View-Only | Yes | Yes | Yes |
Margin Trading | No | Yes | Yes | |
OTC Trading | Yes | Yes | Yes | |
Derivatives Trading | No | Yes | Yes | |
Margin Funding | No | Yes | Yes | |
Lending Pro | No | Yes | Yes | |
Bitfinex Borrow | No | Yes | Yes | |
Increase position | No | Yes | Yes | |
Bitfinex Pulse | Yes | Yes | Yes | |
Staking | Yes | Yes | Yes | |
P2P | Yes | Yes | Yes |
Fees and Commissions
Bitfinex has implemented a unified fee structure for all trading pairs, based on the total USD value traded or UNUS SED LEO holding in the last 30 days; but in the basis the fees are as follows:
Fees | Crypto to Crypto | Crypto to Stablecoin | Crypto to Fiat | Derivatives |
Maker | 0.100% | 0.100% | 0.100% | 0.200% |
Taker | 0.200% | 0.200% | 0.200% | 0.0650% |
Bitfinex Exchange Supported Coins: How Many Assets Can You Trade?
Bitfinex boasts an impressive selection of over 400 spot markets, covering a wide range of cryptocurrencies and digital assets. Traders can access major cryptocurrencies like:
- Bitcoin (BTC)
- Ethereum (ETH)
- Solana (SOL)
- Ripple (XRP)
- Litecoin (LTC)
- DogeCoin (DOGE)
- Cardano (ADA)
- Chain Link (LINK)
Bitfinex Exchange Futures and Margin Trading Overview
Bitfinex supports both futures and margin trading which allows traders to access derivatives marketā but what are their features? See the list below from Bitfinex review!
Futures
- Leverage up to 10x;
- Supports Perpetual Contracts;
- Risk Management tools such as position management;
- Understandable for Beginners.
Margin
- Wide range of tradable assets available for margin trading;
- Up to 10x leverage;
- P2P funding market available for margin trading.
How to Sign Up and Verify in Bitfinex Exchange?
To create an account and get verified on Bitfinex, follow these steps:
- Visit the Bitfinex website (Bitfinex.com);
- Click on the "Sign Up" button;
- Fill the information needed such as email, username, password and the rest;
- Enable Google Authenticator to activate 2FA;
- Verify your email to finish registration.
Creating an account is not the only prerequisite for trading in Bitfinex; you must go through the authentication process to reach the first level of user level, "Basic Plus." Bitfinex Verification:
- Navigate to account and press on verification button.
- Choose account type fill the document needed.
- Choose the level of access you desire.
- Take a picture of your ID and a selfie from yourself to submit your request for verification.
Bitfinex Exchange Security Measures
Bitfinex has implemented robust security measures to protect user funds and data:
- SOC 2 Type 2 certification, demonstrating adherence to strict security standards;
- Cold storage for over 99% of user funds;
- Two-factor authentication (2FA) for account access;
- IP address and withdrawal whitelisting;
- Advanced DDoS protection;
- Regular security audits and penetration testing.
Withdrawal and Deposit Methods in Bitfinex Exchange
Compared to other digital currency exchanges, Bitfinex covers more methods for deposit and withdraw, which include:
- Bank wire transfers (USD, EUR, GBP, JPY, CNH are accepted);
- Credit/debit cards (USD, EUR, GBP, JPY, CNH are accepted);
- OpenPayd for EUR and GBP deposits;
- Direct deposit and withdrawal for all supported cryptocurrencies
- Tether coins such as USDt,EURt,CNGt,XAUt, MXNt.
Trust Scores
The trust score of Bitfinex exchange in reliable sources such as Trustpilot shows its average performance. Of course, CoinGecko gave this exchange a score of 10/10, but a 1.3 out of 5 on reviews.io is also remarkable.
- CoinMarketCap: 6.9 out of 10;
- CoinGecko: 10/10;
- Trustpilot: 28 out of 5;
- io: 1.3/5.
Which Investment Services Does Bitfinex Exchange Offer?
Bitfinex provides several investment and trading services beyond basic spot trading:
- Lending Pro: An automated lending tool that allows users to earn interest on their crypto holdings.
- Staking: Users can stake certain cryptocurrencies to earn rewards of up to 7% per year.
- Bitfinex Borrow: A peer-to-peer borrowing platform where users can set their own terms and use their assets as collateral.
- Bitfinex Pay: A payment solution for businesses to accept cryptocurrency payments and gain profit.
Trading Finder Writer's Opinion and Conclusion
Although Bitfinex was founded in 2012 and is older than some of the best exchanges, including Binance, it has yet to reach its rightful place. "JL van der Velde" has been the CEO of this exchange since 2013, and maybe now is the right time for a change! A change that can give a new life to Bitfinex crypto services. It remains to be seen what will happen to this old exchange! Thank you for staying with us until the end of the "Bitfinex review."
