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While trading on Bitfinex, I verified that the actual fees charged matched those listed on the platform. Bitfinex offers lower-than-average fees, making it a good choice for active traders. The desktop platform provides advanced trading tools for expert traders, but as a casual trader, I found the interface slightly overwhelming.
My Key Takeaways After Testing Bitfinex on Bitfinex Mobile
Makers pay 0.02% per transaction, while the Taker fee is 0.065%. However, these options are available only to users with the verification status “Intermediate” or higher. Bitfinex enables fiat deposits via bank transfer and through bitfinex review fiat processing partners like Simplex and Mercuryo. During my tests, I particularly appreciated the convenience of the trading interface and the clear portfolio structure. Users can protect their assets via 2FA (Google Authenticator), a PIN code, and biometric authentication.
Today, Bitfinex is widely regarded as stable and operationally sound, with uptime exceeding 99.9% and consistently high trading volumes. This dual-speed option provides flexibility for institutions and high-net-worth users needing fast settlements. This structure incentivises liquidity provision while maintaining flexibility for institutional and algorithmic traders.
Moreover, the exchange offers clients the opportunity to generate passive income from their cryptocurrency holdings through its staking and lending programs. Each option varies in terms of available cryptocurrencies (new additions regularly), identity verification requirements, fees, and processing times. This Bitfinex review evaluates the trading environment following direct tests and comparisons with suitable alternatives from our 500-strong directory of crypto exchanges and online brokers. In addition to a suite of advanced trading features and charting tools, Bitfinex provides access to peer-to-peer financing, an OTC market and margin trading for a wide selection of digital assets.
Derivatives Fees
Labeled Verified, they’re about genuine experiences.Learn more about other kinds of reviews. Companies can ask for reviews via automatic invitations. I can’t understand all the bad reviews here, maybe it’s cause I don’t deal in pennies… Had a lot of questions, sometimes also trouble, but the support never let me alone, not one day. The support guys are the best. Avoid this exchange at all costs.
- US-based users should consider regulated alternatives like Kraken or Coinbase.
- Follow this straightforward process to open a new account to trade crypto on Bitfinex.
- However, fiat withdrawal and deposit fees are high, making the platform less suitable for casual traders.
- If an exchange ist trustworthy and does that was it is made for, there is nothing to complain.
- 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.
Main Features
Other fiat currencies are traded against 2-4 cryptos, usually BTC and ETH. Most cryptocurrencies can be traded directly against USD. Please note that fees may vary, and it’s advisable to check Bitfinex’s official website for the latest information. This demonstrates that the platform is transparent about its fee structure and does not have any hidden charges.
The mobile version has fewer security options, enabling only PIN code setup and biometric authentication. The platform ranks highly on Coingecko, CryptoCompare, and Certik due to its bug bounty program. To qualify, participants needed to achieve a minimum profit of 12% with a trading volume of at least $1,200. Bitfinex operates across 170+ countries but doesn’t support the USA due to regulatory challenges. While a P2P trading service is offered, the number of ads is notably low.
Comparison Table: Bitfinex vs Top Crypto Exchanges
In this sense, while makers provide liquidity and, thus, pay lower fees, takers remove liquidity and pay higher fees. Now, let’s talk about fees in this part of my Bitfinex review, so you’ll understand why it’s one of the best alternatives for anyone who’s looking to save as much money. Yet, as I already mentioned earlier in this Bitfinex review, you can use paper trading to understand how the platform works without using real money. Naturally, for anyone wondering is Bitfinex legit, probably the biggest glaring con that you’d face with the exchange is the earlier-mentioned controversial past of the company and the platform. That is truly one of the best security features that Bitfinex employs! On top of that, you can also place some additional safeguards, too – for example, you could make it so that withdrawals can only be performed from a single, set IP address.
Trading Test
More recently, it’s encountered serious allegations from the New York Attorney General’s Office, accusing the exchange of misleading investors regarding its Tether stablecoin. Offering incentives for reviews or asking for them selectively can bias the TrustScore, which goes against our guidelines. Verification can help ensure real people are writing the reviews you read on Trustpilot. Find out how we combat fake reviews. We use dedicated people and clever technology to safeguard our platform.
Great support, always reply faster with solution, they are best It took support team no more than half an hour to reply to my support ticket and the follow-up questions were answered even faster All reviews, either positive or negative, are accepted as long as they’re honest.
Customer Support
Compare Bitfinex with the best similar brokers that accept traders from your location. Beginners might find platforms with simpler interfaces and more educational resources – such as eToro – more suitable for their needs. There is also additional assistance through Bitfinex’s active presence on social media platforms like Twitter, Telegram, YouTube, Discord, and LinkedIn. For additional support, email communication through a support ticket system is available, albeit without phone support. That said, I’ve noted that while the content is informative, there isn’t much hand-holding, and most of it may prove challenging for novice traders to grasp fully. Bitfinex Pulse is an excellent resource for staying informed about the crypto market.
First of all, Bitfinex pays close attention to the IP address that you use to sign into your account. In the first part of the Bitfinex review, I mentioned the fact that Bitfinex has suffered some security issues over the years – that is true. It does appear to be an appreciated feature, especially considering some user Bitfinex reviews! In addition to the most popular option of crypto exchanging, you can also trade derivatives on the site, too. Something echoed by quite a few user Bitfinex reviews, too! It offers very informative charts, and you can even customize the interface to suit your preferences – which is a feature that’s not all that common!
- Advanced users can also create and deploy custom bots using Bitfinex’s Honey Framework.
- In layman’s terms, a cryptocurrency exchange is a place where you meet and exchange cryptocurrencies with another person.
- With a passion for innovation and education, he leads CryptoNinjas.net as a reliable source for crypto news and resources.
- Check out other best cryptocurrency exchanges to find one that suits you!
Might Not be Suitable for Beginner Traders
The blockchain quickly showed the transfer was successful, but it took over ten hours for the exchange to credit the funds. They made sure I got my assets and funds, back, and I’m so thankful. I would NEVER deposit any amount of funds back on to this platform after my experience. The customer support is absolutely HORRIFIC, and they have obviously very little regard for customer funds or wellbeing. Based on what I experienced, Bitfinex is absolutely not a platform you can trust, this exchange should be avoided at all costs!
In cases like account blocking or freezing, withdrawal delays, etc., such customers would need to communicate with a knowledgeable and responsive support team. If you register a new account using this Bitfinex link, you will receive a 6% trading fee rebate. Besides the standard reward, you can unlock additional discounts on trading fees as your 30-day trading volume increases. However, that does not mean that new users cannot navigate the exchange or use some basic trading tools.
Bitfinex Honey also proves to be a valuable tool, allowing you to execute numerous algorithmic orders directly from web browsers, streamlining the trading process. Additionally, Bitfinex caters to various trading strategies with multiple order types including limit, stop, and trailing stop orders. Additionally, balances exceeding $10,000 in LEO tokens unlock further percentage discounts, personalized to account balance.
Despite this, transactions were processed instantly, ensuring a seamless trading experience. Because of Bitcoin network congestion, it took around 30 minutes for the funds to arrive in my wallet. The fee was 0.2%, matching the rates on the dedicated page. After a few activities, navigating the platform became easier. The trading interface felt complex for a casual trader like me but followed standard industry layouts.
For derivative transactions, the maker fee drops to 0.02%, with the taker fee at 0.065%. Bitfinex securely held the majority of staked tokens in cold storage and staked only a fraction of assets to minimize risks. Additionally, altcoins like Tron, Stellar, and NEOGAS are available for trading.
Bitfinex is one of the few centralised exchanges pursuing the tokenisation of real-world assets (RWA), a growing trend in crypto that blends traditional finance with blockchain technology. This makes it easier for traders to move between crypto and fiat markets — a key advantage for institutions and high-net-worth users. Over the years, Bitfinex has become a go-to platform for high-volume traders and institutions due to its strong infrastructure, deep liquidity, and comprehensive trading features. Bitfinex’s trading fees are significantly lower than the industry average, and volume discounts may attract active traders.