Bitfinex Review Exchange Fees, Security, Pros, and Cons
While there are many reasons for why an exchange would prefer to be based in one location over another, most of them boil down to business intricacies, and usually have no effect on the user of the platform. If you’re an experienced trader with a varied portfolio of crypto assets, and you know the ins and outs of the industry, sure – Bitfinex could be a great option. It has small fees, a wide belt of financial and analytical tools, and is currently very secure, too. Bitfinex is primarily aimed at professional traders – people who already have a pretty varied portfolio of financial assets, and now want to get into crypto trading, as well. A single look at the features available on the site will tell you that you should have some knowledge about financial markets and investments in order to utilize the full potential of Bitfinex. In the world of crypto exchanges, you’ll often come across a term called “trading pairs”.
Step 1: Open an Account with Bitfinex
No matter where it is that you’d look online, the vast majority of user Bitfinex reviews are going to mention the fact that this particular exchange is mostly aimed at crypto trading professionals. Basic Access affords view-only account privileges, while Basic Plus enables exchange and OTC trading, crypto transfers, and Tether token withdrawals. 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.
Is Bitfinex regulated?
The exchange was founded in 2012 and is currently headquartered in Hong Kong. Bitfinex is one of the most established exchanges in operation today and provides a service tailored to experienced traders and institutional investors. The exchange also allows fiat deposits and houses a variety of cryptocurrencies with approximately 72 market pairs active on the platform. Unable to secure a normal banking relationship, the exchange deposited $1 billion with a Panamanian payment processor called Crypto Capital Corp. It was alleged that in 2018, Bitfinex knew or suspected that Crypto Capital had run away with the money, but never informed investors of their loss. Margin trading is specifically useful for traders that want to increase their profits.
- Tether tokens can be deposited and traded for other tokens on Bitfinex and any other exchange that supports Tether.
- Traders can determine the correct size based on pre-defined take-profit and stop-loss entries before entering a position.
- For those looking to hedge against the rollercoaster ride of digital token volatility, Bitfinex’s derivatives platform is your go-to.
- However, it’s important to distinguish crypto exchange fees from those of traditional brokers.
- There are too many to list here, but overall, Bitfinex does an excellent job supporting in-demand currencies on its platform.
- Bitfinex is a Hong Kong based trading platform that was founded in 2012 by Raphael Nicolle.
Bitfinex Review Exchange Fees, Security, Pros, and Cons
Bitfinex is a Hong Kong based trading platform that was founded in 2012 by Raphael Nicolle. The exchange is both owned and operated by iFinex, Inc. and has managed to work its way to the top of the charts in terms of trading volumes and user activity on the platform. Bitfinex is a well-known name in the crypto community, but seeing as it has had its fair share of controversy, Bitfinex Review is this exchange still safe to use? In our review, we will help you understand how this cryptocurrency exchange works, analyzing its features, security, pros, and cons. The exchange has made significant strides towards security policies after several important attacks. Bitfinex is very likely to remain as one of the most popular and used cryptocurrency exchanges in the world.
- Clicking this button takes you to the deposit page and here you can choose Us Dollar, Tether or from a list of cryptocurrencies in order to deposit.
- There are no limitations as to how the borrowers use the funds they have borrowed via Bitfinex Borrow; the loan duration and the interest rates can be customized based on the borrower’s needs.
- The platform does use advanced security measures like storing the majority of the funds in cold wallets and allowing traders to set 2FA or U2F protection for their accounts.
- If you’re going to leave a negative review, atleast make it look plausibly credible.
- Bitfinex has also faced past fines for operating an unlicensed exchange and facilitating illegal off-exchange transactions.
- Like many other cryptocurrency exchanges, Bitfinex was hacked several times over the past years.
The Bitfinex customer service team was attentive and responded quickly to any queries. Although it would be nice to see a dedicated support phone line, Bitfinex offers live chat support and a 24/7 email-based ticketing system, making it easy for a client to get a fast response from the relevant team. Based on customer reviews, Bitfinex has a 3.2/5 star rating on TrustPilot, with several users complaining about the difficulties with account verification. Bitfinex is a well-designed exchange that offers a selection of features likely to appeal to experienced traders. Furthermore, with Bitfinex offering an excellent mobile app, the exchange is perfect for on-the-go traders. Hedge with Crypto aims to publish information that is factual and accurate as of the date of publication.
Pros and Cons of Bitfinex: An In-Depth Look
