RESEARCH & ANALYSIS
FOR THE CRYPTO ECONOMY.

Bitfinex

Bitfinex Exchange Review

Centralized

Bitfinex Exchange Rating Analysis

  • Bitfinex is one of the oldest exchanges, having been founded in 2012 and survived, although not impeccably, to this day. They have experienced two hacks and multiple controversies regarding accusations of market manipulation and insolvency, and many people still believe the exchange does not have all of the user funds it says, and is operating a fractional reserve.

    All the while, and despite this turbulence, Bitfinex has proven to attract not only many traders but massive volumes – and is frequently regarded as one of the most important places where price action and discovery happens first, before leaking to other exchanges through market makers and natural forces.

    Bitfinex offers margin trading, and their in-house indicators for Bitcoin shorts and longs make for signals the entire crypto market utilizes to obtain market insight. Bitfinex has suffered two major security breaches, or hacks, in simpler terms, once in 2015 and another in 2016, the latter being one of the largest hacks in the space to this day, and have yet to pay back the losses from these occurrences. While we believe an exchange that suffers hacks of this magnitude has learned these lessons the hard way, we cannot say for certain these events will not repeat themselves.

    Bitfinex has certainly managed to establish itself as a leading ecosystem player, and today managed to narrow down its audience to a very specific type: Until recently, the platform demanded a minimum account equity equalling at least $10K, which means casual retail traders will probably will not make Bitfinex their first choice over, for example, Binance or Bittrex, coupled with relatively high fees although with a fee structure that favors market making and reaches zero fees the more trades made in a certain timeframe.

    The exchange also supports fiat trading, deposits and withdrawals, although for a new user the tedious verification process can take upwards of two months to complete – due to the backlog of applicants Bitfinex has – which signals many traders are willing to go through the process despite its downsides.

    All things considered, Bitfinex is certainly one of the most important exchanges in the crypto space, and manages to attract many traders who are willing to comply with its sometimes unfriendly approach, while traders who look for other characteristics such as low fees, a wide selection of coins to trade or minimal account verification and funding have many different options to choose from.

    Bitfinex Exchange Review, Trading Fees, Deposit and Markets

    • 24h Trading Volume

      12576.769 BTC

      • Bitfinex Total Trading Pairs

        128

        • Bitfinex Margin Trading

          Yes

          • Bitfinex Deposit fees

            Free. Small deposit fees apply.

            • Bitfinex Fiat Deposit

              Yes

              • Accepted Payment Method

                None

                • Bitfinex Native token

                  No

                  • Native token smart contract

                    N/A

                    • Bitfinex Trading Markets
                      • Bitfinex Stablecoins trading

                        Bitfinex Withdrawals

                        • Daily Withdrawal Limit

                          /

                          • Bitfinex Withdraw fees

                            Full list of withdrawal fees here.

                            • Bitfinex Withdraw fees discount

                              None

                              • Proof of Reserves

                                N/A

                                Bitfinex Overview

                                • Bitfinex is a cryptocurrency exchange that was founded in 2012 during the early days of the crypto space. iFinex Inc., registered in the British Virgin Islands and headquartered in Hong Kong, owns and operate this digital asset exchange. It seems to have started out as a peer-to-peer (P2P) Bitcoin exchange involved in margin lending that later expanded by adding more cryptocurrencies.

                                  A Bitfinex exchange review reveals that it has suffered multiple security breaches and ran into trouble with both the authorities and banks. This cryptocurrency exchange is also at the center of allegations pertaining to Bitcoin price manipulation. It is alleged that at least half of the Bitcoin price increase seen late in the 2017 crypto bull market was a result of price manipulation at Bitfinex. Critics also seem to raise questions about the connection between Bitfinex and Tether Limited, the company behind Tether (ticker symbol: USDT), a stablecoin of the same name. The two seems to share management and shareholders.

                                  A Bitfinex exchange review also reveals that despite all the allegations, criticism, security breaches, trouble with the authorities and banks and its dubious claim to be “The World’s Leading Cryptocurrency Trading Platform”, it is serving the crypto space via no less than 107 markets today. The digital asset trading services they offer including both margin trading and margin funding with various order types (limit, market, stop, trailing stop, fill or kill, one cancels other / OCO, post only and hidden order). It is also revealed in a Bitfinex exchange review that they provide the liquidity needed to exchange or trade in digital assets or cryptocurrencies such as BTC, ETH, XRP, LTC, NEO and others.

                                  It is revealed in one exchange review that Bitfinex has paid back all of its users’ losses from the hack that they have suffered. Though this doesn’t take away from the incident, it does show that the exchange has cared for its users’ complaints and losses, and has done all at hand in order to repair the damages.
                                  Bitfinex’s controversial security system consists of ID verification upon signing, cold wallet storage of 99.5% of user funds, along with a multi-signature wallet system. An exchange review reveals that the remaining 0.5% is kept in hot storage for liquidity.
                                  The exchange boasts high liquidity due to its low fees. Trading fees for takers average about around 0.20%, which is slightly lower than the global industry average. Though it can drop to as low as 0% depending on the order. Makers’ fees, on the other hand, range from 0.10% to 0%, which most definitely gives the exchange a competitive edge over other platforms. Fiat-crypto trading is available on the exchange and deposits can be made through bank transfers with a deposit fee of 0.1%. Credit cards are not accepted for deposits. Likewise, existing cryptocurrencies can be deposited to users’ account without a fee.
                                  Bitfinex boasts a multi-lingual interface. The languages included are English, Russian, Mandarin, and Cantonese. Their website is practical and easy to use. This renders the interface quite user-friendly, as all users can navigate the website with ease.

                                  Bitfinex Exchange KYC and AML

                                  Bitfinex IEO launchpad

                                  Stage Start date End date Fundraising
                                  Dusk Network

                                  Dusk Network

                                  Aug 1, 2019 - Nov 22, 2019 $14.4M

                                  Bitfinex Exchange Additional Information