Bitfinex is a well known crypto broker that supports over 100 cryptocurrencies and several major pairs for trading. Its advanced tools make it a particularly strong option for experienced crypto traders.
By:
Charlie Hancox
Charlie is a Financial Writer for Invezz. He covers commodities, cryptocurrencies, and breaking news. Prior to joining Invezz he helped grow…
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Updated:
Jan 24, 2022
3.5/5Star rating
16 min read
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The Bitfinex trading platform primarily caters to intermediate and experienced traders with its advanced trading options and API customization access. For investors with prior crypto experience, it could be a good way to take things to the next level.
Pros & Cons
Pros:
Wide range of supported cryptocurrencies
Free demo account
No deposit or withdrawal fees
Cons:
Long verification process
Security concerns due to previous hacks
What can I do with Bitfinex?
Bitfinex offers an advanced crypto trading suite, access to person-to-person (P2P) financing, and crypto derivatives trading on margin.
Bitfinex’s exchange includes advanced order types, such as limit, conditional and scaled orders. Paper trading, which allows you to test out your trading strategies in a simulated market environment, and even graphical charting with custom price alerts and visual annotations.
The crypto broker was initially founded in 2012 by Raphael Nicolle and its operations are now based in Switzerland.
Bitfinex cryptocurrencies and trading options
What cryptocurrencies can you trade on Bitfinex?
Bitfinex offers access to a wide range of coins via its exchange, including Bitcoin, Ethereum, Litecoin, Ripple, EOS, and over 100 other altcoins and tokens.
Major cryptos traded on Bitfinex
Bitcoin
Tether
Ethereum
Litecoin
XRP
EOS
Monero
Tezos
Filecoin
DASH
Bitcoin SV
Bitcoin Cash
Zcash
Uniswap
NEO
Ethereum Classic
LEO Token
Tron
Cardano
Stellar
Bitfinex core currency pairs
BTC/ETH
XRP/BTC
LTC/XRP
EOS/BTC
BAB/BTC
DSH/BTC
ETC/BTC
TRX/BTC
EOS/ETH
IOT/ETH
ZRX/BTC
BTG/BTC
XCH/ETH
TNB/BTC
MKR/ETH
WAX/BTC
PNK/ETH
QTM/BTC
FUN/ETH
LEO/BTC
All Bitfinex trading options
Bitfinex offers crypto, pairs, and derivatives trading options. See the table below for the full range of available instruments.
Yes, Bitfinex enables leveraged trading up to 5x through its peer to peer margin funding platform. Simply enter an order to borrow the amount of funding at the rate and duration you desire.
Similar to other derivatives brokers, Bitfinex charges fixed maker and taker fees on every transaction. These fees will depend on your 30 day trading volume and start from 0.00% on the maker side to 0.20% on the taker end.
What are the deposit and withdrawal fees, limits, and speeds?
At this time, Bitfinex offers deposits and withdrawals via cryptocurrency, bank transfer, and debit/credit card by way of the OWNR and Mercuryo payment processors.
This limited assortment of payment methods is below industry standard, as most brokers will usually have a debit/credit card, bank transfer, online payment provider, and even e-wallet option.
Payment method
Deposit
Withdraw
Cryptocurrency – min/max – fees – speed
Yes $5/None Free Instant
Yes $5/None Variable (coin specific): free to 0.0004 BTC Instant
Bitfinex applies maker and taker trading fees on every transaction in lieu of commissions or spreads. There are also borrowing costs on margin loans undertaken through the P2P funding exchange.
Fee type
Fee amount
Commission
Crypto trading
0.10%-0.20%
None
Crypto futures
0.02%-0.07%
None
Bitfinex Borrow
15.0% (of the fees generated by active margin funding contracts)
Bitfinex minimum order size automatically adjusts on a weekly basis, while always keeping the minimum between $10-25 USD. This is fairly standard as far as crypto brokers go.
You can use Bitfinex to buy and sell from almost any device, including from its mobile app which launched in 2019 and is available for both iOS and Android devices.
PC
Laptop
Android mobile and tablet devices
iOS mobile and tablet devices
Can I use Bitfinex in my country?
Bitfinex is accessible globally, including in the UK, France, and Spain. Select your country from the list below to see if it is available where you reside.
Is Bitfinex available in my language?
Bitfinex currently only offers support in a few languages, including English, Russian, Chinese, Japanese.
How easy is it to use Bitfinex?
Bitfinex offers an easy to navigate crypto trading platform with institutional-grade connectivity, and top flight security features like two-factor authentication (2FA), encrypted email communication (Open PGP), and withdrawal protection.
Bitfinex’s Help Center section has a Getting Started subsection with a complete beginner’s guide to the platform and all of its features.
Similarly, transitioning from the desktop to the mobile app is seamless with both iOS and Android versions that adapt the full functionality of the platform to an on-the-go experience. You can view open positions, order history, and place trades with the touch of a button.
Key features
Bitfinex offers a full suite of trading features and other tools, including the following:
Honey Framework
Create completely custom order types and event-driven automated trading strategies easily without any coding knowledge, through a configurable user interface.
Bitfinex Terminal
Complete market research and advanced price action data suite.
Coin Staking
A soft-staking program that allows you to easily generate rewards by simply holding your digital tokens on Bitfinex.
Security and regulation
Is Bitfinex safe?
Yes, almost all funds are stored in offline, multi-signature cold wallets, with only 0.5% of crypto assets accessible via hot wallets for day-to-day platform operation.
Additionally, Bitfinex protects its platform from attacks through automatic Distributed Denial of Service protection to prevent trading being halted by outside attacks.
Am I and my cryptocurrency protected?
Bitfinex is not regulated by any financial regulator or insured by a third-party. This means that apart from the best practices and security measures it has put in place, your funds are not guaranteed from loss.
Do I have to verify my account with Bitfinex?
Yes, verification is required for users wishing to deposit/withdraw fiat currencies (USD), for selected coins, (e.g. LEO, OKB, USDK), but not for trading.
Verification requires two pieces of government issued ID (one primary photo ID and a secondary piece displaying your current address such as a utility bill). Account verification currently takes 2-3 business days.
Extra information
Educational resources
Bitfinex’s Help Center offers complete “getting started” “trading & lending” and “api documentation” guides. It also provides FAQ’s for virtually all features like deposits/withdrawals, margin trading, fees, and more.
Bitfinex also dedicates its blog to new feature announcements and tips on how to get the most use out of existing ones.
Tools and charting
Bitfinex’s platform has a lot to offer both novice and professional traders alike. From basics like being able to place different order types and margin trading to more advanced features such as scaled orders and automated trading, it offers something for every kind of trader.
Its advanced charting capabilities also allow you to annotate charts, modify order properties, and create custom price alerts.
Customer support
Bitfinex doesn’t provide any phone or live chat support, instead you can submit a ticket through an online contact form by going to the “Contact Us” page.
While there aren’t many reviews of Btfinex’s support available online, some on online forums have noted that it can “take awhile” to get your issue resolved.
Our verdict
Bitfinex is a digital asset trading platform that is well suited for both beginner and advanced traders. It gives you the option of margin trading, crypto lending, and professional accounts.
Its trading platform is easy to use and even if it wasn’t, Bitfinex furnishes plenty of how-to guides and tutorials to help guide you through it all. The security features like advanced verification tools, multi-factor authentication, and offline, cold wallet storage are some of the most comprehensive that we have seen.
Together with all of its other attributes, it is almost a complete offering save for its lack of customer support options and its history of prior hacks and persistent problems with correspondent banks and payment processors.
Bitfinex is owned and operated by iFinex Inc., which is headquartered in Hong Kong and registered in the British Virgin Islands.
How does Bitfinex make money?
Bitfinex makes money via fixed maker/taker fees ranging from 0.02%-0.20% per transaction.
Do I have to pay tax on Bitfinex profits?
This will depend on the tax laws in the country or territory where you are located, please check your local tax laws to determine what applies to you.
How do I delete my Bitfinex account?
It should be noted that Bitfinex does not completely delete accounts. In order to comply with regulations where it is registered, it is required to keep customer data for at least six years. You can deactivate your account by taking the following steps:
Once logged in, go to Account Settings.
Click on the “Deactivate Account” option
Confirm your action
Confirm your email
Deactivate your account by confirming the email you will receive
How can I short on Bitfinex?
To short on Bitfinex you need to go to the trading page once you are logged in, select the coin you want to open a short position in, specify the amount, order type (sell), price, and Bitfinex will execute your order.
What if I forget my account password?
If you forgot your password, simply go to Bitfinex’s login page, click on the “Forgot Password?” link to reset your password and you will be sent an email to the email address associated with your account.
Note that resetting your password will put your account on a five-day withdrawal hold.
Can I transfer from my Bitfinex account into my PayPal account?
No, currently Bitfinex only accepts fiat currency deposits and withdrawals.
What if Bitfinex closes down while I have open trades?
If Bitfinex goes down while you have an open exchange transaction or crypto stored in your wallet, Bitfinex will continue processing your transaction and your crypto will appear in your wallet once the service is back up.
Should Bitflyer cease operations altogether, it is not insured in any jurisdiction and does not guarantee client funds from loss.
Can I access my full trading history on Bitfinex?
Yes, to view your past account orders and trade history simply log into your account, go to Reports, and select Orders or Trades. You can also export your trade history to a CSV file by selecting a range, data format, and clicking on “Export”.
Can I pay in cryptocurrency with Bitfinex?
Yes, direct cryptocurrency deposits are free with Bitfinex.
Does Bitfinex offer bonuses?
The only rewards Bitfinex currently offers is for staking coins (holding coins in your Bitfinex wallet). Staking rewards can be as high as 10% of the coins you hold per year for supported digital tokens.
How do I transfer from Coinbase to Bitfinex?
Simply choose the ‘send’ option in your crypto wallet, fill in all the required data and provide an external Crypto wallet address (Bitfinex). You will then receive a QR code to complete the transaction.
Is Bitfinex anonymous?
No, in order to deposit and withdraw coins and tokens from Bitfinex you will need to verify your account in compliance with anti-money laundering (AML), Know Your Customer (KYC), and counter-terrorism financing (CTF) laws and regulations.
Does Bitfinex have an integrated wallet?
Yes, Bitfinex offers an integrated offline, multi-signature cold storage wallet.
How do I withdraw from Bitfinex?
To make a withdrawal simply go to the withdrawal page, select the currency you would like to withdraw, fill in the external address to which you want to send your coins/tokens, choose the amount you want to withdraw, press “Request Withdrawal”.
Has Bitfinex ever been hacked?
Yes, in May 2015, 1,500 bitcoins were stolen during a hack. Again in August 2016, Bitfinex announced it had suffered a security breach, in which some $72 million in Bitcoin was stolen from customer’s accounts.
Sources & references
Our editors fact-check all content to ensure compliance with our strict editorial policy. The information in this article is supported by the following reliable sources.
Risk disclaimer
Invezz is a place where people can find reliable, unbiased information about finance, trading, and investing – but we do not offer financial advice and users should always carry out their own research. The assets covered on this website, including stocks, cryptocurrencies, and commodities can be highly volatile and new investors often lose money. Success in the financial markets is not guaranteed, and users should never invest more than they can afford to lose. You should consider your own personal circumstances and take the time to explore all your options before making any investment. Read our risk disclaimer >
Alongside his passion for trading, Charlie has represented Great Britain and won national championships as a water polo player, and as a budding film director, has…
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