In 2022, are you considering using the Bitfinex trading platform to invest in cryptocurrencies? This comprehensive review and analysis of features and
Last updated on January 1st, 2023 at 03:46 pm
In 2022, are you considering using the Bitfinex trading platform to invest in cryptocurrencies? This comprehensive review and analysis of features and fees will help you make an informed decision.
In this article, I will be giving an in-depth review of Bitfinex – one of the top cryptocurrency exchange platforms available in 2022.
Bitfiniex is a cryptocurrency exchange owned and operated by iFinex Inc. The company is registered in the British Virgin Islands. It is not a very beginner-friendly platform but it is widely used by traders to conduct analysis or do margin trading.
It was founded in 2012 in Hong Kong and has since maintained its status as one of the leading names in the industry. Of course, that hasn’t come with its share of scandal. Bitfinex has been in the news for the wrong reasons before. Customers’ funds have been stolen or lost in several incidents.
Since the hack, they have beefed up their security, and users were compensated for their lost funds. Bitfinex operates in over 52 countries and it supports both fiat-to-crypto and crypto-to-crypto trades. It has easy to navigate dashboard and menu.
According to CoinMarketCap, Bitfinex holds the number nine spot among the largest crypto exchange in the world by volume.
List of cryptocurrencies available of Bitfinex
Bitfinex supports over 170 different cryptocurrencies and below are some of the top available crypto available on the Bitfinex trading platform among others:
Bitfinex is available on mobile and desktop. The mobile app fully adapts to the functionality of the Bitfinex platform.
Some Bitfinex features
Here are some of the features available on Bitfinex that would make you want to use them:
- Ability to buy cryptocurrency with a credit/debit card: Bitfinex makes it easy for traders to buy crypto using credit or debit cards. They make use of OWNR and Mercuryo – a third-party payment processor.
- Margin funding: This is a peer-to-peer market that allows users to lend funds to other users and earn interest on leverage trading.
- Margin trading: This is using the funds gotten from the margin funding to trade with up to 10x leverage.
- OTC Desk: This is an over-the-counter trade where Bitfinex allows users to deal directly with each other.
- Exchange trading: Users can deposit, withdraw, or trade digital tokens.
Bitfinex trading experience
Though trading on Bitfinex is not very beginner-friendly, it is very user-friendly and has a good user interface and experienced traders will love using the platform. You can start using a free trading account where you can test your strategies before investing with real money.
You have quick access to buy and sell supported cryptocurrencies. It is advisable to start with the mobile app if you are new to active trading as there are lots of expert-level tools there as well.
Bitfinex Fees
Bitfinex has a very good fee structure which makes it a standard feature of the platform. These fees vary according to the amount of crypto being traded and also according to if the user is making a new trade or taking an existing one.
Users can save on fees if they have the LEO token in their account. The LEO token is the utility token at the heart of the iFinex ecosystem and is used on Bitfinex as a way of reducing trading and exchange fees.
If you have an equivalent of $1 of LEO token in your account, you can get up to a 15% off-takers fee and with at least $5,000 of LEO token in your account, you can get up to a $25 off-takers fee and also $10 off fiat trades. You can also get a larger percentage when you have $10,000 or more in LEO tokens.
Related: Binance Review for 2022
See the table below for a list of their fees:
| Value of trade | Maker fee | Taker fee |
|---|---|---|
| >$0 | 0.10% | 0.20% |
| >$500,000 | 0.08% | 0.20% |
| >$1 million | 0.06% | 0.20% |
| >$2.5 million | 0.04% | 0.20% |
| >$5 million | 0.02% | 0.20% |
| >$7.5 million | 0.0% | 0.20% |
| >$10 million | 0.0% | 0.18% |
| >$15 million | 0.0% | 0.16% |
| >$20 million | 0.0% | 0.14% |
| >$25 million | 0.0% | 0.12% |
| >$30 million | 0.0% | 0.10% |
| >$300 million | 0.0% | 0.09% |
| >$1 billion | 0.0% | 0.085% |
| >$3 billion | 0.0% | 0.075% |
| >$10 billion | 0.0% | 0.06% |
| >$30 billion | 0.0% | 0.055% |
Different payment methods also come with their fees:
| Payment Method | Bitfinex Fee |
|---|---|
| Debit/Credit card | Varies |
| ACH Transfer | Not Available |
| Wire Transfer | 0.100% (Min $60 fee) |
Security
As we stated earlier, Bitfinex has been hacked twice with several amounts of users’ funds stolen, but they were compensated for their lost funds.
Since the hack, they have improved their security. They make use of two-factor authentication and also advanced APIs for connecting with third-party services, and also cold storage of customers’ assets.
In addition, Bitfinex uses protection against DDoS, updates its software regularly, daily back up its database automatically, and also stores clients’ funds in cold storage.
Customer service
Bitfinex doesn’t offer instant help in the case of a problem, they have support tickets for help through the mail, and there is also an updated FAQ and help section where you can get answers to most of your questions.
Clients reviews
According to Trustpilot, Bitfinex has a 3.2 out of 5-star rating. 48% of the reviews were “Excellent”, and 35% of the reviews were “Bad.”
Most of the positive reviews focus on the platform and the good user interface and also the automated trading structure. Most of the negative reviews have to do with customer support and also delayed withdrawals.
Supported countries
Bitfinex is available in over 52 countries of the world. Their services are available in most countries except for:
- Bangladesh
- Bolivia
- Ecuador
- Kyrgyzstan
Bitfinex also stopped its services in the United States due to some review of regulatory issues in the U.S.
Opening a Bitfinex account
Just like every other crypto exchange, before you get started with Bitfinex, you must open an account which is an easy process.
If you are located outside of the list of countries listed above, you will have to sign up by providing an email and creating a username and a password. They will also require personal information as part of the KYC (Know Your Clients) requirements.
You will need to provide two Government issued ID and also share a selfie to make sure your identity matches your provided ID.
Conclusion
Consider using the Bitfinex exchange to trade your assets, this comprehensive review and analysis will help you make an informed decision
Bitfinex was created in 2012 and has since risen to be one of the prominent names in the industry. They were hacked twice (in 2015 and 2016). The hack in 2016 was referred to as the heist of the century where hackers got away with over 120,000 bitcoin (valued at US$4.5 billion at current prices).
They were able to compensate users who lost their funds due to the hack. According to our review, Bitfinex is a very user-friendly platform though not very beginner-friendly. The exchange is available in over 52 countries of the world but not including the United States.
The overall Bitfinex client review is above average and if you are willing to take a small gamble by using the platform, you just might enjoy the experience as a whole. Their fees are quite good and you get some percentage off your trade when you have the LEO token in your account.
Disclaimer: The views expressed in this article are solely of the contributor who authored the post and is in no way a recommendation from 36crypto. You are always advised to do your due diligence and conduct your research before choosing to trade with any platform. what you do with this information is solely your decision.
