Bitfinex review 2024: Pros, cons, fees & more

Bitfinex Review

Bitfinex also provides cool mobile apps for both iOS and Android users. One can deposit and withdraw cryptocurrencies and fiat through it and trade other crypto pairs. Bitfinex is a huge financial firm that is owned and operated by iFinex Inc. that is the same company that owns and operates the famous and one Bitfinex Review of the most traded crypto coin in the market, Tether. You would, therefore, expect Bitfinex to be regulated by at least one financial agency in Hong Kong or globally. However, Bitfinex – like the vast majority of cryptocurrency exchanges – is not yet regulated and autorized as a financial services provider.

  • You can trade crypto and digital tokens with up to 3.3x leverage on Bitfinex.
  • Along with customer support services, Bitfinex has a dedicated “Help Centre” that provides information, guides, tips, and guidelines on how to make the most of the exchange and their tokens.
  • Initially, users do not have to complete the Know-Your-Customer (KYC) verification process, meaning the only details required are an email account and password.
  • The exchange offers many different settings to customize the interface.
  • In August 2016, Bitfinex was hacked and lost 119,756 of its customer’s Bitcoin.

However, Bitfinex is known for having made full reimbursements to users within a year after facing the hacks. Still, there is a reason why it has such a high trading volume and high level of trust. If you are located outside of the U.S., the account opening process starts with creating a username and password. Bitfinex has been fined by U.S. federal and state government agencies several times for violations, including misleading customers.

Bitfinex Services

If you are interested in your own performance analysis you have come to the right place. The Bitfinex reporting tool is all you have ever wished for when it comes to analyzing your past results. See your average win/loss ratio, display investment returns in a portfolio across any time frame, and take account snapshots. I can’t find an email address, there is no phone support or live chat. This is very frustrating as a trader when you really need to find someone to talk to quickly.

Bitfinex Review

For example, Binance is based in Tokyo, Japan, while Bittrex is located in Liechtenstein. Reading through various best crypto exchange reviews online, you’re bound to notice that one of the things that most of these exchanges have in common is that they are very simple to use. While some are more straightforward and beginner-friendly than others, you shouldn’t encounter any difficulties with either of the top-rated exchanges.

Customer Satisfaction

Bitfinex Alpha also contains articles with market analysis and insight. Bitfinex Honey allows traders to execute hundreds of algorithmic investing orders at once from their browsers. It is a convenient and accessible way of automating the trading process. Linked to this is the Bitfinex Terminal, which enables investors to backtest strategies using historical market data.

It helps automate the process and allows users to focus on their trading strategies rather than manually entering orders. Thanks to its brilliant interface, creating an account on Bitfinex is a breeze. Nevertheless, even those who only provide an e-mail address can still use the Bitfinex services. The platform also offers direct access through a Tor hidden service. To make the experience even better, the platform’s website has an interactive interface optimized for mobile use, offering quick navigation and hassle-free trades.

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However, accepted countries include Australia, Canada, Singapore, South Africa, the United Kingdom, and several parts of Europe. While Bitfinex has grown to offer some of the most comprehensive security measures in the industry, the 2016 incident understandably left investors wary of the exchange. While Bitfinex hasn’t had a security issue in a substantial time, it’s still advisable to buy a hardware wallet for the long-term storage of funds. By default, Bitfinex requires users to set up two-factor authentication using an app like Authy. Furthermore, Bitfinex has included the ability to whitelist withdrawal addresses, lock withdrawals when logging in from a new IP, and encrypt email communications via Pretty Good Privacy (PGP).

Moreover, advanced traders will benefit from its top-grade charting analysis tools and multiple trading options. Got this basic scam message straight from their own verified support email. Bitfinex users are able to borrow and trade with up to 3.3x leverage through the site’s P2P (Peer to Peer) margin trading platform. Borrowing terms (amount, duration and interest) can either be determined by the user himself or automatically through Bitfinex. Now that you have money in your Bitfinex wallet, you can start trade bitcoin and cryptocurrency! For beginners, the interface may seem complicated with all information and settings.

Best Decentralized Exchanges For 2024

Cryptocurrency deposits are generally free of charge while withdrawals include a small fee, depending on the currency withdrawn. Free deposits and fairly cheap withdrawals are available for Bitcoin Litecoin, Ethereum, Zcash, Monero, Dash, Ripple, Iota, EOS, and an additional 80+ assets. High volume is important for traders, as it ensures a low spread, which is the difference between the best bid and ask prices. Bitfinex does not offer any sign-up bonuses or promotional codes, as is expected with established exchanges. The platform does, however, offer competitive rates once you’re an account holder.

Bitfinex Review