In this comprehensive Bitfinex Review we would cover all the information you need to know completely about it. Bitfinex sees itself as the world’s largest exchange market for crypto currencies. Besides Bitcoin, the most important old coins such as Ethereum, IOTA, OmiseGO or Neo are supported. We show everything from the first steps, verification to fees and show you in the how-to-buy how to buy properly.
Verification at Bitfinex
ID verification is required to trade Fiat currencies for Bitcoin. Depending on the type of account (private individual or company), additional documents may be required. In addition to personal data, identity verification and proof of residence, the Bitfinex verification process also requires a bank statement and a signed statement confirming the validity of the documents and information provided.
The verification process is somewhat more cumbersome than on other exchanges. However, it must be carried out in order to use deposits and withdrawals of Fiat currencies such as USD or Euro and TETHER.
Bitfinex fees are charged in different ways. The person who adds an order and thus creates more liquidity for the market pays a “maker” fee, which starts at 0.1 percent. The person who buys the order and thus reduces the liquidity of the market pays a “taker” fee starting from 0.2 percent. Both the maker and the taker fees depend on the volume traded in the last 30 days. The more you trade on it, the less fees you pay.
Deposits at Bitfinex are generally free of charge for crypto currencies. However, there is a 0.1 percent fee if a deposit is less than 1000 US dollars. There is a 0.1 percent fee on a bank transfer deposit. Withdrawals are all subject to Bitfinex fees. A payout of the digital currency Bitcoin costs approximately 3 US dollars and Ether 1.20 US dollars. The exchange also charges fees for margin trading. The Bitfinex fee for margin trading is 15 to 18 percent
Advantages trading with Bitfinex
Trade with Bitfinex
The trading platform is very sophisticated and offers a wide range of possibilities for trading. The order types offered are for example “Limit”, “Market”, “Stop” and “Fill or kill”. Due to the high trading volume and good liquidity of Bitfinex, trades are executed in real time and the user can choose his perfect time or limit.
Bitfinex allows users to trade with up to 3.3x leverage by receiving money from the peer-to-peer margin platform. Users can enter an order to borrow the desired amount of financing at the interest rate and term they desire, or they can simply open a position and Bitfinex will finance it for them at the best available interest rate at that time.
User-friendliness of Bitfinex
The user interface of this exchange offers a lot and may be a bit confusing at first sight. However, you can quickly buy and sell digital currencies at the exchange and create other orders. The website is responsive and loads quickly, even for the smartphone. There are also apps for Android and iOS. So you can trade your crypto currencies even on the road.
Customer service from Bitfinex
Support is available around the clock, but only by ticket, i.e. by e-mail. E-mails are usually answered within 24 hours, but in some cases it may take a little longer. With the increasing number of people interested in crypto, individual crypto exchanges are overtaxed and support takes longer to process tickets. There is also an official forum, and an FAQ page, but unfortunately it does not contain all the necessary information.
The security of Bitfinex
The Bitfinex stock exchange was hacked several times. The first major hack took place in 2015: The thief was able to steal 1500 Bitcoins from a hot wallet. The users were of course compensated, the amount was not really tragic. Things became more heated in 2016, when hackers were able to steal 120,000 (72 million US dollars) Bitcoins. Bitfinex distributed the loss among all users, resulting in a 36 percent loss for each user. As compensation, the users received BFX tokens that Bitfinex wanted and was able to buy back.
Bitfinex claims that 99.5 percent of all customer funds are used for cold storage. And only 0.5 percent is said to be in hot wallets to ensure the required liquidity. In addition, cold wallets cannot be accessed through the platform or servers connected to Bitfinex. Manual interaction of several parties is necessary to access the cold storage coins.
Two-factor authentication for logins, API keys and withdrawals provides the user with an option for enhanced security.
Further safety precautions
Bitfinex Review Conclusion: User friendly crypto exchange
This exchange is suitable for experienced traders as well as for newcomers who trade crypto currencies and are looking for a way to centrally manage and trade multiple Altcoins as well as Bitcoin in one wallet. Since the platform is only available in English, knowledge of the English language is a must. However, this is not unusual in the crypto scene and should not be a problem for most users.
It offers extensive information and many charts and thus helps even newcomers to quickly find their way in the scene. All in all, Bitfinex is a portal that addresses all traders equally. There is no preferred target group and the numerous users, who come from all areas of experience, prove this.
FAQs - Frequently asked questions
No, you don’t have to verify yourself! Verification is only required if you want to deposit real money (Fiat) there.
We clearly recommend to transfer the IOTA to the wallet and not to leave it on an exchange like Bitfinex or Binance!
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