BitFinex Review

Learn how to use BitFinex, what BitFinex fees are, how to trade on BitFinex, and much more in this comprehensive BitFinex Review. Review

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Last Updated: September 5, 2022

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Our Score
3.95/5
Bitfinex’s aim is to give users the ultimate cryptocurrency trading experience. One of the most well-known cryptocurrency exchanges in the world, Bitfinex is renowned for its minimal costs. It is also closely related to the Tether stablecoin, which has caused the exchange to face scrutiny from authorities. Although Bittfinex’s low costs are a benefit, potential consumers may be wary of the exchange’s shaky past. The exchange, the organization behind it, as well as some of its more contentious historical incidents, will all be discussed in the post that follows.

Pros:

✅ Low transaction costs
✅ Support for derivatives, margin trading, and advanced order types
✅ For newer cryptocurrency traders, paper trading and mobile apps are suitable.
✅ Suitable for traders with experience.
✅ Approximately 100 cryptocurrencies are supported.
✅ High Liquidity
✅ Accepts deposits and withdrawals made by bank wire.

Cons:

❌ Regulator blunders and fines in the past
❌ Participation with the Tether currency that is in question
❌ Discontinued in the United States
❌ The only way to reach the customer service team is by email.

Table of Contents

The Benefits of Using Bitfinex:

Here are some of the key characteristics of Bitfinex:

Exchange Trading: Users can deposit, trade, and withdraw digital tokens via central limit order books.

Margin Trading: By acquiring funds from the margin funding platform, qualified customers can trade with up to 10x leverage.

Margin Funding: The P2P lending market, enables users to profit from lending money to other users who engage in leveraged trading.

OTC Desk: Trades can be conducted directly between parties using Bitfinex instead of going through public order books.

Utilizing credit or debit cards to purchase cryptocurrency: With the aid of OWNR and Mercuryo, two outside payment processors, traders are able to purchase cryptocurrencies on Bitfinex.

High Liquidity: Bitfinex is among the top exchanges for daily BTC/USD trading volume, ensuring price stability and trader confidence.

Trading pairs: There are more than 100 market pairs available on the platform, including major coins like Bitcoin, Ethereum, Ripple, and EOS as well as well-known alternative coins like TRON, Stellar, NEO, 0x, QTUM, and many others.

Traders have access to a wide range of trading options: including limit, market, stop, trailing stop, fill or kill, iceberg, OCO, hidden, and post-only limit orders, in addition to margin trading and funding.

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REFERRAL CODE

How to claim exclusive sign up bonus from our referral code

As was previously stated on this page, Bitfinex’s success as an affiliate program and referral code is largely attributable to its sophisticated charting capabilities. You effectively receive a unique affiliate referral code or referral link when you establish an account. Once you’ve got this code, you can use it to make a referral link that you may provide to your friends and other users.

By creating a new account through the Bitfinex referral link, the user can be entitled to a bonus. The referral link or referral code is available for users to use in order to benefit from the referral incentive. Bitfinex offers a 10% fee reduction and bonus deposit incentive.

Using our link or referral code is now hassle-free because the “Referral Code” section in your browser will already be filled in. Just finish the registration procedure’ final steps.

Please be aware that you may combine your Bitfinex referral code with either of the two approved mail- or mobile-based procedures. Bitfinex separates apart from the competition since so few exchanges offer both of these benefits.

Verify that you have read and understood all of the T&Cs before continuing. Before you start your trading adventure with them with joy and satisfaction, make sure you are fully aware of all the terms.

Security:

Because of a few past hacks, Bitfinex goes above and beyond to protect its platform. These include encrypting the database, performing routine backups, and putting 99.5% of user cash in cold storage. User accounts can set up 2FA and U2F, suspicious behavior analysis, session hijacking protection, and more. They can also whitelist withdrawal addresses and IPs.

Users of Bitfinex can email customer service at any time: With the exception of times of heavy activity, all questions are responded to within 12 hours. In addition, customers can use a comprehensive knowledge base to find the majority of their basic questions answered.

Staking and Lending: It also allow Staking and Lending service.

Paper Exchange: Trading methods can be tested in a simulated market setting using Bitfinex’s Paper Trading function without having to deposit real money. It operates on subaccounts, which mimic the trading capabilities of the master account.

Bitfinex Honey: It is no longer just the domain of specialized algorithmic trading organizations to create unique order types and event-driven automated trading methods. Through the Bitfinex Honey integration, we have provided our consumers with access to these tactics. Additionally, our most recent update has made it simpler to use, especially for those without coding or technical expertise.

Fees:

Bitfinex charges trading commissions as a cryptocurrency trading platform. These differ depending on the trade amounts and whether the user is the trade maker or taker.

ActionBitfinex Fee
Bank deposit0.1%, minimum fee of $60
Crypto & stablecoin depositsFree
Crypto withdrawalsDepends on cryptocurrency
Crypto-to-crypto, crypto-to-fiat, crypto-to-stablecoin0.1% maker, 0.2% taker
Trades0% – 0.2%
Derivatives order execution0.02% maker, 0.065% taker
Margin funding15% – 18%
OTC trades0% – 0.1%
In a nutshell, the Bitfinex Affiliate Program:

Discover a new method for increasing your cryptocurrency revenue.

You can invite your social network through the Bitfinex Affiliate Program and earn an unlimited commission whether you are a serious cryptocurrency trader or enthusiast. On the Affiliate Dashboard, create your invite links, which you should then distribute through your social media accounts.

Your referrer is anyone who registers using your links. As your network of referrals expands, you can watch your earnings soar.

Conclusion:

Overall, user opinions of Bitfinex are varied, and its history of regulatory problems is troubling. You can’t use it anyway if you live in the United States. If you live outside of the U.S., you must decide how to balance a good platform and affordable prices with a questionable history that includes betrayals of client trust.

Because of its previous hacks, penalties, and violations, you might want to avoid Bitfinex if you’re worried about potential hazards. You might have a positive overall experience at Bitfinex, nevertheless, provided you’re ready to take a slight risk with the platform.

Verdict: Should you use BitFinex?
One of the top exchanges in terms of popularity and trading volume, Bitfinex is a preferred choice for seasoned traders from all over the world. It supports both fiat-to-crypto and crypto-to-crypto trading, with the exception of a small number of nations (listed below). Margin trading, limit and stop orders, over-the-counter (OTC) trades, and other aspects are noteworthy as well. Despite the abundance of options, the dashboards and menus are simple to use and everything is set up in an extremely logical manner. Nevertheless, despite the strict security measures, Bitfinex has experienced two hacks (in 2015 and 2016). Since then, it has greatly increased security and given each user back any lost money.

Why we Recommend:

✅ Low transaction costs
✅ Support for derivatives, margin trading, and advanced order types
✅ For newer cryptocurrency traders, paper trading and mobile apps are suitable.
✅ Suitable for traders with experience.
✅ Approximately 100 cryptocurrencies are supported.
✅ High Liquidity
✅ Accepts deposits and withdrawals made by bank wire.

Drawbacks:

❌ Regulator blunders and fines in the past
❌ Participation with the Tether currency that is in question
❌ Discontinued in the United States
❌ The only way to reach the customer service team is by email.

0
Our Score
3.95/5

(344 User Reviews)

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