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Bitfinex Review 


Bitfinex is one of the leading cryptocurrency exchanges offering advanced trading options at competitive rates. This Bitfinex review will unpack all you need to know about Bitfinex from trading platforms to order books, lawsuits, and more. Read on to find out about one of the biggest names in crypto trading.

Since this is a very long and detailed review, please use the navigation below to get to the appropriate section.

Bitfinex Headlines

The founders of Bitfinex, Giancarlo Devansini, and Raphael Nicolle established the exchange in 2012 in the British Virgin Islands. Today, it’s based in Hong Kong and is run by CEO, JL Van Der Velde. In 2020, the company’s net worth was valued at over $800 million, and in 2021 experienced further growth; in just the first three months, the broker saw a 300% surge in new customers.

The crypto exchange has grown into one of the world’s largest, operating globally across the UK (GBP), Europe (EUR), Japan (JPY), and beyond. Its services are best suited to experienced or professional traders.

In addition to standard crypto purchasing, the platform offers margin trading, staking, and lending.

Trading Platform

Bitfinex offers a seamless trading experience. Order books with top-tier liquidity enable clients to exchange popular cryptocurrencies including Bitcoin, Ethereum, Litecoin, and Neo.

Advanced market analysis is available using a long list of technical indicators and pattern recognition tools. APIs and enhanced reporting are also on offer. The quality and range of features supported are part of what makes Bitfinex’s trading terminal popular amongst traders.

Bitfinex desktop platform
Bitfinex desktop platform

Clients can also access:

  • Margin trading – leverage up to 10x is available through the peer-to-peer margin trading platform
  • Margin funding – the funding market offers a way to earn interest on fiat and digital assets by loaning out capital

The dark interface can be customized to suit individual preferences and the terminal is compatible with MetaTrader 4 and MetaTrader 5.


Bitfinex offers over 100 market pairs including leading cryptocurrencies: Ethereum, Dogecoin, Bitcoin, Ripple, Ecomi, and EOS. Users can choose between crypto-only pairs plus tokens paired with traditional currencies like USD, GBP, EUR, and JPY. Altcoins, such as Tron, Stellar, and Neo, are also offered.

Bitfinex tokens

Note, derivatives trading is available via the Derivative Wallet which is credited with USDt0.


Bifinex cites some of the most competitive rates. It operates a taker-maker fee model. Those who fulfill existing orders are considered takers. Traders that place new limit orders are considered makers.

Taker fees vary between 0.2% and 0.055% whilst Maker fees range from 0.1% to 0.0%. There is no trading fee for large orders conducted through the OTC desk. Bank wires have a 0.1% deposit and withdrawal fee. This can increase to 1% for international withdrawals.

The minimum deposit and withdrawal limit is $10,000. A comprehensive breakdown of the fee structure can be found on the Fees page on the Bitfinex website. Prices are quoted in a range of currencies for ease.

How To Open A Bitfinex Account

Opening an account with Bitfinex is relatively straightforward. Clients can register for an account on the broker’s website. All clients have to submit contact details to comply with the verification process. It is worth noting the verification process can take up to 8 weeks.

A personal account can be upgraded to a business account by submitting the necessary documentation.

Mobile Trading

Bitfinex offers a complete trading experience on the go via their mobile app. View positions, open orders, and access your trading history in just a few clicks. The app can be set up in three simple steps:

  1. Download from the App Store or Google Play Store
  2. Create a new API
  3. Scan the QR code
Bitfinex mobile app
Bitfinex app

Deposits & Withdrawals

Bitfinex accepts fiat deposits in GBP, EUR, JPY, and USD. Fiat deposits can be actioned by wire transfer only. Bitfinex also supports Tether. Deposits can be made free of charge in Bitcoin Litecoin, Ethereum, Zcash, Monero, Dash, Ripple, Iota, and EOS.

Note, for expedited cryptocurrency and deposits made via Tether, additional verification may be required.

Demo Account

Bitfinex offers a paper trading account. Paper trading is a simulation of a live market that gives traders a risk-free opportunity to develop their strategies. To sign up for a paper trading account, log in to your Bitfinex account and head to the sub-account section.

A demo of Bitfinex’s popular trading interface is also available to view on the broker’s website. Click ‘View demo’ to access it.

Bitfinex Bonus

Bitfinex does not offer any sign-up bonuses or promotional codes, as is expected with established exchanges. The exchange does however offer competitive rates once you’re an account holder.

Regulation Review

Bitfinex is registered in the British Virgin Islands but is not regulated by any official licensing body. With this in mind, it is advised that you tread with caution. Unregulated exchanges cannot guarantee the same security assurances. Bitfinex has suffered a number of security breaches and there is no guarantee it won’t happen again further down the line.

Additional Features

The broker provides a range of additional features in addition to its core offering, including:

  • Leaderboard – lists the most profitable traders on Bitfinex. Be sure to check it out for tips and possible future opportunities
  • Pulse – a social platform and news feed for traders and media partners to share live trading insights, analysis, and interest rates. Users can also access games
  • 3commas – find out all you need to know about connecting API keys
Bitfinex leaderboard

Building your knowledge base is essential. We recommend that traders ensure they are clued up on the latest funding and lending rates, relevant stocks and shares prices, interest rates, and forecasts to put themselves in the best position for success. Advances in technology have made markets increasingly competitive in recent years.


Bitfinex has a lot to offer prospective traders:

  • Web socket
  • API Python key
  • Celsius platform
  • Staking program
  • Transparent fee structure
  • Advanced platform features
  • Range of cryptocurrencies
  • Low trading and withdrawal fees
  • BitGo instant for zero confirmations on instant Bitcoin transactions


There are some drawbacks to trading with Bitfinex too:

  • Not available to US clients
  • Best suited for advanced traders
  • Previous security breaches and hacking issues
  • The verification process is lengthy taking 6-8 weeks

Customer Support

If you need help regarding a specific query, contact details can be found on the broker’s website under the Contact Us tab. You’ll need to submit your query as a ticket via an online form. Responses are generally prompt. To ensure the website and support offered are accessible to as many clients as possible, the website can be operated in 5 languages including English, Spanish, and Mandarin.

You can access additional support via the company’s social media and interactive messaging accounts. Bitfinex is active on Twitter, Telegram, YouTube, and LinkedIn.


So, is it safe? Bitfinex’s recent history has been plagued by a series of security breaches. In 2015, the exchange was hacked and 1,500 Bitcoins were stolen. In 2016, the firm suffered a second breach, this time 120,000 Bitcoins were taken. The incident was the second largest of its kind and prompted an extensive investigation.

The broker has since taken steps to improve its security. It implements the Google Authenticator feature for login and withdrawals. The 2-factor authentication (2FA) process bolsters account security but can be reset if needed, for example, if it’s not working, if your account has been frozen, or if a client gets a new phone.

If clients are looking to withdraw larger sums, they must undergo a more thorough verification process. These are standardized measures for anti-money laundering (AML), know-your-customer (KYC), and counter-terrorism financing (CTF) checks. Different verification levels exist and processing times vary according to the level of verification required, public interest, and the sum withdrawn.

Bitfinex Vs Binance

People often compare Bitfinex to exchanges such as Binance and Kraken. Whilst they each have merits, Kraken is better suited to less experienced traders while Binance offers a wider range of assets without the same security concerns. We advise that prior to investing capital, all traders conduct thorough research and try demo accounts where possible.

Bitfinex Verdict

If you’re an experienced investor looking to trade high volumes, Bitfinex is a good option. Its platform hosts a range of advanced features, an extensive suite of crypto coins, plus a transparent fee structure. However, it’s worth noting that the company’s history has been plagued with security breaches, not least the Tether lawsuit which stipulates claims of money laundering.


Is Bitfinex A Good Exchange?

If you are a professional or experienced trader, Bitfinex has a lot to offer. Its advanced features, intuitive interface, and range of assets make it an attractive option. We do however have concerns regarding the safety of client funds.

What Are The Minimum Deposit And Withdrawal Sums At Bitfinex?

The minimum deposit and withdrawal limit is 10,000 USD/EUR/GBP. The minimum order size ranges from 10 USD to 25 USD.

How Can I Trade With Bitfinex?

To get started with Bitfinex, sign up on the broker’s website where you will be directed to an online form. Fill in your details and click submit. Once verified, you can start trading.

Is Bitfinex A Wallet?

Bitfinex is a cryptocurrency exchange. The broker supports three wallets: an Exchange wallet, a Margin wallet, and a Funding wallet. Note that deposit addresses created before August 2016 have been invalidated.

How Can I View My Bitfinex Transaction History?

For an overview of your trading history, head to Manage Account and then Reports. Reports can be downloaded for all trades and orders.

Accepted Countries

Bitfinex accepts traders from Australia, Thailand, Canada, United Kingdom, South Africa, Singapore, Hong Kong, India, France, Germany, Norway, Sweden, Italy, Denmark, United Arab Emirates, Saudi Arabia, Kuwait, Luxembourg, Qatar, and most other countries.

Traders can not use Bitfinex from the United States, Bosnia And Herzegovina, Korea, Iran, Iraq, Syria, Uganda, Vanuatu, Yemen, and Ethiopia.

Alternatives to Bitfinex

If you are looking for alternatives to Bitfinex we have compiled a list of the top 5 brokers that are similar to Bitfinex below. This list of brokers like Bitfinex is in order of similarity and only includes companies that accept traders from your location.

  1. OKX – OKEx is a digital exchange offering trading on hundreds of cryptos across desktop and mobile applications with low fees.
  2. Kraken – Kraken is a top crypto trading exchange offering the largest altcoins by market cap.
  3. Binance – Binance is one of the leading online crypto exchanges offering Bitcoin.
  4. Gemini – Gemini is a leading crypto trading exchange with low fees and a long list of altcoins.
  5. BitMex – BitMex offers the largest market liquidity of any Crypto exchange: ultra-low trading costs and minimum deposit requirements. Join in 30 seconds.
Bitfinex is among the best crypto exchanges for experienced traders with a free mobile trading app and low fees.