Bitfinex Review 2024 Pros and Cons Uncovered

Bitfinex has developed an advanced and highly customizable web interface, as well as a powerful mobile app for trading on the go. Professional traders can also connect to the platform via API, supporting automated trading bots and algorithmic strategies. In addition, Bitfinex regularly updates its platform to enhance performance and add new trading tools that meet the demands of institutional clients. Similarly, the site allows users to exploit the need for margin trading leverage by offering their fiat and cryptocurrencies to borrowers at a predetermined rate. The lender gets their fiat or crypto back with interest at the end of the lending cycle, and they can choose to auto-renew it.

This cryptocurrency exchange charges different fees for transactions based on variables such as order type and trading volume. The platform incentivizes using its native coin, UNUS SED LEO (LEO). Holding the native coin gives users lower fees and discounts on transactions. Today, the platform allows users to trade more than 200 cryptocurrencies and over 400 trading pairs. From its inception, it positioned itself as the go-to exchange for advanced traders by offering leveraged margin training and margin funding.

The True Cost of Trading on This Exchange

DayTrading.com may receive compensation from the brands or services mentioned on this website. Yes, Bitfinex employs multiple security measures, such as cold storage of funds, DDoS protection, and regular backups, to ensure the safety of user funds. Additionally, it has achieved SOC 2 Type 2 compliance for adherence to high security standards. However, traders on Bitfinex do face slippage, an unavoidable cost resulting from price changes between the times a trade is ordered and executed.

Margin Funding

• This Bitfinex vs Binance comparison reveals two powerhouse exchanges with distinct strengths.
• The platform was founded in 2012 and is considered one of the oldest crypto exchanges.
• Bitfinex is a cryptocurrency exchange offering access to investing, trading and exchanging digital assets.
• Bitfinex doesn’t provide traditional derivatives trading, such as fixed-term futures or options, directly on its platform.
• However, its availability in Canada comes with notable caveats, primarily due to regulatory concerns and its lack of registration with Canadian authorities.

Its low trading fees, vast cryptocurrency selection, and user-friendly design make it the best choice for most traders—beginners and pros alike. With global accessibility, innovative features, and a robust SAFU fund, Binance edges out Bitfinex in this crypto exchange comparison for 2025. BitFinex was founded in 2012 in Hong Kong and is registered as a subsidiary of iFinex in the British Virgin Islands.

• Ultimately, the choice to use Bitfinex will depend on each individual’s trading needs, risk tolerance, and comfort with the platform’s complexity and security history.
• Bitfinex provides customer support primarily through a ticket system and an extensive FAQ/help section.
• Starting from the Home Page, everything is structured by categories and groups.
• Evan Jones was introduced to cryptocurrency by fellow CryptoVantage contributor Keegan Francis in 2017 and was immediately intrigued by the use cases of many Ethereum-based cryptos.

Massive Bitcoin Withdrawal from Kraken Highlights Diverging Market Sentiment

In addition to its trading services, Bitfinex facilitates peer-to-peer (P2P) financing, operating offshore in the British Virgin Islands. Encourage legitimate, satisfied customers to leave honest feedback to maintain the integrity and credibility of your company. For example, you can learn about the features of Bitfinex Borrow by watching five animated films in English with an option of subtitles with automatic translation. The reward is credited to the maker in case the order is closed, which adds liquidity to your order book. Commission is paid in case the taker withdraws liquidity from your order book by placing an order against another position. All variables can vary among themselves, which affects the result in terms of the size of the interest rate.

Average commission compared to competitors

The exchange has a reliable history of reimbursing users when breaches occur. It is not the exchange for everyone, but is worth using if considering trading on a more serious level. Notwithstanding any such relationship, no responsibility is accepted for the conduct of any third party nor the content or functionality of their websites or applications. A hyperlink to or positive reference to or review of a broker or exchange should not be understood to be an endorsement of that broker or exchange’s products or services.

Advanced Order Types for Precise Trading

OpenPayd deposits and withdrawals cost bitfinex review only 0.5 EUR, but the payment service may charge separate fees. Please note that the minimum withdrawal limit is 10,000 EUR/USD for bank wire withdrawals. Many users can’t withdraw fiat from the platform because they don’t have the necessary funds to request a withdrawal. Users can deposit fiat to the platform via bank transfer after they complete full KYC verification.

Is Bitfinex Suitable For Beginners?

Kraken is available to US residents, and also people from around the world. Trading fees is one of the common concerns that people have when trading on Bitfinex and other exchanges. You can reduce the fees by increasing the volume of your trades to access more favorable fee tiers. You can also acquire and hold UNUS SED Tokens, and finally, take advantage of the reward given to developers.

For example, they’ll allow you to do over-the-counter services when you’re trading more than $100,000 and want to keep the transaction private. One of the challenges that users might encounter on Bitfinex is the lack of concise and reliable customer service channels. It responds to queries swiftly, but might not have the most accurate answers to queries. There’s also a Help Center with a lot of articles on all possible problems you might encounter when transacting on the platform. These are just a few of the many available cryptocurrencies on the platform. Can visit the traders portal for comprehensive details on all the currencies listed on the site.

Bitfinex Transaction Fees

Compare the markets and instruments offered by Bitfinex and its competitors. Please note, some markets may only be available via CFDs or other derivatives. Compare Bitfinex with the top 3 similar brokers that accept traders from your location. There is also additional assistance through Bitfinex’s active presence on social media platforms like Twitter, Telegram, YouTube, Discord, and LinkedIn. For additional support, email communication through a support ticket system is available, albeit without phone support.

Moreover, Coinbase is a high-volume crypto exchange that shields its users from sudden market value swings by providing constant and high liquidity. Binance operates globally in 180+ countries, with Binance.US for U.S. users (fewer features). 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. While staking has become commonplace within the crypto industry, Bitfinex created another way for users to earn interest on their crypto holdings.

Bitfinex Borrow allows you to obtain loans and the terms against your digital assets, while its staking program means you can generate up to 7% APY. Holding the crypto exchanges’ UNES SED LEO (LEO) native coins guarantees reduced trading fees, lower funding costs, derivatives discounts, and many other benefits. Following past security breaches, the platform has worked towards becoming one of the safest crypto exchanges, safekeeping customer funds with robust security frameworks. They have introduced several enhanced security measures, including AI-driven fraud monitoring, cutting-edge verification tools, withdrawal protection measures, and advanced API key permissions. Bitfinex offers a wide range of trading tools tailored for expert traders, though, in my opinion, the variety may feel overwhelming for beginners and casual users.