12 Oct Bitfinex Review 2023 » Is Trading with Bitfinex safe?

Bitfinex’s active trading platform includes standard features like advanced charting tools, an order depth chart and order book view, and quick access to buy and sell supported currencies. Bitfinex supports over 170 cryptocurrencies on its active trading platform, including Bitcoin, Ethereum, Terra, Tether, Solana, Litecoin, Ripple, and many others. There are too many to list here, but overall, Bitfinex does an excellent job supporting in-demand currencies on its platform. Bitfinex is suitable for advanced traders who have experience in different types of trading. It is not a suitable platform for beginner traders due to the complexities of the platform.

And for comparison, Bitfinex’s withdrawals are generally cheaper than those of two similarly advanced exchanges, Kraken and HitBTC. Central limit order books where users can deposit, trade, and withdraw digital tokens. For the security measures, Bitfinex uses several layers of security measures for different areas of their website. In terms of fund security, 95% of the clients’ funds are kept in cold storage. Data are now kept is a new and more secure server with an expanded security team to oversee the security of the server. In addition, the security is regularly tested by Hacktive Security.

After the hacks, the lost user funds were reimbursed by the exchange – meaning, if you had lost any crypto assets during the hack, you would have been repaid, in full. Say, you would like to profit from the cryptocurrency market, but have no actual interest in holding crypto coins, or getting yourself a crypto wallet, in the first place. That said, you’ve heard that Ethereum is a great investment at that point in time, and you want to act fast.

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The company was founded in the British Virgin Islands by iFinex inc in 2012 as a peer-to-peer margin lending platform, dealing in only Bitcoin. It has since expanded to offer a vast range of trading services to advanced traders. Bitfinex is a Hong-Kong based trading platform which is best suited to advanced traders. As well as traditional trading, Bitfinex also facilitates margin trading and lending, making it an ideal platform for traders looking to expand their portfolio. BitFinex processes both hard currencies and native crypto assets.

They get you started as easily as possible because their only goal is to take your money. They don’t care about your personal information or passport pictures because all they want to do is to get your credit card details, take the money and leave. Would you use an https://broker-review.org/ exchange that has just created and only very few people are using it or the one that is created more than 5 years ago and it’s the biggest in the world? The Bitfinex mobile app adapts the full functionality of the Bitfinex platform for seamless ‘on-the-go’ trading.

Deposit & Withdrawal

The maximum trading fees start with 0.1% charged from makers and 0.2% charged from takers. Bitfinex used to have a necessary equity limit of minimum of $10,000, but it no longer exists. You can make a deposit via bank transfer/wire or a cryptocurrency transfer from an external wallet. Once deposited, users can move funds between the exchange or margin trading and funding accounts.

• If you’re just starting out, though, and haven’t got the vaguest idea of how crypto trading works, admittedly, there are going to be better options for you out there.
• It’s safe to say that the Bitfinex exchange did a lot of work to provide users with diverse, convenient, and efficient security measures.
• However, there are some key differences which will influence which platform you ultimately choose.
• This caused difficulties for clients and distortions in Bitfinex’s pricing.
• Bitfinex has the most liquid order book in the world, with an extremely high volume of BTC/USD trades each day.

The key difference between Gox and Bitfinex is that the latter made its clients whole. Although not all accounts were affected, Bitfinex made the decision to spread the loss among all its clients. It’s no secret that Bitfinex has experienced its share of problems. In 2015 the exchange was hacked for the first time and 1500 Bitcoins were stolen.

Bitfinex Review: Legit Or A Risk?

I created this website back in 2015 to help you to make money online. I help people daily to make more money online and I love seeing people succeeding. If you want to get my 1-on-1 support and help to make money online as well, get started HERE. I also noticed that some people were complaining about things that aren’t really big. Somebody, for example, didn’t like that Bitfinex had a $250 withdrawal limit. For me, it’s not a problem because I’m anyway trading/investing with sums that are over that amount.

The fee for withdrawing cryptocurrency varies with the currency being withdrawn. The exchange has a detailed list on its website where they show every coin they have listed and their withdrawal fee; some of them are free, but the vast majority are not. On the other hand, if you’re transferring digital assets internally—ie. To another Bitfinex user’s address, these withdrawals are free of charge and come with other benefits. Bitfinex exchange has a mobile app available for Android and iOS devices.

✅ Margin Funding

You probably owuld have put him on the side of Buffet-like type of people if you wrote this email 6 years ago. Bitcoin investments are risky, my personal advice is to never invest an amount that will change your life if you lose it. Our offshore account is denominated in USD and has nothing to do with CNY ( a.k.a. Yuan, a.k.a. Renminbi, that is the Chinese currency) to whom the restrictions apply. Bitfinex has its issues but they are, by far, my favorite platform to trade on, even though I don’t trust their website 100%.

Full BioEric Rosenberg is a finance, travel, and technology writer. He has 10 years of experience in banking, corporate finance, and corporate accounting. If you would like to challenge this review and your site’s rating here, we are more than willing to take a deeper look. However, be prepared to offer us solid proof of your business.

Strong Security Features

When it is below that threshold, a maker fee of 0.1% is applied. For OTC Trading, no fee is required if the size of the order is vast. Nonetheless, the platform might be commended as one of a few crypto exchange sites with good ratings on TrustPilot as some of its known competitors have scored poorly on the popular review site. Albeit a permanent restriction was placed to prohibit customers from the United States from trading on the platform. Citizens from other countries are allowed to use its services. The route they have picked can alienate some due to the sheer amount of options, but we cannot imagine anyone doing a better job of making it as simple to use and understand as possible.

We strive to present all the information & pricing as accurately as possible, but we cannot ensure that the data is always up to date. Bitfinex’s past hacks, accusations and connection to Tether tend to raise some concerns in the Bitcoin community. Fees are generally lower on Binance, with a fixed 0.1% fee as opposed to the taker-maker fee Bitfinex uses. Bitfinex has denied the claims, sending an open letter to its users a day after, saying that the attorney general’s office letter is filled with inaccuracies and false assertions. Requires only a valid email address, so effectively they’re available worldwide – at least from the company’s end (of course you are responsible to follow your country’s legislation on the subject).

I have seen LinkedIn profiles, but no public representation of any members on youtube or in the media. In terms of trading a few, BitFinex offers a more friendly rate than Binance’s. For more details on BitFinex’s transaction charges, see our review of it below. Note that the caliber of investors hereto referred keep as much as $100,000 worth of cryptos in their portfolio. Customers of that level can use BitFinex OTC services to facilitate such transactions securely.

As collateral you may use the cryptocurrencies Bitcoin, USDt, ETH, LTC, DOT, XRP, EOS, ADA, UNI, LINK, XTZ, IOTA and ATOM, the Bitfinex LEO token as well as the fiat currencies USD, Euros and JPY. Bitfinex is a cryptocurrency trading platform with advanced features where you can buy, sell and trade over 160 different cryptocurrencies. The Bitfinex platform can be used by people from all over the world with the exception of residents of the USA, Crimea, Cuba, Democratic People’s Republic of Korea, Venezuela, Iran, Pakistan and Syria. Bitfinex offers relatively low trading fees, with most trades costing just 0.20% or less. But while it’s suitable for a wide range of users on the surface, this exchange has a shady past, including several fines and accusations of cryptocurrency market manipulation. If you stick to the basic services offered by Bitfinex, which include exchange, margin trades, deposits, and withdrawals, you will only need to provide a valid email address to sign up to the platform.

Bitfinex offers similar platforms for buying and selling cryptocurrency. The current security measures in place are some of the strongest in the industry, meaning that Bitfinex is one of the most secure platforms. However, this does not erase the past history of the platform, which many traders will find difficult to forget. For traders who don’t want to go through public order books, Bitfinex offers an over the counter trading facility. This allows users to trade large sums of cryptocurrency privately, matching traders together and helping them to secure private deals. Through Bitfinex, cryptocurrency owners can also earn interest by lending funds securely to other traders.

I wish I had come here before I speak to a lady by the name HIllary Joffe. I wanted to try with 100usd to see if they willl scam me, and they did. They said that I needed to deposit 1000usd in order to recieve my profits.

There are over 150 assets that can be traded against USD on Bitfinex while only 10 currencies can be traded against EUR and even less against GBP and JPY. Around 100 currencies can be traded at the Bitcoin market and over 110 assets can be traded against Ethereum. There are around 20 currencies at the USDT market, and much less at the rest markets . Bitfinex is a key player in the crypto world, but if you’re interested in trading cryptocurrency, there are other major exchanges to consider too. Here’s a look at how Bitfinex compares to Coinbase, another popular trading platform for cryptocurrency investors. Like most cryptocurrency exchanges, your Bitfinex account is primarily self-service.

They send you a verification message to your email, you click the link and voilà, you have created an account on Bitfinex. At the moment Bitfinex verification process can take up to 2 months. Therefore, if you want to get started faster, I recommend registering on Binance. To open an account at Bitfinex click the “Sign Up” button on the site and provide the requested information. Confirm your email address by following the link in the confirmation email sent to you to complete the process.

However, if you are a novice trader and are new to cryptocurrency, there are far simpler trading platforms out there which would be much better suited to your needs. However, there are some key differences which will influence which platform you ultimately choose. Whilst Binance provides access to the widest range of digital currencies, Bitfinex supports both fiat-to-crypto and crypto-to-crypto trading.