Bitfinex review 2023: Pros, cons, fees & more

Bitfinex review 2023: Pros, cons, fees & more

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Bitfinex Review

All US citizen is prohibited from using the site or the services offered. Use the Honey Framework to execute custom algorithmic orders on Bitfinex. Use automated strategies without any need for coding, for Windows, Linux, and Mac. Here you can build your own strategies and let the algorithm trade for you while you work on the next strategy. Select between custom widgets including order books, trad tables, and charts. In this section of our Bitfinex review we highlight 6 special features that deserves extra attention.

Bitfinex Review

We recommend that clients first engage in paper trading before risking their own funds. When ready to open a real position, investors should use the technical analysis tools on the platform to identify any trends or ranges for a particular asset. The advanced order types enable more accurate investing and help to manage risk. More experienced traders may wish to use Bitfinex Honey for algorithmic trading. Crypto can also be purchased using common payment methods like debit/credit cards.

Bitfinex Supported Cryptocurrencies

Bitfinex takes verification process seriously, so it takes from 6 to 8 weeks to verify an account. You will have to provide documents confirming your name and contact, address, Bitfinex Review identity, bank information, KYC form, and others. Last but not least, you have to verify your account if you want to deposit or withdraw USD, Euro, or other fiat currencies.

  • Here you can choose which fiat currency or digital asset you would like to withdraw.
  • That said, you’ve heard that Ethereum is a great investment at that point in time, and you want to act fast.
  • For more information, navigate to account settings when logged in to your Bitfinex account.
  • Here you can up your size without pushing the limits of the markets and invest or trade as big as you want.
  • Cryptocurrency withdrawals can take up to 12 hours but having certain security features set-up on your account can speed up this process.
  • It is worth mentioning in this Bitfinex review that the exchange has set up an over-the-counter market (OTC).
  • This includes lower “maker” and “taker” fees than most leading competitors.

As a result of this, the exchange enjoys high USD liquidity, while offering extensive orders and trading options, and is the largest BTC exchange by volumes traded. Bitfinex is a Hong Kong based trading platform that was founded in 2012 by Raphael Nicolle. The exchange is both owned and operated by iFinex, Inc. and has managed to work its way to the top of the charts in terms of trading volumes and user activity on the platform. Due to the fact that Bitfinex is not regulated by any government, we can’t say that this exchange is operating with the highest security standards. You are able to add several different security layers to protect your account such as 2FA verification, email encryption, withdrawal address whitelist, and also tailor your withdrawal settings. We do not recommend that you keep a lot of coins on the exchange that is not for trading purposes.

Reasonable Fees

Bitfinex is a cryptocurrency platform with a lot of special features to choose from. It’s home to very advanced trade and investing tools, charts, and automated trading as well as a great hub for lending, staking, and borrowing cryptocurrencies. There are different user accounts (individual or corporation) that require different types of documents. If you are dealing with fiat currencies like Dollar and Euro, you are required to identify yourself. However, you can make deposits and withdrawals with cryptocurrencies without verification. Bitfinex uses several standard cryptocurrency industry methods to keep user accounts and funds safe.

As one of the older exchanges in operation today, Bitfinex has experienced a number of hacks with the first major hack taking place in May, 2015. Bitfinex also attracts institutional investors and operates an OTC desk for high value over the counter trades. Despite its success, Bitfinex has also attracted a fair amount of controversy as a result of suffering a number of hacks, and being closely linked to the Tether stablecoin. Currently, you can fund Bitfinex account with cryptocurrencies as well as Fiat currencies such as USD, EURO, GBP and JPY . If you are interested in your own performance analysis you have come to the right place. The Bitfinex reporting tool is all you have ever wished for when it comes to analyzing your past results.

Bitfinex Review: Key Information

Bitfinex’s reviews are better than some competitors, but overall, most cryptocurrency companies don’t score well on customer review sites. To get started with Bitfinex, you’ll go through an account signup process similar to other cryptocurrency exchanges. Notably, Bitfinex is not currently available to U.S. citizens or residents. If you hold the LEO currency in your account, you can save on fees. With the equivalent of $1 in LEO in an account, you’ll get 15% off taker fees for crypto-to-crypto and crypto-to-stablecoin trades. With at least $5,000 in LEO, you’ll get 25% off taker fees for crypto and stablecoin trades and 10% off fiat trades.

Bitfinex Review

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