Also, some may argue that the multiple hacks have made the platform much more resistant to future attacks. 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. However, there has been a lot of criticism about the exchange throughout the years, mainly about the transparency of their business and their close relation to the stablecoin Tether. It always feels as if they are hiding something without the ability to actually prove it.
- Those with experience using active stock market trading platforms or forex trading apps should find Bitfinex intuitive and easy to navigate.
- While there are many options available, everything is laid out in an impressively intuitive fashion, with easy-to-navigate dashboards and menus.
- Some of our platform recommendations might be our partners and we may earn money through our links on our website but this does not change our opinions as all our recommendations are our own.
- 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.
- Opening a Bitfinex is as easy and straightforward as it gets, but before you create an account, be aware of the following requirements.
- All clients have to submit contact details to comply with the verification process.
Traders can access all the main crypto pairs like BTC/USD, ETH/USD and XRP/USD, as well as more obscure tokens like 1INCH and Quantfury. Choose which currency you want to deposit with (EUR/USD/GBP/YEN) and then you will be provided with the bank account details that you need to transfer the funds to, as well as your reference https://www.tokenexus.com/ number. Be warned, this can take up to 10 days to process, meaning that you’ll need to wait before you can start trading. If you want to deposit funds via a bank transfer, then you’ll need to verify your identity. Click on the verification button within your account portal, and follow the on-screen instructions.
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Special Features
There are also many other cryptocurrencies available on the exchange. Bitfinex is an excellent choice if you want to start with Bitcoin trading. The exchange has a high trading volume, proper charting tools, and low fees. When we talk about margin trading, Bitfinex puts the power in your hands, allowing you to trade with up to a tenfold leverage, thanks to the funding from its peer-to-peer margin platform. You can either place an order to borrow your desired funding amount, setting your preferred rate and duration, or sit back and let Bitfinex do the legwork, securing the best available rate for you.
- Once you have created an account and logged in, you will need to deposit money.
- Now choose your preferred fiat currency or digital asset and choose your payment method.
- With U2F, users are required to login into an external hardware device such as a USB drive to secure their accounts.
- Join millions, easily discover and understand cryptocurrencies, price charts, top crypto exchanges & wallets in one place.
- Other notable features include margin trading, limit and stop orders, over-the-counter (OTC) trades, and others.
- The editorial team of Trading Browser is required to use first-hand sources to collect and share information regarding the businesses we promote.
While it caters primarily to advanced traders with its intricate charting tools and high liquidity, it also accommodates new users through demo account features. Bitfinex offers a trading fee structure that is based on whether you are a market taker or market maker, and how much you trade in a single month. As you’ll see below, unless you trade more than $500,000 per month, as a taker you will pay a huge 0.2% in fees. This is considerably higher than other leading cryptocurrency exchanges such as Coinbase, who only charge users via the spread.
Is Bitfinex a good cryptocurrency exchange platform?
On top of not being regulated, safety at Bitfinex is also a major concern of ours, not least because the platform experienced a major hack in 2015. Just one year later, the platform was hacked again, this time resulting in the theft of more than 120,000 Bitcoin. While this amounted to $72 million in 2016, at today’s rate this amounts to approximately $600 million. The traded price of digital tokens can fluctuate greatly within a short period of time…. Don’t invest in crypto assets unless you’re prepared to lose all the money you invest…. Don’t invest in crypto assets unless you’re prepared to lose all the money you invest.
Bitfinex supplies its users with an extensive knowledge base and a ticket based support center. Its average TrustPilot score shows that it’s doing a relatively good job in maintaining user satisfaction (most exchanges receive a “poor” rating). Bank wires have a 0.1% deposit and withdrawal fee, which can reach up to 1% if you’re looking for an expedited withdrawal. Bitfinex Review Bitfinex also supports Tether (USDT), the quasi-fiat token unofficially pegged to the US dollar’s price. Bitfinex offers the trading of derivatives contracts, which give traders the ability to speculate on the price of an asset, without buying or selling it outright. Traders simply need to collateralize their derivatives account with USDT in order to trade.
Supported Cryptocurrencies and Trading Pairs
Today, this is a top crypto exchange, dealing in digital tokens like BTC/USD pairs, major altcoins including Monero and Ethereum, and hundreds of other digital assets. Users have access to margin trading, fiat trading, deposits, and withdrawals. An in-house indicator for Bitcoin longs and shorts gives you trading signals for other cryptocurrencies in the market. Bitfinex makes the verification process flexible by offering several options for users based on their trading needs. If you wish to get started with the basic account, you do not need to verify your identity.
