Binance also lets you trade on margin, and it has its own currency, Binance Coin , that can be used to pay trading fees and get discounts on transactions. In general, yes – Bitfinex is considered to be a decent cryptocurrency exchange alternative, especially for professional traders. Bitfinex is one of the oldest crypto exchanges founded in 2012.

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. Having said that, though, it’s worth pointing out the fact that Bitfinex wasn’t always considered to be “an amazing crypto trading platform”. In fact, the exchange does have a pretty shaky past – it’s something that many critics tend to bring up while discussing is Bitfinex legit, too. Bitfinex offers a native mobile app on both Google Play and the iTunes Store, free of charge. The app allows you to trade, access your wallet, fund your account, receive notifications and check your transaction history.

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. Check out our list of the best cryptocurrency exchanges if you’re interested! Namely, make sure to point your attention to either Binance, or the Coinbase crypto brokerage.

Compare the Best Bitfinex Alternatives

Founded in 2012 as a peer-to-peer margin lending platform, Bitfinex is a Hong-Kong based trading platform which offers advanced services to traders. However, the company is known for a couple of high-profile security breaches, so many people are unsure of its legitimacy. We’re here to shine a light on the platform, with an honest Bitfinex review.

Click on the ‘TRADING’ button at the top of the screen, and you will be taken to the main trading area. You now need to select the trading pair that you want to trade. However, the typical withdrawal time is very much less being one or two hours. Currently, you can fund Bitfinex account with cryptocurrencies as well as Fiat currencies such as USD, EURO, GBP and JPY .

🧐 Is Bitfinex a Scam?

We’re sorry to hear you’ve had a bad experience with your deposit. Each cryptocurrency is different and you should always check confirmation times. However, usually deposits are much fast than you are stating. Please speak to a member of our team if you would like an update or need assistance again.

For investors who place trades , they are charged a fee of 0.1%. In cases where the trading volume exceeds $7.5 million, the Makers fees are entirely waived. Takers fee, on the other hand, can be as low as 0.1% when there is sufficient volume. For short selling, there are also additional fees involved with borrowing which vary according to the cryptocurrency exchange platform peer to peer functionality. In addition, investors as a general rule are not permitted to short sell more than 70% of their entire position. Comparatively, the fees imposed by Bitfinex are relatively fair.

Bitfinex is a digital asset trading platform offering state-of-the-art services for digital currency traders and global liquidity providers. Founded in 2012, Bitfinex was one of the first professional platforms set up to accomodate for the booming interest in cryptocurrency trading. Since then, our team has gained invaluable experience whilst cementing our spot as the go-to platform for digital asset traders and institutions. In addition to a suite of advanced trading features and charting tools, Bitfinex provides access to peer-to-peer financing, an OTC market and margin trading for a wide selection of digital assets. Bitfinex’s strategy focuses on providing unparalleled support, tools, and innovation for professional traders and liquidity providers around the world.

Customer Support and Reviews

We would instead suggest Coinbase if you want a regulated crypto exchange that keeps customer funds safe. The company is registered in the British Virgin Islands and operates in Hong Kong. Other options do exist in the cryptocurrency space such as Coinbase, who are regulated by the UK’s FCA and CySEC in Cyprus. If you want to deposit funds via a bank transfer, then you’ll need to verify your identity.

I’ve using https://forex-reviews.org/ since the beginning and never have any issues with withdrawal. Beware that after all the work you put in to get verified they tell you that you can’t make EUR SEPA payments to online e-money banks such as monese, revolut and others. I used Bitfinex in my early crypto days when the UI was simple, and there were no minimum limits to get started on it.

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. Once your account is funded, you can then begin day trading at Bitfinex.

Bitfinex Review: Is It Safe Or Scammy? (

Once you confirm your email address, you’re all set to log in. When you do so for the first time, you will also have to read and agree to Bitfinex terms of service. UNUS SED LEO provides utility for those seeking to maximize the output and capabilities of the Bitfinex trading platform. Security of user information and funds is our first priority. Bitfinex offers a suite of order types to give traders the tools they need for every scenario. Discover more about our most advanced Algorithmic orders types.

Bitfinex also supports fiat currencies such as USD, EUR, GBP, JPY which can be used to trade many cryptocurrencies against fiat pairs. It is very unusual for the verification to take this long. You can either speak on our live chat, visit the Telegram group or open a ticket via cs.bitfinex.com this will allow us to look into this for you and resolve any issues you may have.

Over The Counter Services

Users can offer funding across a wide range of currencies & assets, at the rate and duration of their choice. In addition to trading fees, some exchanges charge withdrawal, deposit, or payment method fees. The most straightforward way to buy bitcoin and other cryptocurrenices is using a debit or credit card.

The profits can be as significant as the losses as the leverage are very high. Thus, for this review, our focus would not just be on what BitFinex Exchange offers but also what a trader should look out for when rating a crypto exchange. Some traders choose to avoid Bitfinex as a result of its troubled history. 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.

• Bitfinex is a Hong-Kong based trading platform which is best suited to advanced traders.
• In the introductory part of the Bitfinex review, I’ve mentioned the fact that Bitfinex has suffered some security issues over the years – that is true.
• Bitfinex also takes measures to track behavioural patterns which can trigger manual inspections on unusual withdrawals.
• A maker is a person who puts forward a sale offer, while the taker, as you’ve probably guessed by now, is one who accepts that order.

Join bitfinex reviewers from Coinbase, a16z, Binance, Uniswap, Sequoia and more for the latest staking rewards, tips, insights and news. Consider the exchange’s trading tools’ simplicity of use and availability. Some exchanges are controlled by governments and must adhere to specific laws and regulations, whilst others are not. Consider whether the payment method you intend to use is accepted by the exchange. Check to see if the exchange has a good track record of keeping your money and information safe.

All things considered, this would make the exchange one of the best alternatives for anyone who’s looking to save as much money, fee-wise. A derivative is like a contract that’s tied to the asset that you’re interested in – in this case, it would be the cryptocurrency. First of all, Bitfinex pays close attention to the IP address that you use to sign into your account. Upon logging in, your information is then saved into the platform’s systems, and your IP address is logged, too. In the introductory part of the Bitfinex review, I’ve mentioned the fact that Bitfinex has suffered some security issues over the years – that is true. However, it’s also something that we’ll discuss a bit later on in the article.

The P2P financing market which allows users to earn interest by lending funds to other users who trade with leverage. Qualified users can trade with up to 10x leverage by receiving funding from the margin funding platform. Bitfinex allows up to 10x leverage trading by providing traders with access to the peer-to-peer funding market. Liquidity providers can generate yield by providing funding to traders wanting to trade with leverage.

First of all, let’s take a look at some of the features that the Bitfinex platform offers to traders. So overall, unless you’re looking for advanced features, it seems that Binance is probably a better choice than Bitfinex. 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).