Bitfinex Cryptocurrency Exchange Review 2023

Bitfinex is a veteran cryptocurrency exchange that has been operating since 2012. It offers a robust platform with advanced trading features, high liquidity, and competitive fees, making it a popular choice for experienced traders and institutional investors. However, beginner traders might find the platform complex to navigate. This review provides a detailed overview of Bitfinex, covering key aspects like account types, trading platforms, asset coverage, fees, customer support, and more.

Summary

Feature Details
Year Founded 2012
Headquartered Hong Kong
Account Types Master, Sub-accounts
Minimum Deposit 10,000 for USD/EUR/GBP;

1,000,000 for JPY;

75,000 for CNH.

Leverage Up to 10x
Supported Assets Over 170 cryptocurrencies
Trading Platforms Web, mobile app
Fees Maker-taker model, starting at 0.1%
Customer Support Email, ticket system

Company Overview

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Bitfinex was founded in 2012 and is headquartered in Hong Kong. It caters to a global audience and is known for its high trading volume and deep liquidity pools. Bitfinex offers a diverse range of cryptocurrencies and advanced trading features such as margin trading, lending, and staking.

Account Types and Features

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Bitfinex offers two main account types: individual and corporate. Individual accounts are further divided into three tiers based on trading volume and experience. Each tier offers different levels of margin access and special features. The minimum deposit requirement varies depending on the account type and payment method.

Also, there are another two types of accounts available. One is a master account and sub-accounts. The master account is when you sign up with Bitfinix, the account will be called a Master account. Under this account, you will open several sub-accounts.

How To Open A Bitfinex Account?

Opening an account with Bitfinex is a straightforward process. You can register online and complete the KYC/AML verification process. The verification process may take a few days, and you must provide personal information and proof of identity.

How To Open A Bitfinex Sub-account?

  1. First, Log in to the account you want to become the master account. If you don’t have an account yet, you can easily sign up here. 
  2. On the top right-hand corner, choose Sub-Accounts from the drop-down menu.

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3. On the sub-account page, you will find the option to Create a new sub-account.

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4. Select the type of sub-account you would like to create based on your requirements, available options include Paper Trading, Competitions, Bitfinex Pay (Merchant), Securities, etc.

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You will need to fill in the following fields for your new sub-account:

  • Email (A unique or alternative email address is required see Note below)
  • Username
  • Password
  1. Once all the fields have been completed with valid information, click the Create button. 
  2. Once you have created a sub-account, it will be shown in your sub-accounts administration panel. Here, you can set different permissions according to the purposes of the different sub-accounts.

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How To Deposit Money In Bitfinex?

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Bitfinex supports various deposit options, including cryptocurrencies, bank transfers, and credit/debit cards. The processing time for deposits varies depending on the chosen method. Crypto deposits are generally instant, while bank transfers and credit/debit card deposits may take several business days.

How To Withdraw From Bitfinex?

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Withdrawals can be made in cryptocurrencies or fiat currencies. Withdrawal fees vary depending on the chosen method and the amount being withdrawn. Crypto withdrawals are generally processed within a few minutes, while fiat currency withdrawals may take several business days.

Trading Platforms

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Bitfinex offers a web-based trading platform and a mobile app for iOS and Android devices. The web platform is highly customizable and offers advanced charting tools and technical indicators. The mobile app provides a streamlined experience for on-the-go trading.

Asset Coverage

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Bitfinex offers a diverse range of cryptocurrencies, including Bitcoin, Ethereum, Litecoin, and many more. It also supports a limited selection of forex pairs and margin trading on select assets.

Regulatory Compliance and Security

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Bitfinex is not regulated by any major financial authority. However, it has implemented several security measures to protect client funds and personal information. These measures include two-factor authentication, cold storage for a majority of user funds, and regular security audits. Their other firm Bitfinix Securities is regulated and authorized by AFSA.

Fees and Commissions

Bitfinex offers competitive fees compared to other cryptocurrency exchanges. It uses a maker-taker fee model, with discounts available for high-volume traders. There are also fees for margin trading and withdrawals.

  • For cryptocurrency deposits to Bitfinex, there are no additional fees.
  • For bank deposits such as USD, JPY, EUR, GBP, and CNH, the fee is 0.1%, with a minimum fee of $60.
  • For fiat deposits of EUR and GBP with OpenPayd, the fee is €5 / £5 per transaction.

Customer Support

Bitfinex offers customer support via email and a ticketing system. However, customer support has received mixed reviews from users, with some reporting slow response times and limited resolution options.

Educational Resources

Bitfinex offers a limited selection of educational resources, including blog articles and tutorials. These resources are mainly focused on advanced trading topics and may not be suitable for beginners.

Pros and Cons

Pros:

  • High liquidity and deep order books
  • Competitive fees
  • Advanced trading features
  • Wide range of cryptocurrencies
  • Mobile app for iOS and Android

Cons:

  • Complex interface
  • Limited customer support
  • No fiat currency deposits or withdrawals in some jurisdictions
  • Some historical regulatory issues

Bitfinex Reviews and Client Feedback

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Client feedback on Bitfinex is mixed. While some users appreciate its advanced features and low fees, others find the interface complex, and customer support needs improvement. It’s essential to research and compare different exchanges before making a decision.

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Comparison Between Bitfinex and Other Brokers

Bitfinex is a good choice for experienced traders and institutional investors. But, there are other platforms too that need to be compared with Bitfinix. In this section, we will compare eToro and KuCoin with Bitfinix. We also wrote the details reviews on eToro and KuCoin. You can check those too.

Compare Bitfininx eToro KuCoin
Regulations Not regulated but follow the KYC and AML FCA in the UK, SEC in the US, and ASIC in Australia AML and KYC
Trading Desk Types Market Maker Market Maker Crypto
Demo account No No No
Number of Currency Pairs 170+ 50 50+

If Anything Unwanted Happens, Contact Us:

There are several bad reviews for Bitfinix is roaming on the internet and you may also have some bad experiences like those. If you think you have a problem with Bitfininx or any other broker, you can contact us. We will provide you with a free consultation and service recommendations to help you in recovering the lost funds.

If you have lost money to companies like KuCoinfxpro, or BitForex, please report it today by the below form.

Conclusion

Bitfinex is a powerful and feature-rich cryptocurrency exchange that caters to experienced traders and institutional investors. Its high liquidity, competitive fees, and advanced trading features make it a valuable platform for those who demand the best. However, the complex interface and limited customer support may deter beginner traders. It’s important to carefully consider your needs and preferences before choosing a cryptocurrency exchange.

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