Bitfinex is a professional-level trading platform catering to experienced crypto investors seeking advanced trading features.
The Bottom Line: Providing accessibility to peer-to-peer trading, and margin trading and shorting, Bitfinex is known for having the deepest liquidity in the world. If you’re confident in your crypto trading capabilities – Bitfinex is a good choice.
Coinbase at a glance
While it is easy to sign up to Bitfinex, the verification process is very slow – the whole process can take a few weeks.
This exchange is not aimed at small investors or first-time crypto buyers. To encourage large deposits from confident traders, the minimum deposit fee is $60 – quite high compared to other exchanges. Deposits can be made via wire transfer in USD, GBP, EUR, and JPY. Alternatively, you can deposit cryptocurrency for a nominal fee.
Despite being aimed at experienced traders, the user interface is intuitive and user-friendly. The main dashboard is logical and clear, showcasing order forms, balances, Bitfinex’s order book, history, incoming, trades, and graph charting all in one concise place. For those with advanced skills, the dashboard is customizable and you can integrate TradingView charts.
Users have praised the simplicity with which orders can be made and tracked, using order history and tickers to ensure your order is going as planned.
Overall, the platform is reliable and robust, and can be used on a desktop or on the Bitfinex Android and iOS app.
Bitfinex has always been a stickler for compliance and meets with all relevant regulations. This does mean that US-based customers cannot utilize the exchange.
Once verified, users are strongly encouraged to implement 2 Factor Authentication, while the platform points users in the direction of IP whitelisting, self-auditing measures, and the available customizable security on the platform.
Other personal security measures include automatic emails sent to you when someone signs into your account, and limited access if the system detects an unusual IP address.
In terms of securing funds, 99.5% of users’ funds are stored offline in a multisignature cold storage wallet which can only be opened with 4 out of 7 physical keys – disconnecting the potential for online hacks. This hardware wallet employs extra security measures such as a team of security staff, DDoS protection and frequent penetration tests.
Users can take advantage of the customizable interface to trade over 50 pairs of cryptocurrencies using limit, market, stop, trailing stop, stop-limit, scaled, and fill or kill orders. The API access and advanced charting features are the draw for more experienced traders.
Bitfinex offers users the capacity to borrow and trade up to 3.3x leverage on the p2p margin funding platform. Those borrowing funds can either set their own terms or Bitfinex will automatically set them. Users can also use the platform to securely lend their own money to other peer traders to gain interest.
One interesting thing that Bitfinex offers is an avenue for those trading in excess of $100K USD. For those looking to trade high amounts of crypto privately, Bitfinex offers an over-the-counter trading facility to match and secure trades.
From the outset, Bitfinex makes it clear that they aim their services to more sophisticated traders. The website landing page describes the platform as ‘professional trading’.
In this sense, there isn’t a wealth of educative resources on the platform. There is a Knowledge Base that helps with the functional aspects of the platform – from 2FA setup to security best practices – however, there is nothing that would teach the novice trader how to begin with crypto investments.
The support team is available by email 24/7, while tickets seem to have a response time of around 12 hours. Users have described the support team as being helpful and engaged.
The website’s Knowledge Base is aimed to assist users in helping themselves solve queries regarding setup and functional operation of the platform.
Wire deposits and withdrawals cost 0.1%, with a minimum fee of $60. Fees for the deposit and withdrawal of cryptocurrencies vary, but they’re very low – unless you want to deposit over $1000, in which case, there are no fees.
The p2p trading has a maker:taker structure with the maker paying between 0-0.1% in fees, and the taker paying 0.1-0.2% in fees.
What You Need to Know
Bitfinex is a popular crypto exchange, known for its high liquidity. It offers advanced trader p2p trading, margin trading and shorting, and over-the-counter services. Extremely customizable, the platform is designed to offer professional trading features to enable sophisticated traders the flexibility they require for expert crypto trading.
The deposit and withdrawal fees are high for small investors, while the platform is quite technical – so this isn’t the ideal place for those looking to dabble. However, if you’re a skilled crypto trader looking for more in-depth tools for trading, Bitfinex is a secure, robust, and complex system designed for professionals.