Selecting the right cryptocurrency exchange is a critical decision that can significantly impact your trading performance and security in the digital asset market. With so many options out there, it’s essential to find one that aligns with your needs—whether that’s in terms of security, trading features, or ease of use. In this review, you’ll get to know everything about Bitfinex—from trading options and interfaces to fees—helping you make an informed decision, whether you’re starting from scratch or making a switch.

Stats	Bitfinex
🚀 Founded	2012
🌐 Headquarters	British Virgin Islands
🔎 Founder	Giancarlo Devasini and Raphael Nicolle
👤 Active Users	10M+
🪙 Supported Cryptos	194+
🪙 Supported Perpetual Contracts	45+
🔁 Spot Trading Fees (Maker/Taker)	0.10%/0.20%
🔁 Leverage Trading Fees (Maker/Taker)	0.02% / 0.065%
📈 Max Leverage	100x
🕵️ KYC Verification	Required
📱 Mobile App	Yes
⭐ Rating	4.2/5

 

Bitfinex Overview

Bitfinex, established in 2012, is a cryptocurrency exchange based in the British Virgin Islands, originally launched as a peer-to-peer Bitcoin exchange providing digital asset trading services to users globally. It was founded by Giancarlo Devasini and Raphael Nicolle, with Jean-Louis van der Velde serving as the CEO.

Known for offering a wide range of features, Bitfinex supports over 194 cryptocurrencies for spot trading and 45+ futures contracts. It allows users to trade with high leverage, up to 100x for futures. However, the platform is not regulated in the US, and it is restricted in several countries, including Iran, North Korea, and Cuba.

Bitfinex’s history includes some major security breaches. In 2015, the platform suffered a hack where 1,500 Bitcoins were stolen, and in 2016, it faced another attack resulting in the theft of 119,756 Bitcoins, valued at around $72 million at the time. To compensate affected users, Bitfinex issued BFX tokens, which were later redeemed.

Despite the incidents, Bitfinex remains a major player in the cryptocurrency exchange landscape, with a large trading volume and a loyal user base. The platform, since then, has made significant investments in security measures, including cold storage and multi-factor authentication.

Bitfinex also offers access to derivative trading and integrates with Thalex, allowing users to trade derivatives directly from their Bitfinex accounts, providing seamless asset transfers and access to a wider range of products.While it has a strong user base of over 10 million, it is important to note that it’s not regulated in the United States, which can be a concern for US traders.

 

Bitfinex Pros and Cons

👍 Pros	👎 Cons
✅ One of the longest-running exchanges, trusted by professional traders	❌ Not available in the US
✅ Offers derivatives, securities trading, and up to 100x leverage	❌ Limited altcoin selection compared to other exchanges
✅ Market-level fees that are similar to those on major exchanges	❌ Lacks a built-in copy trading feature for beginners
✅ SOC 2 Type 2 compliant, offering enhanced security protocols	❌ History of hacks
✅ Maintains high liquidity for smooth trading experiences
✅ Includes staking, crypto loans, and crypto payments through Bitfinex Pay

 

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Bitfinex KYC and Sign-up

KYC verification is mandatory on Bitfinex to access the full range of features. Initially, you will start with a basic account, which only allows withdrawals. To deposit funds and get full access to Bitfinex products and services, completing the KYC verification process is necessary. This ensures that your account meets the platform’s security and regulatory requirements before you can engage in trading.

Additionally, if you ever decide to exit the exchange, you can delete your Bitfinex account. Deleting your account ensures that your personal information, including details provided during KYC verification, is erased from Bitfinex’s system. This can provide peace of mind if you no longer wish to keep your data stored on the platform.

Let’s take a look at the steps you need to complete your Bitfinex KYC process:

Step 1: You will need to open your browser and navigate to the Bitfinex website, or you can download their app on your mobile to sign up.

Step 2: On their website, click on the “SIGN UP” button to create a Bitfinex account.

Step 3: Enter your email address and set up a password for your Bitfinex account.

Step 4: Once signed up, you will receive an email verification and a request to bind your account with an authenticator, such as Google Authenticator.

Step 5: After this, click on the “Account” icon on the top right and then select the “Verification” option.

Step 6: You will now be redirected to the Bitfinex verification page. Here, click on the “Upgrade to Basic Plus” option. During the KYC process, you will be asked for:

• Official Photo ID
• Biometric photo (“selfie”)
• Phone number
• Address

Step 7: Now, simply follow the on-page instructions to complete your KYC and set up your Bitfinex account.

You may face issues with Bitfinex KYC if the services are restricted in your country. It is advised to check if Bitfinex provides services in your country using our Country Checker tool. If your country is restricted, you can always opt for other Bitfinex alternatives.

 

Bitfinex Trading

Every cryptocurrency exchange is only as strong as its trading services, as this forms the core of its offerings. Bitfinex caters to its users by providing both spot and derivatives trading options. Let’s explore their trading interface, fee structure, and other key aspects of the platform to better understand its performance.

 

Spot Trading

Bitfinex offers a comprehensive spot trading experience with an interactive and user-friendly interface, and a daily spot trading volume of over $300 million. You get access to all the basic order types, along with the Scaled Order type, which provides greater control over order execution—especially useful for larger orders or navigating volatile markets.

The platform also integrates TradingView indicators to assist with technical analysis and trading strategies. Supporting over 194 cryptocurrencies, Bitfinex charges a 0.10% maker fee and a 0.20% taker fee on all spot trades.

 

Margin Trading

For those looking to enhance their trading potential, Bitfinex offers margin trading with up to 10x leverage on 175+ cryptocurrencies, using the same interface as its spot trading. While this can increase profits, it also carries higher risks, requiring careful management.

 

Derivatives Trading

Bitfinex has expanded its derivatives offerings, providing perpetual swaps on 45+ contracts with leverage options ranging from 1x to 100x. The platform features an intuitive trading interface that integrates TradingView tools, enabling users to perform in-depth technical analysis. Advanced order types, including the Scaled Order type alongside standard options, give traders greater control over execution, particularly when dealing with large orders or volatile conditions.

Bitfinex charges competitive fees for its derivatives trading—0.020% for makers and 0.065% for takers. Additionally, the platform supports seamless navigation between its derivatives and spot trading interfaces, ensuring a consistent user experience.

In partnership with Thalex Derivatives, Bitfinex also provides access to additional derivative products. While Thalex is integrated into the Bitfinex ecosystem, users are redirected to a separate tab to complete trades on the Thalex platform, with straightforward asset transfers ensuring convenience and efficiency.

If you’re inexperienced, you can always start with Bitfinex’s Paper Trading feature, where you can practice trading without risking any assets. It’s an excellent way for beginners to test out strategies and learn the ropes of crypto trading, minimizing the risk of losses before stepping into real markets.

 

Lending

Bitfinex’s funding section allows users to engage in peer-to-peer financing, providing opportunities to both fund and borrow assets. Users can earn interest by offering funds to margin traders or leverage available funding for their trades.

The platform offers flexibility in setting terms, such as duration and interest rates, giving users control over their lending or borrowing strategies. This feature is seamlessly integrated into the trading interface, making it accessible for all users.

 

Securities

In the securities section, Bitfinex offers access to tokenized securities like AIFC listings and El Salvador’s tokenized bonds. These products provide unique investment opportunities within regulated frameworks, allowing users to diversify their portfolios. While integrated within the platform, securities trading requires users to comply with additional KYC requirements, ensuring adherence to global regulatory standards.

 

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Bitfinex Fees

Trading Fees

Bitfinex charges competitive fees for both spot and derivatives trading. The maker fee for spot trading is 0.10%, while the taker fee is 0.20%. For derivatives, the maker fee is 0.020%, and the taker fee is 0.065%.

 

Deposits and Withdrawals

Deposits on Bitfinex are free for cryptocurrencies, stablecoins, and securities. Bank wire deposits incur a 0.10% fee (minimum $60 or €60), while OpenPayd bank wire transactions have a flat fee of €5 or £5 per transaction.

Withdrawals include a 0.1% fee for standard bank transfers, with expedited withdrawals incurring higher fees (over 1%). Cryptocurrency withdrawals also carry fees, such as 0.0004 BTC for Bitcoin or 3 ADA for Cardano withdrawals. The total cost for Cardano withdrawals includes a network fee of 0.8 ADA, bringing the total withdrawal fee to 3.8 ADA.

 

Bitfinex Products and Services

Bitfinex Exchange

Bitfinex Trading provides a reliable platform for users to trade a variety of digital assets, including cryptocurrencies and derivatives. The platform offers access to spot markets, margin trading, and other financial instruments, all supported by real-time data and advanced charting tools. With a focus on security and ease of use, Bitfinex enables you to execute trades efficiently in a straightforward environment.

 

P2P Trading

Bitfinex offers Peer-to-Peer (P2P) trading, which can be a useful option if there are payment restrictions in your country. This allows you to fund your account directly by trading with other users.

However, it’s important to note that the P2P market on Bitfinex is relatively small, so the number of available trades might be limited. Additionally, P2P trading carries the risk of scams, so it’s crucial to remain vigilant and ensure you’re dealing with trusted traders.

 

Bitfinex Mobile App

Bitfinex offers a mobile app for Android and iOS devices, enabling users to trade, transfer funds, access their wallets, participate in margin funding, and set up API key access. However, due to the inherent security risks associated with mobile platforms, it is advisable to conduct significant value trading on a secure desktop or laptop.

 

Bitfinex Staking

Bitfinex offers a soft-staking program where you can earn rewards by simply holding certain digital tokens in your Bitfinex account. The program supports several tokens, including Polkadot (DOT), Tron (TRX), Tezos (XTZ), and more, with annual rewards ranging from 1.5% to 6.5%, depending on the token.

To start staking, you just need to deposit the tokens into your Bitfinex account. Staking rewards are paid weekly. There’s no minimum or maximum limit to stake, and your tokens remain in your account while earning rewards, though you can still trade or withdraw them.

 

Bitfinex Borrow

With Bitfinex Borrow, you can access quick liquidity by borrowing crypto without the need for a credit check. It allows you to use your digital assets as collateral, giving you flexibility to borrow funds based on your needs. You can customize your loan terms, and the process is transparent, with competitive interest rates and no hidden fees.

 

Thalex Derivatives

Bitfinex Derivatives has partnered with Thalex to offer a comprehensive range of advanced crypto trading options, including USD₮-settled Futures and Options. As a user, you gain access to a variety of instruments collateralized with BTC, ETH, and USD₮, offering flexibility in your trades.

With features like multi-collateral support, portfolio margining, and competitive trading fees, you can efficiently manage your positions. Thalex’s products are designed to provide transparency and capital efficiency, allowing you to trade across linear options, perpetuals, and futures, all settled in stablecoin (USD₮).

 

Bitfinex Securities

As a user, Bitfinex Securities offers you the opportunity to diversify your investment portfolio by trading tokenized digital assets. With its 24/7 global access, you can participate in innovative financial products that were once limited to traditional markets.

Regulated in both El Salvador and the AIFC (Astana International Financial Centre), the platform provides you with access to a variety of security markets, including tokenized equities, tokenized debt, tokenized funds, and innovative products like hashrate contracts, expanding your investment options even further.

 

UNUS SED LEO

UNUS SED LEO (LEO) is a utility token native to the Bitfinex platform. It was created to help reduce trading fees for users and incentivize engagement with the Bitfinex exchange. LEO tokens can be used to lower transaction costs when trading on Bitfinex, and the exchange regularly conducts burns (removal of tokens from circulation), which gradually reduces the total supply.

This deflationary model aims to potentially increase the value of the remaining LEO tokens over time. Essentially, it’s designed to empower Bitfinex users by offering financial benefits like fee reductions and possible long-term value growth.

 

Bitfinex Honey

With Bitfinex Honey, you can execute algorithmic trades directly from your browser without the need for any installation. The platform offers built-in algo orders like Iceberg and TWAP, with customizable layout options to match your preferences. It also integrates with TradingView for tracking cryptocurrency prices, allowing you to manage your trades in a user-friendly interface.

The Honey Framework feature enables you to design your own workflows using a simple drag-and-drop interface, requiring no coding. This makes it easy to automate trading operations based on external events, helping you quickly create strategies and activate actions to enhance your trading efficiency.

 

Bitfinex Pay

If you’re a business, regardless of size, Bitfinex Pay allows you to accept payments in cryptocurrencies. It’s a widget that can easily be integrated with your WooCommerce or WordPress website. This setup offers zero processing fees, fast payment processing, and a wide range of crypto payment options.

Plus, you can manage payments efficiently through the merchant dashboard, and you have the option to convert payments to stablecoins to avoid market volatility. It’s a seamless way to tap into the growing crypto economy and attract global customers.

 

Bitrefill

With Bitrefill, you can use your cryptocurrency to make everyday purchases, such as buying gift cards for major retailers, paying bills, and topping up your phone. This offers you the flexibility to live on crypto, easily integrating it into your daily life. You can shop on platforms like Amazon, pay for services, and even book travel, all while using Bitcoin or other cryptos. Additionally, Bitrefill provides fast, private transactions with digital delivery, allowing you to manage your crypto spending efficiently.

 

Bitfinex Alpha

Bitfinex Alpha offers you exclusive, in-depth cryptocurrency market analysis, data, and insights directly to your inbox. By subscribing, you get access to weekly reports from leading think tanks and analysts, covering topics like market trends, on-chain signals, blockchain innovation, and macroeconomic drivers. It’s an excellent resource to stay ahead of the curve with institutional-grade research and data.

 

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Bitfinex Security

Bitfinex takes your security seriously, with multiple layers of protection to keep your assets safe. The platform is SOC 2 Type 2 compliant, meaning it meets high standards for security, confidentiality, and privacy. This certification ensures that Bitfinex follows rigorous practices to protect your information.

Two-factor authentication (2FA) adds an extra layer of security to your account, safeguarding your login, API keys, and withdrawals. You can also use advanced API key permissions for more control over your access settings.

Withdrawals are closely monitored to detect any suspicious activity, and manual checks are conducted if something unusual is detected. For added protection, Bitfinex stores most of its funds in offline, multi-signature cold wallets, with only a small percentage in hot wallets for daily operations.

The platform is also shielded from DDoS attacks, ensuring your trading experience remains uninterrupted. With real-time backups, encrypted email communication, and regular system updates, Bitfinex’s security features are designed to provide peace of mind while you trade.

 

Bitfinex Customer Support

Bitfinex offers 24/7 customer support through an online chat feature available on the platform, ensuring that users can get help at any time. If you prefer, you can also reach out via email, and to make the process easier, Bitfinex provides a list of subject options when you email them. This helps users clearly define their issues, making communication more efficient.

In addition to direct support, Bitfinex has a comprehensive Help Center, where you can find a variety of articles on their products and services. These include how-to guides, trading interface tutorials, and troubleshooting articles, all designed to help you resolve issues without the need to contact a representative. This ensures that you can quickly find the solutions you need, whenever you need them.

 

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Bitfinex Alternatives

Bitfinex is a well-established exchange, but if you’re looking for alternatives, here are a few:

1. Coinbase: Coinbase is a more beginner-friendly option with a wider range of educational resources.
2. Blofin: If you need a no-KYC exchange with competitive fees and a good selection of cryptocurrencies, Blofin is a solid choice.

Feature	Bitfinex	Coinbase	Blofin
Established	2012	2012	2019
Headquarters	British Virgin Islands	San Francisco, USA	Cayman Islands
24h Spot Volume	$71.72M	$1.09B	$433.20M
24h Futures Volume	$43.64M	$0.81B	$9.73B
Spot Fees (Maker/Taker)	0.10% / 0.20%	0.40% / 0.60%	0.10% / 0.10%
Futures Fees (Maker/Taker)	0.020% / 0.065%	0.050% / 0.050%	0.020% / 0.060%
Max Leverage	100x	10x	150x
KYC Required	Yes	Yes	No
Supported Cryptos (Spot)	194+	250+	394+
Key Features	• Established since 2012 • High leverage (100x) • Competitive fees • Margin trading	• Most regulated exchange • User-friendly interface • High security standards • Extensive fiat support	• No KYC required • High leverage (150x) • Strong futures volume • Trading bots available
Sign Up	Sign Up	Sign Up	Sign Up

 

Bottomline

Bitfinex offers a wealth of features and services for both newcomers and experienced traders. If you’re switching from another exchange or just starting your crypto journey, Bitfinex presents an established platform that has been operational since 2012, providing a wide range of products—from derivatives and Thalex to securities trading. It’s one of the few exchanges that offers securities, which can be a big plus for more advanced users.

However, it’s important to consider that Bitfinex may not be the best option for everyone. If you’re looking for a broader selection of altcoins, you might find its choices somewhat limited compared to other exchanges. Additionally, some users may experience restrictions, depending on their location or trading activities. But if you’re someone looking for depth in trading options and a long-standing reputation in the crypto space, Bitfinex could be worth exploring further as your next platform.

FAQ

Is Bitfinex like Binance?

Yes, Bitfinex is like Binance since they both provide the buying, selling, and trading of numerous cryptocurrencies and use their own internal token.

 

Is Bitfinex available to anyone in the US?

Bitfinex is no longer available to users in the US as a result of a policy shift made by the trading platform in order to prioritize their other consumers.

 

How long does it take to withdraw funds from Bitfinex?

Bitfinex has a maximum withdrawal processing time of 12 hours, while the average withdrawal time is less than 2 hours.

 

Does Bitfinex require KYC verification?

Yes, Bitfinex requires you to verify your identity. Otherwise you can not trade or withdraw.