Bitfinex Exchange Review

Bitfinex Exchange, is one of the world’s highly advanced cryptocurrency exchanges and has its headquarters located in Hong Kong. Originally, it was launched only as a P2P (Peer-to-Peer) exchange for Bitcoins. Later, it started supporting a lot of cryptocurrencies, and thus eventually became a forerunner within the cryptocurrency trading world – with high daily trading volumes and liquidity.

Bitfinex is not registered with any legislative board. Even though it doesn’t offer customers with an insurance policy, Bitfinex has stated that it had returned all the funds stolen during 2016 to its customers.

The trading interface of Bitfinex is user-friendly for both experienced as well as novice traders. It has also listed a ‘Demo’ option on its homepage so that inexperienced traders familiarize themselves with it before starting their trading practices with Bitfinex.

This Bitfinex review will analyse several aspects to provide you with a detailed overview of both the exchange itself as well as its services. Although Cryptimi does its best to provide you with useful information, ensuring that everything is relevant is accurate, we still strongly recommend that you to visit Bitfinex.com for any updates which might be added afterwards.

Is Bitfinex Exchange Safe?

Bitfinex Exchange has tightened its security after falling victim to a hacking attack back in 2016, which resulted in a theft of approximately $72 million worth of Bitcoins. In addition to the default security features like 2FA, U2F (Universal 2nd Factor), it also provides advanced options like IP monitoring, email encryption and withdrawal protection. These features are optional and can be enabled by the users depending on their need.

This cryptocurrency exchange stores the majority of the customers’ assets on offline cold wallets, in order to protect them from hackers and other kinds of fraudsters.

Bitfinex Exchange

Bitfinex is a cryptocurrency trading platform which allows users to trade several altcoins and cryptocurrency tokens. It offers basic as well as advanced trading options like margin trading for its customers.

How does Bitfinex compare to other exchanges?

The fees charged by Bitfinex are very nominal when compared to other cryptocurrency exchanges. Since its hacking attack, it has greatly improved the security of the platform by adding advanced security features.

Bitfinex Wallet

This feature is not available on Bitfinex. You must set up a wallet using another exchange like Coinbase. Or you can also buy hardware wallets like Ledger Nano S or Trezor to store altcoins or cryptocurrency tokens. To learn more about wallets, visit our wallet guides.

Meanwhile, you could check out our other recommended crypto wallets:

The Ledger Nano X is the latest hardware crypto wallet offered by Ledger and it is designed to be the Bluetooth enabled Ledger Nano S on the go. Visit Ledger Nano X Ledger Nano X Review Launched in 2015, KeepKey Wallet is one of the oldest and most secure hardware wallets. Today it is run by the ShapeShift Exchange and ranks as the third-best wallet brand in the world. Visit KeepKey KeepKey Review If you are looking for one of the most secure hardware wallets, capable of storing a wide variety of cryptocurrencies and offering increased functionality, Trezor is definitely your go-to wallet. Visit Trezor Trezor Review

Bitfinex Account

Bitfinex Exchange offers three types of accounts for its users as described below:

Exchange Account – is ideal for novice traders who would like to start trading on Bitfinex. It allows for exchange trading and margin funding.

who would like to start trading on Bitfinex. It allows for exchange trading and margin funding. Trader Account – gives access to all types of trading like margin funding, margin trading up to 3.3 x leverage and exchange trading. This option is best suited for serious/professional traders .

. Funding Account – is the type of account that allows access to margin funding.

It is recommended for users to stick with the Trader Account option. They can change their account type anytime from their account page. Creating an account on Bitfinex is very simple and won’t take more than a few minutes to finish setting it up. And in case a user forgets their password, it can easily be reset with the email address used when registering the account.

How to Signup on Bitfinex

To create an account on the Bitfinex exchange, do the following:

Navigate to their site and click the ‘SIGN UP‘ link located on the top right of the page. Click the ‘Continue‘ button after reading and agreeing to the terms. Enter your username, email, password, select your time zone and click the ‘Open Account‘ button after completing the captcha and agreeing to the terms.

Within a few minutes, you should receive a confirmation email from Bitfinex’s team. Click the ‘Confirm Email Address‘ link on that email to finish creating your account.

Congratulations! You have successfully created your account on Bitfinex.

How to Log in on Bitfinex

To log in to your Bitfinex account, follow the below steps:

Navigate to their site and click the ‘LOG IN‘ link located on the top right of the home page. Enter your username/email address, password and click the ‘LOG IN‘ button after completing the captcha. (Because of the phishing scams, Bitfinex displays a message requesting you to double check the URL you are visiting)

If you are logging to your account for the first time, then you should agree to the terms and conditions before starting to trade on Bitfinex.

Verification Requirements

Users don’t have to submit any documents in order to trade cryptocurrency on Bitfinex. When creating an account, users simply need to provide and confirm their email address. However, the relevant KYC (Know Your Customer) identity documents (passport, driving license etc.) must be submitted in order to deposit or withdraw fiat currencies. Usually, it takes approximately 6 to 8 weeks to complete the verification process. Only then, can the user buy or sell cryptos with fiat currencies from the exchange.

How to Buy Digital Currency on Bitfinex

Bitfinex users can buy a large amount of altcoins and cryptocurrency tokens with a nominal trading fee. Bitfinex accepts both fiat currencies (EUR, GBP, USD and JPY) as well as crypto payments. To buy digital currencies using fiat currency, users should undergo a strict and lengthy verification process.

Recently, Bitfinex has improved their fiat deposit system so that the process will get completed within 10 business days rather than weeks.

How to Deposit Coins on Bitfinex

This example shows how to deposit Bitcoin (BTC) on Bitfinex. You can buy Bitcoins (BTC) from Bitfinex by depositing fiat currency after verifying your account (the verification process will take a few weeks to get completed). Otherwise, you can buy BTC from exchanges like Coinbase and store them either in Coinbase Wallet or better on your own hardware wallet like Ledger Nano S.

Log in to your Bitfinex account and click the ‘Deposit’ link on the top right. Select the digital currency (eg. BTC) which you would like to deposit and agree to the fee terms. Then, you should select any one of the wallets (exchange/margin/funding) based on the type of your account. In this example, the exchange wallet is chosen. Generate the deposit address by clicking ‘Click to generate address’. Then, click ‘Copy to Clipboard’ and paste this address on your wallet from where you will be transferring the Bitcoins.

The Bitcoins will get deposited to your account within 30 minutes or more depending on the network delays. You can follow the same procedure to deposit other altcoins provided that the exchange supports that coin.

To deposit fiat currencies like EUR or USD, you should verify your account by submitting the relevant documents.

How to Buy Bitcoin (BTC) on Bitfinex

This example shows how to buy Bitcoin (BTC) using Ethereum (ETH). It is assumed that ETH is already deposited and available on your exchange wallet.

Log in to your Bitfinex account and click ‘Trading’ from the top left. Select the currency pair (ETH/BTC) you would like to trade. Select the ‘Exchange’ tab from the ‘ORDER FORM’. Then select the type of order (eg. Market) and enter the amount of crypto you would like to buy. Click the ‘Exchange Buy’ button to place the order.

Congratulations! You have placed your first order for Bitcoins (BTC). You should receive them in your exchange wallet once the transaction gets completed.

How to Buy Ethereum (ETH) on Bitfinex

This example shows how to buy Ethereum (ETH) using Euro (EUR). It is assumed that EUR is already deposited and available on your wallet.

Log in to your Bitfinex account and click ‘Trading’. Select the currency pair (ETH/EUR). Follow the Steps 3 to 4 mentioned in the How to buy Bitcoin section.

Congratulations! You have placed your first order for Ethereum (ETH). You should receive them on your exchange wallet, once the transaction gets completed.

How to Buy Ethereum Classic (ETC) on Bitfinex

This example shows how to buy Ethereum Classic (ETC) using USD. It is assumed that USD is already deposited and available on your wallet.

Log in to your Bitfinex account and click ‘Trading’ link on the top left. Select the currency pair (ETC/USD) you would like to trade. Follow the Steps 3 to 4 mentioned in the How to buy Bitcoin section.

Congratulations! You have placed your first order for Ethereum Classic (ETC). You should receive them on your exchange wallet, once the transaction gets completed.

How to Buy Litecoin (LTC) on Bitfinex

This example shows how to buy Litecoin (LTC) using Bitcoin (BTC). It is assumed that BTC is already deposited and available on your wallet.

Log in to your Bitfinex account and click ‘Trading’ link on the top left. Select the currency pair (LTC/BTC) you would like to trade. Follow the Steps 3 to 4 mentioned in the How to buy Bitcoin section.

Congratulations! You have placed your first order for Litecoin (LTC). You should receive them on your exchange wallet, once the transaction gets completed.

How to Buy Bitcoin Cash (BCH) on Bitfinex

This example shows how to buy Bitcoin Cash (BCH) using Bitcoin (BTC). It is assumed that BTC is already deposited and available on your wallet.

Log in to your Bitfinex account and click ‘Trading’ link on the top left. Select the currency pair (BCH/BTC) you would like to trade. Follow steps 3 to 4 mentioned in the How to buy Bitcoin section.

Congratulations! You have placed your first order for Bitcoin Cash (BCH). You should receive them on your exchange wallet, once the transaction gets completed.

How to Cash Out on Bitfinex

On Bitfinex, you can either withdraw funds to your personal wallet or your bank account. This may only be done if you have verified your account.

Log in to your Bitfinex account and click ‘Withdrawal’ link on the top right. Select the cryptocurrency/token you would like to withdraw. Fill in the wallet address you would like to send funds to, enter the amount of withdrawal (You will have an estimate in FIAT next to it) and choose the wallet (exchange/trade/funding) from which the funds are withdrawn. Click the Request Withdrawal button.

You will be charged a withdrawal fee depending on the crypto and your funds will be transferred to the chosen withdrawal method. Usually, you will receive cryptos into your wallet within an hour, whereas in this case, it may take a few business days to see the funds in your bank account. For a small withdrawal of an amount less than $250, you will have to wait 7 days before making another one.

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Supported Cryptocurrencies

Bitfinex exchange allows its members to buy a large number of altcoins and cryptocurrency tokens.

The top altcoins and cryptocurrency tokens listed on the exchange are given below:

Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Ethereum Classic (ETC), Bitcoin Cash (BCH), Dash (DASH), Ripple (XRP), Monero (XMR), Augur (REP), Bitcoin Diamond (BCD), Bitcoin Gold (BTG), Bitcoin Interest (BCI), Cortex (CTX), EOS token (EOS), Essentia (ESS), Zcash (ZEC), Golem (GNT), Qtum (QTUM), NEO (NEO), Status (SNT), Bancor (BNT), Bytom (BTM), Waltonchain (WTC), Loopring (LRC), TRON (TRX), Verge (XVG), Storj (STORJ), Basic Attention Token (BAT), Atonomi (ATMI / ATM), Aventus (AVT), Matrix (MAN), WePower (WPR), UTRUST (UTK), 0x Project (ZRX), SpankChain (SPANK), FunFair (FUN), Time New Bank (TNB), Decentraland (MANA), Auctus (AUC), Aragon (ANT), Autonio (NIO), Aelf (ELF), Nucleus Vision (NCASH), DADI (DADI), BLOCKv (VEE), Lympo (LYM), ParkinGO (GOT), Tezos (XTZ), ContentBox (BOX), Aventus (AVT)

To get the full list of all the cryptocurrencies supported by Bitfinex, simply visit their site, scroll down to the ‘Support’ section, click on ‘Knowledge Base’ and then click on the ‘Currencies & Tokens’ section:

Supported Countries

Bitfinex accepts users from almost all countries in the world including the UK, EU, Australia, and Canada.

Supported

All countries in the world.

Excluded

Recently, Bitfinex has withdrawn its support and service to both individual and corporate organizations in the US. US residents can try Coinbase, as it offers exclusive benefits for its US-based members.