Bitfinex Review 2024

Bitfinex is a centralized cryptocurrency exchange founded in 2012. Its country of registration – British Virgin Islands. On 14 July 2024 the number of trading pairs available for trading: 379. Bitfinex last 24-hour trading volume is $65,189,168. It changes to -28.28% compared to the previous 24-hour period. BTC/USD is the most popular trading pair, its trading volume is $36,881,643 in the last 24 hours. The exchange has 10 of 10 possible reliability scores and provides clients with access to fiat currencies.
Volume (24h)
$65,189,168-28.28% ↓
Pairs
379
Rating
10 / 10
Country of registration
British Virgin Islands
Fiat
TOP 10 pairs by volume
Pair
Price
24h Volume
Spread
Price change in 24h
Pair
BTC/USD
Price
$59,739.00
24h Volume
$36,881,643
Spread
+0.02%
Price change in 24h
+$1,626.00 ↑ / +2.73%
Pair
USDT/USD
Price
$1.001
24h Volume
$16,908,853
Spread
+0.10%
Price change in 24h
$0 ↑ / 0.00%
Pair
BTC/USDT
Price
$59,739.00
24h Volume
$7,754,448
Spread
+0.02%
Price change in 24h
+$1,626.00 ↑ / +2.73%
Pair
ETH/USD
Price
$3,189.06
24h Volume
$4,535,054
Spread
+0.06%
Price change in 24h
+$43.30 ↑ / +1.36%
Pair
XRP/USD
Price
$0.5238
24h Volume
$2,828,850
Spread
+0.02%
Price change in 24h
+$0.044590 ↑ / +8.53%
Pair
ADA/USD
Price
$0.44021
24h Volume
$2,149,475
Spread
+0.11%
Price change in 24h
+$0.023780 ↑ / +5.41%
Pair
ETH/USDT
Price
$3,189.06
24h Volume
$1,315,419
Spread
+0.06%
Price change in 24h
+$43.30 ↑ / +1.36%
Pair
ETH/BTC
Price
$3,189.06
24h Volume
$1,293,995
Spread
+0.04%
Price change in 24h
+$43.30 ↑ / +1.36%
Pair
XRP/USDT
Price
$0.5238
24h Volume
$1,205,475
Spread
+0.04%
Price change in 24h
+$0.044590 ↑ / +8.53%
Pair
XLM/USDT
Price
$0.10162
24h Volume
$933,876
Spread
+0.19%
Price change in 24h
+$0.009246 ↑ / +9.12%

    Bitfinex is a digital trading platform that provides services to cryptocurrency traders and liquidity providers. Its goal is to make available the best cryptocurrency trading experience. The platform was founded in 2012 and is considered one of the oldest crypto exchanges. Bitfinex also has an outstanding team with a lot of years of experience in the field of blockchain technologies.

    The crypto exchange provides services of peer-to-peer financing, spot and margin trading, derivatives trading, etc.

    Registration and account verification

    Registration on the crypto exchange does not present any difficulties. Account creation instructions are the next:

    1. Enter Bitfinex site and click the Sign Up button in the upper right corner or in the center of the page;
      Bitfinex registration. First step
      Bitfinex registration first step
    2. Enter username, email address and password. Then select country of residence from the list and enter referral code (if available), then click Sign Up;
      Personal details and password
      Personal details and password
    3. On the next opened page the user will see a suggestion to enable Google Two-Factor Authentication to secure the account. There are download links for Google Authenticator application here. After filling up the form click Continue;
      Proposal to enable 2FA
      Proposal to enable 2FA
    4. To continue setting up 2FA, you need to scan the QR-code with the Google Authenticator app (uploading App Store for iOS devices and Google Play Store for Android devices);
      Setting up 2FA
      Setting up 2FA
    5. Enter the received 6-digit code and wait for confirmation of two-factor authentication by clicking Activate token 2FA Now;
      Two-factor authentication confirmation
      Two-factor authentication confirmation
    6. Confirm email address to complete registration (recommended to use the same internet browser as in previous steps);
      Verify Email Address
      Verify Email Address
    7. Then you’ll see a message stating that everything is OK and you can log into your account by clicking Login.
      Account Login
      Account Login entry

    To gain access to more features of the platform, you need to go through the identity verification procedure. The exchange offers 4 levels of verification. Comparison of verification levels and their functionality is presented in the table.

    Functions Basic Basic Plus Intermediate Full
    Spot and margin trading
    OTC
    Derivatives Trading
    Margin financing
    Lending Pro
    Bitfinex Borrow
    Loan products (Celsius)
    Cryptocurrency transfers
    Bank transfers (fiat)
    No maximum withdrawal limits
    Staking Rewards
    Bitfinex Pay

    To upgrade the verification level to the Basic Plus, you need to upload to the exchange the following documents:

    • Identity card (passport, driver’s license);
    • Biometric photo (selfie);
    • Phone number.

    To increase the verification level to Intermediate to Basic Plus you have additionally provide these documents and make the next actions:

    • The second photo ID;
    • Address confirmation;
    • Fill out a financial questionnaire;
    • Fill out a KYC form.
    In order to upgrade the verification level to Full, you have to add a bank statement, in addition to the information of the previous levels.

    Account protection

    Bitfinex offers various security settings. You can activate them in the Security tab. Here you can continue setting up 2FA if it was not completed during the registration process.

    Security Settings
    Security settings

    Among the security tools offered by the platform are:

    • Enabling two-factor authentication (2FA), which is a prerequisite;
    • Blocking withdrawals if you log into your account from a new IP address;
    • Creating a phrase to confirm withdrawals;
    • Block or disable withdrawal address for all currencies;
    • Enabling PGP Encryption of email;
    • Disabling the open session feature when working from a public computer or if you don’t want to stay logged in for a long time;
    • Restricting access to your account by IP address.

    The account is registered. What’s next?

    After registering, verifying and enabling security features, in order to start trading and enjoy all the features of the site, you need to top up your balance.

    Available deposit and withdrawal methods

    The crypto exchange allows you to deposit funds in fiat (USD / EUR / GBP /JPY / CNH) and cryptocurrencies (their list is presented on the page Currencies and Tokens – Bitfinex Help Center). You can fund your account in several ways:

    • By payment card;
    • Bank transfer;
    • Fiat and cryptocurrencies.
    Deposit options
    Deposit options

    The Minimum amount of cryptocurrency to replenish Bitfinex accoung – $5. This limit is set to to avoid processing small transactions.

    As for limits on fiat currencies, they depend on currency and user verification level. For users who have passed full verification the minimum amount of funds for replenishing with a bank transfer is:

    • 10 thousand (USD, EUR, GBP);
    • 1 million JPY;
    • 75 thousand CNH.
    You can fing more information about deposits and withdrawals at Deposits/Withdrawals in Bitfinex Help Center.

    Trading conditions and instruments available on Bitfinex

    The exchange provides the following trading conditions and instruments:

    • Spot and margin trading;
    • Derivatives trading;
    • Competitive fees and limits.

    Spot market

    Bitfinex provides spot trading without leverage. There is a large selection of trading pairs with cryptocurrencies and stablecoins (BTC/LTC, BTC/ETH, BTC/ATOM, BTC/ADA, BTC/USDt, BTC/USDС, etc.), as well as pairs with fiat money (BTC/USD, BTC/EUR, BTC/JPY, BTC/GBP and more).

    Spot trading on Bitfinex
    Spot trading on Bitfinex

    Margin Trading

    Bitfinex offers margin trading and margin lending. The platform allows you to trade with leverage up to 10x. Accounts created after March 1st, 2022 are required to pass the Intermediate verification level to access margin trading. Previously created accounts do not need to be upgraded.

    Margin trading
    Margin trading

    Derivatives

    Derivatives trading on Bitfinex is only available to users who have passed Intermediate verification or higher one.

    In order to trade derivatives, you need to fund your derivatives wallet with either USDt or Bitcoin.

    There are two options for transferring Bitcoin and/or USDt tokens from a margin wallet to a derivatives wallet:

    • Quick transfer;
    • Balances option.

    For trading derivatives:

    • Go to the Derivatives page, select the desired pair;
    • Create an order by specifying its type, price and amount of crypto;
    • Drag the slider to select the leverage to trade. Leverage will determine the amount of collateral allocated. The maximum leverage for derivatives trading is up to 100x (depending on the trading pair);
    • Press Derivative Buy or Derivative Sell.
    Derivatives Trading
    Derivatives Trading

    Commissions and limits

    Bifinex operates on a taker-maker commission model. Those who fulfill existing orders are called takers. Traders placing new limit orders are makers.

    You can see taker and maker fee rates, deposit and withdrawal fees, at Fees schedule page on the Bitfinex website.

    How to trade on Bitfinex

    Buy and sell on the Bitfinex exchange
    Buying and selling on Bitfinex

    To buy and sell on Bitfinex, just follow a simple guide:

    1. Enter the trading terminal of Bitfinex;
    2. Select a trading pair. To do this: enter the desired ticker in the widget’s search bar or use the drop-down menu on the left side of the terminal;
    3. On the same trading page, there is an order form that you need to fill out (enter the details of the trade operation);
    4. Select Order. If the limit order type is set, you have specify the size of the oreder and its price. You can use the slider to set the percentage of used funds: for buying (left side) or selling (right side). Then place an order by clicking on the Exchange Buy or Exchange Sell button. If the market order type is selected, it will be executed at the current market price (you do not need to specify a price);
    5. After the order is executed, the funds will be credited to the internal wallet.
    You can track your orders on the reports page in the Orders section or directly through Ledgers.

    Additional services of the Bitfinex exchange

    In addition to spot/margin trading and derivatives trading, Bitfinex offers some additional ways to earn money:

    • Staking;
    • Crypto lending;
    • Affiliate program.

    Staking

    Bitfinex allows you to earn passive income with staking. Traders do not need any technical knowledge to work with it option. It is done automatically in several steps:

    1. Select digital token for staking;
    2. Depositing the selected digital token to your Bitfinex account;
    3. Receive weekly rewards.
    Staking Page
    Staking page

    The platform calculator allows you to calculate the amount of reward depending on the type and number of tokens you staked. You can see the estimated annual amount of rewards below Supported Digital Tokens for such coins as: Tron (TRX), EOS (EOS), Tezos (XTZ), COSMOS (ATOM), Algorand (ALGO), Solana (SOL), Polygon (MATIC), Cardano (ADA), Polkadot ( DOT), Ethereum 2 (ETH2), Kusama (KSM).

    There is no minimum value for participation in staking on the platform. However, to avoid overburdening the system, there is a minimum staking reward that can be earned ($0.50).

    For more information on staking rewards go Staking Rewards on Bitfinex Help Center.

    Crypto loan

    The exchange provides a P2P platform called Bitfinex Borrow which allows users to borrow funds from their peers using cryptoassets as collateral.

    To get started with the Bitfinex Borrow platform, you need to:

    1. Deposit the required collateral to the margin wallet;
    2. Select currency and specify a loan amount;
    3. Set conditions and press Borrow;
    4. Wait for the loan to be credited to the margin account.

    There are no restrictions on funds using by borrowers on Bitfinex. Loan duration and interest rates can be customized depending on the needs of the borrower.

    Unlike a traditional bank, the platform does not require a credit check of the borrower. However, there are certain requirements in order to be eligible for the loan. You can find them in the FAQ section on the main page of the service.

    The amount of funds can be borrowed depends on the amount and type of collateral the user holds, but no more than $250,000. You can use the site calculator to calculate the loan amount and margin requirements.

    Loan and interest rate calculator
    Calculator loan calculation and interest rates

    Affiliate program

    Any user of the exchange can invite the new ones with Bitfinex Affiliate Program and get rewarded. To do this you need to generate unique links on the information panel of the Affiliate Program and share them. Anyone who registers using the user’s link will become his referral.

    Whenever referrals trade or perform any action on the platform, the user will earn interest on the trading and margin funding fees they have paid. This happens in real time and is displayed on the Partner's Control Panel.

    In addition, the user will earn interest on trading and margin funding fees from all three levels in his referral network.

    The rewards scheme is presented at Affiliate Program page. You can increase the amount of rewards from affiliate income using multipliers. The conditions are:

    • Account verification;
    • UNUS, SED, LEO tokens presence;
    • Numbers of followers and activity in social networks.
    Affiliate Program
    Affiliate Program

    Mobile Application

    You can use the Bitfinex mobile application to view positions, open orders, trading history. The app is available on iOS and Android operating systems (downloadable from App Store or Google Play Store).

    Bitfinex Mobile Application Presentation Page
    The page of Bitfinex mobile app

    Reviews

    Since the exchange has been operating for a long time, you can find quite a lot of reviews on its work. In positive reviews Trustpilot users feature:

    • Low commissions;
    • User friendly interface;
    • Quick support solution.

    Negative reviews are related to:

    • Long withdrawal of funds, problems with withdrawal;
    • Problems accessing the deposit;
    • Complex and lengthy identity verification.

    Pros and cons

    The pros and cons of the exchange can be summarized as follows.

    Multiple translations: English, Russian, Spanish, Turkish, Portuguese, two versions of Chinese;
    Large selection of cryptocurrencies;
    High security: 2FA, withdrawal protection, tracking IP and others;
    Professional interface of the trading terminal;
    A wide range of functions and services: spot, margin trading, derivatives trading, lending, staking, etc.;
    Fiat support: EUR, USD, GBP, JPY, CNH;
    Transparent fee structure;
    Mobile app for Android and iOS;
    Quick support.
    Past security breaches, hacks;
    Problems with withdrawals;
    Difficulties with identity verification.

    FAQ

    What is Bitfinex?
    Bitfinex is one of the oldest crypto exchanges founded in 2012. The exchange is legally registered in Hong Kong and operated by iFinex Inc. The exchange offers spot trading, margin trading, derivatives trading, staking, lending, and more.
    Can Bitfinex be trusted?
    Bitfinex`s history has been marked by a series of security breaches. In 2015, the exchange was hacked and 1,500 bitcoins were stolen. In 2016, there was a second hack: 120,000 bitcoins were stolen. The incident prompted an extensive investigation.

    Since then, the exchange team has been improving security. Bitfinex supports two-factor authentication (2FA) and whitelisting of wallet addresses, and 99.5% of user funds are stored in multi-signature cold storages.

    The exchange has also implemented constant account monitoring to help spot any suspicious activity. It keeps track of login details and IP addresses. Users can block their accounts if they suspect that their information has been compromised.

    If customers wish to withdraw larger amounts of crypto, they have to go through a more rigorous verification process. These are standard anti-money laundering (AML), Know Your Customer (KYC) and Counter Terrorist Financing (CTF) measures.

    Bitfinex also uses several internal security features such as DDoS protection and real-time data backup.

    How to trade on Bitfinex?
    To start trading on the exchange, you need to enter your personal account and select the Trading tab. Then specify the trading pair, select Exchange or Margin, order type, click Exchange Buy or Exchange Sell.
    How can I top up my account on Bitfinex?
    You can fund your Bitfinex account with cryptocurrencies as well as fiat currencies. You can deposit using bank cards, bank transfer, cryptocurrencies.
    How to buy on Bitfinex?
    You need to enter your personal account, select the Trading tab, specify the trading pair, select Exchange → order type, click Exchange Buy.
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    Agatha Redich
    Agatha Redich
    Articles author, editor
    Articles author and website editor. Works with texts for over 12 years. Among Agatha’s clients: Rossman, Zara, Bosch, ING Bank, Lexus and others. Crypto journalist since 2018. She wrote more than a hundred articles about cryptocurrencies and the crypto market. Agatha's professional credo is to reveal complex topics in an accessible and simple way.
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    Emil Rabin
    Emil Rabin
    Site expert
    Cryptocurrency expert and financial analyst. Emil has working experience in Bain and KPMG, collaborated with PayPal and Revolut, organized more than 30 educational events about blockchain and cryptocurrencies in Eastern Europe. An expert of the TGDRatings.com portal since 2022.
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