What is Bitfinex?
Bitfinex is a cryptocurrency exchange based in Hong Kong which provides users globally with access to highly-liquid crypto markets. Since it’s birth in 2012, the company has become one of the world’s most well-known exchanges, having also created the most popular stablecoin; USDT. Like many crypto exchanges, Bitfinex has had a rocky journey with regulators over the years yet has managed to retain trust with thousands of customers located in various places around the globe.
Bitfinex is led by technologist and serial entrepreneur Jean-Louis van der Velde who resides in Asia currently. The company behind Bitfinex & Tether (USDT) is called iFinex Inc. and you can view all employees on Bitfinex’s LinkedIn page which is good to see.
If you would like to learn a bit more about the Bitfinex cryptocurrency exchange, keep reading, or if you want to give it a try right now, sign up using this special link and get an exclusive 6% fee discount that you won’t get by signing up normally – why throw away free money?
|Deposit Methods||USD, EUR, GBP, CNH, YEN & Cryptocurrencies|
|CEO||JL van der Velde|
|Bonus||6% Fee Rebate (Claim)|
Fees & Limits
If you’re a seasoned crypto trader, you’ll most likely know that crypto exchanges make the majority of their revenue by charging trading fees. This is essentially a commission which you pay to the exchange for their service. The fees you pay varies by the exchange you are using, so let’s take a look at Bitfinex’s fees and see how they match up with the industry standard. Bitfinex’s fees are 0% – 0.2% per trade. You can get a 25% reduction on Bitfinex fees by holding their native crypto token; LEO.
Now you might be wondering how much you can deposit/withdraw at once on Bitfinex.
There are no deposit or withdrawal limits on Bitfinex.
This is true for crypto transactions although, if you want to use fiat (regular money), there are some minimum limits you should know about which are listed here.
Is Bitfinex safe?
In my opinion, Bitfinex is a safe cryptocurrency exchange as the team is transparent and the exchange is a market leader which has stood the test of time (one of the oldest crypto exchanges). This being said, it is important to understand that your capital is at risk when using any cryptocurrency exchange.
Creating an account on Bitfinex
Getting started trading on Bitfinex is a simple process, all you need is an email and access to the internet. Once you’ve registered, you’ll need to make a deposit before you can trade. To register on Bitfinex:
- Go to Bitfinex.com
- Click ‘Sign Up‘
- Enter your details and proceed
- Paste referrer code oJmlT24J to activate fee discount
- Confirm your email address
- All done, enjoy trading on Bitfinex
Bitfinex also offers a complete mobile app for those that want to trade on the go. I personally prefer trading crypto on an app since it means that you can take action when an opportunity presents itself like some news or similar price action triggers. I was impressed with the look and feel of the Bitfinex app and I would rank it up there with the other big players in the crypto exchange industry. It’s free to download from the IOS Apple App Store and the Android Google Play Store.
Deposit & Withdrawal
Depositing and withdrawing from the Bitfinex exchange like the other processes on the exchange is simple and easy to do. Crypto deposits and withdrawals are instant (depending on the blockchain you use) and you can do them as soon as you sign up for an account – you don’t need to wait to be verified to do this.
To make a deposit or withdrawal on Bitfinex; log in to your account, go to ‘Wallet‘ and select Deposit or Withdraw depending on what you want to do. Once you’ve done that, select which currency you want to use and then follow the instructions as prompted – it should only take a couple of minutes.
Here is a list of the Deposit & Withdrawal methods (currencies) available on Bitfinex:
- Credit/Debit Cards
- 0x Project
- Banyan Network
- Basic Attention Token
- Bitcoin Cash
- Bitcoin Gold
- Bitcoin Interest
- Bitcoin SV (BSV)
- Callisto Network
- Chain Split Tokens
- Chain Split Tokens – Bitcoin Unlimited
- Chain Split Tokens – Segwit2x
- Consensus AI
- Content Neutrality Network
- Cosmos (ATOM)
- Data Transaction Token
- Digix Gold
- Dragon Token
- EOS Airdrops
- Ether Kingdoms (IMP)
- Ethereum Classic
- FOAM Token (FOA)
- FTX Token
- Gate.io (GTX)
- Gemini Dollar (GUSD)
- Hydro Protocol
- Internet Node Token
- Iota Technicals and Connection Help
- Kyber Network
- Loom Network
- MakerDAO (MKR)
- Metaverse ETP
- Nucleus Vision
- ORS Group
- Paxos (PAX)
- POA20 Network
- Polymath Network
- Project PAI
- Raiden Network
- Recovery Right Token
- Request Network
- Ripio Credit Network
- RSK Infrastructure Framework (RIF)
- Stasis Eurs
- Stellar Lumens
- Tether EUR (EURT)
- Tether USD (USDT)
- The Abyss
- Time New Bank
- TrueUSD (TUSD)
- Unus Sed LEO
- UNUS SED LEO Token Holders Benefits
- Upfiring (UFR)
- USD Coin (USDC)
- V Systems
- Wrapped Bitcoin
- ZB Token
In 2019, Bitfinex launched a revolutionary new idea called the ‘Bitfinex Leaderboard‘ which tracks the best traders on Bitfinex by gross profit. The Bitfinex leaderboard lets you connect your twitter account as a social experiment to see whether or not people could get recognition and a following for making good trades on the exchange as it proves that they know what they are doing.
This feature will most likely attract new, high volume traders as it provides them with a way of becoming known as a good trader in the crypto market. It also acts as an encouragement to new traders by showing them that you can, in fact, make significant amounts of money trading cryptocurrency on Bitfinex.com.
You can access the Bitfinex leaderboard by going to leaderboard.bitfinex.com.
Aside from spot trading, you can also trade with margin on Bitfinex. This means that you can trade with more than your balance (specifically 3.3x more than your wallet balance on Bitfinex). This feature is pretty common in the crypto space as it allows you to multiply profits but it is also known to lose a lot of money for traders who don’t know what they are doing. Some exchanges like Bybit and BitMEX offer much higher leverage than Bitfinex (up to 100x), so be sure to check them out if that’s what you’re looking for. I have to let you know though, it’s more like gambling than trading if you don’t know what you are doing!
Tax reporting tool
I know you don’t want to read about tax, but it’s extremely important that you get it right so that you don’t land yourself in debt, or even worse, behind bars. Bitfinex doesn’t want this for you either, and so they created a tool which lets you create a full tax report on the exchange which saves you tons of time and money. For me, this is one of the main reasons I would choose Bitfinex over other crypto exchanges as it can be a real pain if you don’t have the right tools to do the job. The tool is 100% free for all Bitfinex account holders. To learn more about Bitfinex’s tax reporting tool, check out this article on their blog.
Always consult with a tax professional and don’t rely on the tool provided by Bitfinex alone. We cannot be held liable for any actions taken as a result of reading this post, it is merely our opinion and not advice to use the tool for taxes.
Being able to track price movements when trading crypto is an important factor which shouldn’t be overlooked. The majority of exchanges have built-in charts which let you analyse structures and patterns within the price to make better decisions when trading the market.
Bitfinex includes TradingView charts for each tradeable pair on the exchange. The charts have many indicators including EMAs, trendlines and more. You can use the tools on the charts to perform on-chart analysis and make predictions about price movements.
You can even take a snapshot of the chart for later viewing or sharing.
Unfortunately, Bitfinex only offers 3 main languages for the platform. The languages on Bitfinex are English, Russian & Chinese. You can change the language in the top right-hand corner of the exchange.
Tether – Bitfinex’s counterpart
Earlier in this review of the Bitfinex exchange, I briefly touched on Tether (USDT) but let’s take a deeper dive into what it is, and how it works.
Tether (USDT) is a cryptocurrency stablecoin which is claimed to be backed 1:1 to USD reserves. The asset is owned and operated by iFinex Inc. – Bitfinex’s parent company.
There are two main use cases for USDT (Tether) which are as follows:
- Move funds between exchanges quickly as there is no need for banks
- Protect your capital when cryptocurrencies fall in price
Tether has a few main competitors, which launched much later. Examples of these are USDC (By Coinbase) and PAX (By Circle/Poloniex).
How to make a trade on Bitfinex
Making a trade on the Bitfinex cryptocurrency exchange can be done at any time of the day. To make a trade on Bitfinex:
- Register on Bitfinex.com
- Make a deposit
- Go to ‘Trading‘
- Select the pair you want to trade (for example; BTC/USD)
- Enter the amount and click Buy or Sell
- It’s that easy, you’re all done
I’m a big fan of Bitfinex’s design principles. The exchange looks good, is functional and easy to navigate. The colours used make it easy to trade digital assets and contribute towards overall stunning user experience.
On the other hand, nothing is perfect, and there are some improvements I would like to see such as the addition of an easier log in system for the mobile app (you have to use API keys currently).
Over The Counter (OTC) trading is becoming increasingly popular within the crypto space as it allows people to make large trades without affecting the market. Bitfinex offers an OTC crypto desk for those interested. To get started using it, head over to Bitfinex.com.
Does Bitfinex have a Testnet?
Bitfinex does not currently offer a testnet for demo trading.
UNUS SED LEO. Sounds like an ancient Latin manuscript title right? This is the native exchange token for the Bitfinex exchange which was used to raise money for the development of the exchange. Bitfinex managed to raise a total of $1BN USD during the LEO token sale.
Learn more about LEO on CoinMarketCap.
Ethfinex was Bitfinex’s sister exchange which allowed for decentralised Ethereum (ERC20) token trading. The exchange is now closed and all accounts & funds were moved to Bitfinex.com. You can learn more about why Ethfinex closed here.
Bitfinex offers one of the leading cryptocurrency affiliate programs within the industry. With multi-level reporting and several useful tools, the affiliate program makes promoting the exchange super easy. To get started promoting Bitfinex, you have to sign up for a regular Bitfinex account using this link.
At the heart of any crypto exchange is its customer support process and team. Without it, an exchange wouldn’t even last 24 hours. Bitfinex has a dedicated support team which can be consulted 24/7 on cs.bitfinex.com.