Bitfinex Review Is it Legit or Is it Hiding Something? 2023 Updated

We may receive payment from our affiliates for featured placement of their products or services. We may also receive payment if you click on certain links posted on our site. This allows users to stake or lend their cryptocurrency holdings in an easy way, without needing to have the technical knowledge or operate staking software. Bitfinex is a Hong Kong operated cryptocurrency exchange that has been in operation since late 2012. In the following post, I will review the exchange, the company behind it and also some of the more controversial episodes it experienced in the past.

• The maker fees on Bitfinex’s derivatives exchange are 0.0200%, while the taker fees are priced at 0.0750%.
• Users can trade with up to 3.3x leverage or offer funding to other users for a potential profit.
• BitDegree Learning Hub aims to uncover, simplify & share Web3 & cryptocurrency education with the masses.
• The same fee applies when you withdraw funds with fiat currencies (0.100% with a minimum fee of $60).
• If it’s available in your part of the world, try Bitfinex for your next cryptocurrency trades.
• The information provided on this page is for educational purposes only and is not intended as investment advice, an endorsement of a cryptocurrency, or a recommendation to trade or use any services.
• Bitfinex’s reviews are better than some competitors, but overall, most cryptocurrency companies don’t score well on customer review sites.

Now that we’ve discussed all of the major benefits and features of the Bitfinex exchange, let’s transition and take a look at some of the less-positive aspects of the platform. Learn what this pocket-friendly mini-investing app has to offer for new Australian investors. Discover the ins and outs of this crypto exchange in our comprehensive guide. If you choose to use the Reduce Only option, you’ll have the ability to set orders that only reduce your existing position.

Bitfinex Payment Methods and Fees

Yes, Bitfinex is a legitimate exchange that has been in operation since 2014. The platform is aimed at more advanced traders and offers a wide range of features and Bitfinex Review products. With Binance, you’ll have a mobile app available on both iOS and Android. With this app, you can access your crypto trades no matter where you are.

Navigate to the “Wallet” button in the upper right corner, under which you can find the “Deposit” option. Clicking it takes you to the deposit page where you can choose the preferred method of funding. Bitfinex supports a wide range of deposit options, https://www.tokenexus.com/sell-ethereum/ including fiat currencies (USD, EUR, JPY, CNH & GBP), and a wide selection of cryptocurrencies. Finder.com is an independent comparison platform and
information service that aims to provide you with information to help you make better decisions.

What cryptocurrencies can I trade at Bitfinex?

Investors can access their trading history by navigating to Trades within the Reports section of the website. Despite these measures, Bitfinex has been at the centre of multiple security incidents, including a 2016 hack in which around $72m of Bitcoin was stolen. The exchange and its sister company, Tether, have previously faced investigations and lawsuits. Traders can claim a leveraged position, which means using profit or funds in their margin wallet to settle part of or an entire position. Those borrowing funds on Bitfinex will pay a maker fee twice – once to take out the loan and another when returning the funds.

This also includes residents in Canada that are not allowed to use the platform. Thanks to Bitfinex integrating TradingView’s charts, customers can access advanced charting tools and many useful technical indicators. While excellent for frequent traders or anyone with experience using platforms like Binance, the lack of a basic mode could make it difficult for crypto-novices to use the exchange. While Bitfinex is a popular exchange for cryptocurrency trading, its complicated interface could stump beginners. As one of the top-rated spot exchanges, it makes sense that Bitfinex would support many cryptocurrencies. Although this figure is less than platforms like Binance and KuCoin, the range of cryptos offered by Bitfinex is superior to other popular exchanges like Gemini and Bitstamp.

Customer Support and Reviews

In the world of crypto exchanges, you’ll often come across a term called “trading pairs”. This term refers to the “asset-to-asset” trading options that you’ll have on the platform of your choice. You’ll pay a 0.10% fee for fiat withdrawals unless you’re moving your funds to another Bitfinex account.