Bitfinex Review: Is It Safe Or Scammy? 2023
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. A derivative is like a contract that’s tied to the asset that you’re interested in - in this case, it would be the cryptocurrency. If you’re concerned about potential risks on Bitfinex, you may want to skip it due to its past hacks, fines, and violations.
- If you need your funds within 24 hours, you can pay a 1% express fee.
- With One-Cancel-Other (OCO) order options, you place two orders that tell the platform if any part of one order executes, then the other order is immediately canceled.
- User Bitfinex reviews will tell you that the platform in question offers over 400 different trading pairs.
- While Bitfinex hasn't had a security issue in a substantial time, it's still advisable to buy a hardware wallet for the long-term storage of funds.
- Please note that your feedback may be crucial for the user when choosing a product, so try to avoid inaccuracies and unreasonable criticism.
One more thing worth noting is that new withdrawal IPs are also locked for 24 hours. Two-factor authentication is a popular way of protecting accounts on various platforms nowadays. Bitfinex has tight security measures in place to protect client funds, and around 99.5% of user funds and digital assets are held in cold storage and away from the prying eyes of hackers.
Users only have access to ticket-based support along a knowledge-based platform. This type of limited customer service is reflected in the platform’s TrustPilot score, which regularly receives a rating of “poor”. The next thing that one should learn after funding the account is how to trade on Bitfinex. In the upper-left part of the website interface, the user should tap on the Trading button.
Earn Interest By Funding
The demo account does not simulate actual markets and live prices but allows beginners to practice trading without depositing funds. While Bitfinex is a popular exchange for cryptocurrency trading, its complicated interface could stump beginners. While the withdrawal fee for bank wire transfers is the same as the deposit fees, crypto withdrawals are charged at fixed rates. While some assets like BTC are relatively expensive to withdraw (0.0004 BTC), others, like Tron, are entirely free. As such, it's worth double-checking the costs of withdrawing a specific crypto before registering.
Derivatives Trading Fees
Opinions shared by CoinSutra writers are their personal views only and should not be relied upon for financial choices. Bitfinex is the world’s largest and most advanced cryptocurrency trading platform operating since 2013. It is based out of British virgin islands and serves almost every country in the world (except for a few which we are going to reveal further in this article).
Recent Bitfinex User Reviews
These pairs include both fiat-to-crypto, and also crypto-to-crypto ones, too. Well, for starters, let’s take a look at the trading (order) types available on the site. Many crypto sites are going to offer users a single trading option - market orders. These are the most simple of orders that you can perform - purchasing or selling the specific amount of crypto assets for the price that they’re currently being valued at. Most of the cryptocurrency exchange platforms on the market try to achieve the opposite - cater to crypto newbies, and make their services as approachable and simple to use as possible. Investopedia is dedicated to helping those interested in cryptocurrency investing make informed and safe decisions.
If you’re an experienced trader looking for a platform that offers advanced trading features and tools, then Bitfinex might be the crypto exchange for you. There are different views on how legit and safe Bitfinex exchange is. On one hand, the exchange is accused of participation in manipulation of the Bitcoin price in late 2017.
In summary, Bitfinex has one of the most comprehensive listings of supported coins, subsequently allowing you to buy and sell more than 100 different cryptocurrencies. Moreover, if you are an advanced trader that likes to use top-grade charting analysis tools with significant volumes of liquidity, then Bitfinex might suffice. Choose which currency you want to deposit with (EUR/USD/GBP/YEN) and then you will be provided with the bank account details that you need to transfer the funds to, as well as your reference number. Be warned, this can take up to 10 days to process, meaning that you’ll need to wait before you can start trading. If you choose to deposit funds into your Bitfinex account via a bank transfer, then you will pay a fixed fee of 0.1%.
Bitfinex
It’s important to weigh up the pros and cons of each platform before deciding on the right exchange for your needs. You’ll need to consider which currencies are supported, the deposit methods, security measures and fees before choosing a crypto exchange. Through Bitfinex, traders are able to borrow and trade with up to 3.3x leverage, by receiving funding through the peer-to-peer margin trading platform. The borrowing terms including the amount, duration and interest can be determined by the user themselves or automatically through Bitfinex.
Bitfinex Fees
In order to be sure that Bitfinex is not a scam, read our trader reviews and check other popular trading related websites and forums. As the registration of the account is complete, the user should take care of security. It's understood that the password that the user sets should be as strong as possible, but there are many other things to do to increase the level of security.
Exchanges were reviewed on points including security, fees, number of cryptocurrencies available, and more. We also considered if the exchange is regulated by a proper agency or entirely decentralized. Our full cryptocurrency exchange methodology, including the review process and weighted data points, is available for review. Bitfinex has been is bitfinex legit around since 2012 and is one of the largest cryptocurrency exchanges based on volume of trades. Although they had some high-profile hacks they did make good on customers losses and are a legitimate cryptocurrency exchange. The Bitfinex minimum cryptocurrency withdrawal amount is the equivalent of $5 in the cryptocurrency you are withdrawing.
However, these can change depending on the type of order and the amount spent. Also, you can fund your account with credit cards or debit cards, cryptocurrencies, bank transfers, or even Tether tokens. Bitfinex allows users to trade more than 160 assets with minimal slippage. Its services are state-of-the-art, with all the markets and advanced order types—something that liquidity providers and cryptocurrency traders can delight in. Bitfinex is an exchange for advanced crypto traders, which means you should know what you’re doing before you start.
It doesn’t help that Bitfinex has repeatedly been accused of using the information to its advantage, especially when it comes to using Tether. In 2018, the platform was investigated for an $850 million coverup in which the exchange attempted to “control” Tether. Of course, Bitfinex denied the claims and sent a letter to its users saying as much. In addition to 2FA, Bitfinex has added extra levels of protection to the platform to ensure hackers and other nefarious attackers don’t gain access. One such way this is done is through regular audits that ensure security is up to par.
Is Bitfinex licensed and regulated?
Bittfinex indicated that the Tether stablecoin was fully backed by reserves when that wasn’t the case. The exchange’s history and allegations of continued wrongdoing may be concerning for investors. CoinSutra writers are not certified financial advisors or brokers. Cryptocurrency activities like purchasing, trading, holding, and selling have inherent risks.
This caused difficulties for clients and distortions in Bitfinex’s pricing. As a result of this, Bitfinex decided to cease accepting US customers to avoid future issues with US banks. Bitfinex has hit the headlines several times over the years, mainly for its security breaches. 1,500 Bitcoins were stolen and unfortunately the right measures were not put into place to prevent the next attack. Fiat deposits must be made through wire transfer and can be made in many of the major currencies including EUR, GBP, USD and JPY. Bitfinex has the most liquid order book in the world, with an extremely high volume of BTC/USD trades each day.
Users can view a chart provided by TradingView, a depth chart, and their open positions/orders. In addition, by utilizing an order-book style interface, Bitfinex has ensured that anyone can quickly familiarize themselves with the platform and start trading. The leaderboard allows individuals to view and follow the most profitable traders on Bitfinex.
