Unlike traditional brokerage firms, cryptocurrency exchanges are not members of the Securities Investor Protection Corp. (SIPC). Therefore, unless user terms specify otherwise, investors with cryptocurrency assets commingled on a custodial cryptocurrency exchange could potentially lose their funds as unsecured creditors. Bitfinex offers advanced charts to keep users informed in the broader crypto market and Bitfinex currencies and help them make a well-informed decision regarding investing or trading. The platform’s charting tools let users track Bitfinex crypto coin-to-coin performance and price over time. The Bitfinex exchange is one of the largest cryptocurrency platforms in terms of trading volume, with a 24-hour volume of over $2 billion. Bitfinex is known for its high liquidity in terms of BTC/USD daily trading volume, which guarantees price stability and confidence for every trader.

The fee discount applies to traders that remove liquidity from the exchange order books and vary on the user’s level. The earnable APR changes based on the asset but range between 0.001% to 27% daily. However, earning interest through funding is contingent on another user accepting the offer, meaning a specific rate is not guaranteed.

Bitfinex Background

Additionally, the live chat option is available to users from Monday to Friday. You can use the web version of the Bitfinex exchange or switch to the app, available on iOS and Android. You might assume that due to the historical security breaches, Bitfinex lacks in security. Security is a top priority at Bitfinex, with excellent security precautions taken. According to the terms of service, the only country which is excluded from using the Bitfinex platform is the United States. This means that if you live in the USA, you will not be able to sign up with Bitfinex.

For anyone going through user Bitfinex reviews and asking is Bitfinex legit, though, there’s yet another security measure that the company behind the exchange utilizes – cold cryptocurrency storage. There are specific requirements that need to be fulfilled in order to be eligible for the loan, but there is no need for a credit check, unlike in traditional banks. Therefore, the best crypto lending service provided by Bitfinex is very popular among traders. Traders are required to go through a 2-level authentication process in their login credentials and withdrawals.

Listed Bitfinex crypto exchange assets

Once the account details are approved by Bitfinex, users can start using their Bitfinex account and benefit from all services and features offered by the platform. As the exchange allows high-volume trades, its verification process is thorough and usually takes seven to ten days. As with any cryptocurrency trading platform, Bitfinex charges fees for trader. These fees vary depending on the amount being trader and whether the user is the maker or the taker of the trade. Maker fees vary from 0.0% to 0.1% whilst taker fees range from 0.055% to 0.2%. I have used all of the major crypto exchanges, but in my experience Bitfinex has been the most reliable of them all.

A single look at the features available on the site will tell you that you should have some knowledge about financial markets and investments in order to utilize the full potential of Bitfinex. If you’re a cryptocurrency veteran, there’s a pretty good chance that you’ve heard the name “Bitfinex” before. It’s one of the older cryptocurrency trading platforms on the internet – the sheer number of user https://forex-reviews.org/bitmex/s found online showcases this pretty well, too. The Bitfinex trading platform partners with professional traders and corporate accounts, which provides a fast and convenient trading experience to the users. OKX is a digital asset trading platform that provides Bitcoin, Ethereum, Litecoin, and other cryptocurrencies with spot trading and derivatives trading services.

Does Bitfinex have an app?

The payment service supports a wide range of cryptocurrencies, including Bitcoin, USDT, Dogecoin, Ethereum, Litecoin, Polygon, Solana, EURt, and Avalanche. Bitfinex supports 170+ cryptocurrencies and is a good place to invest in popular and low-cap crypto tokens. With regards to carrying out trades and managing funds, things are similarly uncomplicated. Using the order form on the right-hand sidebar, users can place everything from a simple market-price exchange to stop-limit margin trade. And when it comes to deposits, crypto and stablecoin deposits are completely free, while bank wire transfers charge 0.1% of the amount with a flat minimum of $60.

• The Bitfinex exchange enables users to trade and invest in over 170+ cryptocurrencies, offers advanced crypto trading & investment features, and is great for experienced traders.
• On the other hand, if you’re transferring digital assets internally—ie.
• The fee structure is designed to facilitate high-volume trades by charging minimal trading fees.
• The Bitfinex headquarters is based in Hong Kong and managed by iFinex Inc.
• This includes margin trading and margin funding, as well as limit, stop, trailing stop, market, fill or kill, OCO, iceberg and hidden orders.

BitDegree Crypto Reviews aim to research, uncover & simplify everything about the latest crypto services. Easily discover all details about cryptocurrencies, best crypto exchanges & wallets in one place. Read fact-based BitDegree crypto reviews, tutorials & comparisons – make an informed decision by choosing only the most secure & trustful crypto companies. In layman’s terms, a cryptocurrency exchange is a place where you meet and exchange cryptocurrencies with another person. The exchange platform (i.e. Binance) acts as a middleman – it connects you (your offer or request) with that other person (the seller or the buyer).

Bitfinex Review Summary

Bitfinex also has live data on open interest for its platform, which combined with funding rates, can be a useful metric for advanced derivatives traders on the platform. While staking has become commonplace within the crypto industry, Bitfinex created another way for users to earn interest on their crypto holdings. By using the funding feature, it’s possible to be rewarded for providing margin to other users on the platform.

Only 0.5% of the funds are kept in hot wallets to provide the liquidity needed for the exchange. The cold storage system is geographically spread out and uses a multisig feature. Traders are now required to go through a two-level authentication process for their login and withdrawals. The first level of security is the Two-factor authentication (2FA) layer. The second layer of security is the Universal 2nd Factor (U2F) that uses a physical security key.

I use many different exchanges

Since April 2017, every dollar stolen has been fully reimbursed by Bitfinex. This has gone a long way in helping to restore the confidence customers has in Bitfinex. In terms of trading volume, Bitfinex still has the largest volume and is known in the industry for providing the lowest fees. While the fees charged by Bitfinex are competitive, large platforms like Binance and ByBit are still noticeably cheaper.