Bitfinex Review 2023

Bitfinex is a popular Hong Kong-operated trading platform for experienced traders worldwide, and one of the leading platforms in terms of trading volume. The exchange was founded in 2012 and is currently operated by the firm iFinex.Inc, which is based in Hong Kong and registered in the British Virgin Islands. 

One of the exchange’s strengths is that it has a high level of liquidity. This allows Bitfinex to offer numerous order types and features such as limit and stop orders, margin trading, and over-the-counter (OTC) trades.

Bitfinex exchange logo

The crypto exchange had a glowing start where thousands of users from all over the world were drawn to the platform from its early years due to its wide range of digital currencies, affordable fees, fiat gateways, and user-friendly design. Everything is set out in an extremely accessible manner, with simple dashboards and menus.

Market players seeking a one-stop platform for all of their crypto needs will undoubtedly find Bitfinex to be both efficient and beneficial.

Before we move on onto the main review, if you want to compare Bitfinex with other crypto exchanges, here’s an in-depth guide of the best cryptocurrency exchanges in Australia!

How to Set Up a Bitfinex Account?

To start trading on Bitfinex, simply visit the Bitfinex homepage, select the Sign Up button and then enter your email account. You’ll be asked to select a username and a secure password. In addition, we suggest you enable two-factor authentication (2FA) and create a withdrawal confirmation phrase. Also, there is a Keep Session Alive feature that enables users to remain logged in during long trading sessions. 

Bitfinex homepage

If you wish to deposit funds by a bank transfer, you must first confirm your identity. You’ll have to submit some personal information and then upload a copy of government-issued documentation.

Once you finalize the Bitfinex verification process, choose your preferred deposit option: EUR, USD, CNH, GBP, or JPY. If you plan on making bank transfers, insert your bank account information, as well as your reference number. You can also fund your account with cryptocurrencies and stablecoins. Be aware that this might take up to 10 days to process, which means you’ll have to wait until you can begin crypto trading.

Bitfinex Exchange Features


On its platform, Bitfinex allows customers to enter into futures contracts through perpetual derivatives contracts. 

Users must first credit their Derivative Wallet with USDt0 in order to start trading. This demands a USDt to USDt0 conversion, which may be accomplished using the ‘currency conversion’ function on the wallets page. Once converted, customers can set a position, either long or short.

Bitifnex professional trading

Users can open a trade by going to the derivatives page and selecting their Digital Token pairings. Then it’s just a question of defining the quantity, price, and order type – sell or purchase.

OTC (over-the-counter)

The Bitfinex OTC trading desk allows users to place large market orders without using the public order books or paying extra fees on exchange commissions. What’s more, these transactions will have no direct impact on the market price of digital currencies. You can use Bitfinex’s OTC desk to gain access to real-time liquidity and trade directly with other users.

Margin Funding

Margin funding enables users to provide funds through a peer-to-peer funding network. Your funds will be used by other users for their margin trades, while you’ll earn interest. Because of the nature of Bitfinex’s core risk-limiting system, fund providers are additionally protected from risks and losses. More information may be found here: What are the dangers of providing funding?

Margin Trading

Bitfinex’s margin funding platform enables customers to trade with up to 10x leverage by obtaining money borrowed from the peer-to-peer market. 

Bitfinex exchange features

The way it works is you put an order to loan the necessary amount of financing at the desired rate and length, or simply open a position, and Bitfinex will provide you with the best possible rate. Please note that when you trade on margin, you must be informed of and responsible for your positions and collateral requirements.

Paper Trading

Paper trading is a market simulation strategy in which you may test your trading techniques. Newly formed sub-accounts on Bitfinex can be configured to paper trade. Some of the strategies users can learn include margin and derivatives trading, margin funding, Bitifnex Borrow, honey framework and OTC.

Honey Framework

The Honey Framework provides two open-source programs: bfx-hf-algo and bfx-hf-algo-server that together get a full algorithmic order system that is firmly incorporated into the Bitfinex Interface. These may be used to create unique, sophisticated order types for the Bitfinex platform. 

Bitfinex honey framework feature

Bitcoin and Other Supported Cryptocurrencies

On Bitfinex, users can select from the extensive list of different cryptocurrency tokens, including Ethereum (ETH), Bitcoin (BTC), Monero (XMR), Tether (USDT), Ripple (XRP), EOSIO (EOS), Litecoin (LTC), ZCASH, DASH, Tron (TRX), NEO, IOTA and etc. You can visit their website for the complete list of supported tokens and cryptocurrencies.

Bitfinex Trading Fees

Bitfinex charges fees based on volume for both makers and takers. The costs will vary based on whether you’re a maker or a taker, as well as the volume of trading done in the previous 30 days. 

For instance, the maker fee starts at 0.1% but drops to 0.08% if the trading activity exceeds $500,000. Taker fees are charged when you withdraw liquidity from the order book by making an order that’s placed against another order from the order book. The exchange fees for takers are 0.20%.

Bitfinex fee calculator

Is Bitfinex Safe to Use?

Bitfinex keeps 99.5% of its clients’ funds in cold storage, while the remaining 0.5% is kept in hot wallets. Users are also required to use Google Authenticator for 2FA. The next level of protection is called Universal 2nd Factor (U2F), and it requires the usage of a physical security key. Withdrawals are also tracked using IP addresses and other user activity patterns. As a result, the administrator is required to keep checking for any unexpected withdrawals.

However, despite the fact that Bitfinex employs two types of wallets, cold storage for the majority of users’ funds, 2FA, and a withdrawal whitelist to protect account access to unauthorized IP addresses, the platform has been a victim of two hacks in 2015 and 2016. Following the hacking assaults, the Bitfinex platform made a daring move and created a caption that reads, “Your security is our priority” which shows that the exchange is constantly improving its end-to-end security procedures.

Customer Support

Bitfinex’s customer support is comprehensive, and they provide a dedicated help section with instructions and procedures for account setup, a search box in the Help Centre, and email support. Furthermore, Bitfinex is highly active on social media and can be followed on Linkedin, Twitter, Telegram, and YouTube. 

Bitfinex features

Despite its effort, the exchange has received a lot of criticism over the years, mostly for the lack of accountability in their operation and their tight relationship with the stablecoin Tether.

Frequently Asked Questions

What payment methods does Bitfinex support?

Bitfinex has several payment options that include credit card payments, debit card payments, SEPA wire transfers, and cryptocurrency payments.

Does Bitfinex provide a mobile app?

Yes, Bitfinex provides a mobile app for iOS and Android smartphones, covering all of the platform’s most essential functions. The mobile app was designed to fit into the busy schedules of Bitfinex professional traders and help them keep up with the market changes while on the go.

What are Bitfinex withdrawal fees?

The charge for fiat withdrawals is 0.100%, with a fee rate of $60. The price for express bank wire withdrawals is 1.000%, with a fee rate of $100.

Withdrawals to the account of some other Bitfinex users are available for free. Read more about internal Bitfinex transfers at the following link.

A Few Words Before You Go...

To conclude, Bitfinex cryptocurrency exchange provides one of the most extensive lists of supported coins, enabling users to purchase and sell over 100 different cryptos. If you are an expert trader who likes to utilize high-quality charting analysis tools with high liquidity, Bitfinex may be a suitable option for you.

For anyone concerned about the security of their digital assets as a result of previous breaches, there isn’t much to say except that it appears that Bitfinex has made it a priority to repay their users in such situations up to this point. Some may even claim that the numerous hacks have made the exchange far more resilient to future attacks.

Bitfinex Compared

ExchangeDeposit MethodsFiat CurrenciesCryptocurrenciesTrading Fees

Swyftx logo

Bank Transfer, Crypto, Credit and Debit Card, Osko, PayIDNew Zealand Dollars and Australian DollarsOver 3200.6%Australian Dollars Deposits: 0% Crypto: 0%Australian Dollars Withdrawals: 0% Crypto: 0%Visit Swyftx

Binance Exchange Logo

Crypto, Credit and Debit Cards, Osko, PayID10 Fiat Including USD and AUDOver 6000% to 0.1%0%VaryVisit Binance

Coinspot logo

Bank Transfer, Fiat, Crypto, POLi, and PayIDAustralian DollarsOver 370Instant Buy/Sell: 1% OTC: 0.1% Market Order: 0.1%*Direct Deposit: $0 Cash: 2.5% PayID, POLi, and direct deposits: $0 BPAY: 0.9% Direct Bank Transfer: $0 Australian Dollars Withdrawals: $0Visit CoinSpot

Bybit exchange logo

Crypto, electronic funds transfer (EFT), wire transfer, bank transfer, credit card, and debit card50+160+0.1% spot trading 0.01% – 0.06% market makers/market takers fee$0Does not support direct fiat withdrawals Crypto withdrawal fees: Network feesVisit Bybit

Digital Surge
digital surge logo

Bank Transfer, Crypto, POLi, Osko, PayIDAustralian DollarsOver 3000.1% to 0.5%Deposit Fees Bank Transfer: $0 POLi: $2 (capped at $3.30)$0 for AU Bank Accounts Cryptocurrency: Depends On the NetworkVisit Digital Surge

Coinjar Exchange Logo

Fiat, Bank Transfer, Crypto, Credit or Debit Card, Apple Pay, Google PlayPound Sterling and Australian DollarsOver 50Maker: 0.04 to 0.1% Taker: 0.04 to 0.1%Fiat: 1.5% CoinJar Users: $0 NPP: $0 $0Visit CoinJar

Independent Reserve

Crypto, Osko, PayID, Electronic Fund Transfer, SWIFTAustralian Dollars, US Dollars, New Zealand DollarsOver 250.05% to 0.5%For SWIFT Deposit: $15 for deposits under Australian $5,000 equivalent $0 for deposits over Australian $5,000 equivalent For Electronic Fund Transfer: Australian $0.99 for deposits under $100 $0 for deposits more than Australian $100Crypto: Fees vary Bank Transfer: $0 for AUD $20 for non-AUDVisit Independent Reserve

eToro exchange logo

Bank Transfer, Debit Cards, Neteller, PayPal, Online Banking, and Skrill15 Fiat Currencies Including USD and AUDOver 70VaryVary$5 but minimum withdrawal of USD50Visit eToro

Coinbase Exchange Logo

Debit CardMore than 20 Fiat Currencies Including USD and EUROver 200VaryCredit Card and Debit Card: 3.99%2.49%Visit Coinbase

Bittrex exchange logo

Bank transfer (ACH)Euro and US DollarsOver 3200.25%$0VaryVisit Bittrex

Bitfinex exchange logo

Bank Wire Transfer, Crypto, Credit CardUS Dollars, Japanese Yen, Euro, Pound SterlingOver 200Taker: 0.055% to 0.2% Maker: 0% to 0.1%Crypto: $0 Wire: 0.1% (min 60 Euro/USD)Crypto: $0 Wire: 0.1% Express Bank Wire (within 1 day on business days): 1% (min 60 Euro/USD)Visit Bitfinex

Coinmama exchange logo

Bank Card, SWIFT, Google Pay, SEPA, and Fedwire6 Fiat Currencies Including USD and AUDOver 102.93% to 3.9%0% to 5%N/A – assets are directly sent to the user’s crypto walletVisit Coinmama

Kraken exchange logo

Bank Transfer, Crypto, Wire Transfer, osko, SEPA, Apple Pay and Google Pay7 Fiat Currencies Including USD and AUDOver 140Maker: 0% to 0.16% Taker: 0.10% to 0.26%VaryVaryVisit Kraken

KuCoin exchange logo

Crypto, PayPal, Wire Transfer, Credit or Debit Card, SEPA9 Fiat Currencies Including USD and AUDover 6450.1%$0VaryVisit KuCoin

Easy Crypto
easy crypto logo

Bank transfer, P2P, POLi, OSKOAUD100+ 0.5% – 1.6%$0Fiat Withdrawal fees: $0 Crypto withdrawal fees: Network feesVisit Easy Crypto

coinstash logo

Crypto, PayID, Bank TransferAUD410+0.85%$0Crypto withdrawal fees: Network fees Fiat Withdrawal fees: $0Visit Coinstash

About The Author

Gareth Johnson
Gareth Johnson

Gareth is incredibly passionate about sharing his knowledge in the crypto industry. It's important to make informed decisions in crypto and it's Crypto Wisdom's goal to make this information widely accessible.

This page was last updated on August 27, 2022