Bitfinex is a cryptocurrency exchange operating since 2014. It provides a friendly and easy-to-use centralized exchange platform where you can trade Bitfinex cryptocurrencies, meaning buy, sell, and other digital asset transactions. Let’s take a closer look at what this platform is in this full Bitfinex review before diving into how you can trade cryptocurrency.
Introduction to Bitfinex
It is a very functional website that makes it intuitive, fast and easy to use. Transactions are very simple and it is easy to access information about the supply and demand of various Bitfinex crypto. You can select your favorite pairs, which will appear in the left column of the trading interface and allow you to quickly switch between them.
Bitfinex Fees Overview
Trading commissions
Executing orders has a fee of a maximum of 0.2% if you accept one of the offers available in the market, and a maximum of 0.1% if you are the one offering the trade and another investor who accepts it. Both fees gradually decrease as the volume of the transaction increases.
In Bitfinex you can work with your own money or take on debt to carry out the operation with a ratio of 70% financing and 30% equity, which gives you leverage options that can be very useful at any time. Of course, leverage should be used with caution as it increases the risk of an investment beyond the amount invested.
Deposit and withdrawal fees
You can deposit money using different cryptocurrencies, as well as by bank transfer in dollars or euros. If you deposit an amount equivalent to more than $1,000, the deposit is free. Small deposits incur a fee that varies depending on the currency you use in the transaction. For bank transfers in dollars or euros, a flat fee of 0.1% is charged.
There is always a fee for withdrawals in Bitfinex, which again depends on the currency used. In the case of dollars or euros, this is the same as for deposits.
| Deposit Options | Dollar, Euro and many cryptocurrencies |
| Minimum deposit | Depends on the cryptocurrency |
| Commissions Free | From $1000 |
| Accepted currencies | Dollar, Euro and more than 30 cryptocurrencies |
| Withdrawal options | Dollar, Euro and 30+ cryptocurrencies |
Bitfinex Trading Platform Services
You can earn profits in Bitfinex through:
- Staking. Its staking method grants weekly representation prizes according to a snapshot of the balance on Wednesday. No limit is required to start staking, but the reward is far less than $0.5 weekly.
- Margin trading. When margin trading, users can exchange money through a peer-to-peer platform that offers leverage as high as ten times. This is done using margin funding which can be accessed via Bitfinex’s P2P marketplace where one can borrow any desired sum for any period desired by specifying an interest period and a loan size.
- Margin Lending. It is a reverse way of the Peer-to-Peer market which enables users to invest their money or digital stocks on exchange transactions through leverage. Users who use a margin lending tool can give loans in kind or in cash in a variety of types, so they can specify interest rates and terms for themselves.
- Exchange. Bitfinex’s exchange allows users to easily exchange their cryptocurrencies and digital assets. There are a variety of trading options including stop limit, stop loss, limit, and market. Traders can easily switch between exchange and margin trading.
- Derivatives. The platform allows derivatives trading through the use of the Bitfinex Derivative Wallet. Derivative trading allows traders to mitigate some of the risks associated with the volatility of cryptocurrencies.
Cryptocurrency trading
Bitfinex’s main activity is focused on cryptocurrency trading. There are currently more than 170 cryptocurrencies available, such as:
- Bitcoin (BTC)
- Ethereum (ETH)
- Tether (USDT)
- US Dollar Coin (USDC)
- XRP (XRP)
- Cardano (ADA)
- Dogecoin (DOGE)
- Polkadot (DOT)
- Wrapped Bitcoin (WBTC)
- Avalanche (AVAX)
- Solana (SUN)
- Tron (TRX)
- Give (DAI)
- Polygon (MATIC)
- Litecoin (LTC)
In addition to these “classic” cryptocurrencies, you can also invest in virtual world Bitfinex tokens such as The Sandbox (SAND) or Decentraland (MANA) on Bitfinex. The platform also offers trading of Uniswap (UNI), SushiSwap (SUSHI) and ApeCoin (APE) tokens.
Apart from regular trading, Bitfinex offers margin trading, you can use leverage (up to 10x) to maximize your profits. This type of trading is intended for experienced users. Without prior knowledge and experience, there can be big losses.
Staking
When it comes to passive income generation through crypto services, staking is another term that can be used. Invest in the cryptocurrency of your choice, stake it, and wait for a financial gain weekly. How it works, for example, the platform reports the potential annual profit you can make based on each cryptocurrency:
- TRX: 6% – 8%
- EOS: 0% – 3%
- ATOM: 1.5% – 3%
- ALGO: 3% – 5%
- SOL: up to 6.5%
- ADA: 4% – 5%
- DOT: up to 7%
- ETH 2: up to 10%
- KSM: up 8%
Bitfinex Crypto loans
Bitfinex also provides cryptocurrency lending solutions. Depending on the amount of cryptocurrency requested and the term of the loan, you will be required to provide some fiat currency collateral.
Security Measures on Bitfinex
The platform is not responsible for losses resulting from force majeure situations, including cyber theft. Therefore, there is no guarantee of your funds, other than the fact that Bitfinex takes every possible precaution to ensure security. The site has, and is recommended to use, a two-step identification system, with which you will need a smartphone in addition to your password to log into your trading account.
Mobile app
There is a Bitfinex app for Android and iOS that allows you to trade as usual and do the same things you could do through your computer. The apps are completely free to download and the company is constantly working to improve them.
Advantages and disadvantages
| Pros | Cons |
| An ecosystem that allows you to provide services for staking, crypto lending, etc;Supports fiat deposits;The platform is available on mobile devices, and the application is available for Android and Apple;Advanced trading tools;Low rates. | Might not be ideal for beginner traders;Long verification process. |
Bitfinex Referral Program
Bitfinex presents an affiliate program (is not limited) in three parts akin to multi-level marketing (MLM). An affiliate link will be made available to you upon registering. You earn by receiving a percentage cut from the processing fees for each transaction that another user signs up under yourself conducts through Bitfinex exchange. This algorithm allows you to make a profit from trading with third-level partners.
- Level 1 – reward 18%;
- Level 2 – reward 6%;
- Level 3 – reward 2%.
FAQs
Anyone can join the Bitfinex affiliate program. Once you log into your account, you will be able to access your affiliate dashboard and receive referral codes.
Bitfinex is one of those trading platforms where you can choose from several cryptocurrencies, including some of the best such as Bitcoin Ethereum Litecoin and others. It continues to add new coins to its list almost daily, giving its users all sorts of choices in what they can trade next.
Bitfinex is not a scam, but attacks and legal problems with regulators mark the platform’s history.
