What is BitFinex?
BitFinex claims to be the longest-running and most secure cryptocurrency exchange platform on the market, and we’re here to see if that checks out. BitFinex is a cryptocurrency exchange platform that is owned by iFinex; registered headquarters are located in the British Virgin Islands. The platform was launched all the way back in 2012, making it by far one of the oldest, if not the oldest platform for cryptocurrency trading. But was it always used for cryptocurrency exchange?
Yes! Although it was originally created to be a peer-to-peer Bitcoin-only exchange platform, the site has since shifted with the needs and changes of the crypto industry. BitFinex now hosts a plethora of options for a cryptocurrency trader.
The fact that the platform was founded so long ago means that it has an established way of working, and a secure and safe environment for trading. This makes it the perfect starting point for anyone who wants to dabble in the cryptocurrency exchange. But how does it work? Let’s take a closer look, learn about BitFinex, and get a better idea of the services it offers.
How We Reviewed BitFinex:
The world of crypto trading shouldn’t be approached lightly. Which is to say; our team is extremely serious about how they approach reviews, investigating every aspect of an exchange. From the customer support to the trading options, every layer is tested and carefully investigated. If the team finds something they like they’ll put it in the review. Of course, if they find something they don’t like they’ll be equally as forthcoming.
All in all, every review is handled with the respect it deserves. You can count on us to be your eyes and ears in the world of crypto trading. If you’re unsure about a platform check with us first; we’ll let you know if there is something to be avoided.
How Does BitFinex Work?
BitFinex is a very professional, highly respected cryptocurrency exchange. The platform was amongst the first in the world, entering into the market long before the crypto boom. This means that the site is now built on extensive experience that few other competitors can match. BitFinex is also acknowledged as being very secure, offering an immense range of services, and having comparably low trading fees.
Traders that want to utilise BitFinex services simply have to sign up for an account. The various services and special features are provided for free.
What We Rated Binance:
Sign-Up Process: 5/5
Signing up with BitFinex has been designed to be as streamlined and convenient as possible. It should be kept in mind, however, that the platform is serious about security. Anti-Money Laundering (AML) regulations are closely followed, meaning that every new signup will be subject to the Know Your Customer (KYC) process.
Deposits and Withdrawals: 4.7/5
BitFinex supports both fiat and crypto currencies. Deposits with either currency are quick and easy, while withdrawals are handled equally as well. Note however that withdrawal times can be longer than at some other exchanges.
Available Assets and Ways to Trade: 4.8/5
BitFinex supports as vast a range of digital assets as possible. Several advanced methods of trading are also possible, as well as the purchase, trade and sale of NFTs.
Customer Service: 4.9/5
BitFinex customer support is truly outstanding. A dedicated 24 hour live chat service is always standing by to provide professional support. A FAQ page also offers answers to the most commonly asked questions.
Security and Regulation: 4.4/5
BitFinex is not currently regulated. Though, the platform does take trader security very seriously.
|Type:||Crypto Trade Software|
|Profit Close Rate:||85%+|
|Registration:||Free (KYC required)|
|Verification:||Under 10 minute (KYC required)|
|Withdrawal Time:||5 -10 business days|
|Order Execution Time:||Less than 1ms|
|User Data Encryption:||Yes (SHA 256-bit)|
Is BitFinex Legit or a Scam?
BitFinex has been running for many years, and in that time has gained a reputation for safe and fair trade. The KYC process is required by all traders, meaning that questionable traders and money launderers are kept at bay.
BitFinex Features and Differentiators
Above all else BitFinex is aimed at being the most complete and feature rich crypto platform in the world. The many special services include BitFinex Terminal, BitFinex Pay, BitFinex Borrow, BitFinex Honey, as well as a dedicated app. Simply put, there is nothing that any other exchange offers that BitFinex doesn’t already provide.
Putting it another way; BitFinex is the original one-stop crypto trading platform that is as relevant and trustworthy as the day it was first launched.
From the ground up BitFinex has been designed with usability in mind. Navigation is quick and easy, trading is as streamlined as possible, and layouts are all clearly labelled. Veteran traders will appreciate the attention to detail, while newcomers will find their way around easily.
Place Trades Simultaneously
The BitFinex trading facilities are cutting edge in their design. Though, at present, there is no option to initiate multiple trades simultaneously.
BitFinex is all about professionalism and providing great service. The platform does not push certain cryptos, does not engage in any questionable marketing, and does not aim to encourage trade. Above all else the site aims to keep traders safe, illegal activity out, and simply facilitate the buying and trading of digital assets.
Zero Licensing Cost
BitFinex does not charge licensing fees, but does charge fees when legitimate trades are successfully concluded. Trade fees depend on the value of a trade, with higher value trades being charged additional fees.
BitFinex is all about empowering traders. Those that use the provided services widely have the potential to earn big profits. Though, naturally, it is not guaranteed that big profits will be earned by every trader at the platform.
Trade Multiple Cryptocurrencies
Over 170 cryptos are supported at BitFinex. This isn’t as many as some other platforms, but BitFinex focuses only on the coins that are showing the most promise.
Reports of crypto hacks are fairly common, which is why BitFinex is so dedicated to next level security. The platform operates with Secure Socket Layer (SSL) verification. SSL is an added buffer of encryption technology that keeps traders and their cryptos safe.
BitFinex aims to process withdrawals carefully, however this is where the platform suffers most. While crypto withdrawals are speedy fiat withdrawals can take up to 10 days.
Customer Support Department
BitFinex shines in the customer support department. A friendly, professional team is always standing by to assist with any challenges that may be encountered.
Demo Trading Account
The Paper Trading system at BitFinex is a world class demo feature. Paper Trading allows newcomers to engage in the market, even make mock purchases and trades, all without any of the associated risk. A trader can switch to real live trading whenever they feel comfortable.
How to Register with BitFinex
Traders ready to jump in and start investing in the crypto market can sign up with BitFinex quickly and easily. The registration process should take no more than 10 minutes.
1. Registration Form
Registration requires a few simple details, including a name, residential address and a verified email address. At this point the KYC process will also have to be completed. Validated identification is required for KYC to be successfully completed.
2. Make Your First Deposit
In order to trade, funds will be needed in the active account. Fiat and crypto can be deposited, either requiring a few moments of time.
3. Demo or Live Trade
At this time a new trader can engage with the Paper Trading demo account system. Experienced traders can jump straight to live trading.
Tips for Making the Most of BitFinex
BitFinex is designed to give traders an advantage in the crypto trading world. But to access the advantages all offered tools and special features should be utilised.
Utilise Your Account Broker
BitFinex offers account broker services. Account brokers assist traders in getting the most out of their account.
Invest the Minimum at First
Experienced traders know what they’re doing, and as such are aware of how much is a good investment. Newcomers are cautioned to be more careful with their investments. Only the minimum should be invested at first, at least until the systems are more clearly understood.
Keep Track of Your Cryptos
When cryptos have been purchased and other investments made it is important to keep track. Since crypto markets are volatile there is no telling which investments will grow, and which will fail.
Spend 20 Minutes on Your Account Daily
Experienced traders can spend hours on their accounts daily. Newcomers, on the other hand, tend to spend less than a few minutes. It is recommended that at least 20 minutes be spent managing a new account on a daily basis.
Yes, crypto trading can be very lucrative. It can also be very risky. Crypto prices climb and fall frequently, creating what is commonly referred to as a turbulent market. It is, therefore, highly recommended that all trading be approached responsibly.
Keep Track of Your Transactions
Keeping track of transactions isn’t just recommended, it is essential. Transaction logs are automatically kept at BitFinex.
The Brief History of Crypto and BitFinex
Officially launched in 2012, BitFinex is widely regarded as the first real crypto exchange. The platform was, however, originally based on a peer to peer lending model exclusively for Bitcoin. It was only years after officially being established that the platform expanded to include a number of other cryptos.
As time progressed BitFinex gained a firm foothold in the market. Today millions have active accounts, with new accounts opened on a daily basis. The platform is also recognised as having amongst the broadest, most complete set of features. As cutting edge new technology is rolled out, BitFinex is amongst the first exchanges to adopt it.
Alternatives to BitFinex:
A few alternatives to BitFinex include SoFi, Binance, Kraken, Coinbase, Crypto.com and Firstrade.
Frequently Asked Questions About BitFinex:
What is BitFinex and How Does It Work?
BitFinex is an online crypto exchange service. Traders that sign up are able to trade, buy and sell cryptos and other digital assets. All completed transactions are charged a modest fee.
How Much Profit Can I Make with BitFinex?
New traders can’t start trading digital assets assuming they will get rich. Rather crypto trading is a slow, methodical game, requiring detailed research and smart investments. Those that invest well may potentially make a great deal of money.
Is BitFinex Free to Use?
Signing up at BitFinex is free. Many of the offered services and special features are also free, with an account. Successful transactions are charged a fee.
BitFinex App - is One Available?
A free BitFinex app is available for download on Apple and Android mobile devices.
Where is BitFinex Available?
BitFinex is available almost everywhere, but for a few exceptions. Bangladesh, Ecuador and Bolivia do not allow BitFinex access.
BitFinex has been around for a decade, and it certainly shows. The platform is supremely designed, offers a treasure trove of features, and is deeply respected in the crypto community. If there is a true grandfather of crypto exchanges, then BitFinex is certainly it. Putting it another way; virtually every crypto today has BitFinex to thank in some regard.
As far as services and features are concerned BitFinex offers not only access to over 170 coins, it also provides advanced trading options. As such, experienced traders are given more than enough to tackle the market in style. Newcomers are equally as well treated, given the tools and information they need to jump in and start trading.