Bitfinex Review

Bitfinex Review

Bitfinex was opened in 2014. Since then it has been the largest Bitcoin Trading platform online. Despite that, Bitfinex has a lot of problems from time to time, such as $72 million hack or disagreement with Wells Fargo bank. More technical details - in this Bitfinex Review below.

Supported Cryptocurrencies
  • Bitcoin (BTC)
  • Litecoin (LTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Monero (XMR)
  • Dash (DASH)
  • Zcash (ZEC)
  • Iota (MIOTA)
  • Tether (USDT)
  • few more...
Offered Services
  • Trading
  • Margin trading
  • Mobile trading
  • Trading tools
  • Exchange
  • Wallet
Payment Methods Accepted
  • Bitcoin (BTC)
  • Litecoin (LTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Monero (XMR)
  • Dash (DASH)
  • Zcash (ZEC)
  • Iota (MIOTA)
  • Tether (USDT)
  • few more cryptocurrencies
  • Bank Transfer (paused)
Fees
  • Order execution fees depends on trading volume 
  • It varies from 0.00% to 0.100% for makers and from 0.100% to 0.200% for takers
  • Deposit is free for all cryptocurrencies
  • Bank transfer (paused) -  0.100% of the deposit amount, with a minimum fee of $20.00
  • Withdrawal fees depend on cryptocurrency
  • Withdrawal to bank is temporarily paused
Verification Process
  • Confirming your identity is necessary if fiat currencies are involved
  • Verification is not mandatory for deposits made via cryptocurrency
  • To make a deposit with Tether, verification process must be completed
  • It is required to provide full personal details; two forms of ID and a passport (and other variations), proof of address and the bank statement
Supported Countries
  • All countries are supported if it is not restricted by country's laws
  • Since August 11, 2017, US residents are banned from using Bitfinex
Speed
  • Standard speed of cryptocurrencies transactions and confirmations
Limits
  • Limits are applied for fiat transactions only
  • Cryptocurrencies have no deposit, withdrawal or trading limits
Privacy
  • Total privacy when using cryptocurrencies
  • Verification process must be completed if fiat currencies are involved
Security
  • Two-Factor authentication
  • Universal 2nd Factor
  • Withdrawals protection
  • Email Encryption with OpenPGP
  • Funds are stored in cold wallets
Pros
  • Has apps for iOS and Android
  • Superb UI
  • Many trading tools
  • Improved security
  • Enough of trading pairs
  • No limits
Cons
  • Bad past
Conclusion

Knowing that Bitfinex has not the best past, when it was hacked, still is remembered by the community. However, security has definitely improved. UI is the best (in our opinion), trading is smooth, clear and fast. Furthermore, no limits are applied, execution fees are low and mobile apps for both iOS and Android are available. Is up to you if you can live with the Bitfinex's past.

Rating
9/10