Bitfinex Exchange Review
Bitfinex is a centralized exchange that occupies #12 on Guru InvestingExchange Tracker. Bitfinex has trading volume US$185,026,454 in the last 24 hours and US$78,425,251,474 in the last 7 days.
Bitfinex currently has 176 cryptocurrencies, 4 paper currencies and 392 markets (cryptocurrency trading pairs). Most popular trading pair on Bitfinex: Bitcoin/USD.
You can read the full expert review of Bitfinex here: Bitfinex Review.
Compare Bitfinex next to other exchanges here: Exchange comparison tool.
Bitfinex is a centralized cryptocurrency exchange (CEX). It offers spot and derivatives marketssupports margin trading, securities and over-the-counter (OTC) tradingand lending and rates. Bitfinex cryptocurrency exchange supports more than 180 coins.
The Bitfinex cryptocurrency exchange is a regionally restricted trading platform. In some locations, some or all services may be disabled. Bitfinex is not available in the USA, Bangladesh, Bolivia, Ecuador and Kyrgyzstan.
The Bitfinex platform has its own utility token. UNUS SED LEO (USDt LEO). Token holders are entitled to discounts on Bitfinex cryptocurrency fees when trading or lending assets.
Markets
There are over 400 Bitfinex trading pairs available to traders on the spot market. Depending on whether clients are trading crypto-crypto, crypto-stablecoin or crypto-fiatDifferent Bitfinex spot market fees apply.
Eat 16 levels to Bitfinex exchange fees on the spot market using producer/receiver method. If Bitfinex’s 30-day trading volume does not exceed $500,000, the maker/taker fees are 0.100% and 0.200% respectively. If Bitfinex volume exceeds $7.5 million, makers are not required to pay any fees.
Holders of UNUS SED LEO tokens are eligible for discounts on Bitfinex fees on the spot and futures markets. There are 3 levels of discounts depending on the number of tokens available. Bitfinex spot market discounts may vary depending on the trading pairs selected:
- Level 1: more than 1 USDt LEO in assets. When trading crypto-crypto and crypto-stablecoins, the price of Bitfinex cryptocurrency for commissions is reduced by 15% + for takers;
- Level 2: Has more than $5,000 in assets in LEO. When trading crypto-to-crypto and crypto-stablecoins, Bitfinex cryptocurrency fees for takers receive a 25% discount. In addition, takers receive a 10% discount on cryptocurrency fees;
- Level 3: more than 10,000 USTt LEO in assets. Taker commissions for trading crypto-crypto and crypto-stablecoins on the Bitfinex crypto exchange have been reduced by 25% + to 6 bps. In addition, 10% discount + up to 6 b.s. applies to cryptocurrency taker fees.
Margin trading supported on the Bitfinex crypto exchange. Users can trade with leverage up to 10x. To access this feature, customers must comply with KYC regulations. Funding for margin trading comes from peer-to-peer liquidity platform Margin Funding.
Derivatives trading The Bitfinex crypto exchange was launched in 2019. The futures market offers over 60 Bitfinex trading pairs. Eat seven tiers to execute orders for derivative financial instruments.
If Bitfinex’s 30-day volume does not exceed $2 million, the maker fee is 0.200% and the taker fee is 0.650%. At the highest level, where the minimum 30-day trading volume is $3 billion, the maker fee is 0.0100% and the taker fee is 0.350%.
Holders of UNUS SED LEO Level 3 are entitled to discounts when trading in the derivatives markets. Crypto exchange Bitfinex applied a discount of up to 0.5 bps. for makers and up to 1.5 bp. for takers.
Several cryptocurrencies can be purchased, including Bitcoin, TetherAnd Ethereumand ERC-20 tokens, on Bitfinex using a debit or credit card. The minimum price for Bitfinex cryptocurrency must be at least $25. Depending on the payment system, a fee may apply.
Developers can access Bitfinex APIs. They can be integrated into trading platforms and provide real-time market data.
About company
Bitfinex is registered in the British Virgin Islands. It was founded in 2012 Rafael Nicole. Since 2013, the company has been headed by J.L. van der Velde. It is one of the oldest Bitcoin exchanges in the world.
In 2016, the Bitfinex cryptocurrency exchange suffered a large-scale hack. At the time, it was considered one of the largest cryptocurrency hacks, resulting in the theft of nearly 120,000 Bitcoin (BTC). At that time, the value of the stolen Bitfinex cryptocurrency was estimated at approximately $72 million.
Following the hack, the trading price of BTC dropped by 20%, and Bitcoin withdrawals and trading on the Bitfinex crypto exchange were temporarily suspended. At the beginning of 2022, the stolen funds were estimated at $4.5 billion. In February 2022, the US Department of Justice announced that approximately $3.6 billion worth of stolen BTC has been confiscated.
Rafael Nicole is a software developer. Before founding the Bitfinex crypto exchange, he worked as a system administrator at Gutenberg Networks. Nicole retired from her position as CTO of Bitfinex in 2015.
J.L. van der Velde is the CEO of Bitfinex. He is an entrepreneur with over thirty years of experience in high technology and international finance. He joined the Bitfinex team in its infancy and became CEO in 2013. In addition, van der Velde is the CEO of Tether.
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A cryptocurrency exchange is an online platform where you can buy, sell, or trade cryptocurrencies like Bitcoin, Ethereum, and others.
Safety varies by exchange. Look for platforms with strong security measures, like two-factor authentication and cold storage for funds.
Consider factors like security, fees, available coins, user interface, and customer support.
Centralized exchanges are managed by a company, while decentralized exchanges operate without a central authority.
Many exchanges require Know Your Customer (KYC) verification for security and regulatory compliance.
Trading fees vary but typically include maker fees (for adding liquidity) and taker fees (for removing liquidity).
Yes, most exchanges offer cryptocurrency-to-cryptocurrency trading pairs.
Withdrawal times depend on the exchange and the cryptocurrency. Some are instant, while others may take hours or even days.
A wallet address is like a bank account number for cryptocurrencies. It’s required to send your crypto to the right place.
Yes, depending on your country’s tax laws, trading cryptocurrencies may have tax consequences. Consult a tax professional for guidance.
Yes, many cryptocurrency exchanges operate 24/7, allowing you to trade at any time.
A market order buys or sells at the current market price, while a limit order sets a specific price at which you want to buy or sell.
Yes, each exchange sets its own minimum and maximum trading limits, which can vary widely.
It’s not recommended. For security, it’s better to use a cryptocurrency wallet, especially for significant holdings.
Exchanges typically have account recovery processes, including password reset options and support for forgotten usernames.
Some exchanges offer insurance, but coverage can be limited. It’s essential to check an exchange’s insurance policy.
Use strong passwords, enable two-factor authentication, and be cautious of phishing scams and suspicious emails.
Yes, but it’s recommended to learn the basics of trading and understand the risks involved before you start.
Stablecoins are cryptocurrencies pegged to the value of a fiat currency like the US dollar. They provide stability and are commonly used for trading and transferring funds on exchanges.
Yes, regulations vary by country. Many countries have implemented or are considering regulations to govern cryptocurrency exchanges for consumer protection and financial stability.
