Bitfinex Review

This review concerns a Bitfinex, an online exchange that offers exchange, trading and lending services regarding cryptocurrencies. The information that you will get from this article will help you choose the best option available to you.

Bitfinex Review print screen

The investigation contains personal take on the online business, with pros, cons and concluding remarks serving as a general remark on the exchange.

About the Exchange


Founded in 2014, the exchange grew to be the largest USD to BTC trade platform in the market, with monthly volume passing $103 billion. The online platform offers 21 cryptocurrencies while the accepted fiat currencies are USD and EUR. A company called iFinex Inc., based in Hong Kong, owns Bitfinex.

Margin trading is available at the exchange while the interface is geared towards experts in the market. Beginners would find CEX.io, LocalBitcoins, and Paxful more suiting for their needs, as the trade interface is geared towards experts in the industry.

Registration and Verification


Registering an account at Bitfinex, much like in many other platforms, is free of charge and takes less than 2 minutes to complete. All you have to do is to provide your email, password, and username to get started at Bitfinex.

Verification, on the other hand, has been introduced recently and now you are required to provide scanned identity card and proof of address, as shown below. The requirement follows anti-money laundering (AML) and counter-terrorism financing (CTF) laws and regulations.

Bitfinex Review registration and verification

Most of the large exchanges, like itBit, Coinbase and others require identity check, while P2P platforms would be the place where you can buy and sell coins privately.

Regional Availability


The company offers its services worldwide as long as clients have a bank account to transfer funds into their Bitfinex balances. The platform thus is present in the market at the larger rate than many other exchanges, like Coinbase (32 countries) and BitPanda (Europe only).

Deposit/Withdrawal Methods and Fees


Bitfinex accepts only bank transfers as means of deposit and withdrawal. The said transfers are expressed in USD currency, which can be used for funding your trade orders. The lack of options does put the exchange in a weaker position than other popular choices in the market, especially peer-to-peer marketplaces like LocalBitcoins and Paxful.

The cryptocurrencies that you can use and withdraw at your leisure are numerous, 21 of them to be exact. This is a strong point of the exchange, as other regular exchanges, like CEX.io, Coinbase and Coinmate offer up to three or five coins only.

The fees are in line with the industry and can be even considered as lowest out there, as taker/maker costs can range from 0.1% to 0.2%.

Security


Bitfinex, following the hacking incident in 2016 when $70 million of funds were stolen from traders, has improved its security system. Now, you have several options available for you, them being:

- Two-factor authentication (2FA)

- Email encryption

- IP login limitations and whitelists

- Login email alarm system and history

- Keep the sessions alive or cut them off

Pros and Cons


Pros

+ numerous (21) available cryptocurrencies

+ sufficient security options

+ globally available

+ one of the largest platform in the world, meaning deep liquidity of coins and funds

Cons

- verification is needed

- was hacked in the past

- lack of deposit/withdrawal options

- only USD accepted as fiat currency

- interface confusing for beginners

Concluding Remarks


The exchange is best suited for experts that know what to do in margin trading marketplace. The liquidity is deep and fees sufficiently low to start making profit from the platform’s services. You can access the investment opportunity no matter where you live but be warned that verification is required.

Registration and Verification


Registering an account at Bitfinex, much like in many other platforms, is free of charge and takes less than 2 minutes to complete. All you have to do is to provide your email, password, and username to get started at Bitfinex.

Verification, on the other hand, has been introduced recently and now you are required to provide scanned identity card and proof of address, as shown below. The requirement follows anti-money laundering (AML) and counter-terrorism financing (CTF) laws and regulations.