What Bitfinex Does

Bitfinex is a cryptocurrency exchange platform that allows users to trade various digital currencies like Bitcoin, Ethereum, Litecoin etc.

It was founded in 2012 and is one of the oldest and largest exchanges in the crypto space.

Bitfinex provides services for trading cryptocurrencies against fiat currencies like USD, EUR, GBP as well as stablecoins like USDT.

Some key things Bitfinex offers are:

Spot trading of major cryptocurrencies
Margin trading with leverage up to 100x
Margin funding where users can lend funds to margin traders
OTC trading for large volume trades
Derivatives like futures and options
Staking services for supported coins
Mobile apps for Android and iOS

The exchange aims to provide a robust trading platform with deep liquidity and a suite of advanced trading features and order types that appeal to experienced traders.

Features and Functionalities

Bitfinex packs a wide range of features and tools:

Trading

Spot trading with limit, market, stop and trailing stop orders
Margin trading with up to 100x leverage
Algorithmic orders like Fill or Kill, Twap, Iceberg etc
Liquidity pools like Honeypot for large trades
Mobile apps for trading on the go

Funding

Margin funding market to lend and borrow
Staking services for supported coins
Lending market to earn interest on holdings

Security

95% cold storage of user funds
Two-factor authentication
IP monitoring
Optional multi-signature wallets
Fiat and crypto withdrawal address whitelisting

Analysis

Advanced charting with TradingView
Multiple indicators like Bollinger Bands, MACD, RSI etc
Automated technical analysis with Autochartist

How to Use Bitfinex

Here is a simple step-by-step process to start using Bitfinex:

Register for an account by providing your email address and creating a password.
Verify your identity by submitting documents like passport, ID card etc.
Deposit funds via bank wire, cryptocurrencies or Tether transfers.
Trade by going to the exchange section and placing buy/sell orders.
Withdraw funds by submitting requests from the withdrawals page.
Enable security features like two-factor authentication and address whitelisting.
Explore advanced features like automated orders, margin trading, funding etc.
Use the trading analysis tools like charts and indicators to inform trades.
Get support from Bitfinex’s articles and community forums if needed.

Pricing

Bitfinex has a complex fee structure that varies based on factors like trade volume, account type etc. Some key fees are:

Trading fees: Ranges from 0.1% – 0.4% based on 30-day trailing volume.
Deposit fees: No fees for cryptocurrency deposits, fees up to 1% for fiat deposits.
Withdrawal fees: Varies by currency, can be high for some coins.
Funding fees: Up to 15% for margin trading, rates set by lenders.

Reduced fees are offered for high volume traders. Holders of Bifinex’s LEO token get a 15% discount on fees.

Overall, fees on Bitfinex are competitive for large volume traders but can be expensive for smaller accounts.

Comparison with Competitors

Kraken

Kraken offers lower fees and more payment methods but fewer coins than Bitfinex. It’s better for beginners.
Kraken has tighter security practices but Bitfinex offers more advanced trading features like derivatives and algo orders.

Binance

Binance has a much wider coin offering, lower fees, and a simpler interface than Bitfinex.
Bitfinex has stronger liquidity but Binance offers faster transaction speeds and more payment on-ramps.

KuCoin

KuCoin provides early access to new altcoins and a beginner-friendly experience.
Bitfinex is focused more on pro traders, with advanced order types and charting tools that KuCoin lacks.

Pros

Advanced trading platform with extensive features
Deep liquidity across major trading pairs
Low fees for high volume traders
Margin trading with up to 100x leverage
Tether integration provides price stability

Cons

Previous security breaches and hacking incidents
Controversies around USDT backing and reserves
Complex interface can be confusing for new users
Limited payment methods compared to rivals
High withdrawal fees on some coins

Average User Review Ratings

Analyzing multiple websites that host Bitfinex user reviews reveals the following average ratings:

Trustpilot – 3 out of 5 stars
Cryptorank – 6.5 out of 10
Coingecko – 3.8 out of 5 stars
Revain – 6.2 out of 10

Overall, Bitfinex earns mixed reviews from users. Positive feedback notes the advanced features and deep liquidity.

But there are many complaints around poor customer service, high withdrawal fees and verification delays.

Visit Bitfinex.com

Comparison of Trading Features

Bitfinex offers a much more comprehensive set of trading tools compared to rivals like Coinbase and Gemini. Some standouts include:

Algorithmic order types – Trade automatically using preset conditions
Margin funding market – Earn interest on your holdings
OTC trading desk – Make large trades without slippage
Trading analysis tools – Like candles, indicators, annotations etc
Auto pattern recognition – Identify chart patterns with Autochartist

However exchanges like Kraken and Binance also offer features like margin and futures trading. Overall Bitfinex provides one of the most advanced trading experiences.

Withdrawal and Deposit Options

Bitfinex supports a decent range of cryptocurrency deposit and withdrawal options including:

Bitcoin
Ethereum
Litecoin
Ripple
Bitcoin Cash
EOS
Tether

For fiat, only wire transfers via banks are supported for most currencies.

Deposits are free for cryptocurrencies but some withdrawals can be expensive depending on the coin.

Fiat options are more limited compared to platforms like Coinbase or Gemini.

But Bitfinex caters more to professional crypto traders rather than retail investors.

Customer Support Analysis

Analyzing online reviews, Bitfinex appears to receive mixed feedback regarding customer support.

Some positives noted by users:

Quick response time in urgent cases
Knowledgeable support agents
Active admin presence on Reddit and community forums

Some common complaints around Bitfinex’s customer service include:

Slow response time for non-critical issues
Lack of phone support
Poor english for some support reps
Verification and withdrawal delays

While Bitfinex seems to provide decent support for technical issues, users report frustration with delays for ID verification and withdrawn funds as well as unresponsive reps in some cases.

Security Overview

Bitfinex has ramped up security after past breaches but users should still take proper precautions like:

Enabling two-factor authentication
Creating a strong unique password
Whitelisting withdrawal addresses
Reviewing API key permissions
Monitoring account activity closely

Around 95% of user funds are stored in cold wallets.

Other safety measures include mandatory ID verification, email encryption, IP monitoring and more.

However, given its history of hacks, some users may still prefer to use more reputable and transparent exchanges over Bitfinex.

Conclusion and Final Thoughts

Bitfinex stands out for its deep liquidity and suite of advanced trading features but comes with some transparency concerns given its history.

Seasoned crypto traders who value sophisticated tools may find Bitfinex appealing but beginners are likely better served on easier to use alternatives.

While Bitfinex still upholds security standards, users should exercise additional caution given past incidents.

Is Bitfinex better than Binance?

Pros of Bitfinex over Binance

Bitfinex offers more advanced trading features like margin trading and derivatives
Higher liquidity for altcoins and stablecoins
Lower trading fees if you use their native BNB token
Faster fiat withdrawals

Pros of Binance over Bitfinex

Binance has lower fees overall, especially for spot trading
Binance supports way more cryptocurrencies – over 500 vs about 100 on Bitfinex
Binance is generally seen as more beginner-friendly
Binance is not banned in the United States

Verdict

For advanced traders, Bitfinex may be preferred for features and liquidity. But for most users, Binance is likely the better option due to lower fees, more choice, and availability in the US.

Is Bitfinex good for beginners?

Bitfinex is designed more for advanced cryptocurrency traders and is not ideal for beginners. Reasons include:

The interface and charts can seem complex for first-time users
It lacks educational resources to help beginners learn trading
Fees are lower on other beginner-friendly exchanges like Coinbase and Gemini
Due to past controversies, beginners may prefer exchanges seen as more reputable

For most crypto beginners, platforms specifically targeted to newcomers like Coinbase would be a better fit. But for intermediate to advanced traders seeking more features, Bitfinex has a lot to offer.

What country is Bitfinex from?

Bitfinex was founded in 2012 and operates out of Hong Kong by the company iFinex. Key details:

Headquarters is in Hong Kong but registered in the British Virgin Islands
Operates globally but is blocked in the United States
Key individuals behind the exchange are believed to be French, Swiss, and Ukrainian

So while Hong Kong is the main hub for Bitfinex, it involves staff and leadership from a range of countries. But the company itself is registered in the British Virgin Islands.

How much can you withdraw from Bitfinex daily?

Bitfinex has the following cryptocurrency withdrawal limits:

Unverified accounts: $20,000 equivalent per day
Verified accounts: $1 million equivalent per day

For fiat currencies, limits are lower:

Unverified accounts: $5,000 equivalent per day
Verified accounts: $500,000 equivalent per day

Withdrawal limits are set on a rolling 24 hour basis and can be increased if you contact their support team and provide justification for higher limits.

What currency is used in Bitfinex?

The main currencies used and supported on the Bitfinex exchange include:

US Dollars (USD) – Major currency for pairings and fund deposits/withdrawals
Tether (USDT) – Widely-used stablecoin pegged to USD
Bitcoin (BTC) – Primary cryptocurrency for trading on Bitfinex
Ethereum (ETH) – Second largest crypto asset on the platform

Most trading activity and order books are dominated by USD, USDT, BTC and ETH. Fiat options focus exclusively on USD.

Why Bitfinex is not allowed in the US?

Bitfinex does not allow users from the United States to sign up. This is related to regulatory issues in the past:

In 2017, Bitfinex was fined by U.S. regulators for illegal activity
The company and affiliates were unable to satisfy U.S. requirements around compliance and transparency
Rather than comply, Bitfinex chose to ban U.S. customers in November 2018

The inability to follow U.S. rules around know-your-customer (KYC) checks and anti-money laundering (AML) controls were key factors in the withdrawal from the lucrative U.S. market.

Do you need ID for Bitfinex?

Yes, Bitfinex does require user identification for certain services:

Basic trading can be done unverified up to certain limits
Fiat deposits/withdrawals require ID verification
Higher trading volumes beyond $1 million per day requires full verification

To complete ID verification, Bitfinex asks for a photo ID like a passport or government ID plus a selfie photo. Proof of residence may also be requested.

So identification is optional on Bitfinex up to a point, but most users will eventually require verification.

Does Bitfinex require KYC?

Bitfinex has Know-Your-Customer (KYC) rules in place that require users to have their identity verified before being able to access certain services, including:

Fiat currency deposits or withdrawals
Trades beyond a total volume of $1 million in a rolling 30 days
Operating a merchant account on the Bitfinex platform
Participating in their initial exchange offerings

So while basic crypto trading is possible without KYC, almost anything involving fiat or reaching higher trading volumes will need identity verification.

What countries are prohibited by Bitfinex?

Bitfinex specifically prohibits users who are residents or nationals of the United States.

Additionally, Bitfinex blocks users from the following list of countries:

Belarus
Democratic Republic of Congo
Central African Republic
Cote d’Ivoire (Ivory Coast)
Cuba
Islamic Republic of Iran
Iraq
Japan
Lebanon
Liberia
Libya
North Korea
Republic of Sudan
South Sudan
Syrian Arabic Republic
Venezuela

So in summary – mainly the U.S. plus countries dealing with significant sanctions or embargoes from U.S./U.N.

Who is the CEO of Bitfinex?

Bitfinex does not actually have an official CEO, as it is owned by the private firm iFinex which is fairly secretive about its organizational structure.

However, J.L. van der Velde is known to be the current CEO of iFinex, which would imply he serves a similar leadership role at Bitfinex. Mr. van der Velde is Dutch and has a background in finance technology.

Other executives reportedly involved with Bitfinex and/or iFinex:

Giancarlo Devasini – Possible co-founder along with van der Velde
Philip Potter – Served as public face of Bitfinex for some time
Stuart Hoegner – General counsel

So while it has no outright CEO, van der Velde appears to currently fill that function for Bitfinex and parent iFinex.

Does Bitfinex own Usdt?

No, Bitfinex itself does not directly own Tether (USDT). However, the two companies share common owners and executives.

In particular, the firm iFinex that operates Bitfinex is owned/run by the same core leadership team that founded and manages Tether Holdings Limited – the company behind USDT.

So while the operations, finances, etc. are maintained separately in theory, in practice the leadership and control of Bitfinex and Tether are deeply intertwined.

How long do Bitfinex withdrawals take?

Bitfinex withdrawal processing times depend on the method:

Cryptocurrencies: 15-60 minutes during weekdays
Bank/Wire Transfers: 2-8 business days
Tether (USDT): Less than 20 minutes but can take longer during surge periods

So cryptocurrency withdrawals are relatively quick at under an hour typically. Fiat withdrawals take longer due to the legacy banking system. Bitfinex can accelerate crypto/fiat withdrawals for users with higher verification.

Unsurprisingly, withdrawals conducted using Tether (which Bitfinex is affiliated with) are fastest. But most methods result in wait times of less than an hour up to a few business days.

How do I transfer money from Bitfinex to another wallet?

To withdraw funds from your Bitfinex account to an external bitcoin/crypto wallet, follow these steps:

Log in to your Bitfinex account
Hover over “Withdraw” on the top menu
Choose which currency (BTC, ETH etc.) you want to withdraw
Enter the wallet address and withdrawal amount
Complete any other prompts like 2FA or email verification codes
Confirm the details
Wait for the stated processing time (15 mins to an hour typically)

You can use those steps to withdraw to any compatible off-exchange wallet address belonging to you. Always verify that the wallet address is correct before withdrawing any funds.

How much does Bitfinex charge for BTC?

For buying/selling bitcoin (BTC) on Bitfinex, their fee schedule is:

Maker Fees:

Under $500k volume in 30 days: 0.1%
Over $500k volume: 0.08%

Taker Fees

Under $500k volume: 0.2%
Over $500k volume: 0.16%

For context, maker fees apply when you add liquidity to the order book. Taker fees (slightly higher) apply when matching existing orders immediately.

Financing rates also apply for margin positions held longer than a day. And deposits/withdrawals incur small network fees.

Can I buy Bitcoin in Bitfinex?

Yes, Bitcoin (BTC) trading and exchange is one of the core functions of Bitfinex. Ways to buy or sell bitcoin on their platform include:

Trading BTC for fiat (e.g. USD) directly
Trading cryptocurrency pairs (e.g. BTC/ETH)
Margin trading with up to 3.3x leverage
Derivatives like futures and swaps
OTC orders for large block trades

Users can fund their trading by making fiat deposits (wire transfer or crypto capital) or by transferring BTC into a Bitfinex account from an external wallet. So Bitfinex facilitates both crypto and fiat access to bitcoin trading.

Does Bitfinex accept wire transfer?

Yes, Bitfinex allows users to deposit and withdraw funds via wire transfer. Key details on wire transfers:

Accepts USD, EUR, JPY, and GBP wires
Wires credited to account within 1 business day
$500 minimum deposit/$50k minimum withdrawal
0.1% deposit fee (waived for larger amounts)
Correspondent and withdrawal fees apply

Wires are one of the main fiat gateways that Bitfinex facilitates for higher-volume traders, although they come with higher latency and fees compared to crypto deposits/withdrawals.

Does Bitfinex have an App?

Unfortunately Bitfinex currently does not offer any official mobile apps.

The platform has stated they are working on a Bitfinex app, but no release date has been set.

For now, Bitfinex operates entirely through a web-based platform designed to be responsive for mobile browsers.

But without a dedicated iOS or Android app for Bitfinex available yet.

Some third-party developers have created unofficial Bitfinex apps, but the company does not endorse those or allow linking to the Bitfinex API.

So mobile users have to use their web browser as no first-party app exists yet.

FAQ: Is Bitfinex beginner friendly?

No, Bitfinex has an interface and advanced trading features that make it better suited for experienced traders rather than beginners.

For a more user-friendly onboarding, new crypto traders are recommended to use simpler platforms like Coinbase, Gemini or Kraken first.

FAQ: Does Bitfinex work in the US?

No, Bitfinex does not accept US-based customers due to regulatory issues and sanctions.

Traders from the US cannot use Bitfinex and must find alternative exchanges that operate in the US like Coinbase, Gemini or Kraken.

FAQ: Is Bitfinex safer now after previous hacks?

Bitfinex has stepped up security measures after past breaches by implementing solutions like cold storage and address whitelisting.

However, users should still be cautious and enable protective measures like 2FA given its history of hacks.

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