Buy, sell, and trade Bitcoin and other cryptocurrencies at your fingertips with Bitfinex. This Bitfinex review is an up-to-date, detailed analysis of the Bitfinex exchange, containing everything you need to know about Bitfinex and whether it’s the right exchange for you.
Find out now!
Bitfinex exchange review
Bitfinex CEO Raphael Nicolle and CFO Giancarlo Devasini co-founded the company in 2012. Nicolle began his career as an IT technician before moving on to work as a system administrator at Gutenberg Networks.
Devasini, the current CFO, earned a Doctor of Medicine from Milan University but developed an interest in technology. Devasini met Raphael Nicolle in 2012 and joined Bitfinex to run its trading and risk management operations.
Tether (USDT), the largest stablecoin by market cap, is also owned by iFinex Inc. The centralized exchange (CEX) platform was created for professional traders and institutions, with fiat and cryptocurrency support.
The exchange is regarded as one of the most liquid for BTC pairs as well as other major altcoins such as ETH and XMR. The platform provides security features such as two-factor authentication and IP address monitoring to protect user assets.
The exchange focuses on experienced professional traders and investors, and platform users can engage in margin lending, margin funding, paired trading, over-the-counter (OTC) trading, and other activities.
Apart from spot and margin trading, Bitfinex also provides Bitfinex Borrow, Bitfinex Pay, Bitfinex Pulse, Affiliate Program, API, and its native utility token — UNUS SED LEO, among other things. Ride on with this Bitfinex review as we take a closer look at the company.👀
What is Bitfinex?
Bitfinex is a digital asset trading platform that provides cutting-edge services to digital currency traders and global liquidity providers.
Bitfinex has worked tirelessly over the last decade to educate customers about the benefits and features of Bitcoin and the blockchain, while also providing a technically superior environment to buy, hold, and sell tokens.
Bitfinex review: Bitfinex Pros and Cons
According to this Bitfinex review its pros and cons are outlined below.
Pros
- Bitfinex Pulse: Bitfinex Pulse is a social platform and news feed aggregator designed for traders. You can use the Bitfinex Pulse to publish your own content, share live trading insights, view and share pulses online, be the first to catch breaking news and engage with the Bitfinex Pulse community.
- Borrow with Ease: Borrowing has never been easier with Bitfinex. You get to experience the transparency and power of peer-to-peer funding, where borrowers and lenders transact with each other, and have the flexibility to decide on loan duration and interest terms.
- Staking: Staking is a way of supporting and securing the operations of the blockchain network. You can stake with Bitfinex and watch your account grow as Bitfinex automatically deposits your staking rewards into your account on a weekly basis.
- A good number of cryptocurrencies: Bitfinex has support for a good number of cryptos amounting to over 360. This is a great choice for users looking to invest in a wide array of cryptocurrencies. So if there’s a crypto you’re looking to invest in there’s a good chance it’ll be here.
- Interactive and Intuitive UI: Bitfinex user interface is superb and designed for both crypto beginners and professionals alike. Its design makes it easy for users to navigate and effectively interact with its platform with ease.
- Bitfinex Bug Bounty: The Bitfinex Bug Bounty program incentivizes researchers that find vulnerabilities that can be exploited. The program is in collaboration with the cybersecurity and hacker development communities.
Cons
- Bitfinex hack: The Bitfinex cryptocurrency exchange was hacked in August 2016. 119,756 bitcoin, worth about US$72 million at the time, were stolen. In February 2022, the US government recovered and seized a portion of the stolen bitcoin, then worth US$3.6 billion.
- Not available in the U.S.: This Platform is blocked for users resident in the US. So if you’re based in the US you can use US-supported exchanges like Kraken, Coinbase, Gemini, etc.
How to use Bitfinex
Bittrex crypto exchange offers you suites of products and services, all of which can be accessed when you sign up on Bittrex exchange and trading platform, then proceed to verify your identity, make a deposit, and begin trading and exploring all of Bittrex.
Bitfinex Sign up
With this Bitfinex review, you can get signed up on Bitfinex in no time.
Step 1
Firstly, visit Bitfinex.com. On the landing page, click the “Sign Up” button located at the top right corner of the page.
Step 2
Then, on the Bitfinex sign-up page, fill in the required information by entering a username, an email address, and a password that you will link to your account. Choose your country of residence from the dropdown and add a referral code (if you have one). After that, click “Sign up.”
Step 3
At this step, you must enable Google Two-Factor Authenticator to protect the security of your account. So if you don’t have the Google authenticator installed, click on “Download on the Apple Store” for iOS devices or “Get it on Google Play” for Android devices. When that is done, click on “Continue” to proceed.
Step 4
When you click “Continue,” you will be forwarded to the page to configure the 2FA. Now open the Google Authenticator app on your phone. Just below the right corner, you’ll see a plus (+) button. Click on it and select “Scan a QR code,” then place your phone in front of your computer and use it to scan the code.
Note: If you log out of this process at this stage, even though your account will be created, you will not be able to access any Bitfinex features until you have completed setting up the Two-Factor Authentication.
Step 5
Then, head to the email you have linked to your Bitfinex account to confirm the email address by clicking on “Confirm Address.” If you did not receive the email, click “Resend Confirmation” and check your email again.
Note: Remember to use the same internet browser you used to create your account to validate the email address.
Step 6
Now, you should see the notice below when you return to your sign-up page. After that, click “Login” to get started with your new account.
Step 7
Because security and safety are the major concerns for Bitfinex, at the time you want to log in, go to your Google Authenticator app on your device and input the 6-digit code generated by the app to log in.
Bitfinex KYC
Bitfinex without KYC limits your account. As Bitfinex announced on its platform on November 9th, 2022, new users will be able to open a Bitfinex account at the Basic Access level in a view-only mode. So, if you have an individual or corporate account, you can upgrade your verification level to gain access to advanced trading features as well as a broader range of products and digital assets.
This Bitfinex review shows a detaioled guide on how to verify your identity,
Step 1
Log into your account and navigate to Manage Account, then click on Verification.
Step 2
Now, select the type of account you’d like to verify.
Step 3
Now, select the level of verification you need: Basic Plus, Intermediate, or Full, and complete the relevant sections presented as per the level.
Note: You can update anytime by uploading the remaining necessary information.
Step 4
Once you complete the sections, click Submit to finalize your verification request. Once all the sections are marked as submitted, the account verification process can start.
Note: The Bitfinex Compliance team will contact you through email to request any further documents or confirm that your application was successful.
How Bitfinex Works
Bitfinex is a digital asset trading platform that provides cutting-edge services to digital currency traders as well as global liquidity providers. Let’s take a closer look at how Bitfinex works.
Margin Trading
Bitfinex’s margin funding and peer-to-peer financing features allow qualified users to trade with up to 10x leverage and receive financing. You can also open a margin trading position, which Bitfinex will automatically link to peer-to-peer funding at the current market rate.
Margin Funding
Users can earn interest on their digital assets by lending their funds to other users who want to trade with leverage on the peer-to-peer funding market.
Margin funding enables you to earn interest on your capital while avoiding trading risks.
OTC Market
Bitfinex provides OTC markets for traders who want to conduct large transactions directly with a counterparty rather than using public order books. You will be able to access significant amounts of liquidity through the market without affecting the exchange market price.
How to Deposit on Bitfinex
According to this Bitfinex review, with the detailed guide below, you can make your first deposit in no time.
Step 1
First off, log in, then head to the wallet page and select “Deposits.”
Step 2
From the options, choose the type of deposit you want to make.
Step 3
Choose the currency you’d like to deposit. Then choose which of your wallets you want to deposit into.
Step 4
Now, you’ll be required to copy the address created for the specific wallet.
Step 5
Launch the external wallet from which you wish to access your funds. Then, send the funds and paste your Bitfinex deposit address into the application as the transfer destination.
How to Buy Crypto on Bitfinex
With the detailed guide in this Bitfinex review, you can learn how to buy any crypto of your choice in no time.
Step 1
Log in to your account. Then, from your wallet page, choose “Deposits” from the drop-down menu, followed by “Credit or Debit Card.”
Step 2
Choose Mercuryo, OWNR, or Simplex for payment card options, or On-Ramp for happyCOINS for instant payment in Euro.
Note: If you are on the Basic or Basic Plus verified level, you will only have access to Mercuryo and Simplex.
Step 3
Now select the currency you would like to buy from the drop-down list.
Step 4
Select the destination Bitfinex wallet where you would like the funds to be deposited, enter the deposit amount, generate a new address if needed, and select Continue.
Step 5
Accept the Terms of Service of the third-party processor you have chosen, and then you will be redirected to the processor to finalize the payment.
Step 6
Complete the payment, and you will be redirected back to Bitfinex to confirm that the process was successful and that your purchase will be credited to your Bitfinex account.
How to Withdraw on Bitfinex
Learn how to withdraw on Bitfinex with this Bitfinex review.
Step 1
Log in, then head to your wallet page and select Withdrawals.
Step 2
Select the type of withdrawal you want to make.
Step 3
Select the currency you want to withdraw from Bitfinex.
Step 4
Choose which of your wallets you will be withdrawing from, and then fill in the details of your withdrawal.
Step 5
Choose which of your wallets you will be withdrawing from, and finally, press the “Request Withdrawal” button.
Note: For some currencies, your account will need to be at least Intermediate verified and for Fiat withdrawals, it will need to be fully verified.
Bitfinex Banned Countries
The below list displays a list of Bitfinex-restricted countries, some of which include: the United States, the British Virgin Islands, the United Nations, Iran, North Korea, Cuba, Syria, Crimea, and Ukraine. See the full list here.
Bitfinex review: Bitfinex Crypto list
This displays the cryptocurrency exchange list of Bitfinex as it supports a wide array of trading pairs and over 360 cryptocurrencies. So if you’re wondering what coins does Bitfinex support, from our Bitfinex review let’s take a peek at some of the most popular cryptos.
- Bitcoin (BTC)
- Ethereum (ETH)
- Tether tokens (USDt)
- Cardano (ADA)
- Dogecoin (DOGE)
- Ripple (XRP)
- Polkadot (DOT)
- Uniswap (UNI)
- Chainlink (LINK)
- Litecoin (LTC)
- Solana (SOL)
- Stellar (XLM)
- VeChain (VET)
- Ethereum Classic (ETC)
- Filecoin (FIL)
- EOS (EOS)
- Tron (TRX)
- Aave (AAVE)
- Dai (DAI)
- Kusama (KSM)
- Cosmo (ATOM) and many more.
So due to Bitfinex’s large base of cryptocurrencies, if there’s a crypto you’re looking to invest in there’s a good chance you’ll find it on Bitfinex over 360 cryptocurrencies. Thus the wide array of cryptocurrencies helps crypto investors widen their investment options.
Bitfinex Fiat Currencies
Bitfinex exchange supports fiat currencies such as
- United States Dollar (USD)
- EURO (EUR)
- Pound sterling (GBP)
- Japanese Yen (JPY)
- Chinese currency (CNH)
Bitfinex review: Bitfinex Fees
Trading fees are another standout feature at Bitfinex. Bitfinex uses a maker-taker fee model. Trading fees are discounted based on a 30-day trading volume. Most trades like crypto to crypto, crypto to stablecoin, and crypto to fiat all come with a 0.10% maker fee and a 0.20% taker fee.
UNUS SED LEO is a utility token that’s used across the iFinex ecosystem. The cryptocurrency allows Bitfinex users to save money on trading fees. The extent of the discount depends on how much LEO the customer has in their account. The table below shows Unusual Sed LEO fee discounts.
| Categories | LEVEL 1 | LEVEL 2 | LEVEL 3 |
|---|---|---|---|
| Level requirement | > 1 USDt LEO equiv. | > 5000 USDt LEO equiv. | > 10000 USDt LEO equiv. |
| Crypto-to-Crypto | -15.000% (Taker fees) | -25.000% (Taker fees) | -(25.000% + up to 6bps) (Taker fees) |
| Crypto-to-Stablecoin | -15.000% (Taker fees) | -25.000% (Taker fees) | -(25.000% + up to 6bps) (Taker fees) |
| Crypto-to-Fiat | - | -10.000% (Taker fees) | -(10.000% + up to 6bps) (Taker fees) |
| Crypto-Derivatives | - | - | -(up to 0.5bps/1.5bps) (Maker fees / Taker fees) |
Bitfinex Deposit Fees
There are no fees for crypto deposits, stablecoins, or securities. While deposits via bank wire transfer incur a deposit fee of 0.100, deposits via OpenPayd incur a deposit fee of 0.5.
| CURRENCY | DEPOSIT |
|---|---|
| Crypto | FREE |
| Stablecoin | FREE |
| Securities | FREE |
| Bank wire | 0.100% (min 60, USD/Euro) |
| Bank wire - OpenPayd | 0.5 (Euro|GBP)/transaction |
Bitfinex review: Bitfinex withdrawal fees
According to this Bitfinex review the withdrawal process varies based on the asset you’d like to withdraw. Also, digital assets withdrawals to another Bitfinex user’s address are free of charge.
The table below shows a detailed view of Bitfinex withdrawals.
| CURRENCY | Fees |
|---|---|
| 1INCH | 5.2448 1INCH |
| AAVE | 0.032459 AAVE |
| Cardano ADA | 0.3 ADA |
| Multiverse (AI) | 1209.7 AI |
| AllianceBlock | 23.736 ALBT |
| Algorand | FREE |
| Ampleforth | 2.6237 AMPL |
| Anchor | FREE |
| Aragon | 0.86384 ANT |
| ApeCoin | 0.46945 APE |
| APENFT | FREE |
| Aptos | FREE |
| ATLAS | FREE |
| Cosmos-Atom | FREE |
| Avalanche | FREE |
| AVAXC | FREE |
| Axie Infinity | 0.24502 AXS |
| Bit2Me | 326.84 B2M |
| Balancer | 0.39281 BAL |
| Band | 1.2238 BAND |
| Basic Attention Token | 10.366 BAT |
| XEC | FREE |
| Bitcoin Cash | FREE |
| Bitpanda | 7.826 BEST |
| BnkToTheFuture | 0.0016695 BFT |
| BridgeMutual | 0.0016695 BMI |
| Bancor | 6.2743 BNT |
| BOBA | 11.724 BOBA |
| BOO | FREE |
| Boson Token | 10.162 BOSON |
| Bitcoin SV | 0.001 BSV |
| Bitcoin | 0.0004 BTC |
| Bitcoin Gold | 0.001 BTG |
| BTSE | FREE |
| BitTorrent | 50 BTT |
| Concordium | FREE |
| Celsius | 0.0016695 CEL |
| CHEX | FREE |
| SwissBorg | 10.825 CHSB |
| socios.com Chiliz | 19.278 CHZ |
| Callisto | 1 CLO |
| CNHTE | 18.368 CNHTE |
| CNHTX | FREE |
| Compound | 0.051928 COMP |
| Convergence | 2174.8 CONV |
| Curve | 2.5421 CRV |
| Dai Stablecoin | 2.7018 DAI |
| Digibyte | 0.5 DGB |
| DOGE | FREE |
| Dora | 0.61246 DORA |
| Polkadot | FREE |
| Dash | 0.002 DASH |
| Dusk Network | 16.381 DUSK |
| Deversifi Token | 4.5012 DVF |
| pNetwork | 14.509 PNT |
| Elrond | FREE |
| Enjin | 6.0428 ENJ |
| EOS | FREE |
| Ethereum Classic | 0.01 ETC |
| Ethereum | 0.0016695 ETH |
| ETH2P | FREE |
| ETH2R | FREE |
| ETH2X | FREE |
| ETHS | FREE |
| ETHW | FREE |
| ETP | 0.01 ETP |
| EURt (ETH) | 2.3983 EUE |
| EURS | 2.4445 EURS |
| E-RADIX | 45.46 EXRD |
| Fenerbahce Token | 1.3851 FB |
| Fractal | 192.59 FCL |
| Fetch.AI | 9.5407 FET |
| Filecoin | FREE |
| Flare | 63.483 FLR |
| FORTH | 0.81867 FORTH |
| Fantom | FREE |
| FunFair | 356.56 FUN |
| Gala | 51.233 GALA |
| Gnosis | 0.025094 GNO |
| Golem | 11.086 GLM |
| The Graph | 29.587 GRT |
| Gate.IO | 0.60104 GTX |
| Gem Exchange and Trading | 7546.7 GXT |
| Hector Network | FREE |
| Hi Dollar | 113.28 HI |
| Human | 48.007 HMT |
| Human (Polygon) | FREE |
| Huobi Token | 0.52602 HT |
| ICE | 6.9811 ICE |
| Dfinity | FREE |
| Everest (ID) | 89.082 ID |
| Iota | 0.5 IOTA |
| Everipedia | 10 IQX |
| Jasmy | 488 JASMY |
| JST | FREE |
| KardiaChain | FREE |
| BitKan | 2096.3 KAN |
| Kyber | 3.4289 KNC |
| Kusama | FREE |
| Bitcoin (Liquid) | FREE |
| Unus Sed LEO | FREE |
| Unus Sed LEO (EOS) | FREE |
| Unus Sed LEO (ERC20) | 0.78373 LEO-ERC20 |
| ChainLink | 0.3617 LINK |
| Bitcoin (Lightning Network) | 0.000001 LN-BTC |
| Loopring | 7.6043 LRC |
| Litecoin | 0.001 LTC |
| Luna Classic | FREE |
| LUNA2 | FREE |
| LUXOchain | 41.934 LUXO |
| Lympo | 1047.9 LYM |
| MATIC (Ethereum) | 2.3852 MATIC |
| MATIC (Mainnet) | FREE |
| Magic Internet Money | 2.7526 MIM |
| Mirror Protocol | FREE |
| Maker | 0.0040757 MKR |
| Melon | 0.11918 MLN |
| Decentraland | 3.4052 MANA |
| Mobilecoin | FREE |
| MXNt (ETH) | 48.117 MXNTE |
| Near | FREE |
| NEO | FREE |
| NEOGAS | FREE |
| NEXO | 3.1248 NEXO |
| OCEAN protocol | 7.4327 OCEAN |
| OmiseGO | 1.9241 OMG |
| Omni | 1 OMNI |
| Harmony ONE | 149.15 ONE |
| Oxygen | FREE |
| Blockpass | 1632.9 PASS |
| Paxos | 2.7243 PAX |
| PLANETS | FREE |
| Pluton | 0.28871 PLU |
| Pangolin | FREE |
| Kleros | 99.337 PNK |
| Polkacity | 103.83 POLC |
| POLIS | FREE |
| QRDO | 17.54 QRDO |
| Quantfury | 0.25595 QTF |
| Qtum | 0.01 QTUM |
| RBTC | 0.00001 RBTC |
| REEF | FREE |
| Augur | 0.45072 REP2 |
| Request Network | 23.814 REQ |
| Rally | 216.15 RLY |
| Oasis (Rose) | FREE |
| SAND | 3.789 SAND |
| SENATE | 79.913 SENATE |
| Songbird | FREE |
| Shyft (Ethereum) | 322.66 SHFT |
| Shyft (Mainnet) | FREE |
| SHIB | 230060 SHIB |
| SIDUS | 2113.7 SIDUS |
| Shimmer | FREE |
| Status | 81.91 SNT |
| Synthetix Network | 1.1024 SNX |
| Solana | FREE |
| SPELL | 3332.4 SPELL |
| SERUM | FREE |
| Stargate Finance | 4.5345 STG |
| Storj | 7.0007 STORJ |
| SUKU | 34.339 SUKU |
| SUN | FREE |
| SUSHI | 2.1758 SUSHI |
| Sweat Economy | 171.43 SWEAT |
| SX Network | 18.18 SX |
| TerraUSD Classic | FREE |
| Theta | FREE |
| TELOS | FREE |
| Polytrade | 24.213 TRADE |
| TREEB | FREE |
| TRON | 1 TRX |
| TrueUSD | 2.7192 TUSD |
| USDc | 2.7269 USDC |
| Uniswap | 0.39404 UNI |
| Ultra | 10.846 UOS |
| USDt (Algorand) | FREE |
| USDt (AVAX-C) | FREE |
| USDt (BCH) | FREE |
| USDTDOT | FREE |
| USDTKSM | FREE |
| USDTNEAR | FREE |
| USDTPLY | FREE |
| USDt (SOL) | FREE |
| USDTXTZ | FREE |
| USDt (ETH) | 2.7247 USDt |
| USL | FREE |
| USDt (Omni) | 5 USO |
| USDt (EOS) | FREE |
| USDt (Tron) | FREE |
| UTRUST | 25.904 UTK |
| BLOCKv | 1445.5 VEE |
| VELO | FREE |
| VeChain | 100 VET |
| Verasity | 429.75 VRA |
| v.systems | 1 VSYS |
| WAVES | FREE |
| WAX | 3.7504 WAX |
| Wrapped Bitcoin | 0.00012557 WBTC |
| Wilder World | 6.6515 WILD |
| WNCG | 32.363 WNCG |
| WOO | 14.02 WOO |
| XAUTe | 0.0014293 XAUTE |
| XCAD Network | 2.393 XCAD |
| Chain | 234.8 XCN |
| XinFin | FREE |
| Stellar Lumen | FREE |
| Monero | 0.0001 XMR |
| Xriba | 361.76 XRA |
| RADIX | FREE |
| Ripple | 0.1 XRP |
| Tezos | 0.2 XTZ |
| Verge | 0.1 XVG |
| Yearn.Finance | 0.00037661 YFI |
| 0Chain | 18.456 ZCN |
| Zcash | 0.003 ZEC |
| Zilliqa | 27.552 ZIL |
| Zipmex Token | 15.357 ZMT |
| 0x | 11.778 ZRX |
| Bank wire | 0.100% (min 60, USD/Euro) |
| Bank wire - OpenPayd (for transfers of 100,000 EUR|GBP or less) | 0.5 (Euro|GBP)/transaction |
| Bank wire - OpenPayd (for transfers of more than 100,000 EUR|GBP) | 0.100% of transfer amount |
| Express bank wire (within 24 hours on business days) | 1.000% (min 60, USD/Euro) |
| Internal transfer (digital assets only) | FREE |
Bitfinex App
The Bitfinex mobile app adapts the full functionality of its web platform for seamless on-the-go trading. The Bitfinex app gives you full control of your portfolio with the ability to view positions, open orders, and trading history with a simple tap. Its simplified interface grants you an easy-to-use app with the ability to trade, stake, and lend crypto in just a few steps from anywhere in the world.
The Bitfinex mobile app has over 100,000 downloads on the Google Play Store. It is also built with support for Android and iOS users. It has also accumulated a pool of mixed user reviews on its app with a 3.8 ⭐ rating in over 2k reviews on playstore. Below are some of the reviews from users of the Bitfinex app.
Bitfinex review: Bitfinex API
An Application Programming Interface (API) allows one application to interact with another using a set of rules. The Bitfinex API is intended to provide access to all of the Bitfinex platform’s features under the condition that it is used in accordance with its API Terms of Service.
On the Bitfinex trading platform, users can use the API to create highly customized and advanced trading strategies. Users can also use the API to build their own trading platform on top of the existing infrastructure.
With the Bitfinex API documentation, you will find ways to retrieve or stream market data and data particular to your account like your balances, order history, etc., as well as ways to place trading or funding orders. The Bitfinex APIS also supports programming languages like Python, NodeJS, Ruby, and Golang.
According to Bitfinex, “the intended scope of its API is such that it should be possible to rebuild almost the entire Bitfinex platform on top of it according to custom specifications.”
The Bitfinex API is designed around speed to provide traders with the fastest access to the market with a full array of functions to interact with Bitfinex, thus allowing users to create a fully customized experience in their interaction.
Bitfinex review: Bitfinex Staking
Staking is the act of delegating your tokens to secure a blockchain network and in turn, receiving rewards while doing so. Bitfinex offers a soft-staking program that allows you to easily generate rewards by simply holding your digital tokens on Bitfinex. Staking rewards for supported digital tokens can be as high as 8%* per year.
It supports a pool of cryptocurrencies for staking with a good annual percentage yield (APY). Some of the supported cryptos and their percentage yield are displayed in the table below.
| Cryptos | APY |
|---|---|
| Tron (TRX) | 6% - 8% |
| EOS (EOS) | 0% - 3% |
| Tezos (XTZ) | 3% - 5% |
| COSMOS (ATOM) | 1.5% - 3% |
| Solana (SOL) | 6.5% |
| Polygon (MATIC) | 4.5% - 6% |
| Cardano (ADA) | 4% - 5% |
| Polkadot (DOT) | Up to 7% |
| Ethereum (ETH2) | 3.5% |
| Kusama (KSM) | 8% |
Bitfinex Customer Service
Your Bitfinex account, like most cryptocurrency exchanges, is primarily self-service, as the exchange has created a pool of guides in its FAQ and help sections to answer all of your questions.
Bitfinex also has a support ticket system for email support. There is no phone or live chat support, so you won’t get immediate assistance if you have a problem.
Bitfinex like other crypto exchanges also has a pool of mixed reviews from present and past customers and has a 3.2 ⭐ rating in 282 reviews on Trustpilot.
Bitfinex review: Is Bitfinex Safe?
Bitfinex security is questionable, as it has not done a good job with exchange security. Bitfinex has previously been hacked multiple times, resulting in the loss of customer funds and trust. That said, it has since then tried to improve its security by integrating the following features on its exchange:
Two-factor authentication (2FA): This adds an additional layer of security to your account and safeguards sensitive operations like logging in, generating API keys, and withdrawing. Use Google Authenticator or a U2F Security Key to set up two-factor authentication.
Address and IP Whitelisting: Bitfinex will only allow trades and withdrawals from IP addresses that you whitelist. When you add crypto wallet addresses to your whitelist, Bitfinex will only allow withdrawals to those addresses.
Cold storage: The vast majority of system funds are kept in offline, multi-signature cold wallets. Only about 0.5% of crypto assets are accessible in hot wallets for day-to-day platform operation. Cold wallets are not accessible from the platform or its servers as an added layer of security.
LEARN MORE: CRYPTO COLD STORAGE EXPLAINED: WHAT IS IT? HOW IT WORKS
Protection from DDoS attacks: To prevent trading from being halted by outside attacks, the Bitfinex exchange is protected by automatic Distributed Denial of Service.
Bitfinex review: Bottom line
According to this Bitfinex review, it is an exchange designed for experienced traders. However, its product suite may be confusing to newcomers, so it provides educational resources to help guide them in the right direction. Furthermore, its security raises concerns due to previous security breaches on its exchange, as well as mixed reviews from users.
You cannot use the exchange if you live in the United States or any other restricted area, so you should read our other cryptocurrency exchange reviews. If the exchange is supported in your area, you have the option of balancing a good platform and low fees with a spotty history, including breaches of customer trust.
However, if you are concerned about potential risks on Bitfinex, you should avoid it due to its history of hacks. However, if you like everything the platform has to offer and are willing to invest, the experience may be worthwhile.
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