Bitfinex review 2023: How to Use Bitfinex and More!

Bitfinex review
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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.

what is bitfinex

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.


  • 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. 


  • 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 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

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.

Bitfinex Fees

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.

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.

Bank wire0.100% (min 60, USD/Euro)
Bank wire - OpenPayd0.5 (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.

1INCH5.2448 1INCH
AAVE0.032459 AAVE
Cardano ADA0.3 ADA
Multiverse (AI)1209.7 AI
AllianceBlock23.736 ALBT
Ampleforth2.6237 AMPL
Aragon0.86384 ANT
ApeCoin0.46945 APE
Axie Infinity0.24502 AXS
Bit2Me326.84 B2M
Balancer0.39281 BAL
Band1.2238 BAND
Basic Attention Token10.366 BAT
Bitcoin CashFREE
Bitpanda7.826 BEST
BnkToTheFuture0.0016695 BFT
BridgeMutual0.0016695 BMI
Bancor6.2743 BNT
Boson Token10.162 BOSON
Bitcoin SV0.001 BSV
Bitcoin0.0004 BTC
Bitcoin Gold0.001 BTG
BitTorrent50 BTT
Celsius0.0016695 CEL
SwissBorg10.825 CHSB Chiliz19.278 CHZ
Callisto1 CLO
Compound0.051928 COMP
Convergence2174.8 CONV
Curve2.5421 CRV
Dai Stablecoin2.7018 DAI
Digibyte0.5 DGB
Dora0.61246 DORA
Dash0.002 DASH
Dusk Network16.381 DUSK
Deversifi Token4.5012 DVF
pNetwork14.509 PNT
Enjin6.0428 ENJ
Ethereum Classic0.01 ETC
Ethereum0.0016695 ETH
EURt (ETH)2.3983 EUE
Fenerbahce Token1.3851 FB
Fractal192.59 FCL
Fetch.AI9.5407 FET
Flare63.483 FLR
FunFair356.56 FUN
Gala51.233 GALA
Gnosis0.025094 GNO
Golem11.086 GLM
The Graph29.587 GRT
Gate.IO0.60104 GTX
Gem Exchange and Trading7546.7 GXT
Hector NetworkFREE
Hi Dollar113.28 HI
Human48.007 HMT
Human (Polygon)FREE
Huobi Token0.52602 HT
ICE6.9811 ICE
Everest (ID)89.082 ID
Iota0.5 IOTA
Everipedia10 IQX
Jasmy488 JASMY
BitKan2096.3 KAN
Kyber3.4289 KNC
Bitcoin (Liquid)FREE
Unus Sed LEO (ERC20)0.78373 LEO-ERC20
ChainLink0.3617 LINK
Bitcoin (Lightning Network)0.000001 LN-BTC
Loopring7.6043 LRC
Litecoin0.001 LTC
Luna ClassicFREE
LUXOchain41.934 LUXO
Lympo1047.9 LYM
MATIC (Ethereum)2.3852 MATIC
Magic Internet Money2.7526 MIM
Mirror ProtocolFREE
Maker0.0040757 MKR
Melon0.11918 MLN
Decentraland3.4052 MANA
MXNt (ETH)48.117 MXNTE
OCEAN protocol7.4327 OCEAN
OmiseGO1.9241 OMG
Omni1 OMNI
Harmony ONE149.15 ONE
Blockpass1632.9 PASS
Paxos2.7243 PAX
Pluton0.28871 PLU
Kleros99.337 PNK
Polkacity103.83 POLC
Quantfury0.25595 QTF
Qtum0.01 QTUM
RBTC0.00001 RBTC
Augur0.45072 REP2
Request Network23.814 REQ
Rally216.15 RLY
Oasis (Rose)FREE
Shyft (Ethereum)322.66 SHFT
Shyft (Mainnet)FREE
Status81.91 SNT
Synthetix Network1.1024 SNX
Stargate Finance4.5345 STG
Storj7.0007 STORJ
Sweat Economy171.43 SWEAT
SX Network18.18 SX
TerraUSD ClassicFREE
Polytrade24.213 TRADE
TrueUSD2.7192 TUSD
USDc2.7269 USDC
Uniswap0.39404 UNI
Ultra10.846 UOS
USDt (Algorand)FREE
USDt (ETH)2.7247 USDt
USDt (Omni)5 USO
BLOCKv1445.5 VEE
VeChain100 VET
Verasity429.75 VRA
v.systems1 VSYS
WAX3.7504 WAX
Wrapped Bitcoin0.00012557 WBTC
Wilder World6.6515 WILD
WOO14.02 WOO
XAUTe0.0014293 XAUTE
XCAD Network2.393 XCAD
Chain234.8 XCN
Stellar LumenFREE
Monero0.0001 XMR
Xriba361.76 XRA
Ripple0.1 XRP
Tezos0.2 XTZ
Verge0.1 XVG
Yearn.Finance0.00037661 YFI
0Chain18.456 ZCN
Zcash0.003 ZEC
Zilliqa27.552 ZIL
Zipmex Token15.357 ZMT
0x11.778 ZRX
Bank wire0.100% (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.

Bitfinex App

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. 

Bitfinex Staking

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.

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.


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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