Bitfinex
- Overview
- Security
- User Experience
Volume 24H: USD 2,375,366,433/24h
Bitfinex is a Taiwan-based exchange trading platform with one of the biggest transaction volumes per-day, and an extensive list of altcoins. The platform offers a fully customized user interface and delivers an extensive array of functions. It's designed for all types of users and offers a variety of order types.
To take advantage of the featured functions of the platform one needs some technical knowledge in order to see good results. Transactions can be made very easily and the exchange offers three kinds of wallets. One wallet is for regular pair trading, one for margin trading, and one for peer-to-peer margin trading.
Crypto Currencies Support
- BCH
- BTC
- BTG
- DASH
- EDO
- EOS
- ETC
- ETH
- ETP
- IOT
- LTC
- NEO
- OMG
- QTUM
- SAN
- USDT
- XMR
- ZEC
Traditional Currency Support
- USD
Language Support
- Chinese
- English
- Russian
Country Support
- Australia
- Canada
- European Union
- Hong Kong
- Japan
- Most Africa
- Most of Asia
- Most of Eastern European Union
- Most of Latin America
- Most of the Middle East
- New Zealand
- Norway
- Russian Federation
- Singapore
- Switzerland
- Turkey
- United Kingdom of Great Britain and Northern Ireland
- US partial
Platforms Systems
- — Mobile App
- — Web Interface
Stock Market Options
In 2016, hackers succeeded in stealing $72 million in Bitcoin from the Bitfinex platform. Bitfinex created its own token BFX and offered it to their users for the value of the lost funds. In 2017, they announced that they had bought back all the tokens and finally paid back all the lost funds. They now take security very seriously and have become an industry leader.
Summary:
| 2 Factor Authentication | Yes |
| Funds Insured | Funds Are Not Insured |
| Private Keys Stored On | Exchange Platform |
| Storage Type | At Least 80 Of User Funds Are Stored In Cold Storage |
Bitfinex is a big player in the cryptocurrency market. The exchange platform is operated by iFinex Inc. The company was created by Nicolle Raphael in 2012, but he apparently left the company and since then there is little information on who or where they are. Some sites suggest they are located in Hong Kong, others say Taiwan.
Summary:
Overall, Bitfinex it's a consumer-oriented platform. There are lots of options for trading and extensive margin trading. It has fairly high liquidity and volume. They have had a major breach in the past though and now seem to stay below the radar, which may make it difficult for users to develop trust.
| Ease of use | Developed |
| Transaction Fees | Between 0.10-0.20% Depending On Volume |
| Deposit/Withdrawal Fee | 0.0005-0.5 CRYPTO Units/withdrawal |
| Deposit/Withdrawal Fee For Bank Transfer | 0.1-0.29%, Minimum Fee: 20usd/deposit; 20usd/withdrawal |
| Deposit/Withdrawal Fee For Credit Card | N/A |
| Deposit/Withdrawal Fee Charged For 3rd party Payments | N/A |
| Anonymous Trading | No |
Deposit/Withdrawal Options:
Deposit from bank account, Withdrawl funds to bank account
Functionality:
Bitfinex has a user-friendly and highly customizable user interface. The trading platform provides a large range of order types and flexible peer to peer margin trading. The platform supports bank transfers and withdrawals and USD pairs. There is also a mobile app.
Most common customer complaint:
— Slow customer service; margin trading issues, blocked transactions