Bitfinex Review (2021) – How To Trade, Stake, And Lend Crypto!

Today’s post is a detailed review of Bitfinex, a cryptocurrency trading exchange.

Bitfinex brings to the table excellent trading tools to grant users a rewarding experience.

Also, various trading options are supported on the platform including OTC markets and margin trading.

Wondering whether Bitfinex is the right choice for you? Then read this post to the end to learn more about the platform.

Let’s get to it!


Post Summary

For an easy read, I divided this review into the following subheadings:

  1. Bitfinex Overview
  2. Features Of Bitfinex
  3. Bitfinex Products And Services
  4. Countries And Currencies Supported On Bitfinex
  5. Supported Payment Options And Fees Charged By Bitfinex
  6. Transaction Limits And Verification Requirements
  7. Bitfinex Support Channels And Public Opinion
  8. How To Trade On Bitfinex
  9. FAQs
  10. Conclusion

Click on any item above to read its details right away.

Happy reading!


1.           Bitfinex Overview

bitfinex overview

Bitfinex is a cryptocurrency trading platform founded in 2012 by Giancarlo Devasini and Raphael Nicolle.

The platform is equipped with superb trading tools to accord users a satisfactory experience.

Not just that, Bitfinex intends to make crypto trading available to everyone, everywhere.

Additionally, it has an exchange token called LEO that helps facilitate transactions on the platform.

As you read on, you will learn about the services put in place by Bitfinex to meet its goals but first, let’s have a look at its features.

Tag along!


2. Features of Bitfinex

  • REST and WebSocket APIs
  • Order and funding books
  • Changelog
  • Lightning Network
  • Leaderboard
  • Chart tools
  • Market statistics
  • Blog
  • Mobile app
  • Affiliate program
  • Wallet
  • Demo account

Next, we’ll see the products and services offered by the platform.

Keep reading!


3.   Bitfinex’s Products and Services

On Bitfinex, there are 2 categories of users: Traders and Lenders.

Traders get to enjoy these services:

a.   Exchange

Here, users can trade Bitcoin, Ethereum, EOS, Litecoin, Ripple, NEO, and other cryptos.

The platform provides order books with top tier liquidity to facilitate transactions.

b.  Margin funding

This is a unique service where users earn interest on fiat and digital assets.

Users can offer funding for different currencies & assets at the rate and duration of their choice.

c.   Margin trading

Users can trade with up to 5X leverage on Bitfinex with funds from the peer-to-peer margin funding platform.

They can choose to enter an order to borrow the desired amount of funding at the rate and duration of their choice.

Or simply open a position and the platform will take out funding for them at the best available rate at that time.

d.   Over The Counter Market (OTC)

Through this service, large volume traders can perform trades directly with a counterparty without going through the public order books.

e.   Advanced Order Types

This is a Scaled Orders Service that enables users to automatically create multiple limit orders across a user-determined price range.

Also, they can set the diversity and the distribution of the orders.

f.   Honey Framework

With this service, users can create custom order types and event-driven automated trading strategies.

And you don’t have to be a developer to enjoy this service. Learn more about it here.

Other services available for traders include:

  • Derivatives trading
  • Professional connectivity and co-location services
  • Advanced charting
  • Corporate accounts
  • Enhanced Reporting Framework
  • Bitfinex Terminal

And that’s it for traders.

For lenders, they get to enjoy:

a. Staking

Here, users can stake their coins and earn rewards from the platform.

Rewards can be up to 10% yearly and all you need to do is to leave the coins in your Bitfinex wallet.

In the table below, you’ll find the supported tokens and their estimated Annual Profit Yield (APY)

TOKENSAPY
TRX6 – 8%
EOS0 – 3%
TEZOS3 – 5%
ATOM1.5 – 3%
ALGO3 – 5%
ADA4 – 5%
DOTUp to 7%
ETH2Up to 10%

b. Lending Products

For this service, Bitfinex integrates with the Celsius Network to provide users with a wide range of cryptocurrencies to hold in their Bitfinex wallet and earn.

How to:

  • Log in on the Bitfinex Lending Products page
  • Read and accept the “Notice and Consent”
  • Select ‘Deposit’ to start earning crypto or ‘Withdraw’ to cease
  • Click ‘Okay’ to dismiss the “Completed” popup window

c. Borrow

Bitfinex also provides a P2P borrowing platform where users can lend and borrow directly from each other using cryptocurrencies as collateral.

Borrowed funds can be used on the Bitfinex platform and elsewhere.

How to:

  • Verify your Bitfinex account
  • Deposit enough collateral to your margin wallet
  • Choose the currency and amount of your loan
  • Set your terms and click ‘Borrow’
  • Your loan is now credited into your margin account

Next, we’ll see the countries and currencies supported on the platform.

Read on!


4.   Countries and Currencies Supported on Bitfinex

Countries

All except Bangladesh, Bolivia, Ecuador, Kyrgyzstan, and the US.

Currencies

Crypto

Fiat

  • USD
  • EUR
  • GBP
  • JPY
  • CNH

5. Supported Payment Options And Fees Charged By Bitfinex

Payment Options

The platform accepts the following payment options:

Fees

Bitfinex charges users for the different services provided.

Find more details below:

Trading

The platform charges traders based on the trading volume in the last 30 days. Have a glimpse:

bitfinex order execution

Borrow

Here, the borrower will pay the specified maker fees upon depositing collateral and when he is returning borrowed funds.

The lender will be charged 15% of the fees generated by the loan and then 18% if it was a hidden offer.

Deposit

There are no charges for deposits made by crypto and stablecoins.

But there is a 0.1% fee for deposits made by bank wire.

Withdrawal

Each token supported on the platform attracts its own withdrawal fees

Here’s a few of them:

For the complete list, check here.

Additionally, withdrawals via bank wire attract 0.1% fees while that of express bank wire (processed in <24hrs) has a charge of 1%.

For internal transfer of digital assets (i.e. from one Bitfinex wallet to another), there are no fees.

Furthermore, the platform grants users some discount when they own the network’s token.

Have a look:

bitfinex token

Next, we’ll see the transaction limits on Bitfinex.

Keep reading!


6. Transaction Limits and Verification Requirements

Limits

Deposits/ Withdrawals

Minimum (fiat) – 10,000 for USD/EUR/GBP or 1,000,000 JPY or 75,000 CNH

Maximum – N/A

Minimum crypto withdrawal – 5 USD equivalent

Staking

Minimum reward – 0.5 USD

Borrow

Minimum – $100 equivalent of the collateral

Maximum – $250,000 across all borrowing

Verification Requirements

On Bitfinex, users can trade after registering with the platform.

However, if you wish to deposit/withdraw fiat currencies then you need to verify your account.

The verification requirements are:

  • Complete the KYC form.
  • Upload two forms of valid government-issued identification with a picture e.g. passport, national ID card, driver’s license, etc.
  • Submit a Selfie.
  • Upload your Bank Statement
  • Submit Proof of Residential Address e.g. utility bills, tax bills.

Verification requests take 2-3 working days to be processed.

In the image below, you’ll see the different account levels on Bitfinex and their verification requirements.

Check it out!

bitfinex verification

Still here? Good!

Keep reading to learn more about Bitfinex.


7.   Bitfinex Support Channels and Public Opinion

Support Channels

Bitfinex has a Knowledge Base where users can obtain required information on the different services of the platform.

Should they need further help, they can contact the help center via this email: [email protected]

Also, users can find updates on the platform via these channels:

  • https://www.linkedin.com/company/bitfinex/
  • https://www.reddit.com/r/bitfinex/
  • https://www.facebook.com/bitfinex1/             
  • https://t.me/bitfinex
  • https://www.instagram.com/bitfinex/
  • https://twitter.com/bitfinex

Public Opinion

I checked Bitfinex on TrustPilot, it had an average rating with 169 reviews.

Also, I observed that the team responded to the users’ complaints on the site.

Then the platform is considered safe by WebOfTrust with a 4.2 rating and 10 reviews.

I’ll now show you how to trade on Bitfinex.

Tag along!


8.   How To Trade On Bitfinex

Follow these steps to trade on this platform:

i. Go to Bitfinex.com and select ‘Sign up’

ii. Complete the form provided and click on Open Account. Then, click on the link sent to your inbox to confirm your email.

bitfinex sign up

iii. Next, you log in. Go to your inbox again and click on the link sent to complete your log-in.

iv. You will be redirected to your Bitfinex account.

v. Set up your 2FA in order to continue using the platform.

Bitfinex set up 2FA

vi. When you’re done with that, you can proceed to set up other security measures if you prefer.

vii. Otherwise, click on ‘Wallet’ from the menu bar to deposit funds into your account.

viii. Choose your preferred payment option and make the deposit.

bitfinex payment cards

ix. Now, you’re set! Select ‘Trading’ from the menu bar to go to the trading interface.

cryptocurrency trading

Enjoy!

We’re almost done here. Let’s quickly answer some questions before we go.

Read on!


9.   FAQs

Do I need to pay before I can stake my coins?

No. Simply leave your coins in your Bitfinex wallet and you will receive your rewards duly.

Do I need to verify my account before I can borrow funds?

Yes, you must verify your account up to intermediate level before you can borrow funds on the platform.

Is Bitfinex regulated?

Bitfinex is not regulated by any financial authority but its parent body – IFinex is registered in the British Virgin Islands.

How Safe Is Bitfinex?

Though the platform is not regulated, it has put up measures like 2FA, UFA, email encryption, withdrawal address whitelist, etc. to boost security.
Additionally, 99.5% of users’ funds are stored in cold storage.
And since the company was last hacked in 2016, there has not been any other bad news.
Then, users who lost funds were refunded with an equivalent amount of the network’s tokens.
Nevertheless, DYOR before investing in the platform.


PS.

If you want to learn how to trade cryptocurrencies profitably, we have created a perfect course to help you do that.

Enroll in our Cryptocurrency Mastery Course by going to www.ctmastery.com.

You can also join our Telegram community at https://t.me/ctmastery for more information.


10. Conclusion

And that’s all I have for you in this review. I hope you enjoyed the read?

Now, tell me, what’s your take on Bitfinex? Would you open an account with them?

Perhaps, you already did, what has been your experience?

Let me hear your thoughts in the comments section right now.

Also, share this post with fellow crypto traders, thank you!


Don’t miss:

Bitfinex

7.8

Reputation

6.0/10

Customer Support

9.0/10

Transaction Fees

8.0/10

Ease Of Use

8.0/10

Pros

  • Great UI
  • Excellent Customer Support
  • Low fees

Cons

  • History of being hacked

 
Chinma Udeji
Le's connect

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.