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Bitfinex Exchange Review 2024 Details, Pricing, & Features

Bitfinex Review

The exchange is also very mindful to their users, and always willing to compensate them in case a hack leads to the loss of their currency. We’ll delve into the features, services, available cryptos, customer service and everything else you need to know about in our Bitfinex review. In general, yes – Bitfinex is considered to be a decent cryptocurrency exchange alternative, especially for professional traders. As you can probably imagine, cryptocurrency exchanges are under some tremendous pressure.

Does Bitfinex Offer Low Fees?

They have taken their security game to another level since the hack and have also repaid the customers who lost their money, but you should not take chances. Always store your coins in a hardware wallet or keep it under self-custody. It happened because attackers were able to exploit a vulnerability in the multisig wallet architecture of Bitfinex and BitGo. They have recently upgraded their security architecture, a post which there have been no hacks/attacks on this exchange.

Bitcoin Trading Platform

Interest rates and lending fees vary based on the involved asset or coin. Nevertheless, like many crypto exchanges, Bitfinex operates as an unregulated entity. This implies that it functions without oversight or supervision from any governmental authority and may not adhere to the same standards and safeguards required of regulated entities. Bitfinex emerged as a pioneer among crypto exchanges, however recent regulatory issues have taken away some of its shine.

How to pick the best crypto exchange for yourself?

Bitfinex Review

However, the offered PoS tokens on Bitfinex are lacking compared to the leading staking platforms. Hedge with Crypto aims to publish information that is factual and accurate as of the date of publication. For specific information about a cryptocurrency exchange or trading platform please visit that provider’s website. This information is general in nature and is for educational purposes only. Hedge with Crypto does not provide financial advice nor does it take into account your personal financial situation.

By taking this approach, it’s possible to set terms like payback period, interest per day, and margin amount. Overall, Bitfinex receives mixed feedback from users and its history of regulatory issues is concerning. If you’re in the United States, you can’t use it anyway, so you’re better off checking out our list of the best cryptocurrency exchanges. If you’re outside of the U.S., you have a decision to make balancing the good platform and low fees with a spotty history, including breaches of customer trust. However, we are unable to endorse Bitfinex as a notable cryptocurrency exchange as the trading fees are really high. Unless you trade $500,000 per month, you’ll end up paying 0.2% for every trade you make.

Company Overview

Bitfinex Review

However, using these wallets may involve specific requirements or limitations based on your verification levels and jurisdiction. People who write reviews have ownership to edit or delete them at any time, and they’ll be displayed as long as an account is active. If you’re concerned about potential risks on Bitfinex, you may want to skip it due to its past hacks, fines, and violations. But if you’re willing to take a small gamble on the platform, you might find a good overall experience at Bitfinex.

Bitfinex Review

Bitfinex withdrawal fees

These two break-ins were notable at the time, since a lot of funds were lost. The hacks were also of a high profile – they echoed through the crypto communities worldwide, and sent a clear message to other exchanges. It’s also not something that you’d need to worry about with Bitfinex.

Bitfinex Review

Based on customer reviews, Bitfinex has a 3.2/5 star rating on TrustPilot, with several users complaining about the difficulties with account verification. Furthermore, Bitfinex users can access an extensive range of technical indicators, although the lack of drawing tools makes plotting complex strategies challenging. Thanks to Bitfinex integrating TradingView’s charts, customers can access advanced charting tools and many useful technical indicators. While excellent for frequent traders or anyone with experience using platforms like Binance, the lack of a basic mode could make it difficult for crypto-novices to use the exchange. As one of the top-rated spot exchanges, it makes sense that Bitfinex would support many cryptocurrencies. Although this figure is less than platforms like Binance and KuCoin, the range of cryptos offered by Bitfinex is superior to other popular exchanges like Gemini and Bitstamp.

  • While this amounted to $72 million in 2016, at today’s rate this amounts to approximately $600 million.
  • Bitfinex has not only a good user experience but also a customizable interface.
  • One of the more annoying aspects that many people bring up even in Bitfinex reviews is the fact that some exchanges out there require you to make deposits via a cryptocurrency transfer.
  • The ‘Auto-Renew’ feature automatically renews offers upon their expiry.