Bitfinex (2022) Review
Bitfinex is a Hong Kong operated cryptocurrency exchange, it has been launched in 2012. Bitfinex is an advanced cryptocurrency exchange with a wild past of hacks and allegations. Bitfinex offers its customers a variety of services, like an Advanced Trading Platform, Margin Trading, Funding, Derivatives Trading, Staking and Lending.
Bitfinex supports 150 cryptocurrencies on its active trading platform, including Bitcoin, Ethereum, Terra, Tether, Solana, Litecoin, Ripple, and others. Bitfinex offers the most liquid order book, users are able to borrow and trade with up to 3.3x leverage through the site’s P2P (Peer to Peer) margin trading platform, crypto owners are able to lend their funds securely to traders in order to earn interest on it.
Bitfinex also provides an over-the-counter trading facility. It matches, and secures major private deals and Bitfinex also offers a staking and lending service, which allows users to stake or lend their cryptocurrency holdings, without needing to have the technical knowledge or operate staking software.
Standard cryptocurrency industry methods to keep user accounts and funds safe are used here. These include two-factor authentication, advanced APIs, withdrawal protection, and cold storage of customer assets.
Using a demo trading account means that you don’t need to worry about losing money, you can learn and gain skills before you go live with trading. It’s a good educational tool for beginners. Bitfinex has a “View Demo” option on the main page. It allows you to look at the Bitfinex user interface and you can actively view their order books, charts, order forms, tickers, among other features available on Bitfinex.
No need to register for a demo, you only click the “View Demo” button and you’re in a demo account.
You can click and learn, view and study on this without a problem.
Broker fees can vary and change, there may be additional fees that are not mentioned in this review. Bitfinex have a fee-model, where people who fulfill existing orders are considered “takers”, while traders that place new limit orders are called “makers”. On their website you get a fee calculator, which is a good tool and other fees are well shown there.
There is no need to register for a demo view. As soon as you click on “View Demo” you get straight into the demo account. But if you wish to register for a live account, click on the “Sign up” button at the top of the page. A short form comes up for you to fill in. They ask for your username, email and password and your country of residence.
They use Google Authenticator to secure your account with two-factor authentication, you need to download the app to do this. Once the app is installed on your device, they`ll help you create a token to enable it on your Bitfinex account.
The colors chosen are fine. What I don’t like is the speedy line right under the top pane. It’s impossible to read and it’s annoying. The first thing you see is to sign up or view demo, further down you get to check out their best features, advanced features and news. As I have already mentioned, the top pane has the sign in or sign up button, but also the main menu:
- For Traders
- For Lenders
- About us
- UNUS SED LEO
- Affiliate programme
The first option “For Traders” lists all the features you can go through, fees or security. In the option “About Us” you`ll get to their blog. There you`ll find articles about Bitfinex news and I found some tutorials too. The other options for reading are a Newsletter or Press sections. The whole time I studied their website I had a Live chatbot waiting for me and if you want to contact them in another way, go to “contact” in their footer and choose the type of your question. Then fill in the contact support form.
As shown in their footer, they have Twitter, Instagram and others. I checked out Twitter first. They have over 800 thousand followers. That`s a good number, I think. Their tweets are up to date and they are inspiring as well as interactive.
Instagram too is up to date, inspiring mottos and they have around 10 thousand followers. I`m surprised they don’t have a Facebook account or YouTube videos.
Advantages and disadvantages of Bitfinex
If looking to trade large sums, then Bitfinex is definitely an option. Anyway, if you’re new to cryptocurrency and looking to get your first investment, Bitfinex is not for you. They do have a Demo view, that`s no problem, but that is probably the only educational support you`ll get. Although you get a peek at their platform in the demo, the complicated interface will certainly take time to master. Bitfinex offers relatively low trading fees compared to its competitors and there are Advanced trading and investment features available. Platform is blocked for U.S. citizens and residents, and if that is so, there`s always a question mark. They have live chat and the web is functional, so I had no problems there.
- A wide range of services
- Live chat
- Low trading fees
- Margin trading, derivatives, and advanced order types
- A couple of high-profile hacks
- Past hacks record
- Registration isn`t straight forward
- Not available in the United States
Pros / Cons