bitfinex

Bitfinex Review 2024

Our veredict

Bitfinex stands out as a robust cryptocurrency trading platform with several strong points, yet it also has a few areas where it could improve. Firstly, Bitfinex is highly regarded for its extensive range of trading pairs, offering users a vast array of cryptocurrencies to trade against each other. This variety provides both novice and experienced traders with numerous trading opportunities. Additionally, the platform’s user interface is sophisticated yet user-friendly, catering to traders of all skill levels with comprehensive analytical tools and trading features.
However, there are downsides to consider. Bitfinex has faced security challenges in the past, most notably a significant hacking event in 2016, which might concern potential users about the platform’s safety measures despite improvements in security infrastructure since then. Furthermore, the platform’s withdrawal fees are relatively high compared to industry standards, which could be a deterrent for traders who operate with slim margins or those who frequently move their funds between platforms. Overall, while Bitfinex offers powerful tools and a wide selection of cryptocurrencies, users should weigh these advantages against the potential security risks and higher fee structure.

Pros

Cons

bitfinex

Investing risks losing your money

4,4

Threenvest Score

Fees

0,10% /0,20%

U.S Legal

No

With the confidence of Threenvest

Year Founded: Bitfinex has been operational since 2012, establishing itself as one of the oldest and most stable players in the volatile cryptocurrency market. Its longevity speaks to its ability to adapt and improve in a rapidly evolving industry.
Security Methods: Post-2016 hack, Bitfinex significantly ramped up its security measures, implementing state-of-the-art security protocols including cold storage of funds, two-factor authentication, and advanced encryption technology to protect user data and assets.
Trading Volume and Liquidity: Bitfinex consistently ranks among the top exchanges in terms of trading volume. High liquidity not only makes it easier for users to execute trades at desired prices but also reflects the trust and scale of operation that Bitfinex maintains.
Reputation and Reviews: Despite past challenges, Bitfinex has maintained a strong reputation within the crypto community. It is frequently praised for its advanced trading features and deep liquidity, with many users advocating for its platform in various reviews and crypto forums.
Transparency: Bitfinex has taken steps to enhance its transparency, particularly in how it manages user funds and its operational status. The exchange regularly updates users about new features, security enhancements, and operational changes, helping build trust through openness.
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About Bitfinex

Introduction

Bitfinex is a well-established cryptocurrency exchange that offers advanced trading options for a global user base. Known for its liquidity and a wide range of cryptocurrency pairs, Bitfinex has been a pivotal player in the crypto trading scene.

What is Bitfinex?

Bitfinex is a cryptocurrency exchange that provides a platform for trading various digital currencies. It facilitates liquidity for a broad array of cryptocurrencies and fiat currencies, offering features like spot trading, margin trading, and futures trading.

Background and History

Founded in 2012, Bitfinex has grown to become one of the largest and most influential cryptocurrency exchanges worldwide. Its journey has not been without controversy, including a significant security breach in 2016 and various regulatory challenges. Despite these hurdles, Bitfinex has continued to innovate and expand its offerings, integrating more cryptocurrencies and enhancing its security measures to protect users’ assets.

Founders

Bitfinex was co-founded by Giancarlo Devasini and Raphael Nicolle. Devasini, serving as the Chief Financial Officer, brings a strong background in finance and a passion for cryptocurrencies, while Nicolle’s expertise in technology has helped shape the technical direction of the exchange.

Fun Facts and Headlines

  • Bitfinex was one of the first exchanges to offer leveraged trading and has continued to be at the forefront of introducing new features and products

Why Choose Bitfinex?

Choosing Bitfinex as your cryptocurrency exchange comes with several compelling advantages that cater to a range of trading needs. Firstly, Bitfinex is renowned for its liquidity and variety of trading pairs, making it an excellent choice for both new entrants and seasoned traders. This ensures that users can easily enter and exit positions, a crucial aspect of trading in the volatile crypto market.
Secondly, the platform’s advanced trading features are particularly attractive for experienced traders. Bitfinex offers a comprehensive suite of tools including charting options, API support, and various order types, which are indispensable for sophisticated trading strategies. These features, combined with the ability to engage in margin trading and derivatives, provide users with the flexibility to tailor their trading tactics to evolving market conditions.
Finally, the security measures Bitfinex has implemented post-2016 hack should give users confidence in the safety of their investments. The use of cold storage for the majority of client assets, mandatory two-factor authentication, and ongoing security audits are all practices that protect against potential security breaches. This focus on security, combined with responsive customer support, makes Bitfinex a reliable and user-centric platform that stands out in the crowded field of cryptocurrency exchanges.

Where it falls short

Interface Complexity: One of the more frequent critiques of Bitfinex is its complex user interface, which can be daunting for new traders. The platform could benefit from designing a more intuitive and simplified interface or offering a “beginner mode” that makes navigation and trading operations more accessible for newcomers without sacrificing the advanced features that experienced traders rely on.
Regulatory Challenges: Bitfinex has faced its share of regulatory scrutiny, which has occasionally impacted its operations and the perception of its reliability. To improve in this area, Bitfinex could work towards greater transparency about its operations, enhance compliance measures, and actively engage with regulatory bodies to ensure all legal standards are met. This would not only improve its standing with regulators but also strengthen trust among current and potential users.
Features Explanation
Minimum Trade
Bitfinex allows trading with a relatively low minimum, catering to both small and large investors.
Trading and Transaction Fees
Fees are competitive, but high withdrawal fees may deter frequent traders.
Number of Cryptocurrencies
Offers a wide range of cryptocurrencies, providing extensive trading options.
Crypto-to-Crypto Trading Pairs
Extensive crypto-to-crypto pairings offer flexible trading strategies.
Website Transparency
Generally transparent with operational and security practices but could improve in fee structures.
Credit/Debit Card
Bitfinex does not provide an exchange card for customers to use for in-store purchases.
Storage Offering
Provides secure storage options including cold storage, though it’s complex for beginners.
Staking and Rewards
Offers competitive staking options and rewards, enhancing user investment potential.
Mobile App and Desktop
Both platforms are robust and user-friendly, but the mobile app lacks some advanced features.
Customer Service
Customer service is available but response times can be slow during peak times.
Deposit and Withdraw
Efficient deposit methods; however, withdrawal policies can be restrictive and costly.

Investing risks losing your money

Xavier-tarraso-mascarell.jpg

EIP and Cryptocurrency Investor

As an expert on our website, I recommend Bitfinex for traders seeking a diverse and dynamic trading environment. The platform’s extensive range of cryptocurrencies and crypto-to-crypto trading pairs is impressive, making it a great choice for those looking to explore different trading strategies. While the trading fees and customer service response times could see improvement, Bitfinex’s advanced trading features and robust security measures make it a reliable option for serious traders.

Fees

Bitfinex’s fee structure is designed to cater to both high-volume and occasional traders. The exchange employs a maker-taker fee model, where makers, who add liquidity to the market by placing limit orders, typically pay lower fees than takers, who remove liquidity by matching orders already on the book. Fees for takers start at 0.20%, and for makers, they begin at 0.10%. These fees decrease significantly with increased trading volume, making Bitfinex an attractive option for active traders. Additionally, there are no fees for depositing cryptocurrencies, though withdrawal fees do apply and vary depending on the currency. Overall, Bitfinex’s fees are competitive within the industry, providing a fair balance between cost and the comprehensive features offered.

Pros

Cons

Bitfinex’s commission structure is an essential aspect of its trading platform, reflecting a strategic approach designed to accommodate both high-volume traders and casual participants in the cryptocurrency market. The fee system is tiered; it incentivizes increased trading activity with lower fees for those who trade more, fostering a vibrant and liquid trading environment.

Trading Commissions:

Bitfinex utilizes a maker-taker fee model. Makers, who provide liquidity to the market by placing limit orders, are rewarded with lower fees. Starting at 0.10%, these fees decrease with higher trading volumes, going as low as 0.00% for the highest tiers. Takers, on the other hand, remove liquidity by executing against orders in the book, beginning with a fee of 0.20%, which can also decrease to 0.055% at higher volumes. This structure not only rewards those who trade more but also maintains an active trading environment critical for the price discovery of assets.

Hidden Commissions:

One of Bitfinex’s strengths is its transparency in fee structure. Unlike some competitors, Bitfinex does not have significant hidden fees. Withdrawal fees are clearly stated, and there are no deposit fees for cryptocurrencies, making it straightforward for traders to understand the cost implications of their activities on the platform.

Context and Analysis:

In comparison to other major exchanges, Bitfinex’s fees are competitive, particularly for high-volume traders who benefit from substantial reductions in costs. This makes Bitfinex particularly appealing to professional traders and institutional clients who can operate on thin margins. The only drawback in this fee structure is that it might be slightly less attractive for new entrants or low-volume traders, who do not benefit as much from reduced fees. However, for traders who can climb the volume tiers, the savings can be significant. In conclusion, Bitfinex’s commission system is designed to foster a robust trading environment. The clarity and competitiveness of the fees are appealing to a broad spectrum of traders, from novices to professionals, ensuring that Bitfinex remains a formidable presence in the global cryptocurrency exchange market.

Product selection

Bitfinex provides a wide range of services and products tailored to meet the needs of both novice and experienced cryptocurrency traders. At its core, Bitfinex offers robust spot trading options, allowing users to trade over 160 different cryptocurrencies. The platform also supports margin trading, enabling traders to leverage their positions up to 10x, thus potentially increasing their profits. For more sophisticated trading strategies, Bitfinex provides access to a variety of derivatives, including perpetual contracts and futures, which allow users to speculate on the price movements of cryptocurrencies without owning the underlying assets. In addition to these trading features, Bitfinex offers several financial services that enhance user experience and investment opportunities. Staking services on Bitfinex allow users to earn rewards by holding and staking supported cryptocurrencies. Furthermore, Bitfinex’s lending program lets users earn interest by lending their crypto assets to margin traders. The platform also supports fiat deposits and withdrawals in multiple currencies, making it accessible for users worldwide. With its comprehensive API support, Bitfinex caters to institutional traders and developers looking to automate their trading strategies. Despite some challenges, such as a complex user interface and past regulatory issues, Bitfinex remains a powerful and versatile exchange for those looking to engage deeply in the cryptocurrency market.

Pros

Cons

Bitfinex offers a diverse array of services and products, making it a comprehensive platform for cryptocurrency traders and investors. Here’s a detailed overview:
  • Spot Trading: Bitfinex provides robust spot trading options with a wide selection of cryptocurrencies and fiat pairs. Users can trade major cryptocurrencies like Bitcoin, Ethereum, and many altcoins using USD, EUR, and other fiat currencies.
  • Margin Trading: Traders can leverage their positions up to 10x, enhancing their potential gains (or losses). This service is complemented by an integrated margin funding market, where users can lend their funds to margin traders and earn interest.
  • Derivatives Trading: Bitfinex offers derivatives products, including perpetual swaps and futures, which allow users to speculate on price movements or hedge existing positions without holding the actual asset.
  • Staking: Users can earn rewards by staking their coins directly through the platform. Bitfinex supports staking for several PoS (Proof of Stake) cryptocurrencies.
  • Lending: Through Bitfinex’s peer-to-peer lending platform, users can lend their cryptocurrency or fiat to other traders and earn interest on these loans.
  • OTC Trading: For high-net-worth individuals and institutional traders, Bitfinex provides an over-the-counter trading desk to execute large transactions without impacting the open market.
  • Crypto Wallet: Bitfinex offers a secure in-platform wallet, ensuring users can safely store, deposit, and withdraw their cryptocurrencies.
  • Mobile and Desktop Apps: With dedicated mobile and desktop applications, Bitfinex allows trading on-the-go as well as from a desktop setup, providing flexibility across different devices.
  • API Access: For advanced users and institutions, Bitfinex provides API access for automated trading strategies, which includes high-frequency trading capabilities.
  • Educational Resources: Bitfinex contributes to the crypto community with a range of educational resources, helping new users understand trading concepts and the technology behind cryptocurrencies.
  • Advanced Charting Tools: The platform integrates TradingView charts, offering extensive tools for technical analysis to help traders make well-informed decisions.
  • Fiat Gateway: Users can easily convert fiat into crypto and vice versa, simplifying the process for newcomers to the cryptocurrency space.
  • Liquidity Pools and Yield Farming: Bitfinex has introduced liquidity pools and yield farming opportunities for users looking to capitalize on DeFi trends by providing liquidity and earning yield in return.
  • Security: Enhanced security measures, including cold storage, 2FA, and encryption, help protect user accounts and funds from unauthorized access and cyber threats.
  • Tether (USDT): As a pioneering exchange in the integration of Tether, Bitfinex provides a stable trading environment with the popular USD-pegged stablecoin, facilitating improved liquidity and trading strategies that hedge against crypto volatility.
By integrating such extensive services, Bitfinex not only caters to day traders and long-term investors but also plays a significant role in advancing the broader cryptocurrency ecosystem. This extensive suite of products and services ensures that Bitfinex remains at the forefront of the cryptocurrency trading space, suitable for both novices and experienced traders alike.

Account opening

Opening an account on Bitfinex is designed to be straightforward yet thorough, ensuring both accessibility and security for users. To get started, prospective users need to visit the Bitfinex website and complete the registration form, which includes providing a valid email address and creating a secure password. After verifying the email address, users must proceed with the KYC (Know Your Customer) verification process. This step involves submitting identification documents, such as a passport or driver’s license, along with proof of residence. The verification process is crucial for enabling full access to all of Bitfinex’s features, including fiat deposits and withdrawals. Once the KYC verification is complete, users can deposit funds into their Bitfinex account. The platform supports both cryptocurrency and fiat deposits, offering multiple options to cater to different user preferences. After funding the account, users can immediately start trading by navigating to the trading interface, where they can choose from a variety of trading pairs and tools. Bitfinex’s interface, although comprehensive, might be challenging for beginners, but the platform provides extensive educational resources to help users acclimate. Overall, Bitfinex’s account opening process balances ease of access with stringent security measures, ensuring a secure trading environment.

Pros

Cons

In this detailed guide on Bitfinex, we’ll explore how to effectively sign up, open an account, and start trading, alongside a focus on account types and KYC processes. We’ll also introduce how to use the platform, ensuring a comprehensive understanding for newcomers.

How to Sign Up on Bitfinex

1. Registration: Visit the Bitfinex website and locate the ‘Sign Up’ button. Here, you’ll be asked to provide your email address, a strong password, and agree to the terms of service. Bitfinex may also require a phone number for additional security verification. 2. Email Verification: After submitting your registration form, check your email for a verification link from Bitfinex. Clicking this link will activate your account, confirming your email as a valid point of contact.

Opening An Account

3. KYC Verification: To use all the features of Bitfinex, including fiat deposits and withdrawals, you must complete the KYC (Know Your Customer) process. This involves uploading government-issued identification (passport, driver’s license), a proof of residence (utility bill, bank statement), and potentially a selfie holding your ID for further authentication. 4. Security Enhancements: Enable two-factor authentication (2FA) using Google Authenticator or a similar app. This step is crucial for protecting your account from unauthorized access.

How to Buy Your First Cryptocurrency

5. Depositing Funds: Once verified, you can deposit funds into your account. Bitfinex supports multiple deposit methods including bank transfers, cryptocurrency, and stablecoins like USDT. Navigate to the deposit section, select your preferred method, and follow the instructions to transfer funds to your Bitfinex wallet. 6. Making a Purchase: With your account funded, go to the trading interface, select the cryptocurrency you wish to buy, and place your order. You can choose from market orders (buy/sell at current market price) or limit orders (set a specific price at which you want to buy/sell).

Account Types

Bitfinex offers different account types tailored to the needs of various traders:
  • Retail Account: For most users, offering access to all trading tools and currencies.
  • Professional Account: For high-volume traders and institutions, offering lower fees and advanced trading options.

How to Use Bitfinex?

Navigating the Bitfinex platform is intuitive:
  • Trading Interface: Familiarize yourself with the layout which includes market graphs, order books, and trade history.
  • Placing Orders: Use the trading panel to execute trades. You can access different order types and leverage options according to your account type.

Registration and KYC

The KYC process is a regulatory requirement to prevent financial crimes like money laundering. Completing KYC is mandatory for accessing higher trading limits and fiat transactions.

Conclusion

Starting with Bitfinex might seem daunting, but the platform’s comprehensive features are designed to support a wide range of trading activities, from novice buying to professional trading strategies. Always remember to use security best practices such as using secure passwords and enabling 2FA.

Security

Bitfinex is renowned for its solid security measures, which include cold storage for the majority of its assets, two-factor authentication, and encrypted email communications. These features have helped Bitfinex maintain a relatively strong record of security despite past incidents. The exchange has also implemented sophisticated monitoring systems to detect and thwart unauthorized access attempts. Bitfinex’s commitment to security is evident in its regular updates and transparency regarding its security practices. However, despite its efforts, Bitfinex has faced significant security challenges in the past, including a major hack in 2016 that resulted in significant financial losses. While the exchange has taken extensive measures to enhance its security protocols since then, the historical incidents may still concern potential users. To further improve, Bitfinex could consider integrating newer biometric security measures and increasing the robustness of user identity verification processes to reinforce user trust and platform integrity.

Pros

Cons

Bitfinex is often recognized for its robust security features, but understanding its overall safety, legitimacy, and regulatory stance is crucial for users considering this platform.

Is Bitfinex Legit?

Bitfinex is a legitimate cryptocurrency exchange that has been operating since 2012. It is known for its wide range of trading features, including spot exchange and margin trading options. Bitfinex has faced controversies, including a significant hack in 2016 and ongoing questions about its association with Tether (USDT), impacting its perceived legitimacy. However, it continues to operate and serves a large base of global users.

Regulation

Bitfinex has had its share of regulatory challenges. It has faced scrutiny from regulatory bodies, primarily concerning its operations and the transparency of its associated stablecoin, Tether. Despite these challenges, Bitfinex strives to comply with applicable regulations where it operates, enhancing its measures to prevent money laundering and improve user security.

Is Bitfinex Safe?

Security on Bitfinex is taken very seriously. It utilizes cold storage for the majority of user funds, robust encryption practices, and two-factor authentication (2FA) to secure user accounts. These measures mitigate risks of unauthorized access and loss of funds.

Security Methods

  • Cold Storage: Bitfinex stores the vast majority of user assets in offline wallets, which significantly reduces the risk of hacks.
  • Encryption and 2FA: These are standard across the platform, ensuring that communication and access are secured.
  • Withdrawal Protections: Bitfinex employs automated and manual monitoring of withdrawals, providing an additional layer of security.

History

Bitfinex’s history includes both notable achievements and significant setbacks:
  • It has been a pioneer in many trading features but also suffered from one of the largest thefts in cryptocurrency history in 2016.
  • Its association with Tether has led to ongoing investigations and legal challenges, although it remains a dominant player in the cryptocurrency market.

Why It’s a Secure Crypto Exchange

Bitfinex has made substantial efforts to build trust following past incidents, focusing on enhancing security measures and engaging with the cryptocurrency community transparently. Its platform offers advanced trading tools that cater to both novice and experienced traders, maintaining high security and operational standards.

Conclusion

While Bitfinex offers robust trading tools and strong security measures, potential users should consider the exchange’s past and ongoing regulatory challenges. New traders might find the platform’s advanced features more complex, but Bitfinex remains a viable option for those seeking a comprehensive trading environment with strong security provisions.

Customer service

Bitfinex offers a comprehensive customer service system designed to support its global user base effectively. The platform provides multiple contact methods, including a 24/7 live chat feature, an extensive help center, and a support ticket system, ensuring that users can reach out for help at any time. For more complex issues, users can also use direct email support, which allows for detailed inquiries and personalized assistance. The help center is particularly robust, offering a wide range of FAQs, guides, and troubleshooting articles to help users resolve common issues independently. Despite these resources, user feedback on Bitfinex’s customer service is mixed. Some users praise the responsiveness and helpfulness of the support team, noting that their issues were resolved promptly and effectively. However, others report delays in response times, particularly during peak periods, and inconsistencies in the quality of support received. Improving response times and ensuring consistent quality across all support interactions could enhance user satisfaction. Overall, while Bitfinex provides several avenues for customer support, there is room for improvement in delivering a consistently high-quality support experience.

Pros

Cons

Customer Support at Bitfinex

Overview: Bitfinex provides a comprehensive customer support framework designed to assist users with a variety of issues, ranging from trading inquiries to account security concerns. Recognizing the critical nature of support in the cryptocurrency environment, Bitfinex emphasizes accessibility and expertise in its customer service offerings.

Methods of Contact:

  1. Support Ticket System: Users can submit detailed inquiries and reports, which are handled through an organized ticketing system.
  2. Email Support: For direct communication, users can contact Bitfinex via email, which is useful for detailed or sensitive issues that may require more personalized attention.
  3. Live Chat: Available directly on the platform, this method offers immediate assistance for urgent needs.
  4. Help Center: A repository of FAQs, guides, and troubleshooting articles that allow users to self-serve common problems and questions.

Reputation and Customer Feedback:

  • Mixed Reviews: Feedback on Bitfinex’s customer service is mixed. While some users commend the platform for its responsive support team and the depth of its help center, others express frustrations over delayed responses and unresolved issues.
  • Community Engagement: Bitfinex actively engages with its user base on social media platforms and forums, which helps in quick dissemination of information and direct user engagement.

Response Time:

  • Bitfinex generally aims to respond to inquiries as quickly as possible. Response times can vary:
    • Emails and Support Tickets: Responses can take anywhere from a few hours to several days, depending on the complexity of the issue and current query volumes.
    • Live Chat: Typically provides immediate support, though users may experience wait times during peak periods.

Areas for Improvement:

  1. Consistency in Service Quality: Ensuring that all support personnel are equally trained and informed can help mitigate the variability in service quality and improve overall user satisfaction.
  2. Proactive Problem Resolution: Implementing a system to actively follow up on user issues could enhance the support experience, ensuring that problems are resolved to the user’s satisfaction.
  3. Enhanced Tracking of Support Requests: Developing a more robust system for tracking support requests could improve response times and the efficiency of issue resolution.

What Users May Need to Know:

  • Security Concerns: Bitfinex provides specific support channels for security-related issues, which are prioritized to safeguard user assets.
  • Account Recovery: Assistance with account recovery is available, but users should be prepared with necessary identification and account details to expedite the process.
  • Trade Disputes: Users involved in trade disputes can seek support through designated channels, where they can provide evidence and receive mediation.
By addressing these points, Bitfinex could further enhance its customer service, aligning support quality more consistently with the high standards expected by its global user base.

Is bitfinex Right for You?

  1. Advanced Trading Features: Bitfinex is ideal for users looking for advanced trading options, including various order types, margin trading, and the ability to use leverage. The platform offers a sophisticated trading environment with high liquidity, suitable for experienced traders who require deep market depth and extensive charting capabilities.
  2. Security Measures: If security is a top priority for you, Bitfinex has a strong track record despite its past challenges. With robust security measures such as cold storage, 2FA, and encrypted email communications, it is well-suited for users who prioritize the safety of their funds. However, it’s also important to consider the platform’s history, including the major hack in 2016, and evaluate whether their enhancements in security protocols align with your comfort level.
  3. Regulatory Scrutiny and Past Issues: Bitfinex has faced significant regulatory scrutiny, particularly concerning its affiliations with Tether (USDT) and past incidents. If you are a user who prefers an exchange with a straightforward regulatory standing to avoid potential legal complications or interruptions in trading, you may want to consider how Bitfinex’s complex regulatory history impacts your decision.
These points should help guide your decision on whether Bitfinex aligns with your trading goals, risk tolerance, and preferences in a cryptocurrency exchange.

Bitfinex compared to other crypto exchanges

bitfinex

Threenvest score

4,4

Fees

0,10% /0,20%

US Legal

No

Security

High 4,9/5

Investing risks losing your money

Crypto.com

Threenvest score

4,9

Fees

0,08%

US Legal

Yes

Security

High 4,9/5

Investing risks losing your money

bingx

bingx

Threenvest score

4,7

Fees

US Legal

Yes

Security

High 4,9/5

Investing risks losing your money

Available cryptocurrencies and countries available

Bitfinex supports a wide range of cryptocurrencies, offering trading options for over 160 digital assets. This extensive selection includes major cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP), among others, catering to the diverse needs of the global cryptocurrency community.

Available Countries

Bitfinex services are accessible to users in many countries across the globe, but it is especially popular in regions like Europe, Asia, and parts of North America. However, it’s important to note that Bitfinex is not available to residents of the United States due to regulatory restrictions, which significantly impacts potential users from this region.

Unavailable Cryptocurrencies and Restricted Countries

Despite its broad array of offerings, Bitfinex does not support some trending cryptocurrencies like Cardano (ADA) and Polkadot (DOT) at this time. These omissions might be relevant for traders interested in a wider spectrum of altcoins. In terms of geographical restrictions, besides the United States, Bitfinex also imposes limitations on users from other countries such as Bangladesh, Bolivia, Ecuador, and Kyrgyzstan, among others, due to local regulations or the strategic focus of the exchange. This information should help users determine if Bitfinex provides the right mix of available cryptocurrencies and acceptable countries based on individual trading requirements and geographical location.
  1. Bitcoin (BTC)
  2. Ethereum (ETH)
  3. Ripple (XRP)
  4. Litecoin (LTC)
  5. EOS (EOS)
  6. Bitcoin Cash (BCH)
  7. Ethereum Classic (ETC)
  8. NEO (NEO)
  9. Zcash (ZEC)
  10. Dash (DASH)
  11. Monero (XMR)
  12. Tezos (XTZ)
  13. Stellar (XLM)
  14. IOTA (MIOTA)
  15. TRON (TRX)
  16. Cosmos (ATOM)
  17. VeChain (VET)
  18. Chainlink (LINK)
  19. OmiseGO (OMG)
  20. Aave (AAVE)
  1. United Kingdom
  2. Canada (except Quebec)
  3. Germany
  4. Australia
  5. Switzerland
  6. Netherlands
  7. Japan
  8. South Korea
  9. Italy
  10. Spain
  11. Brazil
  12. Mexico
  13. Russia
  14. India
  15. South Africa
  16. Sweden
  17. Norway
  18. New Zealand
  19. Singapore
  20. Hong Kong

FAQs

To begin trading, register on the Bitfinex website, verify your email, and complete the required KYC (Know Your Customer) process. Once verified, deposit funds into your account using one of the accepted methods and start trading through the trading interface.
Bitfinex prioritizes security with multiple layers of protection, including cold storage for the vast majority of assets, two-factor authentication, encrypted communications, and real-time monitoring systems to detect and prevent unauthorized access.
Bitfinex currently does not offer services to residents of the United States due to regulatory reasons. U.S. residents are advised to seek other platforms that comply with U.S. regulations.
Bitfinex supports a variety of trading options including spot trading, margin trading with up to 10x leverage, over-the-counter (OTC) trading, and derivatives trading.
Yes, Bitfinex allows fiat deposits in several major currencies such as USD, EUR, and GBP through bank wire transfers. Ensure your account is verified to the required level to enable fiat transactions.
Withdraw funds by navigating to the withdraw section of your account, selecting the currency to withdraw, entering the amount, and specifying a withdrawal address. Follow the instructions to complete the security verifications for a successful withdrawal.
Bitfinex provides customer support through a 24/7 live chat feature, a detailed help center, and a support ticket system. You can also reach out via email for more complex queries or issues.

Final opinion on Bitfinex

AvaTrade stands out as a reputable and well-regulated broker, offering a secure platform for trading a variety of cryptocurrencies. With regulatory oversight from authorities such as the Central Bank of Ireland and ASIC in Australia, traders can feel confident in the safety of their investments. The platform provides access to 13 major cryptocurrencies, including Bitcoin and Ethereum, as well as the innovative Crypto10 index. AvaTrade’s user-friendly interface and robust customer support, available 24/5 via multiple channels, enhance the overall trading experience. Additionally, the availability of a free demo account makes it an excellent choice for beginners looking to practice trading without financial risk.
However, AvaTrade does have some limitations compared to other exchanges. The platform is not available to residents of several major countries, including the United States and Canada, which restricts access for many potential traders. Furthermore, the range of supported cryptocurrencies, while including key assets, is smaller than that of some competitors offering a broader selection. Inactivity fees and the absence of 24/7 customer support are other areas where AvaTrade could improve. Overall, for those within its supported regions, AvaTrade presents a solid and reliable option for cryptocurrency trading, especially for those who value regulatory security and a straightforward trading environment. At Threenvest, we find AvaTrade to be a commendable choice for both new and experienced traders, despite these few shortcomings.

How do we review crypto exchanges?

At Threenvest, we conduct a thorough review process to evaluate and rank the world’s leading crypto exchanges. Our goal is to offer an unbiased assessment, providing you with the information you need to make informed decisions on which ones best suit your needs. We strictly adhere to the guidelines of our editorial policy.

 

We collect data directly from exchanges through detailed questionnaires and conduct first-hand testing and observations during crypto exchange demonstrations. Questionnaire responses, combined with demonstrations and hands-on research from our experts, feed into our proprietary evaluation process that scores each provider’s performance on more than 15 factors. The end result produces star ratings ranging from poor (one star) to excellent (five stars).


For more details on the categories considered when rating brokers and our process, read our full methodology.

Risk Disclaimer

Investing in cryptocurrencies is very risky, you should only invest the money you are willing to lose. Also you should not expect to be protected if something goes wrong.

Neither Threenvest, nor the author, are recommending you to invest with this article.

Do not invest unless you are fully prepared to lose the entire amount of your investment. This is a high-risk activity, and you should not rely on any guarantees of protection if something goes wrong.

alejandro-borja-analista-de-brokers.webp

Economist | Cryptocurrency exchange analyst

The author of the review

Alejandro Borja is an accomplished economist with a distinguished career spanning various facets of the financial industry. His academic journey began with a degree in Economics, laying the foundation for his deep understanding of financial markets.

Over the years, Alejandro has honed his skills by working with some of the largest financial media outlets, analyzing and reporting on economic trends and investment opportunities. His expertise in financial analysis has made him a respected voice in the economic community.

Investing risks losing your money