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Bitfinex Review 2020

We’ll begin this review by saying we’re well aware Bitfinex have had issues in the past. They were the victim of a high profile theft and for some, that’s left a dampener on their reputation. However, we don’t think they should be written off. Remember Bitfinex did compensate clients and quite frankly, they’re far from the only exchange to have been taken advantage of.

Of course, this does mean our Bitfinex exchange review will be focused a touch more on how they have improved security since then. That said, we really don’t think they deserve much of the criticism they get, especially in light of everything they’ve done to rectify the situation.

Bitfinex: Pros & Cons
  • Huge selection of cryptocurrencies
  • Perfect for advanced traders
  • World class customer service
  • Great useability despite complexity
  • Won’t be suitable for everyone
  • Breaches in the past

Usability, Look & Feel

One thing that’s key in our Bitfinex review is to acknowledge what kind of user would like this exchange over the many others out there. It’s become clear as we’ve progressed in this Bitfinex exchange review that this is aimed at users looking for variety and advanced features, with its liquidity making it attractive for high volume traders.

Not only does it do this well and absolutely delivers on features from scaled order to stop-limits, and much more in between, it does so in a pretty straightforward manner, thanks to an excellent design structurally, aesthetically and technically. Nonetheless, the nature of its customer base and features mean there are better choices for beginners, although it’s very easy to use.

Keeping Bitfinex safe is, of course, a sore spot in this Bitfinex review, but the way they’ve reacted to these downfalls has been exemplary. Added extra precautions to ensure similar situations do not occur include the use of backups, cold storage and database encryption.

With high liquidity, a huge assortment of features and trading options, enhanced security and a site which can carry all of this without breaking a sweat, the Bitfinex of today is a very impressive specimen, which we can really only find positive things to say about.

Payments

There are two key ways of making payment with Bitfinex: one is through other supported cryptocurrencies, of which there are many. There’s also the option to deposit fiat currencies, with the likes of USD, GDP, EUR, JPY and CNH being supported.

As mentioned earlier in our Bitfinex review, deposits from supported cryptocurrencies are free, whereas bank wires come with a 0.1% fee. Bitfinex withdrawal fees also depend greatly on the chosen currency, and full details can be found on the site.

There was a touch of confusion regarding minimum amounts, but we’ve been informed by customer service that the Bitfinex minimum deposit would have to be equal to the transaction fee. Beyond that though, there is no set minimum or maximum amounts. In other words, another big positive in this Bitfinex exchange review.

Customer Service

One of our highlights of this Bitfinex exchange review has to be our experience with customer service. They’ve been an absolute delight to use, but we’re getting ahead of ourselves. First off, there’s the absolute mammoth support centre. This has an utterly astonishing amount of information, going even beyond what you would expect from an exchange of this magnitude. Many of your questions will be answered right here. It’s also worth pointing out that the site offers help in other languages, including Chinese.

However, if you do need to contact customer service, you can do so by submitting a request. It’s a simple form – which is good, as other competitors have made similar processes convoluted. While some may be disappointed by a lack of live chat, in practicality, this works just as well. We received a “ticket” letting us know they had received our questions in moments, and got a thoughtful, detailed answer in minutes.

License & Security

Once again in this Bitfinex review, we’ll be addressing security. This is understandable as there’s much less regulation here than for something like a casino site, where the license requirements are laid out. Instead, we have to base this on what Bitfinex is doing, which we feel is quite a lot.

Alongside the things we’ve mentioned, they also check login data for unusual activity, detect IP address changes in case of hijack, send notifications of suspicious activity and limit account access for suspected IP addresses. Alongside encryption, they also use protection against DDoS attacks. Their data is backed up and encrypted and their system is regularly updated.

They also utilise account verification for security reasons and to prevent minors from using the site, restricting anyone under the age of 21. This requires a valid government issued identification, bank statement, proof of address, as well as a selfie to confirm your identity. The only issue really is that we couldn’t find much information on independent audits or insurance, although their track record in compensation is good. Nearly perfect on this part of our Bitfinex exchange review, but not quite.

Bitfinex Crypto

Trade Offer

There’s a large amount of different cryptocurrencies available at Bitfinex, with some of the most popular including bitcoin, Litecoin, Ethereum, Zcash, Dash, Ripple and EOS, alongside many other assets. We can’t possibly go through the intricacies of each in this Bitfinex review,  however, we can assure you the range is strong enough for pretty much anybody’s cryptocurrency needs.

It’s also important to note that the world of cryptocurrencies is ever-changing. It’s being added to, twisted, turned and transformed with incredible frequency. Naturally, the bigger names look set to stay, but it’s important to note that not only are the options vast, but they’re fluid, like all good cryptocurrency selections should be.

Perhaps the most interesting part of this Bitfinex review though is the use of Tether, which is a cryptocurrency which claimed to be backed by USD, but has since changed that stance to be backed by loans. This is known as a stable coin because its aim was always to be worth a dollar, although this has since been disputed. In 2019, it even surpassed bitcoin with their Bitfinex trading volume. It may not be for everyone, but its inclusion is a fascinating arrow in the Bitfinex bow.

Trading Costs

One thing we really appreciate during this Bitfinex review is all the Bitfinex trading fees are laid out very simply. However, they’re so vast that we wouldn’t be able to put them all here. Of course, the cryptocurrencies available can also change, meaning it may not be accurate indefinitely.

We can say though that by searching Bitfinex fees, you can find everything you need easily laid out, from order execution, derivatives order execution, margin funding, OTC desk, Bitfinex deposit and Bitfinex withdrawal.

A couple of key points include that deposits from crypto and stablecoins are free, whereas bank wire comes with a 0.1% fee. Margin funding has funding fees of up to -5%. Order execution fees depend on how much is traded, beginning with maker fees of 0.1% and taker fees of 0.2% up to 0% maker fees and 0.55% taker fees.

For more details, check the site as the information available is clear but extensive – not that we can complain about that, as it’s indicative of the sheer scale of the options available. Another positive for our Bitfinex review.

Trading Conditions

Initially, we had a slight issue finding out the restricted jurisdictions for our Bitfinex review because we could only find confirmation on some restrictions for certain tokens from US customers. While we were sure there were others – and we’ve seen suggestions from other sources – we didn’t wish to say for certain without confirmation from the site.

However, thanks to their great customer service, we were told that restrictions include “Cuba, Democratic People’s Republic of Korea (North Korea), the Government of Venezuela, Iran, Pakistan, Syria or Crimea (a region of Ukraine annexed by the Russian Federation)”” In other words, the options are vast, meaning a big positive for our Bitfinex exchange review.

In terms of other Bitfinex withdrawal limits, we haven’t found anything else relevant to this section of our review. All in all, it looks good from Bitfinex – despite a slight lack of clarity. It’s close to full marks in this part of our Bitfinex exchange review.

Product Conclusion

This is another section of our Bitfinex review where the excellence of their Help section and customer service shines through. In this case, it’s in the form of a handy beginner’s Bitfinex how to trade guide, which really shows that even though Bitfinex are poised to a more advanced audience, that doesn’t mean the site has to be needlessly difficult or complicated.

1. Register an account

The first step is to click ‘Open Account’ and add some key details, including your email and password. Obviously, you’ll want the latter to be very strong considering the money involved in exchanges. And that’s it: you now have a Bitfinex account. Nice and easy. If you can, utilise a Bitfinex referral code to save some more money.

2. Set up security

From here, you’ll need to confirm your email and agree to the terms of service. You’ll then need to secure your account, which you can do by heading to ‘Manage Account and Security’. Here, you can set up all the security measures: you need including two factor authorisation.

3. Verify your account

Following this, you’ll need to verify your account. This is, unfortunately, a lengthy process. We’re not going to use that as a reason to mark them down in this part of our Bitfinex exchange review though, because it’s all about saying secure. This can take weeks rather than days.

4. Choose a wallet and deposit

You can now pick a wallet, depending on what you want to do. An exchange wallet is used for buying and selling, while a margin wallet is for trading with margins and a funding wallet is to provide financing.

Depositing requires you to copy the deposit address for your wallet, copy to clipboard, open the external wallet and send the funds by pasting your address as the travel destination.

5. Make your exchange

To make your exchange, ensure the funds are in your exchange wallet. Go to ‘Trading’ and select what you want to trade. Go to the order form, select the ‘Exchange’ tab and specify the order type, size and price. Your order will then appear in the tab and the funds will go to your wallet when executed.

Also vital to know is that you can instantly move funds from one wallet to another on the ‘Wallets’ page, making balancing all these different features as simple and straightforward as possible. Once again, being able to take something complicated and make it as streamlined as possible is one of the things we’ve been impressed with during our Bitfinex exchange review.

Bitfinex markets are hugely complicated and this is just a brief overview of the basics, but trust us, if you want to learn more, there are books worth of content on the ins-and-outs of trading on Bitfinex.

Overall Conclusion

This part of our Bitfinex exchange review is a touch complicated by the history they’ve had in terms of breaches. We have to say then, in the light of that, their overwhelmingly positive customer feedback really showcases how far things have improved and how much they’ve done to earn back the trust of their users.

Most exchanges get an unfairly hard time when it comes to feedback because people, especially with this kind of service, are quicker to complain than to compliment. We can’t say they have a flawless reputation – these kinds of incidents do linger in people’s minds – but everyday, it’s improving and everyday Bitfinex is proving itself.

The story of Bitfinex is one that has risen from tough times and has done so in spectacular fashion. We can’t imagine how difficult things must have been for this exchange, but the way they have responded tells you everything you need to know about them.

They have not just improved their security but pretty much every aspect of this service, meaning that you can enjoy a beautiful and easy to use site design, world class customer service and a frankly astonishing selection of variety. The route they have picked can alienate some due to the sheer amount of options, but we cannot imagine anyone doing a better job of making it as simple to use and understand as possible. Their past is their past, but right now, there’s few if any better.

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