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.
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.
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.
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.