2.8 out of 5 based on 5 reviews.Overall rating:
|Location||New York, USA|
|Features||Customizable interface; Different order types (fill or kill, stop-limit, scaled orders, etc); Advanced chart tools; Mobile app; API|
|Deposit Fees||Cryptocurrency deposits: 0%; Euro & USD deposits: 0.100% (minimum fee of $20)|
|Trading Fees||Yes (the rate depends on trader's trading activity in the last 30 days)|
|Withdrawal Fees||Wire transfers fees|
|Tradeable Coins||Bitcoin (BTC) EOS (EOS) DASH (DASH) Ethereum (ETH) LiteCoin (LTC) Monero (XMR) Tron (TRX)|
- Over 50 trading pairs
- Manageable wallets
- High USD liquidity
- Multi-language site (English, Russian, Chinese, etc.)
- Was hacked in 2016
- Paypal and credit card payments are not accepted
- Not enough transparent company
Bitfinex is a cryptocurrency exchange based in Hong-Kong. This platform traded about 5.77 million bitcoins during the period from April to October 2017. This is the highest result on the bitcoin trading market, almost twice the volume for service’s competitors CoinBase and Kraken.
Currently, this company dominates the market and has the most volume of all Bitcoin exchanges. What is so special about that? Well, large volume makes the difference between selling and buying prices the lowest on the market and therefore traders find this exchange more profitable than the others. Obviously, for that reason Bitfinex mostly attracts particularly them.
There are useful tools available at Bitfinex. They allow to plot rates of interest over time and calculate possible returns. So you have an opportunity to decide whether potential returns are worth your attention. It is recommended to compare Bitfinex’s rates to other similar services before you accept one.
Also, this service allows you to conduct private trading deals if you wish to trade some big amount of currency confidentially.
The other convenient feature available at Bitfinex is the mobile application. This application allows selling, buying, getting updates, and checking your deals. However, be aware that mobile apps might be less secure than personal computers.
Pros and cons
Here are positive sides of Bitfinex we have discovered:
- The website has a detailed trading interface with charts
- There is a great number of available types of coins at this service: Bitcoin, Bitcoin Cash, Ethereum, Monero, Litecoin, Ripple, Iota, BTG, Zcash, Dash, Qtum, SpankChain, Time New Bank and more
- There are API features for automated cryptocurrency trading
- Bitfinex provides a range of features to keep your account safe
- No buying limits
We have found the following minuses of Bitfinex:
- A detailed interface we have mentioned as a plus might be a little confusing for newcomers who have no trading experience
- Some users on the web claim that Bitfinex has an unprofessional customer support
- There is a lack of information about the company owners and it seems to be not very transparent
- Bitfinex has been hacked in 2016, however they handled a situation with honor by buying all of their tokens back within one year
Many users from all over the world choose Bitfinex for being a reliable service with low fees and various trading options. However, if you are new to bitcoin trading, this resource may seem too confusing to you.