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Exchange Bitfinex

Bitfinex origin

This cryptocurrency exchange was established by Raphael Nicolle and Giancarlo Devasini in 2012 as a platform for exchanging Bitcoin. From the beginning, the exchange was owned by iFinex Inc and managed by Bitfinex CEO Jean-Louis. Interestingly, the same company owns Tether and even used the exchange's assets to back the stablecoin. Where is Bitfinex located and registered? Bitfinex headquarters are in Hong Kong and Taiwan, and the company is registered in the British Virgin Islands.

At the time of writing, the exchange ranks 6th in the overall rating of exchanges on Coingecko, and 37th in the cyber security rating. Assigned security level - A, the exchange passes the Penetration Test, and has Proof of Funds, but does not encourage the Bug Bounty program as the Coingecko says. Bitfinex's official website provides detailed information on the Bug bounty policy and rewards. The financial reserves of the exchange are publicly available on CoinMarketCap but are provided by the exchange itself and are not audited by a third party.

LEO token 

LEO is a Bitfinex token that helps exchange’s users save on trading, deposit, and withdrawal fees. An interesting feature of this token is that it is built on two blockchains - Ethereum (64% of supply) and EOS (36% of supply). Also, this cryptocurrency is interesting as it has a limited time of existence because of the deflationary mechanism. iFinex company has pledged to spend 27% of its revenue on buying back and burning the LEO token.


Daily trading volume - $35, 954, 143

Trust score - 8

Cybersecurity - A

Financial reserves - $9, 805, 451, 821

Monthly visits - 3,15M

Cryptocurrencies - 185

Trading pairs - 487

*Data from Coingecko and Coinmarketcap 

Having the highest Trustscore by Coingecko - 10, the exchange has an A rating for cyber security, as the lack of a Bug Bounty program. Its financial reserves are displayed in real-time on Coinmarketcap but are not audited by third parties. As the exchange reports, it has $9,805,451,821 for financial reserves, mainly in BTC (60%) and LEO (24%). 3,15M monthly visitors provide Bitfinex trading volume at an average of $35,954,143 per day. There are 185 cryptocurrencies, which creates 487 Bitfinex trading pairs.

Deposit and withdrawal

You can deposit cryptocurrency via blockchain transfer or fiat currency via bank transfer to the exchange. The same applies to the withdrawal of assets from the account. Deposits and withdrawals are available to users in USD, JPY, EUR, GBP, and CNH currencies with certain restrictions. However, the most favorable conditions will be for EUR, and GBP through the intermediary OpenPayd.

The following payment processors are also available for bank transfers: 

  • Mercuryo
  • OWNR wallet
  • Simplex

Deposit fee 

When depositing through a bank intermediary in such currencies as USD, JPY, EUR, GBP,  band CNH, the deposit fee will be 0.1%, and the minimum commission fee of $60. There is a minimum deposit of 10,000 for USD/EUR/GBP; 1,000,000 for JPY; and 75,000 for CNH.

If you top up your EUR and GBP account through OpenPayd, there will be no minimum limit for you, and the commission will be 0.5 / £0.5 per transaction. You will not pay any commission fee for depositing crypto, except the blockchain transaction fee. 

Withdrawal fee

Bitfinex withdrawal limits are starting from 5$ in crypto. Fully verified users can withdraw fiat to their bank accounts with a minimum of 10,000 USD/EUR/GBP, 1,000,000 JPY, and 75,000 CNH. However, using OpenPlayd for Euro and British Pounds fiat withdrawals, your minimum limit will be 25 EUR or GBP. 

Bitfinex withdrawal fees depend on the type (crypto or cash), intermediary, and amount. For some crypto, there is no fee, while for others you have to pay, full disclosure can be seen on the “Bitfinex fees” page. For the USD, JPY, EUR, GBP, and CNH fiat withdrawals to the bank account, there is a 0,1% commission with a minimum of $60 fee. Using OpenPlayd services there will be no minimum withdrawal limit. For less than 10,000 EUR or GBP withdrawals via OpenPlayd, you have to pay 0,5 €/£, while for the bigger transfers in that currencies, it will take 0,1% of the transfer amount. 

Trading opportunities 

  • Spot
  • Margin
  • Derivatives
  • Paper trading
  • OTC
  • Bitfinex API key
  • Bitfinex trade bot

The exchange covers all the basic needs of a trader, namely Spot, Margin, and Derivatives. However, there are only Perpetual contracts, for now, the exchange states initiatives to provide more derivative products. Paper trading mode is suitable for working out a trading strategy, where you can implement your theories in practice without losing real funds. The possibility of using the OTC market will be useful for crypto investors who do not want to drive their liquidity through the glass of the exchange.

The exchange paid a lot of attention to the Bitfinex trading bot, thanks to which the user can implement algorithmic trading right in the exchange terminal. The Bitfinex API is available to directly access the exchange's servers, bypassing the interface. Bitfinex API trading bot will be useful for experienced traders who want to automate trading.

Trading fees

Bitfinex trading fees for spot trading are 0.1% for the maker and 0.2% for the taker. For derivatives trading, 0.02% maker fee and a 0.065% taker fee. You can read more about the cost of funding on the commission's page of the exchange.

Bitfinex token holders receive a discount on trading fees for spot and derivative markets according to the following tier system. Each level is assigned for the number of LEO tokens that the user has held in the Bitfinex wallet for the last 30 days. When determining the level, the amount in US dollars equivalent to the number of tokens of the exchange is calculated.


Level 1 (>1 USD) 

Level 2 (>5000 USD)

Level 3 (>10,000 USD)


-15% (Taker)

-25% (Taker)

-25% + 6 bps (Taker)

Fiat spot 


-10% (Taker)

-10% + 6 bps  (Taker)




-0,5bps/1,5bps (Maker/Taker)


BPS stands for “basic points”, which means 0,01% from the traded asset. On level 3 you are provided with the fee discount calculated from the asset’s price. For Bitfinex exchange that is the only available option for the derivatives market. 


To use the exchange, it is necessary to pass a minimum level of identity verification. Bitfinex KYC consists of 3 levels and provides access to various services. You can raise the Bitfinex new account level by providing more documents related to residence and bank statements.

At the first level, the user will have access to margin trading, the OTC market, and bank transfers through Mercuryo and Simplex. The second open: derivatives, loan services, commission discounts using the LEO token, Bitfinex Pay, and fiat transfers through OWNR Wallet and OpenPayd. At the third level of verification, international bank transfers of fiat currencies become available to the user.

Is Bitfinex safe? Currently, the exchange offers many methods of account protection. The user can use two-factor authentication online through Google Authenticator, or Universal 2nd factor (U2F) authentication through a physical device. The exchange is actively working on tracking IP addresses, especially when funds are introduced from the exchange. In case of any suspicious logins or other actions, you will receive an email where you can freeze your assets if necessary.

Bitfinex API received a lot of attention from developers, which allowed it to significantly improve the security of access through API access. Now it is much easier to create complex accesses through REST and WebSockets APIs. At a time when, with the help of a whitelist of IP addresses for withdrawing assets, it became more difficult to transfer cryptocurrency to a fraudster's wallet.

Bitfinex hack - history from 2016, or how was Bitfinex hacked 

Bitfinex hack 2016 caused by the security breach led to the loss of 119,756 Bitcoins, worth $72 million at that moment. The exchange created the BFX token and distributed it to all victims in a ratio of 1:1 to the dollar. These tokens were later redeemed by the exchange, and users received stablecoins in proportion to their lost assets. The Bitfinex hack was a great example of customer care. By the way, the US government returned 94,000 stolen Bitcoins in February 2022, which at that time amounted to 3.6 billion dollars.

Terminal and mobile app

A trading terminal on the Bitfinex exchange is looking familiar to the seasoned trader, while will not be overwhelming for the newbie. It’s working well, with no freezes, and has great functionality in terms of algorithmic trading and trailing stop orders. One of the features is the deep market data available for machine learning, which will be quite useful for trading bots automation.

There is a mobile Bitfinex app available for the IOS and Andriod platforms. The app is not worse than the web terminal and meets all the criteria to satisfy a picky client. For inexperienced users, the mobile app has the lite version with staking and lending available in a few clicks. 


  • Bitfinex auto trader
  • Scaled Orders
  • Affiliate Program
  • Bitfinex Staking
  • Bitfinex borrow
  • Lending PRO 

Bitfinex trading bot is designed to automate users’ trades directly on the exchange. You can set the trigger rules to execute trades automatically. That is where algorithmic traders came in with no need for external soft with Bitfinex API access key.

Scaled Orders are generally Bitfinex trailing stop orders. It allows you to open and close trades gradually step-by-step with a specific order amount on each step. You can set the buy order to buy the dip on different price marks, sizing more to your position. The same works for selling different portions of your Bitfinex BTC longs positions when the price reaches the target level. 

The exchange offers incentives for the affiliate program, sharing the revenue from the trading fees of the registered users. You share an invitation code Bitfinex and earn up to 38% from the new user trading fee. Your gains multiply as your affiliate completes the verification and becomes an LEO holder. 

Both Bitfinex staking and Bitfinex Borrow are financial products aimed to earn interest on your crypto assets. While the staking service allows you to gain on network fees, the borrowing service provides you with interest fees and the opportunity to get the loan on flexible terms peer-to-peer with another user. Lending PRO is a quite useful widget that helps you to track and manage lending operations. 

Bitfinex review

Bitfinex reviews on Trust Pilot have an overall rating of 3 out of 5 from 279 votes. Lots of good comments about customer support. However, there are also many negative comments regarding the problems of passing the identity verification. Users who cannot pass verification after depositing on the exchange are especially dissatisfied. There are also enough complaints about crypto transactions that do not go through when deposited on the exchange and get stuck on the blockchain. Therefore, be careful with public keys during crypto transfers.

Customer support and contacts

You can communicate with Bitfinex customer support through a request in the support section, or through chat on the exchange's website. In the support section, there are a lot of segments to ask for help, so your question will quickly get to the most efficient manager. If there is a large inquiry volume or your trouble is basic, you can visit the Bitfinex support center to get help by yourself. 







Restricted countries 

Bitfinex cryptocurrency exchange restricts users from the following countries and republics: United States, Canada, British Virgin Islands, Venezuela, Austria, Italy, Iran, North Korea, Cuba, Syria, Crimea, Donetsk People's Republic, Luhansk People's Republic, Kherson People's Republic, Zaporizhzhia People's Republic. 

Is Bitfinex available in the US?

Bitfinex US customers are not allowed to use this exchange due to a lack of legal requirements for the US government. You could ask “Can I use Bitfinex in USA vis VPN?” and the answer is “NO”, as there are obligatory KYC requirements on the exchange. The executives expressed their intention to serve Bitfinex US customers, but it will not sell any products to US citizens until they get a United States license. 

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