Bitfinex Review 2025

Our Verdict

🌍 Founded in 2012, Bitfinex is headquartered in Taiwan.

🪙 Supports 170 cryptocurrencies and 425 trading pairs, a relatively modest selection.

🔐 Hacked in 2016, but later enhanced security with a multi-layered system and a bug bounty program offering high rewards.

💳 Direct fiat deposits and withdrawals at low fees, with easy crypto purchases via Simplex and Mercuryo.

💰 Maker/Taker fees start at 0.1%/0.2%, below the industry average, with discounts for high-volume traders and token holders.

🧪 Demo account available for risk-free strategy testing, making Bitfinex ideal for expert traders focused on high-volume trading.

Bitfinex Pros and Cons

Is Bitfinex Right for You?

When reviewing exchanges, we consider all types of traders, from casual to active. Our clear and thorough approach helps explain trading strategies and their requirements. By analyzing and ranking key factors, we assess how well each exchange suits different traders. Here’s our verdict:

Supported Countries and Regions

Bitfinex operates across 170+ countries but doesn’t support the USA due to regulatory challenges. The list of restricted regions includes the following countries:

The list of restricted countries may change over time. For the relevant information, we recommend checking article 1.1.45 in the Terms of Service on the official website.

Bitfinex Bonuses and Special Offers

Bitfinex frequently organizes trading competitions to engage active traders. During my evaluation, the “Happy 12” competition was active, offering a prize pool of $12,000. To qualify, participants needed to achieve a minimum profit of 12% with a trading volume of at least $1,200.

Join Bitfinex through the FXempire.com link and earn up to 38% in trading fee rewards! Plus, enjoy additional discounts when you hold LEO tokens.

Bitfinex Background

Establishment: Bitfinex was founded in 2012 in Hong Kong as a peer-to-peer cryptocurrency trading platform. Now it’s headquartered in Taiwan.

Leadership: The exchange is led by Jean-Louis van der Velde, who holds an MBA from the National Taiwan Normal University. The other founder, Raphael Nicolle, transitioned to a technical advisory position in 2015 after handing the managerial role to other high-profile investors.

Security & Transparency

Verified Trusted Scores

One key aspect of our reviews is mentioning reputable independent security auditors like Cer.Live and Certik. These platforms rank different exchanges based on their cybersecurity, liquidity, traffic, trading volume, etc.

Bitfinex’s rankings are above average but not top-tier. The main reason for this is the lack of insurance on both crypto and fiat deposits, as well as the lack of Proof of Reserves. The platform ranks highly on Coingecko, CryptoCompare, and Certik due to its bug bounty program. However, Cer.Live assigns it an average rating due to missing Proof of Reserves.

Cyber Security Measures

The desktop app includes email encryption and 2FA via Google Authenticator. Users can also enable login email notifications and IP address change detection. For withdrawal security, IP monitoring and a custom withdrawal confirmation phrase are available. The mobile version has fewer security options, enabling only PIN code setup and biometric authentication.

General Reliability

Bitfinex maintains an active bug bounty program that offers rewards between $10 and $10,000, depending on the risk priority.

Corporate Communication Structure and Transparency

Bitfinex is fully transparent about its key team members, providing basic information on the company’s information page. The platform is also active on key social platforms like Twitter (X) and LinkedIn.

Know You Customer (KYC)

Non-verified users can use the platform in “View only” mode. To access the platform’s full functionality, one must complete the KYC procedure, which has three different levels.

During my tests, I easily achieved the Basic Plus level. The entire verification process took less than 24 hours.

Is Bitfinex Safe to Trade With?

Bitfinex Securities holds a Digital Asset License in El Salvador. However, the exchange does not have official permissions from major regulatory bodies such as the FCA. It implements a multi-level KYC procedure and offers robust security measures to protect customers’ assets.

In summary, our findings indicate that Bitfinex offers a moderate level of trust and stability due to the following factors:

• No Proof of Reserves
• Active bug bounty program
• Verifiable team profiles
• Transparent fee structure
• Active social networks

Trading Experience

Trading Test

For our trading test, we thoroughly evaluated the Bitfinex platform. Our process included signing up, completing the KYC (Know Your Customer) verification, logging in, depositing funds, and making withdrawals. We also tested the trading functionalities by exploring different trading pairs and conversions and assessed the associated fees for transfers and withdrawals. This comprehensive test allows us to provide an informed and reliable review of the exchange’s usability, features, and actual costs. Here’s our detailed analysis:

Step 1: Setting Up and Funding Your Account

To create a Bitfinex account, you need an email address, a username, and your country of residence.

After signing up, I accessed my account in “View only” mode. Completing Basic Plus verification by uploading a scan of my ID and providing additional details unlocked most features within 24 hours.

To fund my account, I generated a deposit address by selecting the deposit currency and network. The address included a QR scanning feature to prevent typos but lacked a “copy” button.

I used the generated address to transfer my funds from ProBit Global. The transaction was completed in minutes, and Bitfinex deposits were free.

Step 2: Trading

Bitfinex offers different account types: Exchange, Margin, Funding, and Capital Raise. After generating a deposit address for my Exchange account, I could start trading immediately without additional transfers.

The trading interface felt complex for a casual trader like me but followed standard industry layouts. After a few activities, navigating the platform became easier. When I traded USDT for BTC, the order was executed instantly. Locating the trading fees was tricky, but I found them under the “Trades” tab in the “Reports” section of the “Wallet” menu. The fee was 0.2%, matching the rates on the dedicated page.

Step 3: Withdrawal and Review

During my tests, I withdrew BTC to TrustWallet without any issues. The exchange required 2FA confirmation, and the transaction fee was displayed in a pop-up window with the option to deduct it from the withdrawal amount.

Bitfinex charged a 0.0004 BTC ($38) withdrawal fee, which is relatively high compared to BitMart’s 0.0001 BTC ($9.50) fee for the same transaction. Because of Bitcoin network congestion, it took around 30 minutes for the funds to arrive in my wallet.

Desktop Version

I tested the desktop version of Bitfinex and found it offers a few additional tools not available on the mobile app, though most features are similar. The desktop platform provides advanced trading tools for expert traders, but as a casual trader, I found the interface slightly overwhelming.

The trading interface follows standard industry layouts, which experienced traders will find easy to navigate. During my tests in Chrome, I encountered interface bugs that required switching to Mozilla Firefox. Despite this, transactions were processed instantly, ensuring a seamless trading experience.

Charts. Bitfinex has a built-in TradingView integration with a convenient search field for finding tools or functions.

Trade navigation. During my test in the Mozilla Firefox browser, I found navigation to be somewhat complicated. For instance, it wasn’t immediately clear how to locate the asset I wanted to trade. Additionally, the abundance of small details on the interface felt distracting and created unnecessary challenges. However, after completing a few trades and becoming more familiar with the platform, the process became much smoother.

Withdrawal and Wallet Protection. During my tests, withdrawing BTC to TrustWallet was straightforward. The platform offered a QR scanning feature and the option to select a destination from the address book. Users could choose to pay the fee separately or deduct it from the withdrawal amount. To ensure accuracy, the exchange flagged any typos in the wallet address, preventing the withdrawal until corrected.

Coin Search. The Bitfinex Trading Platform makes it easy to find assets using a dedicated coin search field. Unlike Crypto.com, BitMart, and other platforms I’ve tested, Bitfinex also highlights the last traded price for an asset across all available pairs.

Conditional Orders. Bitfinex supports Market, Limit, IOC, and Stop Limit orders. It may not be suitable for traders using other order types like Take Profit or wishing to exchange large amounts via Iceberg orders.

The Order Book. Bitfinex provides a standard order book that displays all open buy and sell orders, including the asset amount, price, and the number of orders at the same value. It also features a book-depth visualization in the background, with a zoom function for detailed analysis.

Staking Services. Investors can earn passive income on their idle assets through Bitfinex’s staking service, which supports 8 assets: TRON, EOS, Tezos, Solana, Polygon, Cardano, Polkadot, and Ethereum. Rewards vary by asset, ranging from 1.5% to 6.5% annually, and users simply need to hold their assets in the platform’s wallets to participate.

My Key Takeaways After Testing Bitfinex

Bitfinex offers a wide range of trading tools tailored for expert traders, though, in my opinion, the variety may feel overwhelming for beginners and casual users. However, the standard layout made navigation easier after a few interactions. The staking tool is ideal for long-term investors looking to earn passive income, while the robust API library provides valuable trading data for those utilizing advanced algorithms.

Bitfinex Mobile App

The Bitfinex mobile app is available for both Android and iOS. It comes with fewer tools but offers a more user-friendly interface, making it suitable for beginners. Users can enable Lite mode in the settings, but I didn’t notice any significant differences between the two versions.

Bitfinex Mobile features two modes: Lite and Advanced. Lite mode simplifies trading for beginners with an easy-to-use interface and a basic staking tool for passive income. Advanced mode is tailored for experienced traders, offering access to advanced order types and margin trading.

The Bitfinex mobile app features industry-standard security measures. Users can protect their assets via 2FA (Google Authenticator), a PIN code, and biometric authentication. A PIN request timeout can also be set up.

The app doesn’t offer a QR-scanning feature for withdrawals. However, it prevents users from sending funds to a non-existent wallet and is equipped with an address book.

Key features and tools on Bitfinex Mobile include:

• Coin Search: Finding the assets you wish to trade is easy, thanks to the standard search field.
• Trading features: Bitfinex Mobile offers the same order types as the desktop version. These include Market, Limit, Stop Limit, Trailing Stop, and IOC.

• Watchlist management: Bitfinex provides a standard star icon to add and remove favorite assets from the watchlist.
• Alerts: Bitfinex Mobile facilitates the price monitoring process for favorite assets with the help of price alerts.

• Fast Pay: The mobile version offers a convenient method of sending assets and generating invoices

• Portfolio management: The mobile app conveniently displays all available assets, together with their equivalent in USD, on the ‘Wallets’ page.

My Key Takeaways After Testing Bitfinex on Bitfinex Mobile

The functionality of Bitfinex Mobile is mostly identical to the desktop version. However, its interface is neater, which makes the app more beginner-friendly. During my tests, I particularly appreciated the convenience of the trading interface and the clear portfolio structure.

In my opinion, the Lite mode is a helpful addition that simplifies the trading process for crypto-newbies. However, I didn’t find it significantly different from the Pro version, which left me questioning its purpose.

Fees

Spot Maker/Taker Fees

In our review of spot fees, we examine spot fees across three distinct tiers, focusing on the fees for different trading volumes. We focus on the essentials and potential savings through native tokens and various discount schemes. Our unique methodology provides a clear view of fee structures and how they benefit traders of all levels.

The first tier typically represents casual traders, as they don’t usually trade more than $10,000 per month, while the higher tiers often relate to more advanced traders. Using this method, we’re categorizing users not only by their trading style but also by the amount of money they spend on the exchange.

Additionally, we also compare these fees with industry standards to give a thorough perspective on each exchange’s affordability.

The fees charged by Bitfinex are considerably lower than the industry average.

Deposit fees

Bitfinex enables fiat deposits via bank transfer and through fiat processing partners like Simplex and Mercuryo. However, these options are available only to users with the verification status “Intermediate” or higher.

Withdrawal fees

Crypto withdrawal fees on Bitfinex vary by coin. Fiat withdrawals via bank transfer incur a 0.1% fee, with the minimum withdrawal amount of $10,000. Supported fiat currencies include:

• USD
• EUR
• GBP
• JPY

For smaller withdrawals in other currencies, users can use OpenPayd, which Bitfinex has integrated into its payment system.

Derivative trading fees on Bitfinex

Bitfinex uses the same Maker-Taker fee method for derivatives trading. However, the fees are considerably lower, reflecting the higher risks associated with these products. Makers pay 0.02% per transaction, while the Taker fee is 0.065%. Discounts are available to high-level users and to holders of LEO, the platform’s native token.

Please note that fees and available methods may vary by country.

Fee Discounts

It is possible to lower trading fees on Bitfinex in the following ways:

• High trading volume. Active traders can receive fee discounts upon reaching specific trading volumes in the past 30 days. The level of discount depends on the traded amount.
• Bitfinex native tokens. Holders of the LEO token can get up to a 25% fee reduction. The exact size of the discount can be estimated via the Fees Calculator on the Fees page.
• Developers’ reward. Developers building trading tools with the help of the Bitfinex API can receive a 5% rebate on fees paid via API.

Are Bitfinex Fees Competitive?

While trading on Bitfinex, I verified that the actual fees charged matched those listed on the platform. This demonstrates that the platform is transparent about its fee structure and does not have any hidden charges.

Bitfinex’s trading fees are significantly lower than the industry average, and volume discounts may attract active traders. However, fiat withdrawal and deposit fees are high, making the platform less suitable for casual traders.

Please note that fees may vary, and it’s advisable to check Bitfinex’s official website for the latest information.

Available Cryptocurrencies

Most cryptocurrencies can be traded directly against USD. Other fiat currencies are traded against 2-4 cryptos, usually BTC and ETH. For users who want to secure profits without cashing out crypto, Bitfinex offers a variety of stablecoins like USDT, TUSD, PAX, CELO, etc.

While the trading fee schedule on Bitfinex suits the needs of high-volume traders, the platform offers a limited number of trading pairs with relatively low liquidity. I discovered that only about a dozen assets had a daily trading volume exceeding $1 million, while over 30 assets were traded with volumes below $1,000. On the bright side, Bitfinex addresses liquidity issues by regularly delisting low-activity coins

Deposits & Withdrawals

Bitfinex Deposit Options

Bitfinex enables direct fiat deposits via bank transfer. However, the minimum deposit size is $10,000, and the minimum fee is 0.1% or $60, making this option suitable only for large-volume traders.

Users wishing to deposit smaller amounts can use OpenPayd, which supports only GBP and EUR and charges a minimum fee of €5/£5.

Third-Party Payment

Similar to Changelly and BitMart, Bitfinex supports integration with Simplex and Mercuryo, which enable deposits from a bank card. However, the number of cryptocurrencies available for purchase is limited, as is the range of fiat currencies. The fees charged by these services are quite high. During my tests, I discovered that Bitfinex displays incorrect fees in its interface. It was only possible to estimate the correct fee by proceeding to the payment provider’s website.

Peer-to-Peer service (P2P)

Bitfinex offers a P2P trading service that connects local buyers and sellers. The list of payment options is much broader, as users can buy crypto via bank transfers, online wallets like AdvCash and Blink, bank cards, cash, and even Western Union.

The platform also supports 19 fiat currencies, including Boliviano, Colombian Peso, and Mexican Peso. However, during my tests, I discovered quite a few ads selling crypto for USD or EUR.

Bitfinex Withdrawal Methods

The withdrawal process at Bitfinex is simple. The “Withdraw” button is in the drop-down menu of the Wallet tab, which is accessible on multiple pages throughout the trading interface.

It is possible to withdraw crypto to an external wallet. The platform also distinguishes between withdrawal options for Tether tokens like USDT and EUR and for BTC via the Lightning network.

During my tests, I exchanged all my funds for USDT and withdrew them to a wallet on BitMart via the Polygon network. The transaction was free of charge. Bitfinex only charges withdrawal fees for USDT on Ethereum (ERC20); withdrawals are free on all other supported networks.

Bitfinex enables direct fiat withdrawals via Bank transfers. However, this option may only be suitable for large-volume traders, as the minimum withdrawal amount equals $10,000.

Users wishing to withdraw smaller sums to their bank accounts can do it via OpenPayd. While offering more convenient withdrawal options, this method has strict geographical limitations and may not be suitable for residents of certain countries, including the UK, the US, and the Philippines. Bitfinex imposes no maximum withdrawal limits for fiat transfers, but minimum amounts vary depending on the method.

For international bank transfers, the minimum withdrawal is 10,000 USD/EUR/GBP or 1,000,000 JPY. With OpenPayd, the minimum withdrawal is €25/£25. For cryptocurrency withdrawals, the platform requires a minimum equivalent of $5 to avoid processing dust amounts.

Customer Service

Bitfinex Customer Support Test

To evaluate the quality of customer services for diverse user needs, we created a unique trading test. We personally contact support using all available methods and present hypothetical problems that users might face. Our evaluation concentrates on how quickly they respond, the quality of the help provided, and whether we can talk to a real person rather than a bot. This method effectively measures the capability of customer support to assist both active traders and casual investors.

During my tests, I tried using the Live Chat for help. Then I asked a question in Russian, and the bot oddly responded in Turkish. But when I switched to English, I got much better answers.

I also submitted a support request using the Help Center. While testing the platform in Chrome, I encountered several interface bugs and asked for a solution. The support team responded within 13 hours, suggesting I log off, clear cookies, or try a different browser. Switching browsers was the only fix that worked.

Additionally, I submitted a ticket inquiring about the platform’s general security measures and whether customer assets were insured. The agent provided a detailed response to the first question but avoided addressing the second.

Although Bitfinex doesn’t offer real-time support with a live agent, the email support was efficient and far better than my experience with KuCoin.

FAQ