Bitfinex Review: A Complete Test of The Famous Platform


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  • Deposit options:: Credit card / debit card, Wire Transfer Paypal, Neteller, Skrill, WebMoney, Crypto
  • Leverage rate:: 1:30
  • Free demo accounts:: Available
  • Minimum deposit:: $/£/€ 10

Bitfinex was founded in 2012 and is one of the most advanced crypto currency exchange platforms for liquidity providers and digital currency traders. It provides several advanced services such as spot trading, dealing with cryptocurrencies, such as Bitcoin, Etherium, Litecoin, EOS, NEO, Ripple and many others.

Currently, Bitfinex is the largest exchange in terms of volume for trading BTC/USD. Achievements by Bitfinex seem to have stemmed from an emphasis in 3 of its core features: Exchange trading, margin trading, and margin funding.  In this review, we are going to critically examine its internal structure, platform operations and eventually, run a comparison with some of its top competitors.

Bitfinex Home

Setting up your account at Bitfinex

For you to trade, you will need to register an account in the Bitfinex official website. There are two types of accounts in the main landing page: The demo and live account. The demo account provides for a platform where you can view order books, tickers, order form and other features. The live account is mainly for professional traders who have the mastery and confidence to join the markets

How to Register on The Site

To register, you will be presented with two opportunities namely, open account and view demo. For a chance to view and experiment on Bitfinex user interface, click on the View demo tab. To open a live account, just click on the open account call to action tab.

To learn more about the registration on Bitfinex, check everything on the dedicated page. Also, don’t forget to use our Bitfinex Referral Code when creating your account.

Security tops the to-do list in setting up your account. Bitfinex provides an array of advanced security features that optimize the security of your data and funds. We insist on a strong unique password combined with Google 2FA.

To be verified as a user of the Bitfinex platform and services, you need to meet a minimum of the following requirements:

  • Completion of an online form.
  • You must meet the minimum age requirement of 21 years.
  • Provide personal information: email address, phone number and residential address.
  • Proof of identification-two forms of government-issued identification with pictures. These may include, national ID, passport, driving license, employment permit, residency card and tax compliance forms.
  • Bank statement-must highlight your name as the account holder.
  • Proof of residential address

Account Types

As mentioned earlier, there are two types of accounts in the Bitfinex platform which are, demo and live account. The Demo account is preferable to beginner level traders or those practicing. Essentially, as the name suggests, it is a demonstration tool meant to familiarize you with the user interface.

Bitfinex Unique features

bitfinex homepage

The Bitfinex platform has 3 core features which are uniquely designed to meet the needs of its clients: Exchange trading, margin trading and margin funding.

1.      Exchange trading:

Bitfinex platform offers a platform that allows traders to deposit, trade and withdraw digital tokens.

2.     Margin Trading

Qualified users are allowed to trade with leverage of up to 5x their capital. To achieve this, Bitfinex has created a window for peer to peer financing and margin funding. Users can place manual funding orders while opening financing positions, which allows them to receive the desired amount at the rate and duration of their liking. Alternatively, you can open a financing option with Bitfinex, who will then link you to a financing peer under the prevailing rate.

3.     Margin Funding

As previously mentioned, margin funding creates an opportunity for users to join the P2P financing markets. Here, you can earn interest on your digital assets by lending to other traders who wish to trade with leverage. Hence, creating a win-win algorithm.

Quality of Platform

Website’s Ergonomy

Bitfinex ergonomy

Bitfinex website has a beautifully designed User interface that makes your user experience enjoyable. The platform is focused more on the user than on its marketing. Some of the most commendable features include the beginner guides, frequently asked Questions tab, information and educational tabs, and all these are summed up by a responsive customer support. Disappointingly, some of the pages have not been updated in the last 2 years.

Besides the web page, Bitfinex supports other platforms such as the Bitfinex app on mobile platforms. Notably, it supports Linux, OSX, windows, android and iOS operating systems. Some of the supported browsers are Chrome, Safari, firefox, Edge and IE. Operating Systems not listed will also work on the platform. However, we highly discourage their use on BItfinex since they will predispose you to unnecessary threats.

Leverage Effect

Through peer to peer funding and Margin financing, qualified users are allowed leverage to a ratio of up to 1:5. Whereas leverage can result in quick wins, we do not recommend a very high leverage ratio.


Deposits on your Bitfinex account can be made from a third-party exchange or your external wallet. The exchange wallet supports buying and selling of supported tokens. The margin wallet is dedicated to trading on the margin. Funding wallet is used when financing other margin traders. Funding via bank transfer is excruciatingly slow as you will have to wait for at least 6 weeks before the transaction reflects.


Bitfinex withdrawals are straightforward as well. You can withdraw your tokens directly to your wallet. Alternatively, you can send your fiat back to your bank account via bank transfers. Cryptocurrency withdrawals take about 12 hours to process while regular Fiat withdrawals take at least 5 business days.

Please note, transactions will not be completed if you haven’t secured your account with 2FA.

Bitfinex Security

As you may have noticed, Security is a top priority at Bitfinex. Despite the centralized nature, Bitfinex takes more precautions than any other exchange. Apart from the two-factor verification, there is an additional feature- Universal second factor(U2F) authentication- which requires you to login with an additional physical device such as USB stick.

Furthermore, 99% of all clients’ funds are stored using a Geographically distributed multisignature system and in cold storage.  Bitfinex has also invested in an advanced monitoring system that saves and analyzes login data, sensitive on IP address in cases of in-session hijacks, sends notification and permits account freezing in cases of suspicious activities and uses PGP email encryption for antimalware withdrawal confirmation process.

Top 2 Alternatives to Bitfinex


The popular Chinese crypto Exchange was founded in 2017. The main attraction to the fairly new exchange is low trading fees as well as the impressive number of ICO listings. Clients can use Binance for multiple digital currencies, which includes Bitcoin, Litecoin Bitcoin case, NEO, GAS, Dash, Z cash, and many others. As part of ICO listings, users can trade the numerous tokens that are supported by Binance.

Why Binance is as Great an alternative to Bitfinex

  • Binance supports a 0,1% standard trading fee, which can be reduced if paid in BNB.
  • Binance offers a multilingual support system with languages such as Korean, Japanese, English, Chinese and Korean.
  • Supports a wide range of platforms across different OS.
  • Whereas other platforms crumbled in due to the huge crypto demand in 2017, Binance sturdy framework withstood the test of numbers. It is, therefore, a promising and stable platform

2. Bittrex

Bittrex is based in the US and currently stands tall as one of the oldest Crypto Exchanges, operating since 2014. The platform lists more than 150 Cryptos and up to the time of authoring this article, the platform has not been hacked. Bittrex is a crypto-only exchange, which translates to good options for trading through Ethereum and bitcoin. On the downside, Fiat fairs traders will be highly disappointed here.

Why Bittrex is as Great an alternative to Bitfinex

  • Bittrex platform has advanced trading tools like candlestick charts while at the same time maintaining a simplistic user interface.
  • Most of the funds are stored in cold storage and the platform has a robust security system that is as reliable as that of Bitfinex.
  • The fee structure is straight forward; The platform charges a flat rate of .25% on all trades.

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