Bitfinex Review Accepted Countries, Payment Methods, Coins & User Reviews

The Bitfinex calculator is a handy tool for beginners to calculate position size accurately. Traders can determine the correct size based on pre-defined take-profit and stop-loss entries before entering a position. The profit/loss percentage can be adjusted by size to meet a maximum risk level. For example, a trader with a maximum loss tolerance of 5% can adjust the amount of collateral accordingly. The calculator is complicated at first but is easy to get to grips with. Also, some may argue that the multiple hacks have made the platform much more resistant to future attacks.

• Namely, BNB, Lido Staked Ether and Bitcoin Cash, which are in the top 20 cryptos by market cap.
• For many, however, Bitfinex will simply offer the most usefulness for a diverse set of investors’ market needs.
• The Bitfinex customer service team was attentive and responded quickly to any queries.
• The most popular include BTC, ETH, ADA, SOL, USDT and the exchange’s native utility token UNUS SED LEO (LEO).
• Bitfinex also supports USDT- Tether cryptocurrency, the quasi-fiat token that is unofficially pegged to the USD price.

By default, Bitfinex requires users to set up two-factor authentication using an app like Authy. Furthermore, Bitfinex has included the ability to whitelist withdrawal addresses, lock withdrawals when logging in from a new IP, and encrypt email communications via Pretty Good Privacy (PGP). Unfortunately, Bitfinex has previously had a few security issues harming consumer trust.

Which Is Better Bitfinex Or Binance?

High volume is important for traders, as it ensures a low spread, which is the difference between the best bid and ask prices. Once you’re on the site, you’ll be able to activate two-factor authentication, and also verify your identity for further trading-related actions. Same as many other exchanges, Bitfinex has a “maker” and “taker” fee model. A maker is a person who puts forward a sale offer, while the taker, as you’ve probably guessed by now, is one who accepts that order. Most of the supported countries in the world can avail themselves of Bitfinex exchange services except the following countries like Bolivia, Bangladesh, Ecuador, and Kyrgyzstan. As of November 2017, the Bitfinex exchange has also stopped serving clients in the US due to the stringent regulatory policies in the US.

Gemini is one of the oldest crypto exchanges that is still holding firm in modern times. It was founded in 2015 by the Winklevoss brothers, Cameron and Tyler, and is one of the few fully regulated crypto exchanges in all 50 U.S. states. Supports over 200 cryptocurrencies in addition to precious metals, fiat currencies, and US equities.

Supported Countries

Then there are also rewards given out to frequent crypto traders in the form of fee discounts. But to avail of the discounts, traders have to trade for an aggregate value of more than 0.5 million for 30 days. For withdrawals, Bitfinex has specified a minimum wait time of 12 hours, but it generally does not take more than 2 hours if everything is legit. For expedited cryptocurrency withdrawals, Bitfinex requires transaction verification for USDT usage. Binance, as well as Binance.US Both are cryptocurrency exchanges; however, they are run by different organizations and have significant distinctions. If you’re an inexperienced trader, you can benefit from the beginner-friendly features on the Gemini main interface.

The bid-ask spread, which varies by trading pair and exchange, can impact cryptocurrency prices. Crypto exchanges have come to offer much more than just buying and selling crypto in recent times. Some now allow you to trade crypto derivatives, borrow cash with crypto, and perform decentralized functions like mining, staking, farming, etc. Traders can access live chat on any page via a chat box at the bottom of the screen.

Who Can Use Bitfinex?

This also includes residents in Canada that are not allowed to use the platform. Thanks to Bitfinex integrating TradingView’s charts, customers can access advanced charting tools and many useful technical indicators. While excellent for frequent traders or anyone with experience using platforms like Binance, the lack of a basic mode could make it difficult for crypto-novices to use the exchange.

It is designed to be an advanced cryptocurrency exchange that offers a plethora of services for borrowing, lending and trading. The user interface can seem cluttered but all of the functions available through more popular exchanges are available on BitFinex in addition to the advanced features. However, we are unable to endorse Bitfinex as a notable cryptocurrency exchange as the trading fees are really high.

Customer Support Team

It’s also not something that you’d need to worry about with Bitfinex. The exchange in question allows you to make deposits with 5 different fiat currencies – USD, EUR, GBP, JPY, and CNH. Well, for starters, let’s take a look at the trading (order) types available on the site.

Bitfinex supports trading in more than 500 tokens, including Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Cardano (ADA), and popular altcoins like Dogecoin (DOGE), Shiba Inu (SHIB), etc. Although the features offered by Bitfinex https://forex-reviews.org/bitmex/ are likely to appeal to experienced traders, the exchange could be difficult for a beginner to use. As such, while a strong all-around platform, traders who lack experience could be better off using a simpler platform.

Best Crypto Exchange in Canada

By volume, Bitfinex is currently the largest cryptocurrency exchange in the world, especially when the Central Bank of China decided to impose trading fees on cryptocurrency trading. This, in essence, resulted in Chinese cryptocurrency exchanges being unable to compete with other major cryptocurrency exchanges around the world. The ruling by the Central Bank of China also effectively ended the practice of Chinese cryptocurrency exchanges of “wash trading”, a process of reporting artificially inflated trading volumes. As such, Bitfinex is viewed by the cryptocurrency community as one of the more reliable cryptocurrency exchanges around.

• Reading the recent reviews makes me wonder who’s paying people to shill on Bitfinex.
• With a mix of features suitable for both beginner and expert crypto users, Bitfinex likely offers everything you need to manage your cryptocurrency in one place.
• Maker fees vary from 0.0% to 0.1% whilst taker fees range from 0.055% to 0.2%.
• Below, we’ve included a comparative table highlighting how Bitfinex stacks up against a few other popular exchanges.
• Thus, Bitfinex is one of the top cryptocurrency exchanges in the world, with a comprehensive list of supported coins that allows traders to buy or sell their preferred cryptocurrencies.

These fees make Bitfinex one of the cheapest advanced trading platforms on the market, a strong advantage for the platform. Through Bitfinex, cryptocurrency owners can also earn interest by lending funds securely to other traders. Funding can be offered across a wide range of cryptocurrencies, with the lender choosing the rate and duration. Notwithstanding any such relationship, no responsibility is accepted for the conduct of any third party nor the content or functionality of their websites or applications. A hyperlink to or positive reference to or review of a broker or exchange should not be understood to be an endorsement of that broker or exchange’s products or services. Only big issue i’ve found with Bitfinex is, that after so many years, their verification process is still the slowest out of all the exchanges.