To gain access to more features of the platform, you need to go through the identity verification procedure. Comparison of verification levels and their functionality is presented in the table. Following the hack, law enforcement agencies in the United States and abroad launched investigations into the stolen Bitcoin. Years later, two individuals were arrested and charged with laundering billions in stolen cryptocurrency linked to the breach. Their eventual guilty pleas and sentencing underscored global efforts to track and reclaim illicit digital assets. While these developments did not involve Bitfinex directly, they provided a measure of closure to one of the exchange’s darkest moments by recovering a portion of the misappropriated funds.

Great customer service

Bitfinex has a reputation for efficient and reliable fund transfers, and adhere to the rules of the financial regulators they are regulated with. When you submit a withdrawal request, Bitfinex will verify your account details and process the payment within the stipulated timeframe, usually within a few business days. By partnering with a trustworthy broker like Bitfinex, you can enjoy peace of mind and focus on your trading activities.If Bitfinex violate any regulatory rules their regulated status could be stripped.

• However, the number of cryptocurrencies available for purchase is limited, as is the range of fiat currencies.
• It offers a wide range of trading options and features, including margin trading and a customizable interface.
• You can easily calculate your fee discount on Bitfinex by entering your trading volume and the amount of Unus SEO LED tokens you hold.
• Our team has endeavored to break down the complex world of trading with Bitfinex into easily digestible information in this Bitfinex review.

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. The trading interface felt complex for a casual trader like me but followed standard industry layouts. Locating the trading fees was tricky, but I found them under the “Trades” tab in the “Reports” section of the “Wallet” menu.

Bitfinex Compared To Other Brokers

• In addition, we tested Bitfinex support services in various countries and languages and found that Bitfinex were able to effectively resolve our customer issues.
• Bitfinex is a cryptocurrency exchange that offers several trading options and products, ideal for both novice and expert cryptocurrency traders.
• 🔐 Hacked in 2016, but later enhanced security with a multi-layered system and a bug bounty program offering high rewards.
• While trading on Bitfinex, I verified that the actual fees charged matched those listed on the platform.
• Bitfinex is a cryptocurrency exchange and this is a review of the platform.

Users can access instant liquidity through the OTC desk or trade directly with another Bitfinex user. Bitfinex’s OTC Market allows users to make larger trades directly with a counterparty, bypassing public order books. Despite not being regulated, Bitfinex is one of the top exchanges in the world and has virtual offices in Taiwan and Hong Kong, with its registration based in the British Virgin Islands. For those who opt to use the third-party service provider OpenPayd for their Euro transfers, intermediate-level verification or higher is required. Users wishing to deposit smaller amounts can use OpenPayd, which supports only GBP and EUR and charges a minimum fee of €5/£5. While trading on Bitfinex, I verified that the actual fees charged matched those listed on the platform.

It supports a wide range of digital assets and offers better projections of potential earnings. Bitfinex has been the subject of controversy and hack attacks in the past. Despite these controversies, Bitfinex remains one of the most popular cryptocurrency exchanges in the world, with a daily trading volume of over $1 billion. It is particularly popular among professional traders and institutions. Some brokers may waive the minimum deposit requirement to attract new customers but may compensate for it by charging higher transaction commissions and trading fees.

Is Bitfinex a good broker?

This demonstrates that the platform is transparent about its fee structure and does not have any hidden charges. Additionally, we also compare these fees with industry standards to give a thorough perspective on each exchange’s affordability. 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.

Users can block their accounts if they suspect that their information has been compromised. To ensure a safer experience while using Bitfinex, it’s essential to adopt several best practices. These measures can significantly enhance your security and protect your assets from potential threats. Additionally, if you’re accessing your Bitfinex account or any other sensitive information while on public Wi-Fi, it’s wise bitfinex review to use a VPN. Public Wi-Fi networks are often less secure, making it easier for hackers to intercept your data.

Bitfinex maintains a comprehensive online knowledge base, a ticketed support system, and active community channels across social media and chat platforms. The exchange’s status page provides real-time updates on system performance, offering users visibility into any ongoing maintenance or issues. Bitfinex has implemented several security measures to protect its users’ funds and personal information, including two-factor authentication and encrypted data storage. However, there have been security incidents in the past, so it is important for users to take additional precautions, such as using strong passwords and keeping their accounts secure.

The account is registered. What’s next?

Bitfinex’s services are available all over the world (except for the USA) with the basic level of services requiring only a valid email address for access. However, when utilizing the OpenPayd service for Euro transfers, there is no minimum deposit amount and a minimum withdrawal amount of €25. By following these steps, you’ll have a fully-functional Bitfinex account, ready for trading cryptocurrencies. Its low fees and commitment to excellence make it a top choice for those looking to join the exciting world of cryptocurrency trading.

Bitfinex Reviews 315

These platforms offer stronger investor protection, clearer operational guidelines, and better recourse in case of disputes. This lack of full regulatory backing leaves users without strong protections in the event of disputes or insolvency. You may be able to withdraw funds a couple of times, but eventually, your balance will be frozen. To „unfreeze“ it, they’ll demand additional deposits—though in reality, your money will remain locked. I managed to recover my funds by reporting the issue to the organization mentioned in my profile name.

This lack of clarity makes it difficult to verify if Bitfinex truly provides fair trading conditions or operates more like an internalized exchange. BitDegree aims to uncover, simplify & share Web3 & cryptocurrency education with the masses. Join millions, easily discover and understand cryptocurrencies, price charts, top crypto exchanges & wallets in one place. While some of the top cryptocurrency exchanges are, indeed, based in the United States (i.e. KuCoin or Kraken), there are other very well-known industry leaders that are located all over the world. For example, Binance is based in Tokyo, Japan, while Bittrex is located in Liechtenstein. While there are many reasons for why an exchange would prefer to be based in one location over another, most of them boil down to business intricacies, and usually have no effect on the user of the platform.

It’s crucial to do your due diligence and research the reputation, track record and trust worthyness of Bitfinex. You must also ensure the Bitfinex broker’s profile, trading tools, fees and regulation aligns with your needs and goals. When it comes to online trading with brokers like Bitfinex, carefully review Bitfinex as your broker can make or break your success. Choosing the right broker is essential to ensure your Bitfinex investments grow and flourish. However, beware of fake and unreliable brokers lurking in the shadows, waiting to take advantage of unsuspecting traders.

Reviewing deposit fees before initiating a transaction is imperative, as certain brokers might impose a charge for depositing funds from your payment method to your trading account. The payment method employed for funding your account might also incur a fee. In addition, currency conversion fees may apply if the Bitfinex withdrawal and receiving currencies differ, adding to the overall transaction costs.

Bitfinex Quick Review

These measures illustrate Bitfinex’s commitment to operating within the bounds of applicable financial laws, even as regulatory frameworks continue to mature worldwide. Yes, Bitfinex has implemented Know Your Customer (KYC) procedures to comply with anti-money laundering (AML) regulations. Users are required to provide personal information and identification documents to verify their identity and prevent fraudulent activity on the platform.

The platform offers many different trading tools, such as Market, Stop, and Trailing Stop orders, futures, and securities trading. Its native integration with TradingView makes it possible to perform price analyses without leaving the platform. Additionally, the system automatically detects address typos, preventing transactions to non-existent wallets. In sum, Bitfinex is a legitimate exchange by industry standards, with a track record of overcoming adversity and maintaining large-scale operations. Prospective users should conduct thorough due diligence, evaluate their own trading needs and comfort with complexity, and ensure they adhere to best practices in account security.

Coverage, however, does not extend to user mistakes such as phishing or poor key management. In January 2025, KuCoin pleaded guilty to operating an unlicensed money-transmitting business. The settlement involved penalties totaling nearly $300 million, split between a $112.9 million criminal fine and $184.5 million in forfeitures. As part of the agreement, KuCoin also agreed to exit the U.S. market for at least two years and cannot reopen without obtaining appropriate licenses. KuCoin moved quickly to regain control, open an investigation with X, and guarantee full reimbursement for all verified losses.

The hacks were also of a high profile – they echoed through the crypto communities worldwide and sent a clear message to other exchanges. Even if the platform you’re using is highly secure, all exchanges can still be vulnerable to malicious activity. Whether you want to trade Forex, Stocks, Commodities or Indices we will help you find the best online broker for you from 400+ brokers for clients based in the UK, Europe, Asia, South Africa and Australia. Stop Loss orders are guaranteed only during market hours and under normal trading conditions. With Negative balance protection, traders cannot lose more money than they have deposited.