Bitfinex Experience & Test 2021: Our Evaluation

Buying, selling and exchanging digital coins is becoming increasingly popular. As a result, the number of crypto exchanges is increasing almost daily.

Bitfinex is a well-known crypto exchange that has been on the market since 2012. The extensive offer includes 121 cryptocurrencies, which attracts many potential traders.

But what else is there to consider apart from the Bitfinex offer? Among other things, the Bitfinex test goes into more detail about the history, the offer, the security, deposit options, fees and the tradable cryptocurrencies.

Is the provider really suitable for every type of investor or are there important tips here before you open an account?

In this review, you will learn everything you need to know about one of the best-known exchanges on the market.

Our recommendation: Buy cryptos with eToro

Incl. wallet
Buy and sell cryptocurrencies directly in the wallet
Paypal, credit card and instant bank transfer
Regulated provider
Real cryptos or CFD trades


Bitfinex: Advantages and disadvantages


  • Deposit via wallet possible
  • High security measures
  • Customised trading platform


  • Few languages
  • No updates for the applications in 1.5 years
  • No telephone number for direct support
  • Only possible to deposit via wallet

A big advantage is the deposit option for cryptocurrencies.

Unfortunately, this is also a major disadvantage because no fiat currencies are supported. This deprives crypto newcomers of the opportunity to actively use Bitfinex.

Many security measures are taken against hackers and other criminals and all possible dangers are pointed out.

Bitfinex fees are low if you have a high transaction volume.

Another disadvantage, however, is that the Bitfinex offer is only available in three languages and you cannot reach the support by phone. In addition, the hours of the customer service are not mentioned and one has to put up with a contact form.

Furthermore, the applications for mobile devices have not been updated for 1.5 years, which could possibly cause major security gaps. Since then, the world of cryptocurrencies has changed significantly and therefore the application should be brought up to date again.

What is Bitfinex?

Bitfinex is an exchange for cryptocurrencies that was founded in 2012. Apparently, you can only trade coins and fiat currencies are not supported. One special feature of the trading platform immediately catches the eye, namely that you can customise it. But what exactly is behind the offer by Giancarlo Devasini and Raphael Nicolle?

Only after a close examination of the matter can one say in the end whether it is a recommendable crypto exchange or not.

What is Bitfinex

Bitfinex Review - The Offer

The operators of the website offer anyone with enough capital the opportunity to trade cryptocurrencies. However, one has to deposit digital coins worth 10,000 American dollars before using the trading platform. Otherwise, the investor will be denied access.

The website has a modern design and you can immediately find the possible trading options. They are also explained directly.

However, it seems that the website is more for experienced traders than for beginners. There is a tutorial through the programmes, but the points are not particularly detailed.

There is an application for mobile devices and the point "security" seems to be capitalised at Bitfinex.

At the time of the test, Bitfinex is only available in three languages and support can apparently only be reached via a contact form.

Currently, the website has a trading volume of over 70 million dollars in the last 24 hours. In the last 30 days, it was over four billion dollars high.

Bitfinex Review - The Offer

The Bitfinex cryptocurrencies

Of course, a crypto exchange platform is all about the number of tradable cryptocurrencies.

This is where Bitfinex scores, because it offers a wide range. In the listing you can find the selectable cryptos:

0x ProjectCreditsLoopringRSK Infra. Framew. (RIF)
AuctusDetherMetaverse ETPStatus
AugurDigiByteMithrilStellar Lumens
AutonioDigix GoldMobileGOStorj
Banyan NetworkEnjinNucleus VisionThe Abyss
Basic Attention TokenEOSODEMTime New Bank
BitcoinEOS AirdropsOmiseGOTokenCard
Bitcoin CashEssentiaOMNITron
Bitcoin GoldEthereumOn.LiveUniversa
Bitcoin InterestEthereum ClassicORS GroupUTRUST
BlockpassEveripediaParkinGOV Systems
BLOCKvFunFairPOA20 NetworkVeChain
BnkToTheFutureFusionPolymath NetworkVerge
Chain Split TokensGolemProject PAIVetri
Chain Split Tokens – BTC Unl.Hydro ProtocolQASHWaltonchain
Chain Split Tokens – Segwit2xiExecQtumWAX
CindicatorInternet Node TokenRaiden NetworkWePower
CommerceBlockIOTARecovery Right TokenXriba
Consensus AIIota Tech. and Conn. HelpRequest NetworkYggdrash
Content Neutrality NetworkKlerosRipio Credit NetworkYOYOW
ContentboxKyber NetworkRippleZcash


There is hardly any other exchange that can keep up with such a number.

Moreover, deposits can only be made via a personal wallet and with existing coins.

Bitfinex experience: The functions

Bitfinex offers its customers the following trading options:

Exchange Trading: Deposit, exchange and withdrawal of all possible cryptocurrencies is allowed.
Margin Trading: You can trade with a leverage of up to 3.3x; margin funding and peer-to-peer financing are possible.
Over the Counter Market (OTC): Bitfinex offers a private OTC market for large transactions directly with another investor.
In addition, you can design your trading platform the way you like and customise it to your preferences.

Bitfinex experience The functions

An account with Bitfinex

Bitfinex is a very interesting platform.

As a crypto beginner, you probably wouldn't make investments through the website because you already need to have cryptocurrencies in your wallet to deposit and newbies usually don't have those yet.

So they would have had to register on another exchange first to be able to buy and sell through Bitfinex.

The diversions seems to be too cumbersome for some investors.

Of course, technical updates can always lead to changes in content and appearance, which is why the trading platform may also look different at a later date.

If you have any questions or requests, you should always contact the support or read through the FAQs on the site.

Step by step registration: Buy Coins with Bitfinex

Bitfinex makes it easy to buy and sell coins of 121 cryptocurrencies.

In the following, we will show you how to register and deposit with Bitfinex:

Step 1: Register account

Registration works just like with any other platform. However, Bitfinex requires confirmation that certain information has been read.

This is because you can only trade via the website if you deposit cryptocurrencies worth 10,000 American dollars. In addition, the operators charge an inactivity fee if the account is not used for too long.

Furthermore, the website states that the programmes and trading are exclusively intended for professional traders. So if you are a beginner, the operators recommend that you look for another offer first.

Registration works

Step 2: Select an amount and decide on a currency

Once the account has been confirmed and the first deposit has been made, trading can begin.

First of all, you choose the initial and final currency. Then you have to specify the amount and the platform automatically displays the exchange rate.

for too long

Step 3: Withdrawals and personal wallet

 amount and decide

You already had to specify a private wallet when making a deposit, but the website likes to store all purchased currencies temporarily. CryptoImprovementFund has also created an overview of the best wallets.

If necessary, you can make a withdrawal at a later time.

The withdrawal of coins is not free for all digital currencies. For some cryptocurrencies, mine has to pay a predetermined amount.

Alternative: Selling assets
Selling works the same way as buying. You set your currencies and confirm the offer. All open orders and sales are displayed under "Open Orders".

Our recommendation: Buy cryptos with eToro

Incl. wallet
Buy and sell cryptocurrencies directly in the wallet
Paypal, credit card and instant bank transfer
Regulated provider
Real cryptos or CFD trades


Bitfinex fees - what are the costs?




up to 1000 free of charge, then 0.1%

Trading fee


Additional fees for other payments

0.10% (min $ 60)


up to 1000 free of charge, then 0.1%

No Bitfinex fees are charged for opening and depositing into the account.

A detailed overview of all Bitfinex fees for withdrawals can be found on the site and every possible cryptocurrency is listed in detail. Some coins seem to be free to move and for others you have to pay a fee.

All Bitfinex fees are payable in the same currency as the coins withdrawn. Due to the extensive and individual fees, the list is very long and can be accessed here.

In addition, the operators charge a maker or taker fee per transaction. Of course, there is also a list for this on the website.

The costs are calculated for 30 days and depend on the trading volume.

Trading volume

Maker fees

Taker fees

Taker Discount (LEO owner)

$ 0.00 or more



up to - (25% + 6bps)

$ 500,000 or more



up to - (25% + 6bps)

$ 1,000,000 or more



up to - (25% + 6bps)

$ 2,500,000 or more



up to - (25% + 6bps)

$ 5,000,000 or more



up to - (25% + 6bps)

$ 7.5 million or more



up to - (25% + 6bps)

$ 10,000,000 or more



up to - (25% + 6bps)

$ 15,000,000 or more



up to - (25% + 6bps)

$ 20,000,000 or more



up to - (25% + 6bps)

$ 25,000,000 or more



up to - (25% + 6bps)

$ 30,000,000 or more



up to - (25% + 6bps)

$ 300,000,000 or more



up to - (25% + 6bps)

$ 1,000,000,000 or more



up to - (25% + 6bps)

$ 3,000,000,000 or more



up to - (25% + 6bps)

$ 10 billion or more



up to - (25% + 6bps)

$ 30 billion or more



up to - (25% + 6bps)

The higher the trading volume, the lower the maker and taker fees. The amount is between 0.2% and 0.0% of the transaction amount.

There is another Bitfinexe fee for margin investment. This is a payment for providing margin investment.

It is between 15% and 18% (with a hidden offer).

Since apparently many users have used the Bitfinex website as a private wallet, the operators have also introduced an inactivity fee.

One does not find out much about the amount of payments on the website.

However, when you sign up you have a box to tick that you have read the information.

There do not seem to be more Bitfinex fees, but this can change at any time. That's why you should always check how high the fees are now before registering.

trading volumed

Bitfinex experience: The payment methods

Deposits can only be made via a private wallet or another exchange.

To do this, you have to click on the "Deposit" button and select the coin for the deposit. You then have three different wallets to choose from for the deposit:

Margin Wallet: is used for margin trading.
Funding Wallet: is used for funding other margin traders
Exchange Wallet: is the most commonly used wallet; for buying and selling all cryptocurrencies
Of course, there is no cost for moving coins between the three digital wallets.

One can transfer one's balance from one place to another at any time and the transfer takes only a few minutes.

To make a deposit at the beginning, one needs one's own wallet with cryptocurrencies.

You copy the address of the website's wallet and enter it into your personal wallet.

Afterwards, one can make any transactions from the desired wallet.

Bitfinex experience The payment methods

However, you have to be a bit careful because Bitfinex does not support all currencies.

If you deposit a coin from an unused digital crypto, it will be lost forever.

For this reason, if you are unsure, you should contact support or browse the website before making a deposit and possibly losing your coins.

Withdrawals work the same way. You select the desired currency and enter the external address into the system.

Finally, you select the amount of the currency and choose the withdrawal wallet. Then you confirm the withdrawal and the credit is transferred to your private wallet.

The website operators support 121 different cryptocurrencies for deposits and withdrawals.

Fiat currencies, however, do not seem to be usable.

Anyone who wants to actively trade with Bitfinex must therefore already have their own cryptocurrencies and a wallet.

The Bitfinex App

The Bitfinex App

The operators of Bitfinex also offer a contemporary iOS and Android application.

With the Bitfinex app, it is possible to manage one's trading activities completely on the go.

In addition to open orders and already completed trades, you have access to all positions, overviews and prices.

Neither the iOS version nor the Android version is rated particularly well.

Apparently, you can do exactly the same via both programmes as via the web browser.

In addition to the options already described, the Bitfinex app logically also offers uncomplicated functions such as making transactions, viewing indicators and trading overviews, transferring coins to private wallets and checking transactions.

Profile settings can also be changed and the complete transaction history is visible.

Bitfinex support did not bother to leave a comment under all Bitfinex experiences, but only under some specific reviews.

Bitfinex experience: Security

The word "security" seems to be capitalised by the operators.

They have added an extra item "Security" in the menu, which is clearly visible.

On the website, they state that the security of the funds is the highest priority and that the security team will continue to improve the precautions.

On the platform, there is not only SSL encryption, but also other security features:

Two-factor authentication

Universal Second Factor
IP monitoring
Withdrawal policies
Additional safeguards

Two-factor authentication

The security measure requires a mobile device and an application that can be downloaded from any app store. After synchronising the mobile phone or tablet with the account in the computer, a random code is generated for each login attempt, which appears on the mobile phone and must be entered on the PC. Each sequence of numbers can only be used once for 30 seconds and is then unusable.

Nevertheless, all security measures cannot protect investors from losses.

They only minimise the risk of losing money to hackers or fraudulent websites.

Another precaution is that you should not save your access data in your browser or on your phone.

At most, they should be stored on an encrypted USB stick. Even if they are lost or stolen, the "new owners" cannot cause any damage to the account.

Compared to other exchanges, the Bitfinex platform has higher security standards.

Our recommendation: Buy cryptos with eToro

Incl. wallet
Buy and sell cryptocurrencies directly in the wallet
Paypal, credit card and instant bank transfer
Regulated provider
Real cryptos or CFD trades


Bitfinex Experience: The customer service


For many customers, the accessibility of the customer service seems to be very important.

In case of problems or difficulties, people often contact the support directly without doing their own research beforehand.

It is always advisable to search on portals for other users who may have had the same problem and can offer a solution.

A second place to start is the FAQs of a website.

Here you will often find helpful step-by-step instructions for the most common problems.

However, if none of the previously mentioned options brings the hoped-for success, you can of course contact the customer service.

Bitfinex does not have a telephone number and there are no times on the website when support is active.

You only have the option of leaving a message.

In addition, it is made clear on the page that already registered users of the platform are treated preferentially.

Of course, Bitfinex is also represented in the social networks and one can send a message to the operators after registering on Twitter, Facebook, LinkedIn or Telegram. Users are not offered any other option.

The website is also only available in English, Russian and Chinese, which are extremely few languages for an exchange. Most likely, the support is only available in one of the languages, but this was not tested in the Bitfinex test.

Bitfinex Experience The customer service

Bitfinex experiences and user opinions

Before you open an account on a trading platform, you should first read experience reports about your favourite broker or exchange.

Here you can often find out what really happens and what problems can occur. You can already get a good picture of the offer without having seen the website beforehand.

The applications of Bitfinex do not seem to be as well received as those of other exchanges.

However, the last 15 reviews for the webtrader have all given at least four, if not five stars:

"Despite everything being thrown at Bitfinex by shills,critics and haters, they just keep coming back stronger. Can't compete against facts when all you have is FUD. Alot of my profit was made on Bitfinex and they just keep getting better. Stay strong in 2k19!"

Of course, not all Bitfinex reviews are this good; some find the platform mediocre:

"I was once in this same shoes this time last few months, I can't vouch for Bitfinex as I also used them, wasted a good 3 months on trying to get my money back out of bitfinex, which failed at the end of the day after much wasted effort, exchange of emails and time. I was only able to get my money back when I contacted, took a while but I can vouch for them, they got my money back in less a week."

Again, other users spread Bitfinex experiences that can't be particularly good for the exchange:

"Manipulation manipulation manipulation"

Testimonial Bitfinex

What exactly has been manipulated cannot be read out of the Bitfinex review.

Of course, there are also some Bitfinex reviews that are bought and others that deliberately speak out against the platform.

As an investor, you should have enough sense to be able to tell the right and wrong Bitfinex experiences apart.

The story behind the Bitfinex Exchange

The platform was founded in 2012 by Giancarlo Devasini and Raphael Nicolle.

At the time, it was the first professional trading site for cryptocurrencies.

Bitfinex is now considered the most liquid exchange for BTCUSD in the world.

The platform also seems to have been developed for professional traders who want to make many and high transactions.

There are now over 51 people working for the company and the service has been downloaded over 31,000 times in the last month. That's an increase of about 20% per 30 days.

Again and again, the platform appears in the crypto news, sometimes positively, sometimes negatively, which speaks for an increasing awareness.

Above all, however, one keeps stumbling across the "Bitfinex hack" in which anonymous hackers were able to loot more than 120,000 Bitcoin. Although this incident happened several years ago, it does not really increase trust in Bitfinex.

Our recommendation: Buy cryptos with eToro

Incl. wallet
Buy and sell cryptocurrencies directly in the wallet
Paypal, credit card and instant bank transfer
Regulated provider
Real cryptos or CFD trades


Is Bitfinex a scam?

Bitfinex is in no way a scam.

It is a reputable crypto exchange and there are now very many security measures in place to protect customer accounts. In addition, users are educated about all possible areas.

In the demo mode of the trading platform, there is a tutorial for the most important menu items, but the website does not seem to be intended for beginners in the market.

The trading options are too complex and you already need some experience and a good intuition for the market. Newcomers do not have this yet and will most likely generate losses on the platform.
You can only deposit cryptocurrencies and the website openly states that you can only trade if you deposit coins worth more than 10,000 American dollars into your account.

the number of bitcoin investors in the US has tripled since 2018

You receive a notice about this before registering, which you also have to confirm by ticking the box.

The founders and CEOs are also real people, which is often not the case with fraudulent platforms.

Bitfinex fraud can therefore be ruled out.

Bitfinex a scam

Bitfinex Experience - The Conclusion

Bitfinex is a pure crypto exchange.

You can only pay with cryptocurrencies on the platform and fiat currencies are not supported at all.

One weakness, however, is the customer service. You can only reach support via the contact form and there is no telephone number for a direct conversation.

The website is also only available in four languages, which is a very low number compared to other brokers or exchanges.

On a positive note, the website offers 121 different coins to buy and sell and you can customise the design of the trading programmes as you wish. You can protect your account via 2FA or U2F and the operators seem to do a lot against unauthorised access.

The fees are also relatively low, but you have to show a fairly high trading volume. Furthermore, the website seems to be more for experienced investors than for beginners. The platform operators mention this several times.

If you want to invest in cryptocurrencies without your own wallet and already have coins, you are in much better hands as a beginner with our test winner eToro.

Our recommendation: Buy cryptos with eToro

Incl. wallet
Buy and sell cryptocurrencies directly in the wallet
Paypal, credit card and instant bank transfer
Regulated provider
Real cryptos or CFD trades



What is Bitfinex?

The provider is a crypto exchange where cryptocurrencies can be bought and sold.

Is it worth opening an account with Bitfinex?

Bitfinex was convincing in our test. The diverse trading options attract many customers, most of whom are very satisfied with the provider. Only the customer support leaves something to be desired.

How much money should I invest?

The amount of your own investment should depend on your own liquidity, the chosen cryptocurrency and your own risk tolerance. In general, you should never invest money that you actually need elsewhere, as profits can never be guaranteed.

How long does a withdrawal take at Bitfinex?

Here, too, the platform is convincing. Withdrawals are processed very quickly and are in your account within a few minutes to 2 working days, depending on the selected withdrawal method.

What are the requirements for me to trade successfully at Bitfinex?

You should always know what you are investing in. Cryptocurrencies are highly volatile, so you should first get to know the chosen coin in detail. If you have the necessary know-how, as well as the necessary bit of luck from time to time, nothing will stand in the way of early profits.

About the author

Hi there, my name is Zalman Weinberg. I'm enthusiast with over 7 years of experience in cryptocurrencies and blockchain. Professional Trader providing Blockchain solutions to Startups and Enterprises. Expert in all cryptocurrency exchange APIs (BitMEX, Bittrex, Binance, Bitfinex, Kraken, Poloniex, Gdax etc.). I have also worked with multiple Forex broker APIs.

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