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17F-1, No 266, Sec 1, Wenhua Road, Banqiao District, New Taipei City 22014, TAIWAN
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Company Name

iFinex INC

Date founded

Sep 30, 2012

Founder Name

Raphael Nicolle



Regulation (trading)

Cyprus Securities and Exchange Commission (CySEC)


Hong Kong, China


17F-1, No 266, Sec 1, Wenhua Road, Banqiao District, New Taipei City 22014, TAIWAN


Chinese, English, Russian

Risk Management Tools




Deposit methods

Bank wire, Bitcoin

Maximum deposit


Maximum withdrawal


Minimum deposit

20 $

Minimum withdrawal


Supported fiat currencies

United States Dollar

Two-Factor Authentication


Multi-factor Authentication


Secured By SSL


Google Play
Windows Phone


Withdrawal methods

Bank wire, Bitcoin

Max Leverage

up to 3.3x



Demo version


Open 24H
Range 24H
Vol. 24H
% CH


Bitfinex (BFX) is a major Hong Kong-based cryptocurrency exchange which founded by the CEO, Raphael Nicolle. The platform is specialized for the trading of cryptocurrency and known as the most extensive and advanced cryptocurrencies exchange. Also, it facilitates the US Dollar-based trading of Bitcoin and other seven leading cryptocurrencies such as Ethereum, altcoins, etc. However, there is an issue which leads to banned all US-citizens from ICO’s and Bitfinex for the last quarter of the YR 2017 and as of August 15, 2018 – Bitfinex officially decided to stop serving US individual in according to their FAQ [1]. It says that the Securities and Exchange Commission (SEC) was making unclear threats about oversight on the horizon, and demanded that the "virtual currency" profits must claim at a taxable rate equal to that of capital gains. ICO's, and Bitfinex proclaiming that they will no longer service US customers due to regulatory overhead, although the platform was the leading exchange for USD-denominated Bitcoin trading.

Bitfinex fees are extremely low compared to other cryptocurrencies exchange platform. At low volumes, traders who take the offers of others (“takers”) will charge for just 0.2% in fees. Those who instead place trades in the order book will charge for only 0.1%. What’s more? Maker fees are voided entirely for accounts which have traded over $7.5M, while taker fees may drop as low as 0.1% with appropriate volume.

Behind the controversial issues that quickly spread all over the world of Bitcoins, Bitfinex still one of the crypto-exchange that consistently has a high daily trading volume out of any cryptocurrency exchange and there is a good reason why. Their platform caters a comprehensive coin selection with various trading pairings, extremely low fees, and an outstanding interface.


Extremely Low Fees and Competitive: Bitfinex offers some of the lowest trade fees in the market. Traders trading less than $500,000 have a markers fee of 0.1% and a Takers fee of 0.2%. Makers are those who add liquidity to the exchange while Takers are those who remove it and as monthly trading volume rises, the fee steadily decline. There is no minimum withdrawal or deposit amount for cryptocurrencies. The deposit fees are free while withdrawal fees depend on currency or transfer type. For bank transfers and wire transfers, there is a 0.1% fee for both withdrawal and deposit of $20.00.

Margin trading Features: Bitfinex allows users to trade up to 3×3 leverage by getting funding from peer to peer margin funding platform. The Margin funding fee is 15% of the fee generated by active margin funding contracts. For those users who are open to the hidden offer, the cost is a bit higher and totals to 18%. Users can lend money to other traders in the platform for margin trading, and by giving this loan, they receive a passive earning of BTC. Traders can also enter an order to borrow their desired amount of funding at a duration and a rate of their choice. After traders transfer BTC for margin trading to close their positions, they return your loan and your commission to your margin trading wallet. Bitfinex has three wallets namely: Exchange wallet-it is used for exchanging funds between the supported currencies. Margin wallet- it is used for trading leveraged short and long-term positions. Funding wallet-it is used for providing margin and financing funding to other traders.

Verification of accounts: Bitfinex has verification requirements depending on whether you have an individual or corporate account. An individual account is an account with an individual's name. The conditions are - To complete an online form containing age, phone number, email address, residential address, ID, bank statement and a proof of address. A corporate account is an account owned by a corporate, partnership or trust. It has several requirements which include completing an online form containing corporate documents, director information and after completing this form, you are required to complete an individual form for each director(s)/ controlling officer(s) and shareholder(s)

Security: Vast users’ funds are stored in cold storage and only enough funds to ensure needed liquidity is stored in the hot wallet. The cold storage option has a multisig feature and is geographically distributed in various secure places for safety. They also have 2-factor Authentication on withdrawals and logins. Bitfinex claims to have advanced verification tools to detect whether the account is compromised. Bitfinex has been hacked before in 2016 August, and Bitcoins worth 72 million USD was stolen from many users’ accounts. Bitfinex issued BFX tokens to make up for 36% losses of users and later bought all the tokens back. It recovered from this tragic event and compensation of users made it a trustworthy exchange.

Customer support: Bitfinex support can be contacted through email (, FAQ and an active forum where you can ask questions. The exchange executive team is based in several locations and work from Asia, Europe, and the US. However, there have been a mixed reaction on how the support work with some claiming the support is slow in handling their issues and the FAQ does not cover all the needed information.

Trading volume and liquidity: Bitfinex has a high trading volume of about USD 2B. High volume is an indication of tighter spread. Bitfinex also has high liquidity.

Excellent User Interface: A relatively straightforward and simple layout.

Associated with reliable Crypto-exchange: deeply connected with some of the biggest and best in the Bitcoin exchange world, such as Bitstamp.

Innovated Platform: Advanced trading features, leverage abilities, and order types

Mobile-app: supported In-house mobile app for both Android and IOS

Unlimited withdrawal and there is no deposit or withdrawal fee for any cryptocurrency

Hacks have been solved professionally

Has a demo available



Hacked: In August of 2016, about 120,000 bitcoins (worth roughly $72 million at the time) stolen from Bitfinex.

Not beginner user-friendly: May not be suitable for beginners or those unfamiliar with trading platforms

High required margining volume: It requires different maker fees that need to pay for total trades at most $7.5M. While, deposits are free most of the time, except for a wire transfer deposit that charges a specific fee.

Payment Problems: Issues on payment was document since the early YR2017.

Limited Fiat Deposits Method: The only way to deposit fiat Dollars is via SWIFT (known as a wire transfer).


Funding and Withdrawal with Bitfinex

The only supported method of funding fiat USD into your Bitfinex account is via SWIF (Known as the wire transfer). This method of depositing fiat asset is quite expensive and slow which also requires a bunch of identity verification. That’s why? Most of those seeking to purchases bitcoins will be preferred to buy from a local exchange or trader for less cost and at the leisure of the buyer.

For the record: Bitfinex applied charges of 0.1% fee on all bank wire deposits, with a minimum fee of $20. And please take note, that it will be an addition to users banking costs, which may be very unreasonable (especially if sending a currency other than US Dollars which must convert).


How to Trade on Bitfinex

The best way to on “how to?” is to familiarize yourself with Bitfinex. The first thing you need to do, you need to register yourself which only requires you an email address. Once, you log in, navigate the “Support” tab at the top right of the interface and click on it. Then, click the “Tours & Guides” option and just follow the interactive guides.

But, let me discuss a simple overview of how does it work. The exchange trading is the easiest way to trade on Bitfinex the rest are a little complex for somewhat. The idea in trading is simple, “Buy Low and Sell High.”

By buying bitcoin, select the order type “LIMIT,” and type your preferred amount on USD. On the order size (BTC) type the amount of the bitcoin you want to purchase that you think will corresponding to your preferred LIMIT (USD amount you set earlier), and click the color green “BUY” button. After that, you just need to wait until the platform pair your order with the right trade, and this done when the market reaches the amount you set on your “limit” and the order you made will execute right away.

Also, the platform offers the users to make a margining method on his/her transaction. The user can do a “margining trade, margining buy, and margining sell”.



Bitfinex is a good exchange despite being hacked. It has also upgraded its site security frequently, and the platform is easy to use. It has a demo explaining the details of how to use the platform. The customer support and forum is relatively great compared to other exchanges.



[1] “US Residents - Frequently Asked Questions” (Link). Retrieved January 05, 2019

Pros & Cons
  • Extremely low fees and competitive
  • Margin trading features
  • Verification of accounts
  • Security
  • Customer support
  • Trading volume and liquidity
  • Excellent user interface
  • Associated with reliable crypto-exchange
  • Innovated platform
  • Mobile app
  • Unlimited withdrawal and no deposit or withdrawal fee for any cryptocurrency
  • Hacks have been solved professionally
  • Has a demo available
  • Experienced a hacking incident in 2016
  • Not beginner user-friendly
  • High required margining volume
  • Payment problems
  • Limited fiat deposits method
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