Due to its stripped-back interface, Coinbase is a versatile platform and is undoubtedly one of the best ways to buy Bitcoin and other cryptocurrencies for US citizens. The user is required to provide a username, email address, set (and confirm) the password, and choose the time zone. After clicking on the Open Account button the potential user needs to check the mail and tap on the confirmation link from the email sent by the exchange. The user should confirm that she/he is not a US citizen because the US residents are not allowed on the Bitfinex exchange. Despite this, they have compensated almost every trader who has lost funds caused by Bitfinex’s mistakes. So, having no regulatory licenses does not mean this is not a legit crypto exchange.

Cyber Security Measures

The exchange discontinued its services in the US in 2017 due to the resources required to service Bitfinex US customers and the complexity of the US regulatory environment. Ever since, it has explicitly prohibited US customers from opening new Bitfinex accounts or using its services, as stated in its Terms of Service. Deposits are completely free, and withdrawals are going to cost a bit, depending on the cryptocurrency that it is that you’re withdrawing.

Trading Fees

The platform follows the industry’s best practices by offering multi-layered protection for customers’ funds. Long-term investors can earn additional income through staking, with an added opportunity to profit via the referral program. The platform also provides high-quality email-based customer support. However, the platform has limited asset diversity, supporting only around 170 cryptocurrencies. It also lacks Proof of Reserves and an insurance fund for customer assets.

Exclusive access to Margin Funding, suitable for those looking to lend funds and earn interest. Bitfinex was established in 2012 by Raphael Nicolle and is currently owned by iFinex Inc. The platform operates internationally, with its headquarters in Hong Kong and offices in London and Taiwan. Additionally, Bitfinex employs a global team spread across Europe, Asia, and the Americas.

• BitFinex provides staking for certain proof-of-stake cryptocurrencies such as Cardano and Tezos.
• In fact, the exchange does have a pretty shaky past – it’s something that many critics tend to bring up while discussing is Bitfinex legit, too.
• BitFinex’s history of security breaches is of some concern, although the breaches have resulted in a much stronger security protocol being installed.
• There was another lawsuit filed against USDT as recently as 4 December 2021.
• Our Bitfinex review will help you determine if it is the right exchange for you.

The alleged manipulation was made in partnership with Tether, the company that has strong ties with Bitfinex, moreover, companies are partly governed by the same people. According to New York Attorney General Letitia James, Bitfinex was using Tether to cover up the losses of the user funds worth $850 million. The company is accused of insolvency, and this question is not properly addressed by Bitfinex.

Advantages of Margin Funding

However, Coinbase is not the cheapest exchange for smaller investors, and better fees can be obtained on Binance. Another way how users can avoid stealing their money is by setting the Withdrawal Addresses Whitelist. The user can disable withdrawals of chosen currencies if the withdrawal of these assets is not necessary for the nearest time.

The maximum trading fees start with 0.1% charged from makers and 0.2% charged from takers. Bitfinex has established itself bitfinex review as one of the leading cryptocurrency trading platforms, known for its advanced trading options, competitive fees, and significant trading volume. In this Bitfinex Exchange review, we will cover everything you need to know about its fees, withdrawal structure, margin trading, and overall reputation. Initially, it was a peer-to-peer margin lending platform for BTC, but later, other cryptocurrencies were made available and Bitfinex has turned into a cryptocurrency exchange. From the very beginning, the platform was aimed to attract users from the US.

Several payment methods are available, including bank transfers and credit/debit cards. There are currently 806 supported coins and 1,429 trading pairs to speculate on across several markets, including spot, margin, derivatives, and leveraged tokens, to name a few. Spot trading fees on KuCoin are very reasonable at 0.1% per transaction, with volume-based discounts available on top of a 20% reduction when paid using KuCoin’s native KCS token.

Spot fees on Binance are 0.1%, with volume-based discounts available. Futures fees start at 0.0200%/0.0400% but vary based on market and volume. Additionally, there is a further discount of 25% for staking BNB tokens. Another reason Binance is our top pick is the strength of its app. It’s highly intuitive, easy to use, and smooth, and it can check live prices, execute orders, manage digital assets, and view P&L. Moreover, Binance Futures supports 125x leverage trading on 256 trading pairs and has a staggering $44 billion daily trading volume, more than double that of its closest competitor.

XT.com Review ( : Is This Exchange Legit and Safe for Crypto Trading?

Let’s say you have a 30-day derivatives trading volume of $0.00 or more traded; you will be charged 0.0200% maker and 0.0650% taker’s fees. In general, yes – Bitfinex is considered to be a decent cryptocurrency exchange alternative, especially for professional traders. Bitfinex is primarily aimed at professional traders – people who already have a pretty varied portfolio of financial assets, and now want to get into crypto trading, as well. If you’re a cryptocurrency veteran, there’s a pretty good chance that you’ve heard the name “Bitfinex” before. It’s one of the older cryptocurrency trading platforms on the internet – the sheer number of user Bitfinex reviews found online showcases this pretty well, too.

• The platform provides many options that are supposed to make the use of Bitfinex safe.
• US-based users should check their eligibility before attempting to create an account.
• BitFinex account holders can now seamlessly make payments in digital tokens to merchants/businesses that have installed the BitFinex Pay widget.
• Bitfinex has limited access in the US due to regulatory restrictions.
• Furthermore, Bitfinex users can access an extensive range of technical indicators, although the lack of drawing tools makes plotting complex strategies challenging.

With the Bitfinex app, you can do everything you need—manage your portfolio, open, view, and close positions, exchange crypto, and make withdrawals instantly. You can trade crypto for fiat currencies and vice versa with other traders on the P2P marketplace. The best features of Bitfinex are the Bitfinex wallet, Bitfinex mobile app, Bitfinex trade bot, margin funding, scaled orders, and paper trading. Since this security breach, Bitfinex platform has become a more reliable exchange by increasing its security measures to protect all user assets. Here are some features it uses to safeguard customer funds and data. BitDegree aims to uncover, simplify & share Web3 & cryptocurrency education with the masses.

Moreover, the Bitfinex Terminal facilitated strategy backtesting using historical market data, offering invaluable insights. Through APIs, clients can integrate with platforms like 3Commas and QuantConnect to deploy bots to help enhance their trading capabilities. Borrowing funds on Bitfinex incurs a maker fee twice – upon loan initiation and repayment. Interest rates and lending fees vary based on the involved asset or coin.

The exchange promised to repay the amount using future trading revenue. By April 2017, Bitfinex had successfully repurchased all BFX tokens, fully reimbursing its customers—a move that helped restore its reputation. Whether you’re curious about Bitfinex withdrawal fees, the Bitfinex exchange reputation, or wondering, “Is Bitfinex a good exchange?

Bitfinex exchange has a help section where you can find solutions to your general queries and FAQs. You can also raise an email support ticket which will be replied back in hours. It has also a chatbot that will give specific replies to your issues. There is no phone or live chat support, so for urgent issues you still have to raise email tickets. There is no trading fee for OTC trades done through the Bitfinex OTC Desk.

In addition to its trading services, Bitfinex facilitates peer-to-peer (P2P) financing, operating offshore in the British Virgin Islands. Verification can help ensure real people are writing the reviews you read on Trustpilot. We use dedicated people and clever technology to safeguard our platform. Labeled Verified, they’re about genuine experiences.Learn more about other kinds of reviews. Companies on Trustpilot can’t offer incentives or pay to hide any reviews.

If you withdraw smaller amounts, you can use OpenPayd with a minimum amount of €25/£25. On the other hand, cryptocurrency withdrawals have a minimum of $5 equivalent, with no maximum limit. 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. Bitfinex supports over 178 cryptocurrencies, but some notable assets are missing. Namely, Tether, BNB and USDC, which are in the top 20 cryptos by market cap.