All things considered, that’s a pretty decent number of options to pick from! These pairs include both fiat-to-crypto, and also crypto-to-crypto ones, too. Well, for starters, let’s take a look at the trading (order) types available on the site. Many crypto sites are going to offer users a single trading option – market orders.
Deposits & Withdrawals
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). Bitfinex uses a volume-based maker/taker structure to determine the fees for buy and sell transactions. The spot fees start from 0.1% (maker) and 0.2% (taker) but can be reduced to a minimum of 0% (maker) and 0.055% (taker).
Staking Services
And many users praise its performance and customer service.Here in the US, Binance.US is likely the best comparison to Bitfinex. Binance does have a cleaner history than Bitfinex, but it also started much later. The world https://www.tokenexus.com/ of “quantitative” cryptocurrency analysis isn’t as established as “quantitative” stock analysis. But the tools Bitfinex offers make it easy for experienced stock traders to shift to the world of cryptocurrencies.
How long does a withdrawal take at Bitfinex?
- While some are more straightforward and beginner-friendly than others, you shouldn’t encounter any difficulties with either of the top-rated exchanges.
- Nonetheless, Bitfinex’s recovery management after the hacks was legendary, and since then, it has significantly improved its security and compensated lost funds to every user.
- Consider the CoinStats Wallet, one of the best software wallets to add an additional layer of security to your funds.
- If you’re concerned about potential risks on Bitfinex, you may want to skip it due to its past hacks, fines, and violations.
- The support team of Bitfinex can be contacted on a 24/7 basis through a ticketing system.
- But if you’re willing to take a small gamble on the platform, you might find a good overall experience at Bitfinex.
- Bitfinex allows derivatives trading that allows traders to speculate on the price of an asset or derivative without the need to buy or sell it.
After the hacks, the lost user funds were reimbursed by the exchange – meaning, if you had lost any crypto assets during the hack, you would have been repaid, in full. Say, you would like to profit from the cryptocurrency market, but have no actual interest in holding crypto coins, or getting yourself a crypto wallet, in the first place. That said, you’ve heard that Ethereum is a great investment at that point in time, and you want to act fast. In the introductory part of the Bitfinex review, I’ve mentioned the fact that Bitfinex has suffered some security issues over the years – that is true. However, it’s also something that we’ll discuss a bit later on in the article.
That said, I’ve noted that while the content is informative, there isn’t much hand-holding, and most of it may prove challenging for novice traders to grasp fully. Staking incurred no fees, and there was no requirement to lock in crypto for month-long periods, making it convenient Bitfinex Review if I decided to sell spontaneously. Transferring funds between wallets is swift and straightforward using Bitfinex’s Quick Transfer feature or the Balances box on the Trading page. You just need to remember that funds are allocated appropriately before executing orders or offers.
We are very glad to hear of your experience and hope that you continue to enjoy using Bitfinex. For anti-money laundering and Know Your Customer (KYC) requirements, Bitfinex requires personal contact information and two valid forms of government-issued identification to open and fully verify your account. You’ll need to share a selfie as well, confirming your identity matches your ID.