Bitfinex.com: Crypto Trading Site Review 2022

With over 170 different cryptocurrencies, Bitfinex is an excellent destination for crypto traders. In addition, the platform offers fees lower than most of the alternative sites and boasts excellent features for pro-traders and beginners. However, the website has a reputation for regulatory sanctions and is unavailable to U.S. users.

There are over 500 active crypto trading platforms on the internet. Each one offers unique leverage over the other. Some exchanges offer extremely low trading fees, huge welcome, and affiliate bonuses, while others have more robust features that help traders have the best trading experience.

If you are a professional trader, you want to trade on a platform that offers fees, and you can trust. Similarly, you might be looking for a trading site with a shorter learning curve.

To help you decide better, we put together this comprehensive review of Bitfinex.

Quick overview of Bitfinex

Bitfinex is the world's largest cryptocurrency exchange platform by trading volume. It was founded in 2012 and registered in the British Virgin Islands.

One thing you want to know about Bitfinex right from the get-go is this: Bitfinex is not a trading platform for beginners. Indeed, a beginner is allowed to sign up and trade. However, the reality is that the platform is best suited for investors who know their way around crypto trading.

This is because the website supports a large ecosystem of crypto trading products that cater to the needs of professionals; these include derivatives, spot trading, margin funding, paired trading, limits, and spot orders.

As such, anyone looking to buy and sell Crypto might be underusing the platform or find it hard to walk their way around the website.

Also, before you get started, you should know that Bitfinex has a pretty controversial reputation among users online. For one, international regulatory bodies sanction the platform on multiple occasions- more details are below.

Although this history of allegations might worry investors, statistics on Similarweb show the website gets around 3 million monthly users. While this does not indicate customer satisfaction, Bitfinex has some great features that might keep professional traders coming.

Let's have a look:

Pros: 9 Bitfinex features you might love

1. Exchange Trading: An active marketplace where pro-traders can deposit, trade, and withdraw digital tokens.
2. Margin Trading: Receive funds from the margin funding platform and trade with up to 10x the leverage. This is similar to what you'd get on alternative trading platforms like Binance and Coinbase.
3. Margin Funding: Lend funds to leverage traders on the P2P market and earn interest.
4. OTC Desk: Connect with traders like yourself without going through the public order books.
5. High Liquidity: Bitfinex is one of the top exchanges in terms of BTC/USD daily trading volume, which guarantees price stability and confidence for every trader.
6. Robust trading pairs: Over 100 market pairs are available, including major coins like Bitcoin, Ethereum, Ripple, and EOS, as well as famous altcoins such as TRON, Stellar, NEO, 0x, QTUM, and many others.
7. Security: Bitfinex has a history of hacking where it lost user assets. The platform has since bolstered its security with 2FA, cold storage for 99% of user assets, encryptions, whitelisting wallet addresses, and suspicious activity analysis.
8. Customer support: Users of Bitfinex can contact assistance via email 24 hours a day, seven days a week. Except during periods of heavy activity, all queries are answered within 12 hours. Aside from that, customers can access a comprehensive knowledge base to find answers to the majority of their basic questions.
9. User-friendly interface: If you're used to using online bank accounts, Bitfinex's account displays and options are straightforward to navigate. Bitfinex will be familiar to anybody who has used active stock market trading platforms or F.X. trading programs.

Cons: 3 Bitfinex issues to consider before trading

1. Bitfinex's profile is riddled with a history of regulatory sanctions, loss of customer assets, hacking and general distrust. It only takes one Google search to discover this.
2. No access in the U.S.: Bitfinex is not available in the U.S. Even with a premium VPN, U.S. users cannot access the site. This presents a huge disadvantage to U.S. citizens, who are considered the world's largest community of trading and crypto investment.
3. Long transaction period: Withdrawal can take up to 24 hours. If you are the type to trade and cash out on the spot, Bitfinex might not be your best option.

Creating a Bitfinex account is straightforward but requires KYC verification

Sadly, if you are located outside the U.S., you cannot create a Bitfinex account. But if you are signing up from other locations, creating a Bitfinex is straightforward.

To get started, you need to follow the sign-up process with your email address and password, just like you would on any other website.

However, the KYC verification process is quite tedious. Unlike Crypto betting sites where players invest in Bitcoins, crypto investors on exchange platforms must go through this KYC process. So, if you are transitioning from Crypto betting to crypto exchange, you want to have this at the back of your mind.

To pass the verification system, you will provide the following information:

• Personal contact information
• Two valid forms, I.D.s. These I.D.s must be government-approved forms of identification. Your international passport or driver's license should do fine.
• A selfie picture showing your face clearly. This will confirm that your face matches your I.D.

The verification process will take up to 6 weeks after submission. At that time, you cannot withdraw your earnings.

This system is set in line with the anti-money laundering procedure. Since everyone on the platform has done the process, you can rest assured you are dealing with verified individuals that are traceable in case of fraud.

Bitfinex website and mobile experience

If you have been a professional trader for a long time, you know how clumsy an exchange interface can be. However, things started changing since exchange platforms started adopting a cleaner and more deep-focused interface. Bitfinnex follows the same principles.

The platform offers an intuitive web view that shows you everything you need on one screen without cluttering around. Honestly, given how cluttered an exchange platform could be, Bitfinex's interface is more user-friendly.