The company was founded in 2012 by Raphael Nicolle and it has gradually built their way up to being the biggest in the industry. Furthermore, it is now owned and operated by a company called iFinex, Inc.
Bitfindex is currently located in Hong Kong and it is the biggest online platform of this type that actually does not support US dollars. Instead, they use Tether (USDT) which is a type of quasi-token that imitates the value of US dollar.
The Bitfindex platform is also known as an all-crypto platform, meaning that you can exchange a great number of different cryptocurrencies via this service.
Bitfinex has been compromised several times and certain amounts of Bitcoin were stolen. The safety and security measures are great, but due to the amount of money being transacted via the platform, they are often the target for attacks.
What are the Users Saying about Bitfinex?
Overall, the users complain about little things such as waiting time. However, the real problem is the troubled history of Bitfinex which includes several hacks and several thefts. Therefore, the users are using it actively but still do not trust it completely.
Bitfindex is a popular Bitcoin exchange platform, which is famous for having great volume. The second half of 2017 saw the volume of more than 5 million Bitcoins traded through this platform.
To sum up, if you are an experienced user who wants to go a step further into cryptocurrency exchange, this is the perfect platform for you. However, beginners are not really suitable for Bitfinex as it may seem too complicated to them. All in all, it is a great platform with many users who create enormous volume but it had certain troubles in the past.
The verification process is a bit complex, but it has to be done due to the fact that Tether is still on a shaky ground when it comes to law regulations.
First of all, you need to provide your ID. Additional documents may be required if you are registering as a business.
Furthermore, you also need a proof of residence, a bank statement and a statement signed by you to confirm that your documents are valid.
There are virtually no limits once you manage to verify your account. However, the process of verification may take a while.
There is a different system when it comes to trading currencies due to the fact that users set the fees. The minimum fee is 0.1% charged to the maker and 0.2% charged to the taker. The fees can get lower if the amount is higher. However, the first time when the fee goes lower is at $500,000.
On the other hand deposit and withdrawal fees are different on Bitfindex. The only thing that really gets charged is a wire transfer of funds, which takes 0.1% (and the minimum of $20). Other than that, you need to take a look at their “Tx Fee” which changes from time to time.
How Do I Withdraw My Money from Bitfinex?
Go to the withdrawal page of the website and enter the address for receiving as well as the amount. Go to the “form” menu that drops and select the balance in the wallet and the balance in it to withdraw. Select the “Request Withdrawal” button.
Make sure to look at the Tx Fee and see how much your withdrawal fee would be for the particular currency.
FIAT Deposit fee
CRYPTO Deposit fee
Fiat Withdrawal fee
Crypto withdrawal fee
$0.00 0.200% $500,000.00< 0.200% $1,000,000.00< 0.200% $2,500,000.00< 0.200% $5,000,000.00< 0.200% $7,500,000.00< 0.200% $10,000,000.00< 0.180% $15,000,000.00< 0.160% $20,000,000.00< 0.140% $25,000,000.00< 0.120% $30,000,000.00< 0.100%
Bank wire 0.100%
Bank wire 0.100% Express bank wire 1.000%
Bitcoin 0.0008 BTC Ethereum 0.0027 ETH Litecoin 0.001 LTC Ripple 0.02 XRP Ethereum Classic 0.01 ETC Bitcoin Cash 0.0001 BCH Eos 0.30541 EOS Iota 0.5 IOTA Neo FREE Omise Go 0.14026 OMG Dash 0.01 DASH Santiment 0.80432 SAN Monero 0.04 XMR Zcash 0.001 ZEC Bitcoin Gold FREE Golem 6.1203 GNT 0x 1.8884 ZRX Eidoo 0.77227 EDO Etp 0.01 ETP Tron 55.971 TRX Ethfinex Nectar Token 1.6175 NEC Qtum 0.01 QTUM Singular Dtv 16.654 SNG Qash 2.5201 QASH Streamr 21.222 DATA Status 12.274 SNT Augur 0.042024 REP Spank Chain 9.8325 SPK Fun Fair 43.903 FUN Yoyow 14.686 YYW I Exec 1.7015 RLC Aid Coin 6.2863 AID Aelf 1.9395 ELF Rcn 12.469 RCN Time New Bank 31.881 TNB Basic Attention Token 5.5262 BAT Decentraland 18.896 MNA Aventus 1.0547 AVT TetherUSD (Omni) 20.0 USD TetherUSD (Ethereum ERC20) 2.2354 USD TetherUSD (Ethereum ERC20) 1.796 EUR
Bitfinex API can be found on their website entirely. The goal of their API is to give way to the users and developers to recreate the platform as they like. The API is made in such a way that all of the features on the website are accessible.
other withdrawal possiblity
CRYPTO CURRENCYrate (Live via API)
FIAT Withdrawal limit
Crypto withdrawal limits
Verification needed for crypto trade
Verification needed for fiat trading
Turnaround amount 24h
BTC; ETH; LTC; XRP; ETC; BCH; EOS IOTA; NEO; OMG; SAN; DASH; XMR ZEC; BTG; GNT; EDO; ZRX; TRX; IOTA ETP; QTUM; SNG; QASH; DATA; REP SNT; FUN; RLC; YYW; SPK; RCN AID; ELF; BAT; TNB; MNA; AVT
Bank wire Express bank wire Cryptocurrency
Personal information valid government issued identification Bank Statement Proof of Address
- Many advanced trading options with a detailed overview
- The fees are some of the lowest in the industry
- US dollar replaced by Tether
- Users do not trust it completely
- Several hacks of the platform in the past
- Fiat currencies are not supported at the moment