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A Brief Guide to Bitfinex Exchange

Bitfinex exchange is one of the most used crypto exchanges in the world. But, should you use it? Find out in this article.

The Bitfinex exchange is one of the pioneering cryptocurrency exchanges founded in 2012 when even cryptocurrency was still nascent. Since the last decade, Bitfinex has stayed at the forefront in crypto trading and is currently at the 8th spot among some of the best cryptocurrency exchanges as per CoinMarketCap. 

The exchange offers a large ecosystem of crypto products, over 170 cryptocurrency tokens, and trading options such as margin accounts, paper trading, spot trading, derivatives, and more all while boasting a low trading fee of 0.2 percent or less. With a blend of features ideal for both newbies and expert crypt users alike, the Bitfinex exchange almost offers everything a trader needs, but in the past, the exchange has had regulatory issues including several fines. 

Connecting your Bitfinex Address to ZenLedger For Your Crypto Tax Forms

As one of the most comprehensive cryptocurrency tax software options on the market, we have import instructions for well over 400+ exchanges

Within ZenLedger, on the Import Transactions page and Exchanges tab, select the Exchange you want to import. Then you'll see a table that outlines the possible methods. For many centralized exchanges, we support a direct API code import, while others may require a CSV import. Decentralized exchanges may require a wallet address.

To import your transactions from an exchange, simply navigate to the "Exchanges" tab of the "Imports" page. Select the exchange that you are looking to import, and instructions will be provided for that specific exchange!

Let’s see what the exchange has to offer.

Trading Experience

Bitfinex offers an immensely user-friendly trading experience with several features and options that both beginners and experienced traders appreciate. You can gain some experience and feel the market with its paper trading feature, which gives you some play money to practice investing and test your strategy before your start investing real money. 

Bitfinex’s standard features include:

  • Advanced charting tools
  • Order book view
  • Order depth chart
  • Quick access to buy/sell tokens
  • Historical price data via Bitfinex Terminal
  • Automated algorithmic trading
  • A robust API for developers

If you wish to trade on the go, you can also use the mobile app, which is also loaded with plenty of expert-level tools such as support for advanced and detailed orders. 

Fees

Bitfinex exchange offers some of the lowest trading fees in the crypto trading arena. The maker fee is 0.10 percent and the taker fee is 0.20 percent and these rates apply for stablecoin, crypto, and fiat trades. 

One of the ways to save fees on the exchange is to hold an LEO token, a utility token intended for use on the Bitfinex exchange and other crypto trading platforms managed by Bitfinex’s parent company, iFinex. 

If you hold $1 worth of LEO in your account, you can get a 15 percent discount on crypto-to-stablecoin and crypto-to-crypto trades. If you hold $5,000 worth of LEO, you get 25 percent off for stablecoin and crypto trades and a 10 percent discount on fiat trades. And if you hold $10,000 worth of LEO, the discounts are even higher. 

Security

Bitfinex uses several crypto industry-standard security measures to keep its user's funds and accounts safe. The security measures include advanced APIs for connecting third-party services, two-factor authentication, protection while withdrawing funds, and cold storage for their customer’s assets. 

But, Bitfinex has been hacked a few times in the past, losing customer funds as well as trust in the process. 

How to sign up on Bitfinex?

  • Go to the official site of Bitfinex:  https://www.bitfinex.com/
  • Click “Sign Up” on the top right corner 
  • On the sign-up page, put in a username, and your email address, and set a password. Select the country of your residence and then click “Sign Up”
  • Set up a Google Two-Factor Authenticator for your account’s protection
  • Click on “Continue” to head to the page to set up the 2FA. You need to finish the 2FA to access the features offered by Bitfinex. 
  • Next, go to your inbox to confirm your email address. 
  • Now, you can log in to your account.

But before you start trading, Bitfinex exchange will ask for your personal contact information, two copies of your government-issued id, and a selfie to fully verify your account.

Note: BItfinex is not available for US citizens or residents

Cryptocurrencies Supported by Bitfinex Exchange

More than 170 cryptocurrencies are supported by the exchange on its active trading platform such as:

Bitfinex brilliantly supports all the in-demand digital assets on its platform. 

Customer Service

Your Bitfinex account is mostly self-service and the best way to get help regarding any issue is by going through the exchange’s FAQs and help section. However, you can raise a ticket via email and Bitfinex will help you. Currently, there’s no live chat or call support and thus, no instant support in an event of an issue. 

Final Thoughts 

Bitfinex has amassed a good amount of investors and traders that use the exchange regularly. With its low fees, high liquidity, more than 170 supported tokens, and several features, the Bitfinex exchange becomes a viable option for beginners and even expert traders.

Bitfinex Exchange FAQs

1. Who is behind Bitfinex?

Bitfinex’s parent company is iFinex Inc which owns and manages the crypto exchange and it is registered in the British Virgin Islands.

2. How good is Bitfinex?

With its low fees, high liquidity, more than 170 supported tokens, and several features, the Bitfinex exchange becomes a viable option for beginners and even expert traders. Since the last decade, Bitfinex has stayed at the forefront in crypto trading and is currently at the 8th spot among some of the best cryptocurrency exchanges as per CoinMarketCap.

3. Can Americans trade on Bitfinex?

As per Bitfinex Terms of Service, US citizens and residents cannot use the Bitfinex platform.

4. What can you trade on Bitfinex?

The exchange offers a large ecosystem of crypto products, over 170 cryptocurrency tokens, and trading options such as margin accounts, paper trading, spot trading, and derivatives. You can trade tokens such as Ethereum, Bitcoin, Solana, Terra, Litecoin, Tether, Ripple, and many others.

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