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Transferable to your own wallet
Self-custody of cryptocurrencies plays an important role for many users who want to manage their cryptocurrencies and thus their "private keys" themselves and not leave them in the hands of the exchange. Most exchanges offer the option of sending the purchased cryptocurrencies to their own wallet.
Deposit protection is a safeguard for the assets of users of a stock exchange or broker, which is intended to protect investors in the event of insolvency or a high loss due to a hacker attack. Service providers based in Germany are legally obliged to provide deposit protection of €100,000. In some cases, international exchanges have a special insurance policy that covers a certain portion of the assets instead of a deposit guarantee.
The overall rating is the average of our individual ratings. Our ratings do not constitute investment advice, but merely our personal opinion. You are welcome to use them as rough indicators and additional perspective. In the dynamic and fast-growing crypto sector, parameters can often change from one day to the next, so we cannot guarantee that the rating data is up to date. Therefore, please never use our ratings as an isolated basis for decision-making and not as a substitute for your own research.
This rating describes our personal assessment of the user-friendliness of the product. How easy is the onboarding process? How modern is the user interface and is it easy to use? Are all the important functions quick and easy to find? We ask ourselves all these questions in order to give a personal rating from 1 to 10 points.
This rating describes our assessment of the fee structure of a stock exchange or broker. It is not only the amount of fees that can differ, but also the type of fees. The most common type of fees for crypto exchanges are the "maker/taker" fees or spreads. In some cases, there are also hidden fees that are not recognizable to users at first glance.
For products or services in the crypto space, trust and security should be the biggest factors in the selection process. Since we could not seriously evaluate the technical security of a platform or product, we analyze publicly available factors such as security features, location, regulation, certifications, audits, team/company, general reputation and, of course, track record.
Crypto doesn't have to be cryptic. Especially for beginners, the first contact with the crypto world can be overwhelming. With this rating, we give our assessment of how easy it is for beginners to find their way around: from the onboarding process to using the most important functions.
Customer support is an important factor for many users. A long wait or no response at all in the event of problems can be frustrating, especially when it comes to sensitive topics such as finances. With this rating, we give our assessment of the quality of customer support. In order to provide as balanced an assessment as possible, we also include user opinions from other platforms in our evaluation.
Some exchanges and brokers are regulated by financial supervisory authorities in certain countries/states. This often entails strict financial regulatory requirements and compliance requirements to which the company must adhere. Regulatory clarity can contribute to greater transparency and thus also greater trustworthiness.
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Overview
Quick Facts
Bitfinex, launched in 2014, caters to experienced users and traders as a traditional crypto exchange. It is recognized for its longstanding history and comprehensive trading features, while also allowing straightforward cryptocurrency purchases.
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Pro's & Con's
- Cheap fees
- Lots of features for traders
- Extensive charts and tools
- Might be complex for beginners
- No regulation
Bitfinex
Features
Feature Overview
Unique Features
- OTC desk
- Advanced services for cryptocurrency traders and liquidity providers
- Bitfinex Borrow
Tradable Assets
- Cryptocurrencies
Trading Options
- Derivatives
- Margin trading (leverage)
- Short/Long
Our
Bitfinex
Review
Test Result
Bitfinex
User Reviews
Bitfinex users appreciate the platform for its extensive features and customizable interface that allows the layout to be tailored to personal preferences. However, the variety of features and tools can be overwhelming for beginners. Some users wished the platform offered a simpler, less cluttered option for beginners.
Bitfinex garners praise for its broad array of cryptocurrencies and trading pairs, complemented by advanced features like margin trading and futures. It's observed, though, that the platform caters more to seasoned traders, posing challenges for beginners.
Bitfinex is recognized for its extensive features, yet it's often seen as not the most approachable for beginners due to its intricate interface. Calls for more beginner-oriented educational materials and a simplified interface are common.
The fee system of Bitfinex is acknowledged for its clarity and fairness, particularly beneficial for high-volume traders. Yet, some traders find the fees for smaller volumes to be on the steeper side when contrasted with other platforms.
Despite historical security issues, Bitfinex has regained user trust for some by enhancing security protocols, such as 2FA and cold storage. However, opinions on the exchange's trustworthiness remain varied.
Customer support at Bitfinex has a split reputation; while some users report satisfactory and swift assistance, others encounter slow responses and unresolved issues.
Critique points for Bitfinex include its complexity for novices, historical security breaches, and mixed customer support satisfaction. Nonetheless, many acknowledge Bitfinex as a competent trading platform, especially for the experienced trader.
About
Bitfinex
Bitfinex
Users?
Score
About the author
Ethan is the go-to crypto guru at Exchange Flow, with nearly a decade steering traders through crypto exchange platforms worldwide, Ethan brings welcome clarity to the complex terrain of digital currencies. His hands-on approach to testing and analyzing exchanges worldwide makes his reviews and articles valuable information for readers and newcomers in the crypto world. Beyond his crypto expertise, Ethan is a retro gaming enthusiast and an explorer at heart, using his crypto gains to fuel adventures around the world. Dive into Ethan’s articles and reviews for a global perspective on cryptocurrency that’s as enlightening as it is engaging.
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