Bitfinex Review

Our verdict: in our view, Bitfinex suits experienced traders seeking zero trading fees, margin trading, and perpetual swaps, all on a single platform, while accepting its mixed track record. Bitfinex has been in operation since 2012. For non-US customers, the contracting company is BFXWW Inc., registered in the British Virgin Islands, with iFinex Inc. serving as its parent company.

Since December 2025, Bitfinex has charged 0% maker and 0% taker fees on spot, margin, and derivatives trades for all customers. The platform offers 68 crypto assets across 152 spot pairs and 79 perpetual contracts.

Bitfinex suits you if:

• you trade frequently and prefer zero trading fees regardless of volume.
• you are interested in margin trading up to 10x, perpetual swaps up to 100x, or lending your coins in a peer-to-peer funding market.
• you handle large transactions and need an OTC desk.

Bitfinex may not be the right fit if:

• you reside in the US, Canada, or Japan, as Bitfinex's terms exclude these regions, or if you are a retail customer in the United Kingdom.
• you are new to crypto: we rate Coinbase and Bitpanda higher for beginner friendliness.

Bitfinex at a glance

• Operator for non-US customers: BFXWW Inc., British Virgin Islands, company number 1 871 900. Parent company iFinex Inc.
• Founded: 2012. Status: active
• Availability: not open to US persons, including US citizens abroad, or to residents of Canada and Japan. In the United Kingdom only for persons Bitfinex assesses as exempt
• Trading fees: 0% maker and 0% taker on spot, margin and derivatives
• Bitcoin withdrawal: 0.00006 BTC, or 0.000001 BTC over the Lightning Network
• Bank wire: 0.1% on deposits (minimum fee 60 USD or EUR) and on withdrawals (minimum fee 100 USD or EUR)
• Crypto assets: 68 with an active spot market, counted without tokenized securities, test currencies and fiat. 152 spot pairs and 79 perpetual contracts
• Registrations: CNAD in El Salvador for four Bitfinex companies and AFSA in Kazakhstan for Bitfinex Securities
• Proof of reserves: a list of wallet addresses on GitHub, see Custody and proof of reserves

Where Bitfinex is available

Bitfinex does not serve the US. Its terms of service prohibit US persons, including US citizens living abroad, from using the site or any of its services. Bitfinex may make exceptions at its sole discretion for eligible contract participants, who may then not lend or borrow on the platform; in our view, retail traders should not plan on such an exception. No US state is exempt, and US territories such as Puerto Rico and Guam are blocked too. A 2021 settlement with the New York Attorney General also requires Bitfinex to end all trading activity with New Yorkers.

Canada and Japan are excluded as well. In Japan, the only exception is for registered Japanese crypto exchanges trading for their own account. In the United Kingdom, Bitfinex accepts only persons it has assessed as exempt from the United Kingdom's rules on financial promotions. Bitfinex Derivatives also turns away South African and Spanish persons along with citizens or residents of the British Virgin Islands. No Bitfinex company is authorized under MiCA: the register of MiCA-authorized crypto-asset service providers lists none of Bitfinex, iFinex, or BFXWW. Those in the US can refer to our list of exchanges for US customers for providers accommodating US residents.

What Bitfinex costs: a worked example

Suppose you fund your account in euros, buy bitcoin, and then move it to your own wallet:

• A euro transfer through OpenPayd costs 5 euros per transfer up to 10,000 euros and 0.1% above that. It requires the Intermediate verification level. A regular bank wire costs 0.1%, with a minimum fee of 60 euros.
• Buying bitcoin on the order book incurs 0% in trading fees. Card purchases through Mercuryo or Simplex start at $25.
• Withdrawing bitcoin costs a flat 0.00006 BTC, or 0.000001 BTC over the Lightning Network. Transfers to another Bitfinex user are free.

In our view, trading itself costs nothing in fees once your funds are within Bitfinex. The costs lie in moving fiat money in and out. By comparison, Kraken charges 0.40% maker and 0.80% taker at its first spot tier. On margin, you pay interest to lenders in the funding market, while Bitfinex retains 15% of the interest lenders earn.

Security and regulation

Companies and registrations

For non-US customers, the contracting company is BFXWW Inc., registered in the British Virgin Islands, with its parent iFinex Inc. also a BVI company. A search of the BVI Financial Services Commission's list of regulated entities returns no result for BFXWW, iFinex, or Bitfinex.

Four Bitfinex companies are registered in El Salvador with CNAD, the national digital asset commission. BFXWW EL Salvador and BFXNA EL Salvador joined the register in April 2026 (PSAD-0083 and PSAD-0082), while the terms of service still name BFXWW Inc. as the contracting party. Since January 2025, derivatives have been provided by Bitfinex Derivatives El Salvador (PSAD-0040). Bitfinex Securities, the platform for tokenized securities, is registered in El Salvador (PSAD-0001), and the register of Kazakhstan's AFSA lists an active license for Bitfinex Securities Ltd. In our view, these registrations cover parts of the business, while the main exchange contract sits with a BVI company that no regulator lists.

Custody and proof of reserves

Bitfinex states it keeps approximately 99.5% of assets in offline, multi-signature wallets, with two-factor authentication protecting logins, withdrawals, and API access. Since November 2022, Bitfinex has published its exchange wallet addresses on GitHub, last updated in December 2022. We could not find a proof of liabilities or an audited proof-of-reserves report.

Incidents and legal history

• The 2016 hack: in August 2016, a hacker moved 119,754 bitcoin out of Bitfinex in more than 2,000 unauthorized transactions, according to the Department of Justice.
• Repayment: Bitfinex's LEO white paper states the losses were spread across all accounts as BFX tokens, one per dollar lost; within eight months, all BFX tokens were redeemed at 100 cents on the dollar or exchanged for shares of iFinex. Recovery Right Tokens (RRT) give their holders a claim on later recoveries.
• Prosecution: in February 2022, US authorities made arrests and seized more than $3.6 billion in crypto linked to the hack. The hacker, Ilya Lichtenstein, pleaded guilty in 2023 and was sentenced to 60 months in prison in November 2024. In April 2025, the court awarded Bitfinex $0 in restitution, leaving the forfeited assets to a separate proceeding, with iFinex and BFXNA as petitioners.
• Crypto Capital: the New York Attorney General reports Bitfinex suffered a loss of about $850 million in 2018 through the payment processor Crypto Capital, and Bitfinex and Tether misled their clients about it.
• New York settlement: in February 2021, a settlement with the New York Attorney General required Bitfinex and Tether to pay $18.5 million in penalties to the state and to end all trading activity with New Yorkers.
• CFTC: in June 2016, a CFTC order required BFXNA Inc., trading as Bitfinex, to pay a $75,000 civil penalty for illegal off-exchange financed retail commodity transactions and for failing to register as a futures commission merchant. In October 2021, a second CFTC order required iFinex, BFXNA, and BFXWW to pay a $1.5 million civil penalty for illegal retail commodity transactions with US persons between 2016 and 2018 and for violating the 2016 order.

Alternatives to Bitfinex

If you are new to crypto, we rate Coinbase and Bitpanda higher than Bitfinex for beginner friendliness. Bitpanda is authorized under MiCA in Austria and accepts UK residents through Bitpanda Broker UK Ltd. Coinbase accepts customers in every US state.

Advanced traders in the US can consider Kraken, which serves every state except New York and Maine. To compare Bitfinex with other platforms, see our lists of exchanges with the lowest fees, exchanges for day trading, and exchanges for beginners.

FAQ

Is Bitfinex legit?

Bitfinex is a long-running exchange, founded in 2012, and four of its companies are registered in El Salvador with CNAD. Its history includes the 2016 hack, after which, according to Bitfinex, all BFX tokens issued to affected customers were redeemed or exchanged for iFinex shares within eight months, and settlements with the New York Attorney General and the CFTC. It has no MiCA authorization, and we could not find a published proof of liabilities. In our view, that history is worth weighing before you deposit.

Is Bitfinex available in the UK?

Only for some individuals. Bitfinex's terms exclude anyone using its services in the United Kingdom unless Bitfinex has assessed them as exempt from the United Kingdom's rules on financial promotions, and the iOS app is not listed in the UK App Store. Bitpanda accepts UK residents through Bitpanda Broker UK Ltd.

What are the Bitfinex withdrawal fees?

Bitfinex imposes a fixed fee per coin and network: 0.00006 BTC for a bitcoin withdrawal and 0.000001 BTC over the Lightning Network. Crypto withdrawals to another Bitfinex user are free. A bank wire withdrawal costs 0.1%, with a minimum fee of 100 USD or EUR, and an express wire within 24 hours on business days costs 1%, with a minimum of 125 USD or EUR.

What is the Bitfinex minimum deposit?

Bitfinex states no minimum for crypto deposits. Card purchases start at $25, and euro and pound deposits through OpenPayd have no minimum. International bank transfers start at 10,000 USD, EUR, or GBP. A regular bank wire deposit costs 0.1% with a minimum fee of 60 USD or EUR, so in our view small bank wires are an expensive way to fund the account.