Key takeaways
- Bitfinex is a feature-rich exchange best suited for experienced traders, offering margin, derivatives and advanced trading tools.
- It has over 170 cryptocurrencies and 400+ trading pairs, but fiat withdrawals come with high minimums.
- The platform has strong security today, but its 2016 hack remains a defining part of its history.
- Customer support is available via chat and email, though user reviews report mixed experiences with responsiveness.
Founded in 2012, Bitfinex is one of the longest-operating cryptocurrency exchanges in the world.
It is owned and operated by iFinex Inc, a company registered in the British Virgin Islands with operational ties to Hong Kong and Taipei. Designed primarily for experienced traders, Bitfinex has built a reputation for offering a wide range of trading features, including spot, margin and derivatives markets.
As of March 27, 2025, Bitfinex supports over 170 cryptocurrencies and 400+ trading pairs, with a 24-hour trading volume hovering around $223 million, according to CoinGecko. It consistently ranks among the top 25 centralized exchanges by volume, with BTC/USD being its most active trading pair.
Bitfinex operates globally, serving users across most regions — with a few exceptions due to regulatory restrictions, including the United States, Bangladesh, Bolivia, Ecuador and Kyrgyzstan.
The exchange’s long history includes moments of controversy and scrutiny, including a major security incident in 2016 that impacted user trust and the broader market. While those events are now part of its legacy, Bitfinex has since taken steps to rebuild and reinforce its platform, regaining its footing as a trusted venue for crypto trading. We’ll explore that chapter of its history in more detail later in the review.
User experience
Bitfinex makes it easy to access the platform no matter how you like to trade. You can use its full-featured web interface on desktop or download the mobile app for iOS and Android. The app comes with two modes: a Lite version for beginners who just want the basics and an Advanced mode for experienced traders who need all the tools.
For developers or algo traders, Bitfinex also offers solid API access, including support for automated strategies and integrations through its custom Honey Framework. So, whether you’re clicking buttons or coding bots, you’re covered.
Bitfinex’s interface is built with pros in mind — and it shows. You can customize just about everything: charts, layouts, themes and widgets. Once you get the hang of it, the platform is powerful and efficient.
That said, if you’re brand new to crypto trading, it might feel a bit overwhelming at first. But for those who like having full control and flexibility, it’s one of the better-designed platforms out there.
Registration process
Signing up for Bitfinex is pretty straightforward. Just enter your email, create a password, and verify your email address. You’ll be prompted to enable two-factor authentication (2FA), which is a must for securing your account.
Initially, you’ll get limited access — mostly view-only — until you complete some basic verification steps.
KYC requirements
Bitfinex takes user verification seriously, with a tiered Know Your Customer (KYC) process depending on what features you want to unlock:
- Basic Plus: Great for most crypto traders. You’ll need to submit a photo ID, a selfie, your phone number, and your address. This unlocks crypto deposits and withdrawals, trading and over-the-counter (OTC) access.
- Intermediate: For more advanced features like margin trading and higher withdrawal limits. You’ll need to add a second ID, proof of address, a financial questionnaire and a KYC declaration.
- Full: Required if you want to deposit or withdraw fiat (like USD or EUR). This level asks for everything above, plus a bank statement.
The process can take some time, especially at the higher levels, but it helps Bitfinex stay compliant with international Anti-Money Laundering (AML) regulations — and it gives users a little more peace of mind.
Trading experience
Bitfinex offers a pretty wide selection of crypto assets. You’ll find all the big names here — Bitcoin (BTC), Ether (ETH), Solana (SOL), XRP (XRP), Litecoin (LTC), etc. — along with plenty of other altcoins and stablecoins, such as Tether’s USDt (USDT), TrueUSD (TUSD) and Pax Dollar (PAX). In total, the platform supports over 170 cryptocurrencies and more than 400 trading pairs.
Most major cryptocurrencies are paired with USD, but there are also a lot of crypto-to-crypto pairs, plus options to trade against stablecoins.
In terms of fiat support, Bitfinex supports several fiat currencies for deposits and withdrawals, including the US dollar, euro, British pound, Japanese yen and Turkish lira. You can fund your account via bank transfer, SEPA or through third-party services like Simplex and Mercuryo.
Did you know? Bitfinex requires a minimum of $10,000 for fiat withdrawals made via bank wire — something to consider if you’re not moving large amounts.
Fees and execution
Bitfinex uses a maker-taker fee model, and the more you trade, the less you pay. Here’s a quick breakdown:
- Spot trading starts at 0.1% for makers and 0.2% for takers.
- Derivatives trading is even lower: 0.02% (maker) and 0.065% (taker).
- If you hold Bitfinex’s native Unus Sed Leo (LEO) tokens, you can get discounts on those fees.
Deposit and withdrawal fees:
- Crypto deposits are free.
- Fiat deposits via bank transfer come with a 0.1% fee (minimum $60) or a flat 5 euros or 5 pounds via OpenPayd.
- Crypto withdrawals vary by asset. For example, sending out Bitcoin costs 0.0004 BTC.
- Fiat withdrawals also carry a 0.1% fee, with that $10,000 minimum still in place.
Trades execute fast and reliably, even during high volatility. The exchange has partnered with Market Synergy to deliver low-latency performance that appeals to institutional users and algo traders. For most users, orders go through smoothly and without noticeable lag — exactly what you want in fast-moving markets.
One thing to watch: Some users have noted that crypto withdrawal fees can be a bit higher than actual network fees — something worth checking before moving funds off the platform.
Security
When it comes to protecting user funds, Bitfinex takes a layered, high-security approach. The majority of assets — about 99.5% — are stored in cold wallets, completely offline and out of reach from hackers. Only a tiny portion (around 0.5%) is kept in hot wallets to handle day-to-day withdrawals and trading activity.
The cold storage system is designed with multisig security, meaning it takes multiple authorized parties to move funds — no single person can access wallets on their own. It’s a solid setup, especially for users concerned about large-scale breaches.
Bitfinex also provides a strong set of tools to help users secure their individual accounts:
- Two-factor authentication (2FA) is available through apps like Google Authenticator or even hardware-based options like U2F keys for extra protection.
- Withdrawal whitelists let you lock your account to specific crypto addresses — so even if someone gains access, they can’t move funds to a new wallet.
- API permissions give developers fine control over what automated systems can do.
- And there’s anti-phishing protection built in to help users distinguish official platform messages from scams or spoofed emails.
Overall, if you take advantage of these features, your account will be well-defended against the most common threats.
Regulatory compliance
Bitfinex operates globally and has taken steps to align with various international regulations.
That said, it doesn’t always make its licensing status or regulatory relationships crystal clear. The platform hasn’t publicly announced specific Markets in Crypto-Assets (MiCA) compliance (the European Union’s new regulatory framework for crypto), but like many exchanges with European users, it will likely need to align with those rules over time.
So, while Bitfinex hasn’t positioned itself as the most regulation-forward exchange, it does appear to be adapting to global standards as the space matures.
Did you know? While Bitfinex itself isn’t MiCA-compliant, the exchange announced in November 2024 that it would be among the first to list EURQ and USDQ — two e-money tokens regulated under MiCA.
Notable incidents
In August 2016, Bitfinex suffered a major security breach that resulted in the theft of approximately 119,756 BTC, worth around $72 million at the time. The hack exploited a vulnerability in the platform’s multisignature wallet architecture, which was implemented in partnership with BitGo. Hackers were able to initiate over 2,000 unauthorized transactions and drain customer funds.
Instead of declaring bankruptcy, Bitfinex took an unusual approach: It socialized the losses, reducing all user balances by 36%, regardless of whether individual accounts were directly affected. In return, users received BFX tokens, which could be redeemed for USD or converted into equity in iFinex Inc, Bitfinex’s parent company. By April 2017, all BFX tokens had been fully repaid or converted.
Years later, in 2022, US authorities arrested a New York couple, Ilya Lichtenstein and Heather Morgan, for laundering the stolen funds. Investigators recovered 94,636 BTC, then worth over $3.6 billion, in what became the largest financial seizure in US history. Lichtenstein later confessed to carrying out the hack, and in 2023, both he and Morgan pleaded guilty. Lichtenstein was sentenced to five years in prison, while Morgan received 18 months.
The incident led Bitfinex to completely overhaul its security systems — including expanded cold storage, stricter withdrawal controls and enhanced internal protocols — many of which form the backbone of its current infrastructure.
Customer support
Bitfinex provides multiple avenues for customer support:
- Live chat: Accessible directly on its platform, offering immediate assistance for general inquiries.
- Email support: Users can submit detailed queries via a ticketing system on the Bitfinex website.
- Help center: A comprehensive resource with articles and guides covering various aspects of the platform.
Live chat tends to be quick for general inquiries, but it’s not always available 24/7. For email support, Bitfinex generally aims to respond within 24 hours — and in many cases, it does.
The Bitfinex Help Center is well-organized and covers most of the essentials: how to make a deposit, manage 2FA, place trades, etc. For basic platform use, it’s solid. That said, if you’re looking for more advanced guidance or help with a stuck withdrawal or technical bug, the articles can feel a bit surface-level. You’ll probably need to reach out to support directly in those cases.
Let’s talk about reviews. On Trustpilot, Bitfinex has a rating of 2.3 out of 5, and on Sitejabber, it’s worse. Common complaints include delayed withdrawals, slow response times, frozen funds and frustrating KYC processes.
But here’s the thing: User review platforms naturally skew negative — people are far more likely to post when they’re upset than when things go smoothly.
Still, these reviews shouldn’t be dismissed entirely. They point to some real pain points, particularly for users dealing with account access issues or large fiat withdrawals.
Additional services
Bitfinex offers several distinctive features that set it apart from other cryptocurrency exchanges. For example:
- Advanced charting tools: Bitfinex provides sophisticated charting functionality, allowing traders to visualize orders, positions and price alerts directly on the charts. This integration enables intuitive interaction with the market, facilitating strategies like tap-to-modify order properties and detailed annotations.
- Bitfinex Borrow: Bitfinex Borrow is a peer-to-peer (P2P) platform that enables users to obtain loans by providing cryptocurrency assets as collateral. This service facilitates direct borrowing from other users, with Bitfinex acting as the facilitator, ensuring a transparent and efficient lending process.
- Staking services: Bitfinex’s soft-staking program allows users to earn rewards simply by holding supported digital tokens on the platform. Staking rewards can reach up to 6.5%* annually, depending on the asset.
- Bitfinex Securities: Bitfinex Securities is a regulated platform designed to support the issuance and secondary market trading of tokenized financial instruments, including equities and bonds. Operating 24/7, it aims to provide underserved companies with access to capital while offering investors innovative financial products with features like instantaneous settlement and global liquidity.
Bitfinex pros and cons
The bottom line
Bitfinex remains one of the most established crypto exchanges in the industry, with a strong focus on advanced trading features, deep liquidity and support for a wide range of assets. It’s built for experienced users — from active retail traders to institutions — offering margin trading, powerful APIs and robust charting tools.
That said, Bitfinex’s history isn’t without controversy. The 2016 hack left a lasting mark on its reputation, though the exchange has since overhauled its security and fully compensated users. Today, it stands as a secure and capable platform but still draws criticism for high fiat withdrawal minimums, inconsistent customer support and an interface that can feel daunting for beginners.
If you’re a serious trader who values performance, flexibility and access to sophisticated tools — and you’re not based in a restricted region like the US — Bitfinex remains a strong contender. For casual users or those new to crypto, however, there may be easier platforms to start with.
FAQ
1. What is Bitfinex?
Bitfinex is a digital asset trading platform that offers advanced services for cryptocurrency traders and liquidity providers worldwide. Established in 2012, it provides features like spot trading, margin trading with up to 10x leverage, derivatives trading and a peer-to-peer financing market. Bitfinex supports a wide range of cryptocurrencies and offers various order types to accommodate different trading strategies.
2. How do I create an account on Bitfinex?
To create an account on Bitfinex, visit the official website and click on the “Sign Up” button. You’ll need to provide a valid email address, create a strong password, and agree to the platform’s terms of service. After confirming your email, it’s highly recommended to enable two-factor authentication (2FA) to enhance your account security. Note that certain features may require identity verification.
3. What are the verification levels on Bitfinex, and what do they entail?
Bitfinex offers several verification levels:
- Basic Plus: Allows access to most features, including cryptocurrency deposits and withdrawals, exchange trading and the OTC market. Requires submission of a government-issued ID, a selfie, a phone number and an address.
- Intermediate: Necessary for margin trading and higher withdrawal limits. Requires an additional ID, proof of address, a financial questionnaire and a KYC declaration.
- Full: Required for fiat currency deposits and withdrawals. Involves submitting all previously mentioned documents plus a bank statement.
The verification process helps Bitfinex comply with international regulations and ensures a secure trading environment.
4. Can US residents use Bitfinex?
No, US residents are prohibited from using Bitfinex. According to the platform’s terms of service, individuals who are US citizens or residents cannot create or maintain an account on Bitfinex. This restriction is due to regulatory compliance requirements.
5. What fiat currencies does Bitfinex support for deposits and withdrawals?
Bitfinex supports several fiat currencies, including:
- US dollar (USD)
- Euro (EUR)
- British pound (GBP)
- Japanese yen (JPY).
Deposits and withdrawals can be made via bank wire transfers. Users must have the appropriate verification level to access fiat transactions. Minimum deposit and withdrawal amounts apply, varying by currency.
6. How secure is Bitfinex?
Bitfinex employs multiple security measures to protect user funds and information, including:
- Storing approximately 99.5% of user funds in cold storage to prevent unauthorized access.
- Implementing two-factor authentication (2FA) for account access and withdrawals.
- Offering withdrawal address whitelisting and anti-phishing codes.
Despite a significant security breach in 2016, Bitfinex has since enhanced its security protocols and fully compensated affected users.
For more detailed information, refer to Bitfinex’s official support resources.
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