My Bitfinex Crypto Trading Platform Test

Bitcoin broker review
On this page I’ll share my experiences and impressions of Bitfinex. Let’s start with some background data: The Bitcoin broker operates in 52 countries since 2012 and is controlled by iFinex Inc. from Hong Kong. Time and again in the past, the company made the negative headlines.

In particular, the alleged price manipulation of Bitcoin on the trading platform is said to have been responsible for around half of the price increase at the end of 2017.

Still the platforms is considered to be one of the best btc trading platforms there are, especially today, more than 2 years later.

In the following Bitfinex test we will look at the platform, fees, existing coins and more.

How I tested Bitfinex

This Bitfinex test is based on comprehensible and transparent standards in order to provide you with the clearest possible evaluation. What about the regulation and security of the platform? What effect do past events still have today? We look at a number of features of the Exchange. If you are interested in other exchanges, we have also tested them extensively.

Regulation and safety

The Bitfinex trade is not regulated. Bitfinex has twice been the victim of a hacker attack in the past. $400,000 was lost in 2015, before $73 million was stolen a year later.

Meanwhile, modern security measures such as two-factor authentication provide a peaceful sleep. In addition, the company stores large parts of its assets in cold wallets and thus mostly offline.

The trading platform

The trading platform includes a demo version and is therefore relatively easy to use. Before you invest real money, you can try out the Exchange. Various tools also offer you the opportunity to display the Bitcoin price and Co. in the best possible way for you personally. All important actions – such as buying, selling, limit and switching between crypto currencies – can be easily performed from the trading interface.

Fees and Limits

Deposits over $1,000 are free of charge, with a bank transfer there is a 0.1% charge. For smaller amounts you currently have to pay 0.0004 BTC, i.e. 1.28 €. The same fees apply for withdrawals as for deposits under $1,000. Fees also apply to individual trades and depend on how much you have traded via Bitfinex. The maker fees decrease from a trade of $500,000. There is only a limit if you deposit via fiat money in Euros. In this case the minimum amount is €10,000.

Bitfinex payment methods

You have three payment methods to choose from:

  • Purchase by cryptocurrency
  • Purchase per US dollar
  • Purchase per Euro

The purchase with fiat money is possible by credit card or bank transfer.

Customer service

Customer service is available via Twitter, Facebook, LinkedIn and Telegram. There is also an extensive section on frequently asked questions. If these options should not answer a question, you can open a ticket in English, Russian or Chinese. Customer service response times have varied in our Bitfinex test.

Special features

The large number of coins distinguishes the Exchange from many other trading platforms. Bitfinex trading is very convenient thanks to the additional tools. No verification is required for deposits with crypto currencies.

Registration and first steps

Registration and Bitfinex trading is easy. Click on “Sign up” and follow the steps on the screen.

If you would then like to deposit Bitcoin or Altcoins, go to “Deposit” in the top right corner after registration. Then simply select the desired crypto currency and view the address. In the right part of the window you can see the last deposits.
Nice detail (see screenshot): It shows deposits that are still ‘on their way’ to your wallet, including the number of confirmations on the block chain. This makes it easier to keep track.

All deposits are free of charge. The only fee is 0.10% when transferring US dollars via a bank.

The layout for withdrawals (= ‘Withdraw’) is identical.

A tab further to the right you can get a quick overview of the number and location of your deposits by clicking on ‘Wallets’. In addition, the holdings can be moved here with a few clicks.

How secure is Bifinex?

The platform can then be used. For the security of the deposits we strongly recommend a secure password and 2-factor authentication directly after the first login.

There are also some other good security features: Bitfinex offers to send encrypted emails and to create whitelists. These can be created for payout addresses of coins as well as IP addresses. In addition, withdrawal requests from previously unused IP addresses must be authorized by email, and withdrawals can even be blocked for 24 hours for new IP addresses.

Our assessment: Bitfinex offers a high level of security.

How anonymous is Bitfinex and what are the limits?

Wow: Bitfinex does not require any personal identification, unlike other crypto exchanges such as Bittrex or Poloniex, which are all based in the USA.
So there is no need to submit any identification documents or photos.

This makes working with the platform much easier, as it saves a lot of time. Bravo!
On other exchanges, the daily or weekly payout limit is often measured by the verification level.

On Bitfinex there are no daily payout limits. So you are maximally flexible.

What Altcoins are provided?

Bifinex focuses on a few but very important cryptocurrencies. Currently, the following can be found there:

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Litecoin (LTC)
  • BitcoinCash (BCH)
  • Zcash (ZEC)
  • Ripple (XRP)
  • Monero (XMR)
  • IOTA (IOT)
  • OmiseGo (OMG)
  • Ethereum Classic (ETC)
  • Eos
  • Santiment (SAN)
  • Dash

This means that Bifinex has a much smaller range than Poloniex (80 coins) or even Bittrex (400 coins).

Our assessment: All important coins are represented on Bitfinex. In addition, Bitfinex currently holds a trading monopoly for next generation cryptocurrencies such as IOTA and OmiseGo, which are said to have great potential for the future.

It can be assumed that Bitfinex has deliberately chosen a manageable offer that represents currencies that will continue to be talked about in the future.
Proponents may see this as a nod to investors who want to diversify – sceptics may see some market impact here.

Trading on Bitfinex: How do I buy Altcoins with Bitcoin?

In addition to our very specific instructions on IOTA and OmiseGo here is a general description.
Trading coins is very easy – but can be a bit confusing at first.

Go to the top left under “Trading”, select the desired cryptocurrency, choose the trading pair and confirm by clicking.

Then enter the desired number of tokens in the “Order Form” box and enter the trading price. After clicking on “Exchange Buy”, the tokens will be offered at Bitcoin at the above conditions.

If another trader wishes to sell at these conditions, the trade will be executed. This usually takes only a few minutes. Afterwards you will receive a short message and the coins will be credited to “Wallets”.

If the trade is not completed, the price can be adjusted under “Positions” or “Orders”.

Conclusion: Is Bitfinex safe?

Bitfinex has become much more serious since its beginnings. Bitfinex trading offers several advantages, such as the large number of digital currencies and the versatile payment options. While there is no wallet, the low fees are convincing. Alternatively, the social trading platform eToro (here our report) could be considered. The advantages here are the low financing costs and the low minimum deposit, as well as a demo account with no time limit.

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