Bitfinex Experience 2021 - Serious Broker or Pure Scam?

Overall Rating: 
5/5 stars




In this Bitfinex experience report, you will learn everything worth knowing about one of the best-known crypto exchanges on the market.

Above all, we want to answer the question of whether the provider is really suitable for every type of investor or whether there is important information before opening an account? Apart from the incredibly large selection of cryptocurrencies, what else is there to consider with the Bitfinex offer?

So you can find out everything you need to know about Bitfinex here!


The key data on Bitfinex

Key data



Hong Kong

Payment methods




Integrated wallet


Customer support

contact form

Minimum deposit

$ 10,000





Mobile offer


Deposit insurance


Ease of use


Broker type

Crypto exchange

Languages available

4 languages

What is Bitfinex?

This year, digital coins are once again on an absolute high. In the last month alone, Bitcoin investors have seen an increase of over 30%. Buying, selling and exchanging digital coins is therefore becoming more popular again. As a result, the number of crypto exchanges is rising steadily. Today, however, we are taking a closer look at Bitfinex, one of the cornerstones of crypto exchanges.

Bitfinex is a very well-known crypto exchange that has been on the market since 2012. The extensive range currently includes 181 different cryptocurrencies!

What is Bitfinexs

Bitfinex History

Let's start at the beginning. What is Bitfinex all about? Bitfinex is an exchange for cryptocurrencies that was founded in 2012. At the time, it was the first professional trading site for cryptocurrencies. Apart from that, one big feature of the trading platform immediately catches the eye, namely that you can customise it.

Bitfinex focuses on professional traders who already have experience with cryptocurrencies. In addition to a high starting capital (minimum deposit) of 10,000 US dollars, the deposit and withdrawal with fiat is also made very difficult.

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  •  There are now over 50 employees working for the company. Time and again, the platform appears in the crypto news on numerous websites. Just about everyone who deals with cryptocurrencies knows Bitfinex.
  • Above all, however, one stumbles again and again over the "Bitfinex hack" in which anonymous hackers were able to loot more than 120,000 Bitcoin, although this incident happened several years ago, but it does not really increase trust in Bitfinex.

Bitfinex offer

What exactly is behind the offer from Giancarlo Devasini and Raphael Nicolle?

As already mentioned several times, Bitfinex is aimed at professional traders with a high starting capital. But what exactly is the offer for professional traders?

Bitfinex LogoThe operators of the website offer the possibility to exchange and trade an incredible number of cryptocurrencies (181!) among each other. However, one has to deposit digital coins worth 10,000 American dollars before using the trading platform.

behind the operator

The website is modern and easy to understand. In addition, the website offers detailed and well thought-out customisation options. The customisation options alone make it clear that the platform is more suitable for experienced traders than for beginners.

In addition, there is an application for mobile devices and Bitfinex also places great emphasis on "security".

Although there is a tutorial through the various contents of Bitfinex, the individual points are not dealt with in great detail. A high level of knowledge is definitely assumed here.

A small weakness of the Bitfinex offer are the available languages and the support. Currently, the Bitfinex platform is only available in four languages. Support can only be reached via a contact form.

On the other hand, the high trading volume of the website is positive. At the time of our test, the three most traded currency pairs alone recorded a combined trading volume of over 200,000,000 USD in the last 24 hours. In the last 7 days, the three currency pairs reach almost one trillion USD trading volume.

Cryptocurrencies at Bitfinex

Of course, a crypto exchange platform is all about the number of tradable cryptocurrencies. However, Bitfinex can score here all along the line. Hardly any other provider can offer such a broad range. An overview of the currently tradable cryptocurrencies:

0x Project
Balancer (BAL)
Banyan Network
Basic Attention Token
Bitcoin Cash
Bitcoin Gold
Bitcoin Interest
Bitcoin SV (BSV)
Callisto Network
Chain Split Tokens
Chain Split Tokens – BTC Unl.
Chain Split Tokens – Segwit2x
Consensus AI
Content Neutrality Network
Cosmos (ATOM)
Digix Gold
Dogecoin (MDOGE)
Dragon Token
EOS Airdrop
Ether Kingoms (IMP)
Ethereum Classic
FOAM Token (FOA)
FTX Token
Fusion (GTX)
Gemini Dollar (GUSD)
Hydro Protocol
Internet Node Token
IOS Token
Iota Tech. and Conn. Help
Kyber Network
Loom Network
Metaverse ETP
Nectar Token
Nucelus Vision
ORS Group
pNetwork token (previously Eidoo)
POA20 Network
Polymath Network
Project PAI
Raiden Network
Recovery Right Token
Reneren Bit
Request Network
Ripio Credit Network
RSK Infrastructur Network
Stasis Eurs
Stellar Lumens
Tether CNH
Tether EUR
Tether Gold
Tether USD
The Abyss
Time New Bank
Unus Sed LEO
UNUS SED LEO Token Holders Benefit
USD Coin
V Systems
Wraped Bitcoin

Bitfinex Experience: Functions & special features

Bitfinex offers its clients a variety of trading options:

Exchange Trading: deposit, exchange and withdrawal of a wide range of cryptocurrencies is allowed.
Margin Trading: You can trade with a leverage of up to 5x; Margin funding and peer-to-peer financing are possible.
Over the Counter Market (OTC): Bitfinex offers a private OTC market for large transactions directly with another investor.
Also, a special feature is that you can design your trading platform the way you like it, customising it to your preferences.

Bitfinex fees: What does trading cost

Bitfinex functions and featuresFirst the good news: There are no Bitfinex fees for opening and depositing into the account.

For withdrawals, however, things are unfortunately already different. The fees for withdrawals, however, depend on the respective coins and are therefore clearly too extensive to be presented here.

Therefore, you can find a detailed overview of all Bitfinex fees here. It is briefly mentioned, however, that some coins can be transferred and withdrawn free of charge. For most of them, however, you unfortunately have to pay a fee.

find a detailed

All Bitfinex fees have to be paid in the same currency as the coins withdrawn. In addition, the operators charge a maker or taker fee per transaction. Of course, there is also a list of these fees on the website.

This shows once again that Bitfinex is particularly aimed at professional traders with high trading volumes. The higher the trading volume, the lower the maker and taker fees. The amount is between 0.2% and 0.0% of the transaction amount.
There is another Bitfinex fee for the margin investment. This is a payment for the provision of margin investment. Depending on the offer, it is between 15% and 18%.
Since many users seem to have used the Bitfinex website as a private wallet, the operators have also introduced an inactivity fee. However, it is not possible to find out exactly how high this is via the website.
There do not seem to be any more Bitfinex fees, but this can change at any time. Therefore, before registering, you should always find out how high the fees are in the meantime.

Supported cryptocurrencies

Payment methods at Bitfinex

Until recently, deposits at Bitfinex were only possible via a private wallet or another exchange. In the meantime, however, the provider also offers the possibility to buy cryptocurrencies via credit card.

This makes buying cryptocurrencies on Bitfinex much easier. In fact, only five steps are necessary for this:

methods at Bitfinex

Otherwise, customers have the classic option of exchanging cryptocurrencies at Bitfinex using their own cryptowallet. To do this, click on the "Deposit" button and select a coin for the deposit. You then have three different wallets to choose from for the deposit:

Margin Wallet: Used for margin trading.
Funding Wallet: Is used for funding other margin traders.
Exchange Wallet: Is the most commonly used wallet; for buying and selling all cryptocurrencies

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Of course, there is no cost for moving coins between the three digital wallets. You can transfer your funds from one place to another at any time and the transfer only takes a few minutes.

To make a deposit at the beginning, one needs one's own wallet with cryptocurrencies. You copy the address of the website's wallet and enter it into your personal wallet. Subsequently, one can make any transactions from the desired wallet.

You should definitely be careful here! Bitfinex does not support all cryptocurrencies. If you deposit with a coin from a cryptocurrency not supported by Bitfinex, it will be lost forever. Therefore, if you are unsure, be sure to contact support before making a deposit where you may lose your coins.

Withdrawals work the same way. You select the desired currency and enter the external wallet address into the system. Finally, you select the amount of the currency and choose the desired wallet for the withdrawal. Then you confirm the withdrawal and the credit is transferred to your private wallet.

The website operators currently support 181 different cryptocurrencies for deposits and withdrawals.

behind the operator

Is Bitfinex reputable? These are the security standards

Time and again, we hear about major hack attacks on crypto exchanges. Therefore, it is not surprising that cryptocurrency investors want to be convinced that their assets are really safe.

Unfortunately, Bitfinex has not exactly made positive headlines in the past when it comes to their security. Bitfinex has also been the target of hackers. Most people are probably familiar with the "Bitfinex hack", in which anonymous hackers were able to loot more than 120,000 Bitcoin. Although this incident happened several years ago, it does not really increase trust in Bitfinex.

In the meantime, however, the word "security" is written in capital letters by the operators of Bitfinex. They seem to have learned from their mistakes. This already starts in the website menu. There is a clearly visible extra item "Security". But of course, even the best security measures cannot protect investors 100% from losses.

They merely minimise the risk of losing money to hackers or fraudulent websites.

However, it is also important that you as a user adapt your behaviour to guarantee the greatest possible security for your assets.
To this end, you should not save your access data in the browser or on your phone, but at most store them on an encrypted USB stick. Even in the event of loss or theft, the "new owners" cannot then cause any damage to the account.

Compared to other exchanges, the Bitfinex platform offers higher security standards. Therefore, here is an overview of the most important security standards of Bitfinex:

  • Two-factor authentication

  • Universal Second Factor (Ledger)

  • IP monitoring

  • Withdrawal guidelines

  • Further

Probably the best and easiest way to protect your own wallet is two-factor authentication. For this security measure, you need a mobile device and an application that you can download from any app store.

After synchronising the mobile phone or tablet with the account in the computer, a random code is generated with each log-in attempt, which appears on the mobile phone and must be entered on the PC. Each sequence of numbers can only be used once for 30 seconds and is then unusable.

Is there a Bitfinex app?

Of course, the operators of Bitfinex also offer a contemporary iOS and Android app. With the Bitfinex app, you have the possibility to manage your trading activities completely on the go.

In addition to open orders and already completed trades, you have access to all positions, overviews and prices. The Bitfinex app also has the function to make transactions, view indicators and trading overviews and transfer coins to private wallets and check transactions.

However, the app's overall ratings are rather mediocre.

Deposit and Withdrawal

Bitfinex Customer Service & Support

Before contacting support directly, it is always advisable to take a close look at a website's FAQ. In fact, Bitfinex has a detailed FAQ and support page where there are helpful step-by-step instructions for the most common problems.

As soon as more complicated problems arise, you should of course contact support. At Bitfinex, unfortunately, you only have limited possibilities to get in touch with the customer service. There is no telephone number and there are no times on the website when the support is active.

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You only have the option of leaving a message via a form. In addition, it is made clear on the site that users who are already registered on the platform are treated preferentially.
Of course, Bitfinex is also represented in the social networks and one can send a message to the operators after registering on Twitter, Facebook, LinkedIn or Telegram. Unfortunately, users are not offered any other option.

This is particularly disappointing as the website is mainly aimed at professional traders. The website is also only available in English, Russian and Chinese, which are extremely few languages for such a large exchange. Of course, the support is only available in one of these languages.


Bitfinex registration: 3 steps to a Bitfinex account

Before you can create an account with Bitfinex, the team behind Bitfinex would like to remind new users that their service is aimed at more professional traders and includes certain specifications. Therefore, before registering, it is necessary to read the pop-up window that appears and agree to the terms of use.

These currently include a temporary minimum account equity of USD 10,000. New accounts cannot trade until they have reached this amount.

To access deposits and withdrawals from Fiat, users must agree to a verification process that can take up to 6-8 weeks. Once you have ticked all the required boxes, you can create an account.

Step 1: Sign up

You can create an account by following the sign-up process and entering your username, email address and password. You will also need to enter your time zone and a unique captcha text.

Bitfinex registration

Step 2: Deposit

Once this is done, you can start depositing money into your account. To do this, you first need to look for the "Deposit" button in the top right corner.

Clicking on this button will take you to the deposit page. Here you can select US dollars, tether or a list of cryptocurrencies to make deposits.

You already had to specify a private wallet when depositing, but the website caches all the currencies you buy for you.

Once this is done

Step 3: Trade and withdraw

Once your account has been funded, you can click on the "Trade" button and select your preferred currency pair. From here, you can determine the quantity, price and type of order you wish to execute.

Of course, you can cash out on your coins. However, cashing out coins is not free for all digital currencies. For some cryptocurrencies, mine has to pay a pre-determined amount.

Trade and withdraw
currency pair

Alternative: Selling assets on Bitfinex

Selling works the same way as buying. Man sets his currencies and confirms that offer. All open orders and sales are displayed under "Open Orders".

How anonymous is Bitfinex and what are the limits?

Bitfinex is not regulated and therefore does not require proof of identity. This is enormously time-saving and a great advantage of Bitfinex. Unlike competitor brokers, there are no withdrawal limits here, which would be measured by the verification level, because there is no verification!

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regulation at AvaTrade

The user-friendliness of Bitfinex

The Bitfinex website is modern and clearly laid out. All important information can be found immediately.

The trading platform also stands out positively. Whether professional or beginner, the additional tools help traders get started and the chart analyses are presented in an understandable way.

The user-friendliness of this crypto exchange is great.

Is it a Bitfinex scam?

No. Bitfinex is in no way a scam.

Bitfinex is a reputable crypto exchange and there are now very many security measures in place to protect customer accounts. In addition, users are educated about all possible areas.

In the demo mode of the trading platform, there is a tutorial for the most important menu items, but the website does not seem to be intended for beginners. The trading options are too complex and you already need some experience and a good intuition for the market. Newcomers do not have this yet and will most likely generate losses on the platform.

You can only deposit cryptocurrencies and the website openly states that you can only trade if you deposit coins worth more than 10,000 American dollars into your account. You receive a notice about this before registering, which you also have to confirm by ticking the box.

The founders and CEOs are also real people, which is often not the case with fraudulent platforms.

Bitfinex fraud can therefore be ruled out.

Reviews of Bitfinex on the internet

The Bitfinex experience has unfortunately not been too good for many users so far. Here are a few reviews:

Bruno S wrote on 6/10/2018:

"The worst exchange far and wide! Wanted to make a withdrawal to another wallet and deleted current address. 5 DAYS WALLET LOCKED. After 5 days I could not make a withdrawal because it is not possible to enter an address for a withdrawal directly. First save an address for a withdrawal again. WALLET BLOCKED AGAIN FOR 5 DAYS. Finally address active, request payout. And what happens...wait, wait, takes hours for anything to progress. As a recommendation, I can suggest any other exchange. Any other is better!!!!"

Janette, who wrote a review on 25/03/2018, also doesn't leave a good mark on Bitfinex:

"My account with Bitfinex was not verified yet. Since I'm not that skilled, I called Bitfinex support at 0018669678749. To verify, I needed a sum of money or Bitcoins in my account at Bitfinex, then I could trade there. Unfortunately, I was gullible and trusted the employee. He wanted to transfer a few Bitcoins from Luno to Bitfinex for verification. Since the conversation with the Bitfinex support staff, my Bitcoins have disappeared from Luno. But they have not been transferred to my account at Bitfinex, they have been stolen!

This message should serve as a warning to everyone!"

Robin, on the other hand, who wrote a review on 8/1/2018, was happy with Bitfinex:

"Have no problems with Bitfinex at all. Transfers from other exchanges are fast. Trading works great with super liquidity. Order (market order) in and bought or sold.

Payouts are also processed immediately. Fill out the form, confirm by email and you're done. A few minutes later the payout is listed. That's how it should be!"

The advantages and disadvantages of Bitfinex


  • Deposit via wallet possible
  • High security measures
  • Customised trading platform
  • High selection of cryptocurrencies
  • Deposit options for cryptocurrencies
  • Bitfinex disadvantages


  • Few languages
  • No updates for the applications in 1.5 years
  • Minimum capital of 10,000 USD
  • No phone number for direct support
  • Not suitable for beginners

One of the biggest advantages of Bitfinex is without question the deposit option for cryptocurrencies. Unfortunately, this is also a major disadvantage. Because the support of fiat currencies is regulated in a very complicated way, this deprives crypto newcomers of the easy possibility to actively use Bitfinex.

Bitfinex is very committed to the security of its platform. Many security measures are taken against hackers and other criminals and all possible dangers are pointed out.

Bitfinex fees are also low. Especially if you have a high transaction volume.

Other small disadvantages are that the Bitfinex offer is unfortunately only available in three languages and that the support cannot be reached by phone. In addition, the hours of the customer service are not mentioned and one has to put up with a contact form.

While Bitfinex does an excellent job in terms of security on their PC platform, we are unfortunately somewhat disappointed by the mobile end solutions. The applications for mobile devices have not been updated for a long time. This could possibly cause major security gaps.

Our conclusion on the Bitfinex test

Bitfinex is a pure crypto exchange.

It is true that you can now buy cryptocurrencies with a credit card. However, the main focus of the website is still the exchange of cryptocurrencies.

One weakness is the customer service. You can only reach support via the contact form and there is no telephone number for a direct conversation. The website is also only available in three languages, which is a very low number compared to other brokers or exchanges.

On a positive note, the website offers 181 different coins to buy and sell and you can customise the design of the trading programmes as you wish. You can protect your account via 2FA or U2F and the operators seem to do a lot against unauthorised access.

The fees are also relatively low, but you have to show a fairly high trading volume. Furthermore, the website seems to be more for experienced investors than for beginners. The platform operators mention this several times.

If you want to buy Bitcoin quickly, we recommend the broker eToro. Besides a clear user interface, government regulation and copy trading, the big advantage of the platform is that both Bitcoin CFDs and real Bitcoin are available for trading. Moreover, with ~1.8% total costs, eToro also proves to be the top dog in terms of price.

Exchange and wallet in one
Regulated provider
Deposit with PayPal, credit card, SOFORT transfer and more
Over 14 other cryptos tradable
Equities and ETFs also available


What is Bitfinex?

The provider is a crypto exchange where cryptocurrencies can be bought and sold.

Is it worth opening an account with Bitfinex?

Bitfinex was convincing in our test. The diverse trading options attract many customers, most of whom are very satisfied with the provider. Only the customer support leaves something to be desired.

How much money should I invest?

The amount of your own investment should depend on your own liquidity as well as on the selected cryptocurrency and your own risk tolerance. In general, you should never invest money that you actually need elsewhere, as profits can never be guaranteed.

How long does a payout take at Bitfinex?

Here, too, the platform is convincing. Withdrawals are processed very quickly and are in your account within a few minutes to 2 working days, depending on the selected withdrawal method.

What are the requirements so that I can trade successfully at Bitfinex?

You should always know what you are investing in. Cryptocurrencies are highly volatile, so you should first familiarise yourself with the selected coin in detail. If you have the necessary know-how, as well as the necessary bit of luck from time to time, nothing will stand in the way of early profits.

What is the minimum deposit at Bitfinex?

The minimum deposit at Bitfinex is 10,000 US dollars. The provider is primarily aimed at professional traders with a high starting capital.

Hi, my name is Benzion. I have twelve years of experience in the Forex industry, and I have launched two successful crypto trading services. I have in-depth experience on several blockchain networks like Bitcoin, Etheruem, EOS, Cardano, Hyperledger, ICON, Komado, etc. I also have in-depth knowledge of blockchain techniques, including various consensus mechanisms, DLT, smart contracts, security, and privacy measures. Benzion Friedman