Bitfinex was founded in 2012 by Raphael Nicole and is based in Hong Kong. Bitfinex is an advanced exchange that offers ‘Lending’ and ‘Margin Trading’ in addition to regular trading of coins.
Bitfinex has been among the top 3 cryptocurrency exchanges for a long time, and good reason. The exchange offers a wide range of coins and trading pairs, low fees and a robust interface.
As on most exchanges, the fees on Bitfinex vary and are determined by means of a ‘fee schedule’. Two factors determine the amount of payments:
Your trading volume of the last 30 days
‘Market Maker/Taker’ status
To be a ‘Maker’, you must place an order in the order book above the ‘ticker price’ (indicated by Bitfinex) when you want to sell and below the ticker price when you want to buy. Takers do the opposite: completing an order already in the order book.
Bitfinex has no deposit limit and, unlike many other exchanges, has no withdrawal limit. However, deposits can take up to 12 hours on Bitfinex, but as soon as you take some measures regarding extra security on your account, this can be accelerated considerably. If you still need to set up 2FA (two-factor authentification or two-step verification), everything has to be checked and implemented manually, making the whole thing take longer.
Regarding security, Bitfinex is very transparent regarding the security measures taken to keep your account and your funds safe. To further secure your account, they offer two-factor authentication. In addition, Bitfinex also uses authentication tools to detect IP addresses and monitor extraordinary activity on your account to ensure it’s really you when logging in.
In terms of customer service, Bitfinex scores a lot of points. The company has established an entire customer service centre dedicated to answering practically any questions you may have as a user. The “Help Center” sections cover many topics, from ‘how to start?’ and ‘security’ to ‘order types. If you have trouble managing your account or can’t find an answer to your question in the Help Center, you can create a ‘support ticket’ via email. Like many other exchanges, Bitfinex is often criticized for handling tickets slowly.