Bitfinex Review - What happened after the hack?

Bitfinex Promo Welcome to Bitfinex Bitfinex User Interface
The world's largest and most advanced bitcoin trading platform.
Bitfinex Key Information
Type Cryptocurrency Exchange
Founded 2012
Company headquarter Hongkong, China
CEO Jean Louis van der Velde
Features Exchange, margin trading, margin funding market
Maker fee 0% - 0.10%
Taker fee 0.10% - 0.20%
Leverage Up to 3.3x
Deposit fee Free for all coins, 0.1% bankwire
Withdrawal fee Yes, depending on coin/bank
OTC/Escrow Yes
Two-factor authentication (2FA) Yes
Universal 2nd Factor (U2F) Yes
App Yes
Has been hacked? Yes (see review)
Support, Knowledge Base, Reddit, Twitter, Facebook
Bitfinex Advantages and Disadvantages
Pro Contra
Low fees Hacked in 2016 (solved brilliantly)
Very high liquidity Lack of transparency
High security level of funds
Many advanced features (integrated tradingview software)
Very quick website and order execution
Many order types, margin trading, lending
Bitfinex Registration
Country restriction United States of America
Take a look at our unique Bitfinex review.
What is Bitfinex?

Founded in 2012, Bitfinex is a cryptocurrency exchange based in Hongkong, specialized in trading. Bitfinex offers a crypto exchange, margin trading and margin funding. It supports all major cryptocurrencies. The security of user information and funds is their first priority.

Advanced chart tools will make your trading experience smooth. Bitfinex is one of the most liquid exchanges in the cryptocurrency space, thus low spreads and quick orders are guaranteed.

Bitfinex Supported Coins

• Bitcoin

• Bitcoin Cash

• Ethereum

• Litecoin


• Ethereum Classic


• Monero


• OmiseGO

• Dash

• Zcash

• Bitcoin Gold

• Ripple



• Streamr

• Eidoo

• Aventus

• Santiment

• Tether USD

Bitfinex Fees
The deposit and withdrawal fees of Bitfinex:
Deposit Fees Withdrawal Fees
Bitcoin - 0.0005 BTC
Bitcoin Cash - 0.0005 BTH
Ethereum - 0.01 ETH
Litecoin - 0.001 LTC
IOTA - -
Ethereum Classic - 0.01 ETC
EOS - 0.1 EOS
Monero - 0.04 XMR
NEO - -
OmiseGO - 0.1 OMG
Dash - 0.01 DASH
Zcash - 0.001 ZEC
Ripple - 0.02 XRP
ETP - 0.01 ETP
Qtum - 0.01 QTUM
Streamr - 1.0 DAT
Eidoo - 0.5 EDO
Aventus - 0.5 AVT
Santiment - 0.1 SAN
Tether USD - 5.0 USD
Bankwire 0.10%, min. $20.00 0.10%, min. $20.00
Express bank wire - 1.00%, min. $20.00

Biftinex’s USDT (US-Dollar Tether) is pegged to the value of the US-Dollar. If you deposit USDT, each USDT will equal 1 USD in your Bitfinex account. US-Dollar withdrawals are conducted via bank wire only. It takes up to 7 business days processing those payments.

The Bitfinex OTC (over the counter) desk allows traders to make large trade between each other without having a counterparty risk and without hitting the public order books. There is no fee for OTC trades done with the OTC desk. Other OTC trades will be charged with a fee of 10 basis points on both sides.

The order execution fees of Bitfinex:

Executed Last 30 Days Maker Fees Taker Fees
$0+ 0.100% 0.200%
$500,000+ 0.080% 0.200%
$1,000,000+ 0.060% 0.200%
$2,500,000+ 0.040% 0.200%
$5,000,000+ 0.020% 0.200%
$7,500,000+ 0.000% 0.200%
$10,000,000+ 0.000% 0.180%
$15,000,000+ 0.000% 0.160%
$20,000,000+ 0.000% 0.140%
$25,000,000+ 0.000% 0.120%
$30,000,000+ 0.000% 0.100%

Maker fees are paid when you add liquidity to Bitfinex’s order book by placing a limit order under the ticker price for buy and above the ticker price for sell.

Taker fees are paid when you remove liquidity from Bitfinex’s order book by placing any order that is executed against an order of the order book.

The margin funding fees of Bitfinex:

Margin Funding Fees
Charge on fees collected by Margin Funding Providers 15.0%
Charge on fees collected by Margin Funding Providers, when opened by a hidden offer 18.0%
Charge on funding that is borrowed and subsequently returned without being used in a margin position Up to one full day's interest
Bitfinex Order Types

Bitfinex offers their users a suite of different order types for every scenario. The following order types are offered so far:

• Limit

• Market

• Stop

• Trailing Stop

• Fill or Kill

• One Cancels Other (OCO)

• Post Only

• Hidden Order

• Iceberg Order

• Time Weighted Average Price (TWAP)

Bitfinex Volume

Bitfinex is the biggest exchange trading BTC/USD in terms of daily volume. This matters as it implies the tightest spreads (difference between buying and selling price is low). It also implies a great liquidity, thus large amounts of e.g. Bitcoins can be bought and sold easily without pushing the price away from you.

Have a look at the following screenshot from to verify their volumes on the top 30 trading pairs.

Bitfinex Liquidity
Bitfinex Security

Due to the Bitfinex hack (see below) in 2016 they have learnt their lesson and made security their utmost priority. As any cryptocurrency exchange Bitfinex in centralized. The programming code of the platform is kept secretly.

Bitfinex claims that more than 99.5% of the client’s funds are kept in cold storage. The cold storage has a multisig feature and it is distributed in multiple secure locations around the world. Only about 0.5% of crypto assets are accessible in hot wallet for the daily platform operations.

Bitfinex’s database is backed up daily on several different servers. Their Linux systems gets updated always up-to-date. Trading cannot be halted by an outside attack as Bitfinex implemented a protection from DDos attacks.

For logging in and for withdrawals Bitfinex offers two-factor authentication (2FA). You can also take advantage of the ultra-secure FIDO Universal 2nd Factor (U2F) open authentication standard.

As of Bitfinex, compromised accounts get detected by their internal systems, though avoiding saying more about it in the general public.

Bitfinex Hack

Bitfinex has been hacked in August 2016. 120,000 Bitcoins (roughly $72 million USD) have been stolen. Bitcoin prices instantly dropped by 25% as the market digested those news.

Those kind of accidents usually mean bankruptcy for crypto exchanges, however Bitfinex successfully managed to stay in business. How you may ask?

First, Bitfinex socialized the losses, despite only a certain group of user accounts has been hacked. Thus, the loss was spread throughout all user accounts holding funds.

Second, Bitfinex issued their own tokens named BFX to all users. BFX were proportionally on their lost Bitcoins. Users had the opportunity to either waiting for Bitfinex to repurchase them at $1 face value, trading them through the exchange or to convert them into equity of Bitfinex. The repurchase of 100% of the BFX tokens just finished in April 2017 successfully. This solution was unique in the industry. Bitfinex mastered one of the biggest exchange hacks after Mt. Gox and this can be seen as highly positive. Their management is highly experienced and social. The hack has been solved brilliantly. In our opinion handling this hack speaks for Bitfinex.

Bitfinex User Interface

Bitfinex’s user interface allows to set up your preferences and work space to your needs.

The following interface features can be done:

• Choose between Dark or Light theme

• Set table preferences

• Organize & sort order book columns

• Position trading sidebar

• Manage tickers navigation

• Custom sound alerts

• Set up browser notifications

• Easily connect to their API

• Save preferences

Bitfinex User experience
Bitfinex Support

Your first activity while reaching for help should be Bitfinex’s knowledge base and support center. Make sure to be logged in to see all details.

The Bitfinex email support can be reached via

Support concerns can be stated in Bitfinex’s Reddit, too.

Of course you can also visit the Bitfinex Twitter and the Bitfinex Facebook page.

Getting Set Up at Bitfinex
Bitfinex Exchange

Currently we are not allowed to give any benefits.

However, we would highly appreciate it if you might use our sign up link/button to support us.

Thank you very much and stay tuned.

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Bitfinex Rating

  • Bitfinex Rating: 4.0/5

Bitfinex is the cryptocurrency exchange with the biggest Bitcoin/US-Dollar volume as of now.

It is suitable for all kind of crypto buyers/sellers, especially pro traders can make use of many extra features and tools.

Although Bitfinex experienced one of the major hacks in crypto history, it is now much better positioned than many of its competitors. Their disaster management was brilliant. About 99.5% of all crypto assets are held in cold storage and the platform uses the most recent security standards and beyond.

The fees are very competitive for all three verticals: exchange, margin trading and margin funding.

Combined with our benefit of 10% off on fees for the first month, we recommend Bitfinex as trading on their platform is extraordinarily smooth.

We think they have learnt their lessons from the hack, their security standards are very high nowadays.

Their high liquidity strengthens the great position they have in the market today.

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Rating: 4.0/5
Most liquid cryptocurrency exchange.
  • Very high liquidity
  • High security
  • Low fees
  • Sophisticated platform

Trade a wide range of altcoins on the Bitfinex exchange platform