Bitfinex Review

Overview

Bitfinex, launched in 2012, is the biggest spot trading platform and exchange by volume, for most of the major cryptocurrencies. They also offer margin accounts with a leverage of up to 1:3,3.

Given the high volume, it makes it easy for them to have low spreads, which is something that investors look for when they start an account.

bitfinex

Pros

  • Fiat support through Bank Wire
  • USDT and EURT deposits
  • Wide range of crypto-coin deposits
  • Offers margin trading (3.3x leverage)
  • Great platform for experienced traders (TradingView charts)
  • Advance technical analysis tools
  • Mobile App
  • Highly liquid
  • Convenient fees

Cons

  • Seeing as it has been hacked, there is a question of security (it has been upgraded since)
  • Not suitable for beginners (complicated platform)
  • 1000$ minimum margin requirement before you can access all the features of the platform
  • Very extensive KYC to activate fiat support

Conclusion

Bitfinex is a great exchange with reasonable spreads that also offers leverage if you are looking to maximize your profits. The fact that they were hacked did not hinder their evolution in a very strong manner. It is a matter of personal preference if you can get over that.

Being a novice on this platform might raise more questions than it answers, so if that is the case, perhaps you should get some knowledge before you get started (it is also recommended by them when you want to open an account).