A trading cryptocurrency guide must provide reviews of all of the top crypto exchanges out there, so that you can find the best cryptocurrency exchange site for you. This review of Bitfinex consists of four parts: general information, fees, deposit methods and security.
Bitfinex’s domicile country is Hong Kong. There are loads of coin exchanges from Hong Kong. Hong Kong is in a way the Mecca of cryptocurrency trading. A non-exhaustive list of competitors to this exchange on its home turf is Binance, Bit-Z, KuCoin, Gatecoin, BitFlip and CoinEx Market.
Unfortunately for US-investors, this exchange prohibits US-investors from trading on its exchange. So if you are a US-investor and wants to trade here, you’ll have to consider one of the other top crypto exchanges instead.
Bitfinex Trading fees
Never forget to check the trading fees of an exchange you are interested in trading at. Bitfinex’s trading fees for takers are 0.20%. This fee is slightly below the industry average which is around 0.25% and thus constitutes a competitive advantage against the majority of other top crypto exchanges in the market and maybe even makes this exchange the best cryptocurrency exchange site for you. Bitfinex also have a discounted maker fee of 0.10%.
Bitfinex Withdrawal fees
With respect to fiat currencies, however, Bitfinex recently made an announcement that has made many of its traders furious. The announcement, made on 11 November 2018, was that Bitfinex will charge a 3.00% fee on all external withdrawals of fiat currency, if:
- you have withdrawn more than two times during the preceding 30 day-period, or
- you have withdrawn more than USD 1 million during the preceding 30 day-period.
Bitfinex, however, mean that this change is insignificant, as it only affects 1% of their customers.
Bitfinex offers wire transfer as a deposit method, but deposits via credit cards are not permitted. This might of course be disadvantageous if you would prefer to use your credit card for any reason.
Bitfinex’s security score is C-, when performing the test at Observatory by Mozilla (https://observatory.mozilla.org/). This is in line with industry average when it comes to top crypto exchanges.
Liquidity is something very important for all exchanges, cryptocurrency exchanges but also regular stock market exchanges. The above exchange does indeed have great liquidity. However, the following 10 cryptocurrency exchanges are also regularly among the cryptocurrency exchanges with the absolutely best liquidity in the world: