Founded in 2012, Bitfinex is a cryptocurrency exchange designed for professional and institutional traders, offering advanced trading tools to buy, sell, and trade crypto assets. It supports over 250 spot-trading markets, including major cryptocurrencies like Bitcoin (BTC) and Ether (ETH), and offers additional features such as derivatives and margin trading. 

The platform caters to users seeking greater control over their trades through features like leverage and advanced order types. One of its main unique selling points is its zero trading fees, with no tiers or thresholds. Based in the British Virgin Islands, it serves a global audience but restricts access in certain regions due to regulations.

[Note: On 2 August 2016, Bitfinex experienced a security breach that caused a theft of 119,755 BTC. All affected users were reimbursed] 

Bitfinex: key points

• One of the longest-running exchanges, founded in 2012.
• Supports 250+ spot markets with trading in fiat currencies like USD and EUR across international users.
• Provides spot trading, margin trading, derivatives, lending, borrowing, and staking options.
• Requires KYC verification for full access in compliant regions.
• Features zero trading fees for maker and taker orders on spot and derivatives.  
• Makers add liquidity to the order book, while takers remove liquidity by executing existing orders.

History of Bitfinex

Launched in November 2012 during the early years of cryptocurrencies’ evolution, Bitfinex brands itself as ‘The Original Bitcoin Exchange.’ It began as a peer-to-peer (P2P) margin lending platform where users could trade directly and lend Bitcoin for interest. 

Co-founded by Raphael Nicolle, a French IT technician, and Giancarlo Devasini, an Italian doctor-turned tech-enthusiast, Bitfinex is owned by iFinex Inc., a company registered in the British Virgin Islands. iFinex also owns Tether, which issues USDT, the world’s largest stablecoin by market capitalization. 

Bitfinex expanded rapidly over the years, adding more trading pairs, derivatives trading services, and integrating with partners such as Thalex (a specialized crypto derivatives exchange) for futures and options trading. In 2019, iFinex launched the UNUS SED LEO (LEO) token, which users can hold for trading fee discounts on Bitfinex. In April 2023, Bitfinex Securities El Salvador became the first international digital asset platform approved as a Digital Asset Service Provider under El Salvador’s digital assets law.

Bitfinex: functions and services

• Spot trading: It lets users buy and sell cryptocurrencies at current market prices, with 250+ pairs available, such as Bitcoin/USD. Spot trading allows users to exchange cryptocurrencies instantly at market prices.
• Margin trading: This feature allows users to trade with up to 10x leverage by borrowing from other users. Leverage means you can control a larger position than your account balance. For example, with $100 and 10x leverage, you can trade as if you have $1,000. Please note: both potential gains and losses are magnified, and users can set their own borrowing rates or use automated options. 
• Derivatives trading: It covers perpetual contracts, futures, and options, integrated with external platforms like Thalex. Perpetual contracts enable speculation on crypto assets’ future price changes without expiration dates, while futures have set settlement times. Options give the right to buy or sell (but not the obligation) at a specific price. These tools use collateral such as Bitcoin or stablecoins, and users can trade with up to 100x leverage.
• Staking: Bitfinex has a soft-staking program that lets you earn passive income by holding certain cryptocurrencies in your account. Each week, the platform distributes rewards to users who hold supported tokens, allowing them to continue trading and using them normally. That said, the reward percentages may vary and staked funds may not be instantly withdrawable.

• Margin funding: You can lend your crypto assets or fiat currency (traditional money) to other traders and earn interest. Rates and durations are user-defined, with interest calculated in short intervals.
• OTC trading: Over-the-counter trading is designed for large transactions. When someone wants to buy or sell large amounts of cryptocurrency, doing it on the regular market could move prices. OTC trading allows these trades to happen privately with minimal market impact.

The platform supports fiat deposits via bank wire transfers in currencies such as USD and EUR, though availability varies by location. Not all services may be accessible in every region due to local rules. 

Is Bitfinex safe to use in 2025?

Bitfinex implemented various security measures following a security breach on 2 August 2016, that led to the theft of 119,755 BTC. The platform initially reimbursed users through a BFX token issuance system (1 BFX = 1 USD), and later bought back BFX by paying in USD or shares of iFinex Inc.

It now keeps around 99.5% of customer funds in cold storage and uses automated monitoring systems to flag suspicious activity, along with two-factor authentication (2FA), biometric logins, email encryption, and IP address monitoring to detect unusual activity. 

A bug bounty program offers rewards of up to $10,000 for identifying vulnerabilities. The platform additionally employs data encryption, DDoS protection, and regular audits to address potential threats. 

However, Bitfinex operates with limited regulatory oversight and is unavailable in the United States, Italy, Austria, Venezuela, and Canada.

Bitfinex FAQs

What are the fees charged by Bitfinex?

Bitfinex applies zero fees for maker and taker orders on spot, margin, and derivatives trades. Cryptocurrency deposits are free, but withdrawals depend on the asset, such as 0.00006 BTC for Bitcoin or are free for many altcoins. Bank wire deposits incur 0.1% (minimum $60), and withdrawals are 0.1% (minimum $100). Other services like lending take a percentage of generated fees, around 15%-18%. Fees can change based on holdings or offer types.

Does Bitfinex have a mobile app?

Yes, Bitfinex provides a mobile app for Android and iOS, allowing access to trading, account management, and real-time data.

How do I sign up with Bitfinex?

Visit the Bitfinex website or app and select sign up. Provide an email, create a password, and verify via a code sent to your inbox. Complete KYC by submitting identity documents for full access, which may take time depending on the verification level. Once approved, you can deposit and trade.

Does Bitfinex provide 24/7 customer support?

Yes, Bitfinex provides 24/7 customer support. You can get help through live chat (a pop-up window on every page) for general questions or by opening a support ticket for account-related issues. The live chat begins with a chatbot, but you can ask to speak to a human and will be connected to a real agent. Corporate accounts and high-volume traders also receive priority support from a dedicated team of specialists.