When you hear Bitfinex crypto exchange, a major digital asset trading platform launched in 2012 that pioneered margin trading and advanced order types for crypto. Also known as Bitfinex Tether, it was once the go-to for professional traders who needed deep liquidity and low fees—but its reputation has shifted over the years. Unlike beginner-friendly apps like Coinbase, Bitfinex doesn’t hold your keys. You control your crypto, but that also means you’re responsible for everything—from security to recovery if you mess up your 2FA.
What sets Bitfinex apart isn’t just its history. It’s the crypto exchanges, platforms where users buy, sell, and trade digital assets, often with leverage, margin, or advanced order types that actually let you trade with 100x leverage on Bitcoin. That’s not a typo. But that kind of power comes with serious risk. In 2016 and again in 2020, Bitfinex got hacked, and users lost millions. The exchange recovered with a controversial token swap (the infamous Tether controversy), but trust never fully returned. Today, it’s still one of the few exchanges offering direct USD and EUR deposits via wire transfer, which matters if you’re trading large sums.
Then there’s Bitfinex fees, the cost structure for trading and withdrawing on the platform, which varies based on volume and whether you use their native token. Maker fees start at 0.1%, taker fees at 0.2%, and if you hold their token, LEO, you get discounts. But here’s the catch: withdrawal fees for Bitcoin and Ethereum are higher than on most competitors. And if you’re trying to move funds out quickly during a market crash? You might get stuck in a queue. That’s not theoretical—it’s happened during every major sell-off since 2021.
Security is another layer. Bitfinex uses cold storage, multi-sig wallets, and has never had a full-system breach since 2016. But it’s also one of the few exchanges that still allows users to trade with unverified accounts—something most regulators now forbid. That’s why it’s banned in the U.S. for retail users. If you’re outside the U.S., you can still access it, but you’re on your own if something goes wrong. No FDIC insurance. No customer support hotline that actually answers.
So who still uses Bitfinex? Not your average investor. It’s traders who need deep order books for large positions, people who want to short altcoins with high leverage, and those who’ve learned the hard way that centralized exchanges aren’t banks. It’s not the safest, but for some, it’s still the most powerful tool in the box.
Below, you’ll find real breakdowns of what Bitfinex actually offers—what works, what doesn’t, and what you should avoid. No fluff. Just facts from users who’ve been there.
Bitfinex is a powerful crypto exchange for experienced traders with deep liquidity, advanced tools, and 180+ coins. Not for beginners - strong security but no fund insurance and poor support.
