Bitfinex is a cryptocurrency exchange platform. Since 2012, it has allowed customers to trade Bitcoin, Ripple, Ethereum, and other cryptocurrencies. The platform also provides advanced trading features like margin trading, cold storage, and more.
Currently, Bitfinex supports three payment methods. Each has an estimated waiting time of five to seven days, and some may charge fees for deposits.
Users can make fiat deposits in USD, JPY, EUR, and GBP through bank transfers. The deposit fees through bank transfer would be 0.1%.
Altcoins are cryptocurrency alternatives for Bitcoin. Altcoins use blockchain, a technology that secures peer-to-peer transactions. There are no charges for deposits of altcoins. Currently, Bitfinex accepts 20+ altcoins for deposits, including Ethereum, IOTA, Ripple, Zcash, and more.
In 2019, Bitfinex announced that users can use credit and debit cards on the platform, made possible due to the customers’ demand. According to their research, users prefer to use credit and debit cards.
For withdrawals, Bitfinex offers three payout methods. These are:
The platform allows users to withdraw as well as deposit through bank transfers. Customers can also select express bank wire transfers, which are completed within 24 hours.
At Bitfinex, users can select a digital asset for withdrawals. Select assets do not incur withdrawal fees, including ADD, Elrond, NEO, XinFin, and more.
Customers can also opt for internal transfers, in which a user can withdraw through another user in Bitfinex. There are no fees for internal transfers. But, Bitfinex only allows digital assets for withdrawals.
Bitfinex uses the taker-maker system for the transaction fees. A taker removes liquidity from the order book and pays for the associated costs. The opposite of a taker, a maker adds liquidity to the order book by creating a limit order.
Liquidity of a cryptocurrency describes its capability to turn into real money. This is an essential aspect of cryptocurrencies because higher liquidity means more market stability and quicker transactions.
Takers’ fees range from 0.055% to 0.2%, while makers will charge up to 0.1%, depending on the order amount.
Bitfinex also offers the fees calculator for easier calculations. For more information, please visit Bitfinex’s fee schedule on their website.
Below is a list of nine alternatives to Bitfinex.
BC Bitcoin is one of the UK’s cryptocurrency brokerages. They buy and sell Bitcoin, Ripple, Ethereum, and more. They also offer altcoin trading, and users can make transactions through bank transfers.
Similar features with Bitfinex: Affiliate program, cold storage.
Site: https://www.bcbitcoin.co.uk/
Binance is another leading platform for cryptocurrency exchange. Users can trade over 150 cryptocurrencies, making it the largest trading platform.
Similar features with Bitfinex: Mobile app, two-factor authentication, affiliate program, and cold storage.
Site: https://www.binance.com/en
Bit2me is a Spain-based exchange platform for cryptocurrency. Users can deposit and withdraw using a bank transfer or credit card. Their services are offered worldwide.
Similar features with Bitfinex: Affiliate program.
Site: https://bit2me.com/
BTCBIT is a reliable trading platform, allowing users to buy and sell cryptocurrencies instantly. Customers can trade Bitcoin, Zcash, Ethereum, and more via bank transfer or credit card.
Similar features with Bitfinex: Cold storage, two-factor authentication, affiliate program.
Site: https://btcbit.net/
BTC Direct is one of the oldest cryptocurrency platforms in Europe. They have a secure interface where users can buy or sell cryptocurrencies. The company has around 30 experts, and they have made over 900,000 orders over the years.
Similar features with Bitfinex: Affiliate program.
Site: https://btcdirect.eu/
The CEX.IO is a brokerage and cryptocurrency platform. They were one of the first companies to implement fiat-to-crypto transactions. They allow customers to use a credit or debit card for their payments.
Similar features with Bitfinex: Cold storage, mobile app, affiliate program, two-factor authentication.
Site: https://cex.io/
Kraken is a US-based crypto exchange company, offering advanced features like margin trading to its users. It is also the largest EUR-Bitcoin exchange worldwide.
Similar features with Bitfinex: Mobile app, cold storage, two-factor authentication, margin trading.
Site: https://www.kraken.com/en-us/
Kriptomat is a Europe-based cryptocurrency trading platform. They support over 20 languages including English, German, and Spanish. Traders can use a credit or debit card for transactions.
Similar features with Bitfinex: Affiliate program, two-factor authentication, cold storage, mobile app.
Site: https://kriptomat.io/
Xcoins is a secure platform that allows its users to buy Bitcoin with a credit or a debit card. The process is simple, quick, and safe. They have served 250,000+ customers since 2016.
Similar features with Bitfinex: two-factor authentication.
Site: https://www.xcoins.com/
Bitfinex offers great features, such as order books and margin trading. The platform supports 100+ digital assets and has an excellent liquidity rate. Customers can use Bitfinex around the world, except in the USA.
However, according to news reports, Bitfinex faced a security breach in 2016. They lost over $96 million of Bitcoin during the incident. This is considered the second-biggest breach in crypto history.
Ever since the event, they have increased the security of their platform. Bitfinex implemented cold storage and created a token to recover from the incident. Their mobile application was another added improvement.
Today, people identify Bitfinex as a well-known cryptocurrency exchange platform.
Site: https://www.bitfinex.com/
Overall, Bitfinex is an excellent cryptocurrency exchange platform for customers outside the USA. It offers an incredible amount of liquidity for both takers and makers. Furthermore, the platform gives various convenient payment options for deposits and withdrawals.
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