Bitfinex is one of world's largest digital trading platform that offers state of art services for cryptocurrency traders and global liquidity providers. Bitfinex is an Hong Kong based exchange registered in British Virgin Islands, owned by iFinex Inc. and was founded in 2012. Bitfinex was among the first set of professional platforms set up to satisfy the booming interest of cryptocurrency trading. Over time, Bitfinex has really grown to support trading of over 70+ digital currencies and is currently one of the top 20 exchange according to CMC, with an average of over 200 million USD of daily trade volume.
Bitfinex is one of the largest centralized KYC/AML exchange. According to it terms and conditions, as of August 15 2018 Bitfinex service is not open to any U.S person or anyone operating his/her account from a U.S organization.
Pros:
1. Reputation: Bitfinex is one of the top 20 leading exchange with a very high daily trade volume. As a trader, high trade volume is quite important cause it ensures low spread.
2. Security: Although Bitfinex have had security issues in the past, users can still properly secure their account using two factor authentication. Also Bitfinex claimed only 0.5% of user assets are accessible in hot wallet for daily transaction while the rest are held in a cold wallet which requires intervention of several members of management to access.
3. Clean And Customizable Interface: Bitfinex has a responsive, nice and clean interface that is very familiar with seasoned trader. It interface is highly customizable, users can choose different theme that suit his/her needs. It even has a mobile client app available for both Android and iOS.
4. Reasonable Fees: Trading fees are calculated based on last 30days trading volume and by maker/taker status. Bitfinex maker fee ranges from 0.0% to 0.1% while taker fee ranges from 0.1% to 0.2%. There is no deposit fee for cryptocurrencies but bank transfer deposit comes with 0.1% fee.
5. Doesn't Require Verification For Trading: You are not required to pass verification in order to start trading but you need to be verified before you can make FIAT deposits and withdrawals.
6. Support Major Coins And Tokens: Bitfinex support trading of over 70 different cryptocurrencies like Bitcoin, Ethereum, Litecoin and other altcoins.
7. API Support: Bitfinex comes with a well designed API support, making it easy to build upon it or integrate it into your existing tooling.
8. Nice Support: According to report, alot of users have really praised Bitfinex support, they also provide a well documented help section which is updated frequently.
Cons:
1. Was Hacked: Bitfinex has experienced two series of hacks in the past. In 2015 customers account were hacked which cause the loss of about $400,000, while in 2016 $73 million more was stolen from customer's account (one of the biggest crypto theft in history). Although the affected customers were repaid over time, safety precautions have been made to avoid similar issue from occuring.
2. Interface can be abit daunting for a beginner.
