Bitfinex Exchange Overview
Bitfinex is a Centralized exchange that ranks #7 on BitDegree Exchange Tracker. Bitfinex has a trading volume of $110,341,477 in the last 24 hours and $106,848,643,727 in the last 7 days.
Bitfinex currently has 179 cryptocurrencies, 4 fiat currencies and 379 markets (cryptocurrency trading pairs). The most popular trading pair on Bitfinex is BTC/USD.
Bitfinex is a centralized cryptocurrency exchange (CEX). It offers spot and derivatives markets, supports margin, securities, and over-the-counter (OTC) trading, as well as lending and staking. The Bitfinex cryptocurrency exchange supports over 180 coins.
The Bitfinex cryptocurrency exchange is a region-restricted trading platform. Some or all services may be disabled in some locations. Bitfinex is unavailable in the USA, Bangladesh, Bolivia, Ecuador, and Kyrgyzstan.
The Bitfinex platform has a native utility token UNUS SED LEO (USDt LEO). Token holders are eligible for discounts on Bitfinex crypto fees when trading or loaning assets.
Markets
There are over 400 Bitfinex trading pairs available for traders in the spot market. Depending on whether customers are trading crypto-crypto, crypto-stablecoin, or crypto-fiat, different Bitfinex spot market fees apply.
There are 16 tiers to the Bitfinex exchange fees on the spot market, using the maker/taker method. If the 30-day Bitfinex trade volume does not exceed $500,000, the maker/taker fees are 0.100% and 0.200%, respectively. If the Bitfinex volume exceeds $7.5 million, makers are not required to pay any fees.
UNUS SED LEO token holders are eligible for Bitfinex fee discounts in the spot and futures markets. There are 3 levels of discounts, based on the amount of tokens held. Discounts on the Bitfinex spot market may vary depending on the selected trading pairs:
- Level 1: more than 1 USDt LEO in holdings. In crypto-crypto and crypto-stablecoin trading, the Bitfinex crypto price for the fees is discounted by 15% + for the takers;
- Level 2: more than 5,000 USDt LEO in holdings. In crypto-crypto and crypto-stablecoin trading, the Bitfinex crypto fees for takers receive a 25% discount. Additionally, takers get a 10% discount on crypto-fiat fees;
- Level 3: more than 10,000 USTt LEO in holdings. Taker fees for crypto-crypto and crypto-stablecoin trading on the Bitfinex crypto exchange are reduced by 25% + up to 6 bps. Additionally, a 10% + up to 6 bps discount applies to crypto-fiat taker fees.
Margin trading is supported on the Bitfinex crypto exchange. Users can trade with up to 10x leverage. Customers must comply with KYC regulations to access this feature. The funding for margin trading is received from the peer-to-peer liquidity platform Margin Funding.
Derivatives trading on the Bitfinex crypto exchange was launched in 2019. The futures market offers more than 60 Bitfinex trading pairs. There are seven tiers to the derivatives order execution.
If the 30-day Bitfinex volume does not exceed $2 million, the maker fee is 0.200%, and the taker fee is 0.650%. In the highest tier, where the minimum 30-day trade volume is $3 billion, the maker fee is 0.0100%, and the taker fee is 0.350%.
Level 3 UNUS SED LEO holders are eligible for discounts when trading in the derivatives markets. The Bitfinex crypto exchange applied a discount of up to 0.5 bps for makers and up to 1.5 bps for takers.
It’s possible to purchase several cryptocurrencies, including Bitcoin, Tether, and Ethereum, as well as ERC-20 tokens, on Bitfinex using a debit or credit card. The minimum Bitfinex crypto price must be at least $25. Fees may apply based on the payment processor.
Developers can access Bitfinex APIs. They can be integrated into trading platforms and provide real-time market data.
About the Company
Bitfinex is registered in the British Virgin Islands. It was founded in 2012 by Raphael Nicolle. Since 2013, the company has been spearheaded by JL van der Velde. It’s one of the longest-running Bitcoin exchanges in the world.
In 2016, the Bitfinex cryptocurrency exchange was affected by a large-scale hack. It was considered to be one of the largest cryptocurrency hacks at the time and led to nearly 120,000 Bitcoin (BTC) being stolen. At the time, the stolen Bitfinex crypto price was valued at around $72 million.
Following the hack, the trading price of BTC plummeted by 20%, and Bitcoin withdrawals and trading on the Bitfinex crypto exchange were temporarily halted. In early 2022, the stolen funds were valued at $4.5 billion. The United States Department of Justice announced in February 2022 that roughly $3.6 billion worth of stolen BTC had been seized.
Raphael Nicolle is a software developer. Prior to founding the Bitfinex crypto exchange, he worked as a system administrator for Gutenberg Networks. Nicolle stepped away from his role as CTO at Bitfinex in 2015.
JL van der Velde is the CEO of Bitfinex. He’s an entrepreneur with more than three decades of experience in high tech and international finance. He joined the Bitfinex team in its infancy and became the CEO in 2013. Additionally, van der Velde is the CEO of Tether.
