Save Money With The Leading Bifinex Alternatives:
Bitfinex is an advanced trading platform, which boasts an order book with extremely high liquidity. High volume ensures a low spread, making it very important for traders. This article will discuss the platform as well as some popular alternatives.
Bitfinex Services
Cryptocurrency Trading, Lending, Borrowing & Staking Services
Bitfinex features more than 50 trading pairs, a progressive and customizable GUI, and scaled orders, market, limit, stop, stop-limit, fill or kill, trailing stop, and other order types. It has customizable platform interface. Users get API and advanced charting functionality access.
Margin trading borrowing terms (interest, duration, and amount) can be set automatically or manually by the user. Holders of cryptocurrency can lend their funds to traders safely to accumulate interest. Funding across all kinds of assets and currencies can be offered at the user’s duration and rate of choice.
You can also trade derivatives with Bitfinex, which gives you the opportunity to speculate on asset prices without purchasing or selling the assets. In order to trade, users must only collateralize their derivatives with USDT.
Last but not least, this exchange has a staking and lending service, letting users lend or stake their cryptocurrency easily. They don’t need to know how to work with staking software.
Types of Coins Available
Bitfinex has Bitcoin, Litecoin, Ethereum, Dash, Ripple, Zcash, Monero, EOS, Iota, and another 80 or so assets. Withdrawals are reasonably priced and deposits are free.
Leverage for BTC and Altcoins
The site offers up to 3.3x leverage through its Peer to Peer platform for margin trading.
KYC
You only need a valid email address to use the exchange, digital asset and margin trade, and other basic services. A deeper KYC process is required for the more advanced levels, including proof of address.
What Currencies can I Deposit?
You can make a deposit in USD, EUR, JPY, and GBP. The exchange supports USDT (Tether), a semi-fiat form of currency that has been pegged to the price of USD unofficially.
Deposit and Withdrawal Restrictions
You can only make fiat deposits via wire transfer.
Restricted Countries
Only customers from the USA are not allowed.
Has It Ever Been Hacked?
Currently Bitfinex is offering a reward of up to $400 million to recover Bitcoins lost in an attack, which took place in August 2016. Almost 120,000 BTC were transferred from the exchange without authorization. At present, this amount is worth billions. A total of 2072 unauthorized transactions took place. The exchange assures they have “learned their lesson” and have addressed all security issues and vulnerabilities since.
Bitfinex vs Binance
Like Bitfinex, Binance supports a wide variety of cryptocurrencies. Binance seems to have a better reputation although it was launched more recently. Its interface is user-friendlier. Bitfinex has more advanced features. Generally, Binance has lower fees. Bitfinex uses a progressive fee, and Binance – a fixed one of 0.1%.
What is Binance?
Binance is a cryptocurrency trading platform with rates that are competitive by all accounts. It’s the cheapest and easiest way to go for novices and seasoned traders alike. Users from around the world are welcome.
Binance Services
You can exchange fiat for cryptocurrencies on Binance. The exchange has a peer-to-peer (P2P) trading service, linking sellers to buyers directly. This makes fiat payments easier. Many payment options are available.
Recently, the provider entered into a partnership with Simplex to offer a credit and debit card brokerage service allowing users to purchase cryptos by credit card. They can choose from 31 different coins. However, it’s worth keeping in mind that the premium on this service can come with a fee of up to 3.5% for purchases in US dollars.
The browser Brave has enabled in-browser trading by integrating a Binance widget. It allows users to purchase and trade cryptocurrencies on the exchange. They can also see and manage their currency portfolios through Brave, which is focused on privacy.
Finally, Binance lets users buy coins directly with fiat currency via bank and SEPA transfer thanks to integrations with third party providers. The transaction fee is 0, making this a particularly attractive option. This option is available for EUR, AUD, and CAD, but not USD.
Types of Coins Available
Binance has Bitcoin, Ethereum, XRP, BNB, and Tether as crypto pairs. You can deposit and withdraw over 200 coins. More details on this will be provided in the following sections.
Leverage for BTC and Altcoins
Binance allows leverage of up to 125x, which is relatively high. It means you can multiply your profit or loss by 125. In fact, no other major platform has leverage this high.
KYC
You need to fill out a basic KYC form, which involves giving proof of identity.
What Currencies can I Deposit?
As mentioned, almost 200 currencies are available, including major ones such as Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), Chainlink (LINK), Litecoin (LTC), Ripple (XRP), Basic Attention Token (BAT), Cosmos (ATOM), Binance Coin (BNB), Binance USD (BUSD), Nano (NANO), Paxos Standard (PAX), Dash (DASH), EOS, Tether (USDT), Stellar Lumens (XLM), TRON (TRX), and TrueUSD (TUSD).
Among the payment methods supported are wire transfer, SEPA, credit and debit card.
Deposit and Withdrawal Restrictions
There are some withdrawal limits. Accounts that are verified on Level 1 can withdraw up to 2 BTC every 24 hours. The limit is 100 BTC every 24 hours for Level 2 verified accounts.
Restricted Countries
None. However, US traders can only use a dedicated platform: Binance.us.
Location
Binance is headquartered in Malta. They also have offices in Tokyo and Shanghai. While the company was first established in China, they moved their head office and servers into Japan just before September 2017, when the Chinese government banned crypto trading.
Has It Ever Been Hacked?
In May 2019, it emerged that 7,000 BTC had been stolen from the exchange in a hacker attack. At the time, this value corresponded to around USD 40 million.
Bitfinex vs Kraken
Kraken is a major cryptocurrency exchange. You can also use it to trade fiat currencies.
Kraken Services
Users can trade digital assets like Ripple and BTC for legal tender such as EUR and USD and vice versa. It’s also possible to trade one type of digital asset for another.
Types of Coins Available
A total of 46 coins are available on Kraken. The full list is available here.
Leverage for BTC and Altcoins
At present, Kraken offers up to 5x leverage. Your currency pair of choice will determine the maximum level of leverage that can be used.
KYC
Kraken is pretty serious when it comes to KYC with five whole levels of verification (from 0 to 4). The last two need a lot of proof of ID, but the first three don’t. In order to trade, you need at least Level 1. You click on “Get Verified” on your account screen and enter your name, country, date of birth, and telephone number. For Tier 2, you’ll need to provide proof of address.
Deposit and Withdrawal Restrictions
Kraken supports fiat deposits in USD, EUR, GBP, CHF, CAD, AUD, and JPY. First-time deposits are subject to a 72 hour account withdrawal hold. Kraken does not accept deposits in cash, by credit or debit card, or via PayPal.
Level 1 users can only deposit and withdraw cryptocurrencies. The limit on withdrawals per day is 2,500 USD. That on cryptocurrency withdrawals is 5,000 USD daily. There is no limit to deposits in cryptocurrency.
Restricted Countries
The following countries are restricted:
- Cuba
- Iran
- Iraq
- Afghanistan
- Congo-Brazzaville
- Congo-Kinshasa
- Tajikistan
- Libya
- North Korea
- Syria
Restricted Services
While clients in the Central African Republic, Mali, Namibia, Somalia, Eritrea, Guinea-Bissau, Lebanon, South Sudan, Sudan, and Yemen can create an account, some funding restrictions may be imposed.
In addition, Kraken does not offer service to clients in the states of Washington and New York. They have stated that the cost of maintaining legal compliance does not justify doing business in these states.
Location
The company is located in San Francisco, California, the United States.
Has It Ever Been Hacked?
Kraken has withstood the test of time. Most funds are stored offline.
Bitfinex vs Poloniex
Poloniex is a service for digital asset trading. Users can carry out transactions in different digital currencies worldwide on this exchange.
Poloniex Services
The exchange allows people to purchase, trade, and sell a large number of cryptocurrencies. Of course, the most popular coins (BTC and ETH) are available. So are some less popular ones. Poloniex is a highly demanded exchange. Volumes of over $100 million are traded daily.
The exchange also offers margin trading and lending. You can use Aivren, the exchange’s proprietary lending bot, to automate your lending.
Types of Coins Available
Poloniex has major coins such as Monero, Bitcoin Cash, Ripple, and Steem as well as rarer ones like Burst, Bela, and BlackCoin.
Leverage for BTC and Altcoins
100x is the highest leverage that Poloniex offers. The levels of the initial and the maintenance margin determine the leverage. These specify the minimum account availability required to enter and maintain any given position.
KYC
Binance is quite lax in this respect. For example, no verification is required to make a withdrawal of up to two bitcoins. At present, their value is equivalent to about $15,000. If you have Level 1 verification, you can withdraw up to $10,000 per day. For this level, you only need a valid email address. It also allows spot trading and unlimited deposits.
What Currencies can I Deposit?
Ethereum, Litecoin, Bitcoin, Dash, Monero, and Zcash are the most common choices to make deposits in. However, you can choose from more than 50 cryptocurrencies to deposit into your exchange account. Your location determines the number of crypto options. You can see their Assets Availability page for information on which currencies are available in different countries.
Deposit and Withdrawal Restrictions
If you haven’t used your deposit address for one year or more, it will be deactivated, deleted from your account, or used for another purpose. You might lose access to any funds deposited to an address that has been unassigned from your profile.
Restricted Countries
This exchange’s services are not available in the states of Washington, New York, and New Hampshire.
According to the exchange’s Terms and Conditions, “residents, nationals or agents of Cuba, Iran, North Korea, Seychelles, Sudan, Syria or any other country to which the United States, the United Kingdom or the European Union embargoes goods or imposes similar sanctions” cannot use their services.
Moreover, the exchange isn’t available to any members of a sanctions list maintained by the EU, the UK, or the US.
Residents, agents, or nationals of Belarus are banned. So are people living in Crimea. Residents, agents, or nationals of Algeria, Antigua and Barbuda, Cote D’Ivoire (Ivory Coast), Crimea & Sevastopol, Burundi, Cuba, Belarus, Burma, Dem. Rep. of Congo, Magnitsky, Liberia, North Korea, Syria, Venezuela, Zimbabwe, Iraq, Libya, Mali, Morocco, Bangladesh, Bolivia, Ecuador, Somalia, Sudan, Iran, Nepal, and Seychelles cannot use any services to trade in futures.
Location
The company is headquartered in Delaware, the United States.
Has It Ever Been Hacked?
It was reported that Poloniex lost 12.3% of all of its BTC in an attack on March 4, 2014. The exchange stated the compromise had resulted from a coding vulnerability they were unaware of. The problem has been resolved.
Bitfinex vs Bitstamp
Bitstamp was founded by Damijan Merlak and Nejc Kodric in Slovenia in 2011. At first, the platform targeted users from Europe only. It was launched as an alternative to Mt. Gox, the dominant exchange at the time.
Bitstamp Services
Bitstamp is not very popular with novices, but it draws experienced cryptocurrency traders like a magnet. They use it to exchange fiat for more established cryptocurrencies. The exchange offers very competitive fees. It is believed to be an excellent method to exchange high-value digital currencies.
Types of Coins Available
Bitstamp focuses on the most established coins with pairs featuring Bitcoin, Ethereum, Ripple, Bitcoin Cash, and Litecoin. They matched these with fiat currencies like USD and EUR.
KYC
You need to provide ID and proof of address to be fully verified on Bitstamp. You can upload these through their verification portal.
What Currencies can I Deposit?
Accounts are credited in EUR or USD. Deposits in a different currency will be converted to one of these two before they are credited.
Deposit and Withdrawal Restrictions
Verified customers do not face any restrictions, but there are very strict KYC requirements to reckon with.
Restricted Countries
There are no restricted countries if you want to make a deposit in a form of cryptocurrency. Obviously, if the government of a country has outlawed BTC, you can’t use the exchange in that country.
Location
As Bitstamp grew, it moved its office to the U.K. This happened in 2013. In 2016, they moved headquarters to Luxembourg, where they remain to this day. They also have offices in London and New York.
Has it ever been hacked?
Bitstamp was hacked in 2014 and 2015. The hackers stole 19,000 BTC in 2015, making this attack one of the most damaging to have been suffered by a cryptocurrency exchange.
Bitfinex vs Coinbase
Coinbase has over 30 million customers worldwide. The cryptocurrency company supports users from more than 100 countries.
Coinbase Services
The main service allows traders to purchase and sell BTC through a bank account, debit card, or credit card. You’ll generally get fair rates.
Types of Coins Available
Coinbase supports about 20 coins, including Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), EOS, Stellar Lumens (XLM), Ripple (XRP), Litecoin (LTC), Ethereum Classic (ETC), and Zcash (ZEC). More exotic options include Dai, Augur, 0x, Algorand, Cosmos, Dash, Civic, Golem, and Tezos (XTZ).
Leverage for BTC and Altcoins
Coinbase offers up to 3x on margin trading.
KYC
Coinbase has some basic KYC requirements. You can get verified at this page.
What Currencies can I Deposit?
The official currency of your country.
Deposit and Withdrawal Restrictions
The limit for verified customers is $25,000 a day. There is no limit to how much you sell or buy once your funds are transferred to Coinbase.
Restricted Countries
Coinbase is only available to customers in the US, Canada, and Europe.
Location
The company is in San Francisco.
Has it ever been hacked?
No.
Bitfinex vs Bybit
Bybit is among the fastest-growing exchanges for cryptocurrency derivatives.
Bybit Services
Focusing on the ETH/USD and BTC/USD trading pairs, the exchange also offers perpetual contracts in XRP/USD, EOS/USD, LTC/USDT, XTZ/USDT, BTC/USDT, ETH/USDT, and LINK/USDT.
Types of Coins Available
You can deposit and withdraw Bitcoin, Ethereum, Ripple, and EOS.
Leverage for BTC and Altcoins
Bybit also has the option of up to 100x leverage on the currencies.
KYC
During the ID verification process, you will be asked to provide photo ID and/or a video of yourself.
What Currencies can I Deposit?
Bybit accepts deposits in BTC, ETH, EOS, XRP, and USDT. Currencies such as BCH, TRX, and LTC are not accepted.
Deposit and Payout Restrictions
You can deposit any amount you want as long as you’ve linked your account on the platform to the proper withdrawal address. Withdrawal requests to unlinked accounts are rejected.
Restricted Countries
Customers from the United States, Québec (Canada), Sevastopol, Iran, Syria, Singapore, Cuba, Crimea, North Korea, Sudan, or Mainland China are not granted access.
Location
It is headquartered on the British Virgin Islands.
Has it ever been hacked?
Bybit has never been hacked.