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What is Bitfinex Exchange?
Bitfinex Exchange is an online crypto trading platform with options to buy, sell and trade digital assets and currencies, such as Bitcoin, Ethereum, Litecoin, and many others. By trading volume, Bitfinex is one of the largest exchange services.
Bitfinex can also act as a crypto wallet that can be used to buy things online or offline. A Bitfinex wallet can be used to fund an online casino account as well as place bets on online sports betting websites. The most notable additional features include margin trading and margin funding. These advanced options of leveraging trading with access to the peer-to-peer funding market are great for professional traders who are serious about cryptocurrency trading.
For online gamblers, Bitfinex is a great platform due to its low transaction fees. A lot of prominent exchange sites deal with the infamy of having high fees which may explain the appeal of Bitfinex Exchange among regular users.
Bitfinex Exchange was released in 2012 by iFenix Inc. Since its release, the company has gained a lot of praise for its ease of use and great margin funding platform. Sadly, despite offering some tight security features, Bitfinex has been subjected to a couple of high-profile hacks. Both of these incidents have caused many users to leave in search of a different crypto exchange platform but that hasn’t sunk the Bitfinex ship. Although closely associated with Tether stablecoin, unfortunately, their relationship seems to have done more harm than good to the company.
Despite the turbulent past and reputation, Bitfinex remains one of the most popular cryptocurrency exchanges outside the US borders. More importantly, online casino players and sports bettors who use Bitfinex seem to be pleased with its functionality.
Bitfinex Pros and Cons
- Suitable to professional crypto-traders only.
- Has suffered a couple of high-profile hacks.
- Takes a long time to verify an account.
How To Create a Bitfinex Account?
Creating a Bitfinex account requires following these simple steps:
- Go to the Bitfinex website and click on [Sign Up].
- Enter your email address, and password, and select your region.
- Confirm your account via email.
- Once you get your passphrase, write it on a piece of paper and store it somewhere safe. Start buying and trading cryptocurrency.
Optional: Set up two-factor authentication for an added layer of security.
Using Bitfinex in Online Casinos
Once you create an account, you immediately gain access to your personal crypto wallet. This crypto wallet provides users with everything they need to start trading crypto. To get started with online gambling, follow these steps:
Bitfinex fees are one of the main selling points, especially when viewed from the online casino lens. Online casino players and sports bettors are always dealing with various fees (transfer fees, gas fees, online platform fees, etc.) so it’s great that Bitfinex keeps them within reason.
Bitfinex Accepted Cryptocurrencies
Bitfinex supports over 170 cryptocurrencies and 5 fiat currencies. This is more than sufficient for most casino players and sports bettors. Most online casinos and sports betting platforms only accept a handful of cryptocurrencies (Bitcoin, Ethereum BitcoinCash, Litecoin, Dogecoin, Ripple, Tether, Monero, Cardano, etc.) that most crypto wallets/exchanges accept (Bitfinex included).
Just like many currency exchange websites, Bitfinex offers buying, selling, and trading of most cryptocurrencies. The website also offers margin trading and features for professional traders.
Crypto traders who think big and prefer taking risks can also partake in Bitfinex Margin trading. This process allows users to invest more crypto funds than they actually own in order to, potentially, make a bigger profit long-term.
Getting into margin trading requires that users set aside security funds in case the margin trading goes south (and it often does thanks to crypto volatility). Users are able to use 10x the leverage amount for margin trading.
Bitfinex gives users a relatively easy and simplified UI. Users can apply for corporate accounts which unlock more advanced features, such as margin trading, margin lending and funding, paired tailoring, advanced charting tools, and others. Remember, these are only available when using the professional trading mode on the Bitfinex app.
While not that useful for online gambling, this option is great if you are planning to make a profit on the side using cryptocurrency. Please be aware that using any of these options carries huge risks and potential losses.
When using a PC, Bitfinex can be accessed through an Internet browser. Users who want a bit more flexibility and area actively trading can also install the Bitfinex PC app. With the app, users get a few extra features that may just improve their online gambling experience.
For example, the PC app allows users to automatically copy and paste wallet addresses between the casino and themselves. This makes depositing and withdrawing funds easier and more secure. Players who exclusively play online casino games from their PCs would benefit the most from using this app.
The Bitfinex Mobile App is how most users prefer to use this exchange. The Bitfinex Mobile App offers all the benefits that the PC app does while also including some features only available on mobile devices. Users can scan wallet addresses which makes sending and receiving funds a little easier. Users can also set up additional security, such as face recognition, fingerprint ID, and other features only available on smart devices.
Users can also use Bitfinex’s advanced features using the mobile app. For online casino players, the app offers a convenient way to quickly and securely top up your crypto wallet, especially if they prefer to play casino games from their mobile phones.
Bitfinex offers decent security to all its customers. They offer two-factor authentication, advanced API when connecting or linking accounts to other services, IP address monitoring, and the ability to store funds on cold-storage wallets.
Unfortunately, Bitfinex has already been hacked twice in the past and this has caused many users to move to other crypto wallets. Even though Bitfinex seems to have recovered from hacker attacks, many users find their security a bit unprofessional.
One of the best features of Bitfinex is how it handles fees. Fees usually vary from 0,20% to 0.10% taker fees. With that said, trading fees can further be reduced depending on the amount of LEO coins an account holds.
Users who hold at least $1 worth of LEO coins have a 15% off for trading crypto for crypto or crypto for stablecoin trades. If users have more than $5,000 worth of LEO coins, they get 25% off for the same types of trades plus an additional 10% off for crypto to fiat trades. If you are planning to do a lot of online gambling but aren’t sure which cryptocurrency might give you the best benefits, LEO coins may be a good place to start.
The extra you keep from all the trades may be just what you need for that one last roll or even an extra deposit.
Bitfinex Customer Support
Bitfinex isn’t the greatest when it comes to customer service. You can submit a ticket on their website, and their support can contact you via email. Unfortunately, they don’t offer phone or live chat support which is a huge disadvantage when compared to other exchange support services. What users like best Users are happy with the lowered fees available at Bitfinex.
Most users claim that after investing in LEO coins, they had a great experience trading crypto. Online gamblers and sports bettors also seem to be happy with everything that Bitfinex offers. While many are pleased with the overall UI features, professional users also praise margin trading and other advanced features available at Bitfinex. What users dislike The main reason users dislike Bitfinex is a lack of trust over the years. While crypto attacks are a common occurrence, Bitfinex is one of the few crypto exchange websites that suffered the same incident twice.
Both hacks have made users question the security offered by Bitfinex and many have left the platform since. Even though Bitfinex has recovered from both attacks, people are still reluctant to trust the company.
Bitfinex Review Summary
Btfinex is a decent choice when it comes to online gambling. This is a reliable wallet that offers everything a casino player and sports bettor might need while also having reduced fees under certain conditions. However, this crypto exchange has had issues in the past and we would be lying if we said that we weren’t a little concerned.
With that said, if you simply need a crypto exchange website where you can quickly buy and transfer your funds to a different wallet, then Bitfinex will do just fine. Thank you for reading our review of the Bitfinex crypto exchange!
Is Bitfinex safe?
Yes, Bitfinex is safe. The website is as safe as any other crypto exchange website offering standard to advanced layers of protection. With that said, Bitfinex has been hacked twice in the past and many users refuse to trust this company.
Is Bitfinex good for online casinos?
Bitfinex is a decent pick for online casinos. While it doesn’t offer many benefits for online casino players and sports bettors, the reduced fees go a long way when it comes to keeping players happy. Online casino players who are also into cryptocurrency investing can also get many benefits from all the advanced options that Bitfinex offers.
Is Bitfinex available in my country/region?
Bitfinex is available in most countries except in a select few, such as Bangladesh, Bolivia, Ecuador, and Kyrgyzstan.
Can US citizens use Bitfinex?
Since 2017, Bitfinex’s own terms of service prohibit US citizens from depositing cash into the platform.
Is Bitfinex a Chinese company?
No, Bitfinex is not a Chinese company. This cryptocurrency exchange platform has been registered in the British Virgin Islands.
Is Bitfinex better than Binance?
Binance is slightly ahead of Bitfinex in terms of overall ranking due to lower commission rates and a larger number of supported coins. On the other hand, Bitfinex is more suited for professional traders, providing more advanced trading features best suited for trading with bots.