Plain English
Bitfinex is one of the oldest crypto exchanges, founded in 2012 and based in the British Virgin Islands. Operated by iFinex, which also owns Tether (USDT issuer). Historically influential in setting Bitcoin price discovery, especially in the 2014–2018 era.
How it actually works
Spot fees range 0.1%/0.2% maker/taker with deep BTC/USD and BTC/USDT liquidity. Suffered a major 2016 hack of 120,000 BTC; users were eventually made whole through BFX tokens and equity. The exchange does not serve US users. Bitfinex operates p2p lending and margin trading widely used by professional traders.
What it means for you
Bitfinex is most useful for professional traders comfortable with its UX and seeking deep liquidity on major pairs. The tight relationship with Tether is a feature for some users and a risk concern for others. For mainstream HNW holders, more regulated venues (Coinbase, Kraken, Gemini) are usually a cleaner choice.
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Educational content only. Not investment, tax, or legal advice.