Comparison of Bitfinex vs Switchere [ 2024 ]

The crypto exchanges compared by their commissions, cryptos, security and much more. Here is the Bitfinex vs Switchere comparison!

Your expert: Alejandro Borja

Bitfinex

Your expert: Xavier Tarrasó

Switchere

Main points

Fees

0,10% /0,20%

Earns

Customer service

3/5

only card 3.60%

Fees

Earns

3/5

Customer service

Recommended for

Beginners

Trading

Yes

Passive income

Buy and hold

Yes

Beginners

Trading

Passive income

Buy and hold

Comparison of fees

Rating

4.2 – Low fees for high-volume traders but higher for smaller trades.

3.9 – Reasonable fees with additional benefits for instant purchases.

Level

0,10% /0,20%

only card 3.60%

Brief explanation

Bitfinex’s fee structure is designed to cater to both high-volume and occasional traders. The exchange employs a maker-taker fee model, where makers, who add liquidity to the market by placing limit orders, typically pay lower fees than takers, who remove liquidity by matching orders already on the book. Fees for takers start at 0.20%, and for makers, they begin at 0.10%. These fees decrease significantly with increased trading volume, making Bitfinex an attractive option for active traders. Additionally, there are no fees for depositing cryptocurrencies, though withdrawal fees do apply and vary depending on the currency. Overall, Bitfinex’s fees are competitive within the industry, providing a fair balance between cost and the comprehensive features offered.

Switchere’s fee structure is designed with simplicity in mind, catering to users who value straightforward transactions. The exchange primarily charges a fee on the conversion of fiat to crypto, and this fee is transparently incorporated into the exchange rate displayed at the time of purchase. The typical transaction fee ranges from 1% to 2%, depending on the payment method and the specific currencies involved. This simplicity allows users, especially beginners, to easily understand the costs associated with their transactions without worrying about additional hidden charges.

Bitfinex

Year Founded: Bitfinex has been operational since 2012, establishing itself as one of the oldest and most stable players in the volatile cryptocurrency market. Its longevity speaks to its ability to adapt and improve in a rapidly evolving industry
Security Methods: Post-2016 hack, Bitfinex significantly ramped up its security measures, implementing state-of-the-art security protocols including cold storage of funds, two-factor authentication, and advanced encryption technology to protect user data and assets.
Trading Volume and Liquidity: Bitfinex consistently ranks among the top exchanges in terms of trading volume. High liquidity not only makes it easier for users to execute trades at desired prices but also reflects the trust and scale of operation that Bitfinex maintains.
Reputation and Reviews: Despite past challenges, Bitfinex has maintained a strong reputation within the crypto community. It is frequently praised for its advanced trading features and deep liquidity, with many users advocating for its platform in various reviews and crypto forums.
Transparency: Bitfinex has taken steps to enhance its transparency, particularly in how it manages user funds and its operational status. The exchange regularly updates users about new features, security enhancements, and operational changes, helping build trust through openness.

Read bitfinex review

Switchere

Year Founded: Switchere was established under Estonia's progressive and stringent regulatory framework, enhancing its credibility as a trustworthy platform.
Security Methods: Adhering to rigorous security protocols required by Estonian law, Switchere ensures that user data and funds are protected through advanced security measures, including SSL encryption and compliance with AML (Anti-Money Laundering) policies.
Reputation and Reviews: Switchere has built a positive reputation among its users for its ease of use and reliable customer service. This is reflected in consistently good reviews across various consumer feedback platforms.
Transparency: The platform maintains high transparency in transaction fees and exchange rates. It discloses all costs upfront, ensuring users are not met with unexpected charges.
Customer Service: Switchere offers robust support with quick response times, providing users with a dependable resource for resolving issues and inquiries, which is essential for new entrants in the crypto market.

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Product selection

Native token

Token LEO

Earns

NFT marketplace

Cripto/debit card

Full name

iFinex Inc.

Unknown

Regulation

Not regulated

Year founded

2012

2019

Founder

Jean

Unknown

Payment methods

Transfers

Yes

Mastercard

Yes

Wire transfer

Yes

Card

Yes

Comparative table

Bitfinex	FEATURES	Switchere
Bitfinex allows trading with a relatively low minimum, catering to both small and large investors.	Minimum Trade	Switchere offers a low minimum trade amount, making it accessible for beginners or those looking to experiment with small transactions.
Fees are competitive, but high withdrawal fees may deter frequent traders.	Trading and Transaction Fees	The fees are relatively high compared to industry standards, which might deter frequent traders or those dealing in larger volumes.
Offers a wide range of cryptocurrencies, providing extensive trading options.	Number of Cryptocurrencies	Switchere supports a limited but essential selection of cryptocurrencies, suitable for those new to crypto but restrictive for diverse portfolios.
Extensive crypto-to-crypto pairings offer flexible trading strategies.	Crypto-to-Crypto Trading Pairs	Offers basic trading pairs; however, it lacks the variety provided by larger exchanges, limiting strategic trading options.
Generally transparent with operational and security practices but could improve in fee structures.	Website Transparency	The website clearly outlines fees, processes, and security measures, providing users with the information they need to make informed decisions.
Bitfinex does not provide an exchange card for customers to use for in-store purchases.	Credit/Debit Card	Switchere focuses on direct cryptocurrency purchases with fiat and does not provide additional financial tools like a branded exchange card.
Provides secure storage options including cold storage, though it’s complex for beginners.	Storage Offering	Offers secure storage solutions, though it might lack some advanced security features available on more specialized platforms.
Offers competitive staking options and rewards, enhancing user investment potential.	Staking and Rewards	Limited options for staking and rewards, which could be expanded to encourage longer-term investments and user retention.
Both platforms are robust and user-friendly, but the mobile app lacks some advanced features.	Mobile App and Desktop	Both mobile and desktop platforms are user-friendly and reliable, though they may lack some functionalities expected by advanced users.
Customer service is available but response times can be slow during peak times.	Customer Service	Generally responsive and helpful, but some users may experience delays during peak times.
Efficient deposit methods; however, withdrawal policies can be restrictive and costly.	Deposit and Withdraw	The process is straightforward, but the high fees for some operations and limited methods for withdrawal can be a drawback.

Key features

Analysis tools

Advanced charting tools, multiple technical indicators, and APIs

No significant tools, mainly a buying platform

Mobile APP

Security

High 4,9/5

High 4/5

Additional features

Margin trading, lending services, staking, Bitfinex Pulse (social network)

Instant crypto purchases, staking, Switchere wallet, educational resources

Anonymity

Key points

Available cryptocurrencies

150+

10+

User-friendliness

Bitfinex provides a powerful platform with a user-friendly interface that caters to both beginners and advanced traders. While it offers advanced trading features, the platform is designed to be accessible and easy to use.

Switchere provides a straightforward and easy-to-use platform that is ideal for beginners. The interface is clean and intuitive, making it easy to navigate and execute trades.

Value for money

Offers good value for money with competitive fees and advanced trading features, suitable for both retail and institutional traders.

Provides decent value for money with competitive fees and a user-friendly interface, though it may lack some advanced features.

Countries of operation

Global, including United States, Canada, United Kingdom, Australia, Germany

Best for

Suitable for experienced traders and institutions looking for advanced trading features and a wide range of cryptocurrencies.

Ideal for traders seeking a user-friendly platform with competitive fees and a wide range of supported cryptocurrencies.

Base currencies available

USD, EUR, GBP, JPY, BTC, ETH, USDT

EUR, USD, BTC

Account

Trading

Bitfinex is tailored for professional traders with its advanced trading features and high liquidity. It offers a wide range of cryptocurrencies but has had security breaches in the past, making some users cautious.

Switchere provides a secure platform with easy fiat integration and a decent range of cryptocurrencies. It offers competitive fees but lacks advanced trading tools.

Deposit and withdrawal

Bitfinex supports a wide range of deposit options, including bank transfers and crypto. Withdrawals are processed quickly, usually within a few hours. Fees are competitive, though high-volume users may benefit more.

Switchere supports various deposit and withdrawal methods, including bank transfers and cryptocurrencies. Withdrawals are processed efficiently, with low fees.

Account opening process

Bitfinex provides a straightforward and fully digital account registration process. Users need to submit personal details, verify their identity, and address. The process is quick, usually taking less than a day to complete.

Switchere offers a straightforward and user-friendly account registration process. Users need to provide personal information and verify their identity. The process is efficient and typically takes less than a day to complete.

KYC required?

Yes

Customer Service

Bitfinex provides extensive support through email, live chat, and a help center. The response time is quick, and support is available 24/7, ensuring users get timely assistance.

Switchere offers customer support via email and live chat. The response time is quick, but the support team is not available 24/7, which may be a drawback for some users.

Security

Bitfinex provides extensive security features, including 2FA, cold storage, and encryption. It is regulated by several financial authorities, making it a secure platform for investors .

Switchere employs robust security features, including 2FA and encryption. However, it is not regulated by major financial authorities, which might be a concern for some investors.

Which of these exchanges is for you?

Alejandro Borja

As an expert on our website, I recommend Bitfinex for traders seeking a diverse and dynamic trading environment. The platform’s extensive range of cryptocurrencies and crypto-to-crypto trading pairs is impressive, making it a great choice for those looking to explore different trading strategies. While the trading fees and customer service response times could see improvement, Bitfinex’s advanced trading features and robust security measures make it a reliable option for serious traders.

Xavier Tarrasó

As a cryptocurrency expert reviewing various platforms, I find Switchere to be a notably accessible exchange for newcomers to the cryptocurrency market. The platform’s straightforward design eliminates the usual complexities associated with crypto transactions, making it exceptionally user-friendly. For anyone looking to start their journey into cryptocurrencies with minimal hassle, Switchere’s ability to process direct purchases through credit and debit cards offers a significant convenience. However, while it’s ideal for beginners due to its simplicity, more experienced traders might find the limited selection of cryptocurrencies and higher transaction fees a bit restrictive. Therefore, I recommend Switchere for those new to the space or for casual users not looking to engage in more complex trading activities.

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How do we review crypto exchanges?

At Threenvest, we conduct a thorough review process to evaluate and rank the world’s leading crypto exchanges. Our goal is to offer an unbiased assessment, providing you with the information you need to make informed decisions on which ones best suit your needs. We strictly adhere to the guidelines of our editorial policy.

We collect data directly from exchanges through detailed questionnaires and conduct first-hand testing and observations during crypto exchange demonstrations. Questionnaire responses, combined with demonstrations and hands-on research from our experts, feed into our proprietary evaluation process that scores each provider’s performance on more than 15 factors. The end result produces star ratings ranging from poor (one star) to excellent (five stars).

For more details on the categories considered when rating brokers and our process, read our full methodology.

Risk Disclaimer

Investing in cryptocurrencies is very risky, you should only invest the money you are willing to lose. Also you should not expect to be protected if something goes wrong.

Neither Threenvest, nor the author, are recommending you to invest with this article.