LocalCoinSwap or Bitfinex – which is better for UK traders 2024? Compare LocalCoinSwap and Bitfinex in this detailed breakdown of their platforms, features and fees.
LocalCoinSwap is a DeFi cryptocurrency exchange offering P2P trading on a range of popular tokens. The firm offers both custodial and non-custodial services and has become popular among global crypto traders looking for flexibility. With that said, there are some safety concerns around DeFi exchanges like LocalCoinSwap.
Established in 2012, Hong Kong-based Bitfinex is a formidable player in the crypto industry. It boasts a powerful proprietary platform, 180 cryptocurrencies and more than 430 market pairs available for spot or perpetual swaps derivatives trading. With new payment methods, lower entry barriers and fresh products like crypto futures, Bitfinex is attracting a wider range of active crypto traders.
Pros
Impressive range of 300 payment methods including crypto transfers, bank transfers, credit cards and PayPal
Custodial or non-custodial transactions available giving traders full control
Decent educational resources and guides suitable for beginners
24/7 customer support via online request form
Two-factor authentication for added security
You can trade anonymously
Escrow protection
Despite a steep learning curve, the Bitfinex trading platform delivers for experienced traders, featuring a comprehensive charting package with 12 timeframes, plus margin trading and various order types.
Bitfinex boasts excellent liquidity across its crypto trading pairs, reducing the likelihood of slippage and ensuring efficient order execution, particularly for large volume trades, making it reliable for frequent traders.
After bolstering its roster, Bitfinex now offers access to over 180 cryptocurrencies, from Bitcoin and Ethereum to emerging altcoins with high levels of volatility that may appeal to traders.
Bitfinex is well-suited to algo traders, facilitating automated trading through its Honey terminal and API integration, enabling traders to program trading strategies efficiently.
Cons
Not the most competitive fees compared to similar firms
Mobile app only available on Android devices
No regulation and limited fund protection
No demo account for prospective users
Security relies on the chosen trader
Despite enhancing its security measures with two-factor authentication, Bitfinex still hasn’t escaped its dogged history of major security breaches and regulatory fines.
Like many crypto exchanges, Bitfinex operates in a regulatory grey area, which may pose risks for traders, especially compared to trusted crypto trading platforms like eToro.
Although Bitfinex has removed its $10,000 minimum deposit, making it more accessible to newer traders, the fee system remains complicated, with various factors such as trading volume and token holdings influencing fees, potentially leading to confusion.
Testing reveals inadequate support, especially for active traders, with response times of 12 hours via email and a frustrating user experience with no live chat integrated into the trading platform.
For occasional crypto traders and investors prioritizing simplicity, platforms like eToro, Gemini, or Kraken are superior options.
Bitfinex provides a mobile application that mirrors the full functionality of its web platform, facilitating seamless crypto trading on the move. The app also includes a Lite Mode for a simplified trading experience, presenting a more user-friendly interface for trading, staking, and lending cryptos, requiring just a few taps. The app is downloadable from both Apple’s App Store and Google’s Play Store, though app store ratings demonstrate a superior user experience on iOS devices.
iOS App Rating
4
Android App Rating
3.5
Margin Trading
No
Yes
MetaTrader 4
No
No
MetaTrader 5
No
No
cTrader
No
No
AlgoTrader
No
No
OmniTrader
No
No
TradingView
No
No
Autochartist
No
No
eSignal
No
No
Trading Central
No
No
STP Account
No
No
ECN Account
No
No
DMA Account
No
No
MAM Account
No
No
PAMM Account
No
No
LAMM Account
No
No
Demat Account
No
No
AI / Machine Learning
No
No
Robo Advisor
No
No
Negative Balance Protection
No
No
Market Maker
No
No
P2P Trading
Yes
Yes
Spot Trading
No
Yes
Auto Trading
Yes
Copy Trading
No
No
Social Trading
No
No
VPS Hosting
No
No
Tournaments
No
No
Demo Competitions
No
No
Ethical Investing
No
No
Custodial Account
No
No
Guaranteed Stop Loss
No
No
Inactivity Fee
$5
Islamic Account
No
No
Account Currencies
USD
EUR
GBP
JPY
TRY
Cryptocurrency
LocalCoinSwap offers a small range of crypto tokens such as Paxos and Cello, although the selection is not as wide as competitors. On a lighter note, traders can choose from a strong selection of 300+ payment methods and the platform is easy to learn and use.
Bitfinex provides access to an exceptional variety of crypto assets, encompassing over 180 tokens. In addition to spot trading, the platform supports perpetual swaps trading, enabling traders to engage in margin trading on crypto assets with leverage up to 1:10. With digital tokens frequently listed and delisted, Bitfinex provides diverse opportunities to participate in the dynamic cryptocurrency market.
