Bitfinex
sogotrade
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Overview
Bitfinex was founded in 2015 and is headquartered in New Zealand, while sogotrade was established in 2016 and is based in USA. Bitfinex holds licences including Financial Services Provider (FSP), while sogotrade is regulated by Financial Conduct Authority (FCA) among others. Bitfinex serves 10,000+ clients worldwide; sogotrade has 1,000,000+. The minimum deposit is $100 at Bitfinex and $250 at sogotrade.
| Feature | Bitfinex | sogotrade |
|---|---|---|
| Min. Deposit | $100 | $250 |
| Regulation | Financial Services Provider (FSP) | Financial Conduct Authority (FCA), Australian Securities and Investment Commission (ASIC), Dubai Financial Services Authority (DFSA), Pepperstone Markets Limited is incorporated in The Bahamas (number 177174 B), Licensed by the Securities Commission of The Bahamas (SCB) number SIA-F307 |
| Founded | 2015 | 2016 |
| Country | New Zealand | USA |
| Clients | 10,000+ | 1,000,000+ |
Fees
Fees are a critical factor when choosing between Bitfinex and sogotrade, directly affecting your bottom line as a trader. Bitfinex has a lower barrier to entry with a minimum deposit of $100 (vs $250 at sogotrade). Both brokers charge withdrawal fees. sogotrade applies inactivity fees on dormant accounts; Bitfinex does not. Overall, Bitfinex scores higher on fees in our assessment.
| Feature | Bitfinex | sogotrade |
|---|---|---|
| Min. Deposit | $100 | $250 |
| Withdrawal Fees | Yes | Yes |
| Inactivity Fees | No | Yes |
| Deposit Fees | No | No |
| CFD Fees | No | No |
Platforms
Bitfinex offers MT5, cTrader, while sogotrade supports MT4, MT5, cTrader. Both brokers provide mobile trading apps for iOS and Android. Bitfinex supports social and copy trading features, which sogotrade does not offer. sogotrade edges ahead on platform breadth and functionality in our scoring.
| Feature | Bitfinex | sogotrade |
|---|---|---|
| MT4 | No | Yes |
| MT5 | Yes | Yes |
| cTrader | Yes | Yes |
| Windows App | Yes | Yes |
| iOS App | Yes | Yes |
| Android App | Yes | Yes |
| Trading Platforms | Android Apps,iPhone/iPad,Desktop | MT4, MT5, Mac, ZuluTrade, Web Trader, cTrader, Tablet & Mobile apps |
Education & Research
Education and research tools help traders at every level make more informed decisions, and here's how Bitfinex and sogotrade compare. Both brokers run regular live webinars. Both provide video tutorials, including advanced content. Daily market commentary is available from both brokers. Both integrate third-party research tools including Trading Central. Archived webinars are available at both brokers for self-paced learning. Bitfinex scores higher overall in education and research.
| Feature | Bitfinex | sogotrade |
|---|---|---|
| Forex Education | Yes | No |
| CFD Education | Yes | Yes |
| Weekly Webinars | Yes | Yes |
| Daily Commentary | Yes | Yes |
| Trading Central | Yes | Yes |
| Autochartist | Yes | No |
Deposits & Withdrawals
Convenient deposit and withdrawal options reduce friction for traders, especially important when managing positions across time zones. Bitfinex accepts 2 of the tracked payment methods (bank transfer, credit/debit card), while sogotrade supports 5 (bank transfer, credit/debit card, PayPal, Skrill, Neteller). sogotrade uniquely supports PayPal and Skrill and Neteller among the two brokers. sogotrade scores higher on deposit and withdrawal flexibility.
| Feature | Bitfinex | sogotrade |
|---|---|---|
| Bank Transfer | Yes | Yes |
| Credit Card | Yes | Yes |
| PayPal | No | Yes |
| Skrill | No | Yes |
| Neteller | No | Yes |
Support
Responsive customer support matters most when you're locked out of your account or need urgent help with a trade. Both Bitfinex and sogotrade offer live chat support. Both provide phone support. Email support is available at both brokers. Bitfinex supports 2 languages and sogotrade supports 8, giving sogotrade broader global reach. Both brokers are comparable on support quality.
| Feature | Bitfinex | sogotrade |
|---|---|---|
| Live Chat | Yes | Yes |
| Phone Support | Yes | Yes |
| Email Support | Yes | Yes |
| Languages | English, and Chinese | English, Spanish, Polish, Chinese, Japanese, Korean, Vietnamese, and Arabic |