Bitfinex Review – Is Bitfinex Safe, Good, Or Both?
You’ve come to right place if you want to know if Bitfinex is safe or a reliable exchange. Before you buy cryptocurrencies from Bitfinex, you should know what to expect from the site. This Bitfinex Review will provide information about the exchange’s features and customer support.
What is Bitfinex?
Bitfinex is one the most well-known and oldest cryptocurrency exchanges. While it is a very complex platform with complex features, it is a good choice for serious traders. Its decentralized infrastructure is backed by a proof-of-stake blockchain and allows its users to exchange products. To trade digital currencies, users can use both a mobile and desktop application.
Users can trade cryptocurrencies and also borrow or deposit fiat currencies. To do so, users must first be verified with Bitfinex. Once verified, they will receive bank details via email.
Is it Safe?
Bitfinex is a Hong Kong cryptocurrency exchange that has been around since 2012 and is considered one of the best exchanges. It has been subject to security breaches and scandals over the years. It has been hacked twice, once in 2015 and the second time in 2016. Hackers stole more than 100 thousand bitcoins from Bitfinex, making it the most expensive heist in history. As a result, Bitfinex had to compensate users for their losses. Bitfinex is not user-friendly and accepts customers only in 52 countries. It is not available in the United States.
The security of your funds is a major concern when you are trading on an exchange. Bitfinex has taken several measures to safeguard its clients against hackers and other threats. For example, its servers are protected by DDoS protection and real-time detection of malicious traffic. They have also implemented automated inline mitigation measures and regular internal security audits to ensure the security of their network.
Is it a Good Exchange?
Bitfinex has been praised for its reputation as a reliable and secure cryptocurrency trading platform. There are many security measures, including cold storage for almost 95% of client funds. Additionally, all Bitfinex data is stored on a secure server, which is guarded by onsite security teams. Bitfinex is not monitored by any regulatory bodies. It is registered in British Virgin Islands, and it operates from Hong Kong.
Although Bitfinex charges fees for its services, these fees vary based on the amount of cryptocurrency traded and whether you are a maker or a taker. The fees for takers start at 0.2%, which is slightly higher than Coinbase’s, and for makers, the fees drop to 0%. Large orders that go through the OTC desk are also not charged any trading fees.
The Bitfinex customer support team can be contacted via email, live chat, and social media. The Bitfinex website also includes a search box for general questions. The company is also active on Facebook, Twitter, Telegram, and Reddit. Bitfinex also offers cryptocurrency trading.
The customer support staff at Bitfinex is very responsive, which is a big plus. Their ability to quickly respond to customer queries allows them to resolve problems faster. Although the live chat service is very useful, live chat agents may try to sell Bitfinex accounts. Bitfinex is known for their excellent customer service but they face stiff competition from the rest of the industry.
Make sure you specify the issue when calling Bitfinex customer service. If your problem is with the exchange’s financial department, make sure you contact the right person at the right office. Most often, the problem is with someone in the finance department and not with the front-line support.
Before you can trade on Bitfinex, you’ll have to sign up online. Fill out the registration form, which includes your name, email address, password, and email address. After that, you can login to your account and begin trading. You can also make a bank transfer to deposit funds into your account. Once you’ve verified your identity, you can deposit funds by selecting your currency and entering the necessary bank details.
You can expect to pay 0.1% per transaction, although fees will vary depending on the cryptocurrency. This fee is applicable to both withdrawals and deposits. In addition to this, you’ll have to pay 0.1% of the amount of your transactions to withdraw your funds. This fee is dependent on the number of transactions you make in a month and the type of coin you’re trading.