Bitfinex Review – Is Bitfinex Safe, Good, Or Both?
If you’re wondering whether Bitfinex is safe, a good exchange, or both, you’ve come to the right place. You should be familiar with what you can expect from Bitfinex before you purchase cryptocurrencies. This Bitfinex Review will provide information about the exchange’s features and customer support.
What is Bitfinex?
Bitfinex is one of the oldest and most prominent cryptocurrency exchanges. While it is a very complex platform with complex features, it is a good choice for serious traders. Its decentralized infrastructure, which is supported by a proof of-stake blockchain, allows users to trade 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. Bitfinex will verify that users are authorized to do this. 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 was hacked twice: once in 2015, and again 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. It is also not beginner-friendly, only accepting customers in 52 countries and not available in the United States.
The security of your funds is a major concern when you are trading on an exchange. Fortunately, Bitfinex has implemented a number of measures to protect its clients from hackers and other potential threats. Bitfinex’s servers are protected with 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
The Bitfinex exchange has gained prominence for being a secure and reliable cryptocurrency trading venue. 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 the British Virgin Islands and operates out of Hong Kong.
Bitfinex charges fees to use its services. However, fees are dependent on how much cryptocurrency you trade and whether or not you are a taker or maker. Taker fees start at 0.2% which is slightly more than Coinbase’s. Makers fees are 0%. Large orders that go through the OTC desk are also not charged any trading fees.
Bitfinex customer service can be reached via email, chat and social media. Bitfinex also offers a search box to answer general questions. The company is active on Facebook, Twitter and Telegram. 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. The live chat service works well, although live chat agents are likely to try and 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 deposit funds to your account using a bank transfer. After you have verified your identity, deposit funds can be made by selecting the currency you wish to use and entering the bank details.
You can expect to pay 0.1% per transaction, although fees will vary depending on the cryptocurrency. This fee applies to both deposits and withdrawals. To withdraw your funds, you will need to pay 0.1% on the transaction amount. The amount of transactions you make each month and the type or coin you trade will affect the fee.