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 the most well-known and oldest cryptocurrency exchanges. Although it’s a complex platform with many features, it’s a great choice for serious traders. Its decentralized infrastructure, which is supported by a proof of-stake blockchain, allows users to trade products. Users can also use a desktop and mobile application to trade digital currencies.
In addition to trading cryptocurrencies, users can borrow and deposit in 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, a Hong Kong cryptocurrency exchange, has been in existence since 2012 and is widely regarded as one of the top exchanges. However, it has had some scandals and security issues over the years. It has been hacked twice, once in 2015 and the second time in 2016. The latter hack is considered the heist of the century, as hackers made off with more than a hundred thousand Bitcoins, which is equivalent to about US$4.5 billion at current prices. Bitfinex was forced to compensate its 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. Fortunately, Bitfinex has implemented a number of measures to protect its clients from hackers and other potential 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
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. All Bitfinex data are stored on a secure server that is protected by security personnel. Bitfinex is not monitored by any regulatory bodies. It is registered in the British Virgin Islands and operates out of 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. Taker fees start at 0.2% which is slightly more than Coinbase’s. Makers fees are 0%. Trading fees are not charged for large orders placed through the OTC desk.
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 also active on Facebook, Twitter, Telegram, and Reddit. The Bitfinex website also offers cryptocurrency trading.
Bitfinex’s customer service staff is extremely responsive. They are able to respond quickly to customer inquiries, allowing them to resolve issues 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.
When calling Bitfinex customer support, be sure to specify your specific issue. 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.
You will need to register online before you can trade on Bitfinex. Fill out the registration form, which includes your name, email address, password, and email address. Once that is complete, you’ll be able to login and start 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 applies to both deposits and withdrawals. To withdraw your funds, you will need to pay 0.1% on the transaction amount. This fee is dependent on the number of transactions you make in a month and the type of coin you’re trading.