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. Before you buy cryptocurrencies from Bitfinex, you should know what to expect from the site. In this Bitfinex Review, you’ll learn more about this exchange’s features, customer support, and security.
What is Bitfinex?
Bitfinex is one of the oldest and most prominent 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. 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 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. 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.
When you trade on an exchange, security is a concern. Bitfinex has taken several measures to safeguard its clients against hackers and other threats. Bitfinex’s servers are protected with DDoS protection and real time detection of malicious traffic. To ensure security, they have implemented inline mitigation and routine internal audits.
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. However, there is no regulatory body that monitors the Bitfinex exchange. 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. 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 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 you have a problem with Bitfinex’s financial department, be sure to contact the correct person at the right place. 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. You’ll need to fill out a registration form with your name, email address, and password. 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. After you have verified your identity, deposit funds can be made by selecting the currency you wish to use and entering the bank details.
The fees vary by cryptocurrency, but you can expect to pay at least 0.1% per transaction. 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. The amount of transactions you make each month and the type or coin you trade will affect the fee.