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. In this Bitfinex Review, you’ll learn more about this exchange’s features, customer support, and security.
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. Bitfinex will verify that users are authorized to do this. Once verified, users will be emailed their bank details.
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. Bitfinex was forced to compensate its users for their losses. It is also not beginner-friendly, only accepting customers in 52 countries and 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
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 British Virgin Islands, and it operates from 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.
The Bitfinex customer support team can be contacted via email, live 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. 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.
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 of the time, the problem will be with a member of the finance department, not with 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.
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. 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.