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. 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. Users can also use a desktop and mobile application to trade digital currencies.
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. However, it has had some scandals and security issues over the years. It was hacked twice: once in 2015, and again 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. 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. 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. 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. 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.
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%. 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 also active on Facebook, Twitter, Telegram, and Reddit. Bitfinex also offers cryptocurrency trading.
Bitfinex’s customer service staff is extremely responsive. 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 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 deposit funds to your account using a bank transfer. Once you’ve verified your identity, you can deposit funds by selecting your currency and entering the necessary bank details.
The fees vary by cryptocurrency, but you can expect to pay at least 0.1% per transaction. 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.