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 is backed by a proof-of-stake blockchain and allows its users to exchange 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. 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.
When you trade on an exchange, security is a concern. 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. 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. It has several security measures in place, including the storage of almost 95% of client funds in cold storage. 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. 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.
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. 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. While Bitfinex has a reputation for great customer service, they do face stiff competition in 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.
Before you can trade on Bitfinex, you’ll have to sign up online. 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. 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 applies to both deposits and withdrawals. In addition to this, you’ll have to pay 0.1% of the amount of your transactions to withdraw your funds. This fee is dependent on the number of transactions you make in a month and the type of coin you’re trading.