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, which is supported by a proof of-stake blockchain, allows users to trade 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. 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. It has been subject to security breaches and scandals over the years. It was hacked twice: once in 2015, and again 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. Bitfinex has taken several measures to safeguard its clients against hackers and other 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. It has several security measures in place, including the storage of almost 95% of client funds in cold storage. Additionally, all Bitfinex data is stored on a secure server, which is guarded by onsite security teams. 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. 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.
Customer Support
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 active on Facebook, Twitter and Telegram. The Bitfinex website 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. 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 often, the problem is with someone in the finance department and not with the front-line support.
Trade Fees
Before you can trade on Bitfinex, you’ll have to sign up online. Fill out the registration form, which includes your name, email address, password, and email address. After that, you can login to your account and begin 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 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. This fee is dependent on the number of transactions you make in a month and the type of coin you’re trading.