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. 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.
Users can trade cryptocurrencies and also borrow or deposit fiat currencies. To do so, users must first be verified with Bitfinex. Once verified, users will be emailed their bank details.
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 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. Bitfinex is not user-friendly and accepts customers only in 52 countries. It is 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%. Trading fees are not charged for large orders placed through the OTC desk.
Bitfinex customer service can be reached via email, chat and social media. The Bitfinex website also includes a search box for general questions. The company is also active on Facebook, Twitter, Telegram, and Reddit. Bitfinex also offers cryptocurrency trading.
The customer support staff at Bitfinex is very responsive, which is a big plus. 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. While Bitfinex has a reputation for great customer service, they do face stiff competition in the industry.
When calling Bitfinex customer support, be sure to specify your specific issue. If you have a problem with Bitfinex’s financial department, be sure to contact the correct person at the right place. 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 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. This fee is dependent on the number of transactions you make in a month and the type of coin you’re trading.