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. Although it’s a complex platform with many features, it’s a great 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. 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 has been hacked twice, once in 2015 and the second time 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. 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. 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 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. 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. 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.
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.
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 often, the problem is with someone in the finance department and not with the 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. 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.
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.