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, 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, 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. 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. 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. 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. All Bitfinex data are stored on a secure server that is protected by security personnel. However, there is no regulatory body that monitors the Bitfinex exchange. 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%. Trading fees are not charged for large orders placed through the OTC desk.
Customer Support
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.
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. 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 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.
Trading Fees
You will need to register online before you can trade on Bitfinex. Fill out the registration form, which includes your name, email address, password, and email address. 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. 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 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. The amount of transactions you make each month and the type or coin you trade will affect the fee.