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. 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. Users can also use a desktop and mobile application to trade digital currencies.
Users can trade cryptocurrencies and also borrow or deposit fiat currencies. Bitfinex will verify that users are authorized to do this. Once verified, users will be emailed their bank details.
Is it safe?
Bitfinex is a Hong Kong cryptocurrency exchange that has been around since 2012 and is considered one of the best exchanges. It has been subject to security breaches and scandals 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. It is also not beginner-friendly, only accepting customers in 52 countries and 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. To ensure security, they have implemented inline mitigation and routine internal audits.
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. However, there is no regulatory body that monitors the Bitfinex exchange. 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. Taker fees start at 0.2% which is slightly more than Coinbase’s. Makers fees are 0%. Large orders that go through the OTC desk are also not charged any trading fees.
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. 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. 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 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.
You will need to register online before you can trade on Bitfinex. 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 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.