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. 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.
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 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 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. Bitfinex was forced to compensate its users for their losses. Bitfinex is not user-friendly and accepts customers only in 52 countries. It is 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. To ensure security, they have implemented inline mitigation and routine internal audits.
Is it a Good Exchange?
Bitfinex has been praised for its reputation as a reliable and secure cryptocurrency trading platform. 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.
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%. 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. The Bitfinex website also includes a search box for general questions. The company is active on Facebook, Twitter and Telegram. The Bitfinex website also offers cryptocurrency trading.
Bitfinex’s customer service staff is extremely responsive. They are able to respond quickly to customer inquiries, allowing them to resolve issues 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 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.
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 deposit funds to your account using a bank transfer. Once you’ve verified your identity, you can deposit funds by selecting your currency and entering the necessary 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.