Bitfinex Review – Is Bitfinex Safe, Good, Or Both?
You’ve come to right place if you want to know if Bitfinex is safe or a reliable exchange. 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.
Users can trade cryptocurrencies and also borrow or deposit 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, 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. 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. 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. 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. 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
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 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. 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.
Trade Fees
Before you can trade on Bitfinex, you’ll have to sign up online. 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. 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. The amount of transactions you make each month and the type or coin you trade will affect the fee.