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. In this Bitfinex Review, you’ll learn more about this exchange’s features, customer support, and security.
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, 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.
In addition to trading cryptocurrencies, users can borrow and deposit in fiat currencies. To do so, users must first be verified with Bitfinex. 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. It has been subject to security breaches and scandals over the years. It was hacked twice: once in 2015, and again in 2016. Hackers stole more than 100 thousand bitcoins from Bitfinex, making it the most expensive heist in history. 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. 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?
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. 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.
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. 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.
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 active on Facebook, Twitter and Telegram. 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. 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.
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.
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 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 applies to both deposits and withdrawals. 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.