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 the most well-known and oldest 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. To trade digital currencies, users can use both a mobile and desktop application.
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. 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. It is also not beginner-friendly, only accepting customers in 52 countries and 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. 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. 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. However, there is no regulatory body that monitors the Bitfinex exchange. 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%. 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. 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.
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. 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.
The fees vary by cryptocurrency, but you can expect to pay at least 0.1% per transaction. This fee applies to both deposits and withdrawals. 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.