Bitfinex is one of the first trading platforms for the cryptocurrency. It was registered on October 11, 2012. At the time of the review, the monthly turnover on the exchange amounted to almost 45 billion dollars. Also on the main page, you can see the monthly and daily volume of the Bitfinex exchange.
Where is Bitfinex located? The platform belongs to IFinex Inc. which are located in Hong Kong, China. They try to provide their services to users of different countries. For this purpose, the Bitfinex reviews 3 different language interfaces for the largest regions:
There are 37 cryptocurrencies for trading on the site. Their entire list is conveniently located on the main page, along with courses to Bitcoin, Ethereum, and the dollar or the euro. A little lower in this Bitfinex review you can see their list.
Is Bitfinex safe?
Now there is a serious system of protection on the exchange, but earlier there were very unpleasant moments. In the spring of 2016, hackers were able to steal nearly 120,000 BTC (72 million dollars) from the exchange. Because of this incident, 36% of the funds from each user account were written off, but a year later the company covered its losses from its own pocket by their BFX tokens. That’s how the exchange showed that they have no Bitfinex fraud.
So is Bitfinex safe now? To prevent such situations in the future and ensure the highest level of security in general, the following measures are introduced at the exchange:
- Two-factor authentication;
- Blocking the withdrawal of funds when entering from a new IP;
- Encryption of mail using OpenPGP technology;
- Storage in cold wallets;
- Disabling the “Open Session” feature;
- Restricting access in the “Sessions” section;
- Secret phase of confirming the withdrawal of funds;
The second unpleasant situation occurred in a year when the American bank Wells Fargo stopped conducting transactions of the exchange. Because of that, users for some time couldn’t withdraw the cryptocurrency in US dollars.
Is Bitfinex legal? Although the exchange doesn’t have the license to carry out activities with the cryptocurrency, it is legally registered in Hong Kong. All trading operations are performed according to the legislation of the country. So there is definitely no Bitfinex scam. At the same time, the exchange is not liable for funds that were lost due to transactions with other users. Customers themselves are responsible for all activities on the site.
A big advantage that attracts many traders is the low commission. For Bitfinex makers, the fees are from 0.1 to 0%, and for the takers, they are from 0.2 to 0.1%. The site is really very convenient, as all information about the commission you can find by the link “Our fees”. There is also all information about Bitfinex fees for the deposit, withdrawal, and margin funding.
How to buy on Bitfinex? Everything is very simple. You will have a simple registration procedure with the name, e-mail, and password. Now, in order to fully trade on the stock exchange, you need to get verification. To do this, you need to provide a scan of the passport, an extract from the bank indicating the account for transactions, and utility bills for confirming the address. Also, take a short survey before the verification.
Now, as the conclusion of this Bitfinex review 2018, we will highlight the main pros and cons.