BitFinex has upgraded its security protocols and is holding even more cryptocurrency in its offline cold storage units. BitFinex was founded in 2012 in Hong Kong and is registered as a subsidiary of iFinex in the British Virgin Islands. The exchange also found itself as part of a 2019 New York Attorney General investigation into the hiding of 850 million dollars of commingled client and corporate funds from investors. Kevin started in the cryptocurrency space in 2016 and began investing in Bitcoin before exclusively trading digital currencies on various brokers, exchanges and trading platforms. He started Hedge With Crypto to publish informative guides about Bitcoin and share his experiences with using a variety of crypto exchanges around the world. The maker fees on Bitfinex’s derivatives exchange are 0.0200%, while the taker fees are priced at 0.0750%.

Bitfinex withdrawal fees

The platform does use advanced security measures like storing the majority of the funds in cold wallets and allowing traders to set 2FA or U2F protection for their accounts. Bitfinex customer support works as a ticketing/email system and the exchange provides users with an extensive FAQ section and knowledge base. Even though Bitfinex has received a ton of criticism over the past few years, most notably due to its involvement with Tether, the exchange has relatively good reviews on many review platforms including TrustPilot.

Customer Satisfaction

There is a separate Telegram channel where the admin team answers general compliance-related questions. However, any account-specific queries require to be raised through the official support ticket system within the exchange to avoid any security issues. Bitfinex does not entertain private messages, and therefore traders should not share their passwords with anyone asking for it. Bitfinex is Bitfinex Review one of the oldest and best crypto exchanges in France and in the world, founded in 2012. It is one of the most liquid exchanges in the world that deals in digital tokens (BTC/USD pairs) along with seven other major Altcoins like Ethereum and Monero. Buy, sell and trade a range of digital currencies on this high-liquidity exchange – suitable for beginners right through to advanced traders.

Bitfinex Exchange Review: Pros and Cons

The app itself does have pretty much all the features you can find on the website, however, it does seem to be sluggish and laggy. It’s important to note that Bitfinex services are not available in the US and a few other countries even with a KYC verification. Consider the CoinStats Wallet, one of the best software wallets to add an additional layer of security to your funds. All queries are answered within 12 hours, except for periods of high activity.

In the world of crypto exchanges, you’ll often come across a term called “trading pairs”. This term refers to the “asset-to-asset” trading options that you’ll have on the platform of your choice. In 2016, Bitfinex suffered an exchange attack that led to the loss of approximately https://www.tokenexus.com/ 120,000 Bitcoin tokens worth $623 million at the time of the hack. However, since getting compromised, Bitfinex has ramped up its security efforts, implementing strict policies surrounding client protection and an advanced cold storage system for 99.9% of customer funds.

• Enter the wallet address you want to send your funds, withdrawal amount, and select the wallet (exchange/trade/funding) from which you will withdraw the funds;4.
• However, the offered PoS tokens on Bitfinex are lacking compared to the leading staking platforms.
• The 2016 hack remains the second-largest Bitcoin heist in history, second only to the Mt.Gox hack of 2014 which made off with 750,000 BTC.Users were reimbursed for losses.
• Moreover, being centralized in nature, these exchanges are prone to numerous attacks and hacks.
• Bitfinex consistently has the highest or second-highest daily trading volume out of any cryptocurrency exchange, and there’s good reason why.

Bitfinex Security Features

If you just want to get it done quickly and easily, and have no plans to become a cryptocurrency trader, then this might be the way to go. The downside is that convenience comes at a cost, and you pay a bit more for the brokerage services.2. If you want to buy bitcoin as cost-effectively as possible, or plan on doing more trading in the future, then choosing a reliable exchange might be what you want to do. The exchange has made significant strides towards security policies after several important attacks.

• Once your account has been funded, it’s possible to click on the ‘Trading’ button and select the pairing that you prefer.
• A year later in April 2016, BitFinex was successfully hacked for 120,000 BTC.
• There are specific requirements that need to be fulfilled in order to be eligible for the loan, but there is no need for a credit check, unlike in traditional banks.
• While Bitfinex has grown to offer some of the most comprehensive security measures in the industry, the 2016 incident understandably left investors wary of the exchange.
• Among the advantages of using Bitfinex are the significant volumes of liquidity.

Bitfinex offers tailored services to meet the specific needs of professional traders, institutional investors and corporate customers. Bitfinex’s combination of advanced features, competitive pricing, robust security and deep liquidity makes it a solid choice for serious cryptocurrency traders and investors looking for a serious trading platform. But if you’d like to explore a few alternatives, we rank the best platforms for U.S. users here. Cryptocurrency trading and investments have been high since the time cryptocurrencies entered the finance sector. Hundreds of cryptocurrency exchanges are operating worldwide, most of which are regulated and a few are not. Bitfinex is not a regulated cryptocurrency exchange but one of the most reliable exchanges, focusing on the trader’s safety more than making profits.

• The Bitfinex mobile app for Android and iOS is designed with security in mind, offering users access to advanced trading features while on the go.
• As discussed above, Bitfinex has a close relationship with the Tether stablecoin, which is always worth $1.
• The company denied these accusations, but users are now wary of the exchange’s trustworthiness.Many sites or individuals have published their own reviews detailing their experiences with Bitfinex.
• IFinex Inc. also owns the stablecoin Tether which tracks the US dollar one to one.
• You should always consider whether you can afford to lose your money before deciding to trade in CFDs or cryptocurrency, and seek advice from an authorised financial advisor.

Recent Bitfinex User Reviews

Bitfinex may not be very user-friendly for beginners due to its complex interface and sophisticated trading features. Considering the valued advanced features against the concerning historical and transparency issues, Bitfinex presents a mixed proposition. Traders need to weigh the sophisticated trading environment against the potential risks attached. Whether Bitfinex is worth your trust and investment is a decision that only you can make.