As a result, Bitfinex cut all user accounts by 36% to distribute the loss between users. Over the next year, the clients were fully compensated for their losses. Bitfinex is suitable for advanced traders who have experience in different types of trading. It is not a suitable platform for beginner traders due to the complexities of the platform.
Fiat deposits must be made through wire transfer and can be made in many of the major currencies including EUR, GBP, USD and JPY. Cryptocurrencies supported by Bitfinex include Bitcoin, Ethereum, Monero, Dash, Zcash, Ripple, EOS, Iota and many more. Before you can even get started trading on Bitfinex, you have to go through the rigorous verification process (which usually involves proof of identification). The reason for this is Bitfinex’s commitment to certifications, and compliance with regulations and insurers. Also, some may argue that the multiple hacks have made the platform much more resistant to future attacks.
First of all, let’s take a look at some of the features that the Bitfinex platform offers to traders. The breaches have resulted in a much stronger security protocol being installed. The exchange has a reliable history of reimbursing users when breaches occur. It is not the exchange for everyone, but is worth using if considering trading on a more serious level. Bitfinex supplies its users with an extensive knowledge base and a ticket based support center. Its average TrustPilot score shows that it’s doing a relatively good job in maintaining user satisfaction (most exchanges receive a “poor” rating).
- Our full cryptocurrency exchange methodology, including the review process and weighted data points, is available for review.
- While the platform has had multiple different security issues in the past, the company behind the exchange has managed to sort it out, and current user Bitfinex reviews are actually quite positive towards it.
- It’s also not something that you’d need to worry about with Bitfinex.
- CaptainAltcoin.com does not offer any sort of financial or investment advice.
- This allows users to trade large sums of cryptocurrency privately, matching traders together and helping them to secure private deals.
Bitfinex is also known for its past of high-profile hacks and allegations, which has led many traders to be wary of the platform. However, the platform has a range of security features which are bound to provide reassurance to many. Bitfinex is a Hong Kong-operated cryptocurrency exchange that has been in operation since late 2012.
Positive reviews focus on the platform and automated trading framework. Complaints point to slow customer service responses and delayed withdrawals. Bitfinex’s reviews are better than some competitors, but overall, most cryptocurrency companies don’t score well on customer review sites.
Top Onchain Analyst Explains What Will Trigger Bitcoin’s (BTC) Price Rebound: Watch Out for These
If you are a trader you are able to concentrate on your trades knowing that processes needing to happen do so without you having to worry about them. These hacks, alongside an unregulated status, means that we cannot endorse Bitfinex. We would instead suggest Coinbase if you want a regulated crypto exchange that keeps customer funds safe.
Is Bitfinex a good cryptocurrency exchange platform?
After the hack, the wallet in question had tens of millions of dollars worth of Bitcoin in a single account. But to extract it in large withdrawals would arouse plenty of suspicion. Most of the cryptocurrency was simply left in the account to appreciate in value. The platform also uses bitfinex review email encryption to monitor withdrawals by IP, and two-factor authentication for logins and withdrawals. One more thing worth noting is that new withdrawal IPs are also locked for 24 hours. Two-factor authentication is a popular way of protecting accounts on various platforms nowadays.
Bitfinex offers a native mobile app on both Google Play and the iTunes Store, free of charge. The app allows you to trade, access your wallet, fund your account, receive notifications and check your transaction history. Because Bitfinex charges really high fees, is not user-friendly, does not accept U.S. traders and was hacked in 2015 and 2016, we would suggest re-thinking your plan to open an account. However, if you want to proceed, follow our simple step-by-step guide below. If you hold the LEO currency in your account, you can save on fees.
Discover more about our most advanced Algorithmic orders types. However, the broker is regulated by the GDPR which does not provide as strong protection to traders as 1st tier regulatory bodies (Like the British Financial Conduct Authority). Considering that there are hundreds of brokers with stronger regulation and quite highly possibly with better trading conditions too, it makes little to no sense to trade with Bitfinex.
Margin Trading on Bitfinex
These fees make Bitfinex one of the cheapest advanced trading platforms on the market, a strong advantage for the platform. When you deposit money into Bitfinex, crypto deposits are free whilst bank wire transfers are charged at 0.1%. Withdrawals in Euros or US dollars are also subject to a 0.1% fee, whilst withdrawals in cryptocurrency depend on the currency being withdrawn. Bitfinex’s withdrawal fees are typically cheaper than its two main competitors, HitBTC and Kraken.
The very first Bitcoin exchange, Mt. Gox, collapsed in 2014 after hackers exposed security loopholes and made off with $500 million in cryptocurrency. Thanks to the simple lending process, users of the Bitfinex platform can also let their coins work for them by lending them via Bitfinex and earning interest on those digital assets. Bitfinex offers comprehensive customer support, including an active forum, an FAQ section, and a 24/7 email address () where you can ask questions. The fee structure for withdrawing fiat currencies is 0.1% of the amount withdrawn, with a minimum $60.00. The company first entered the market in 2012 and has enjoyed steady expansion ever since. Since 2014, Bitfinex has emerged as one of the world’s largest Bitcoin trading platforms.
Great Customer Support
If you’ve heard of Bitfinex in the past, it’s likely to be a result of its troubled past. Bitfinex has been the target of some high-profile hacking security breaches, one of which was the second largest Bitcoin theft in history so far. This has led many traders to question the security of Bitfinex. Finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions.
As the launderers tried technique after technique to move the money, efforts to combat scammers were escalating—particularly in the U.S. Regulatory agencies were taking notice, investigating large scams. Deputy Attorney General, alleges that it was Lichtenstein and Morgan who undertook these operations. The exchange was hacked in August 2016, leading to the loss of 120,000 BTC and this is the second-largest hack in Bitcoin history (after Mt. Gox).
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The New York Attorney General found that Bitfinex and Tether misled clients and the markets by overstating Tether reserves and hiding losses. Bitfinex has also faced past fines for operating an unlicensed exchange and facilitating illegal off-exchange transactions. That leaves serious questions regarding the integrity of this crypto exchange. However, before you get started, it’s important to know that Bitfinex has a history of regulatory challenges, including multiple fines from the Commodity Futures Trading Commission. The most severe charge, from the New York Attorney General’s Office, includes misleading investors. Bittfinex indicated that the Tether stablecoin was fully backed by reserves when that wasn’t the case.