Bitfinex is one of the most experienced crypto exchanges in the industry. It started back in 2012, faced many issues but survived and is working with clients today. The monthly turnover of the site is around $5 billion now but it was near $45 billion earlier! You can see the actual stats on the main page of the Bitfinex exchange.
Now, let’s talk about core info. Where is Bitfinex located? The company behind this system is iFinex. The main office is in Hong Kong. Bitfinex reviews its site in three languages to support users from various regions:
Bitfinex supports over 350 trading pairs, it’s a pretty large number. There are many cryptocurrencies, as well as several fiat options: USD, EUR, GBP, and JPY. All the markets are transparent, you can find them on the main page, too. Our Bitfinex review reveals them here:
Is Bitfinex safe?
It’s a serious question, to be honest. According to Wikipedia and other official sources, Bitfinex experienced many security issues. It was hacked in 2015 and 2016, hackers got around 120,000 BTC. As well, Bitfinex is associated with several litigations and price manipulations that involve BTC and USDT. In 2017, customers also faced issues with USD withdrawals due to blocked transactions by Wells Fargo.
Still, Bitfinex fraud is yet to be confirmed. As for now, the exchange shows its commitment, it covers user losses via internal BFX tokens. Is Bitfinex safe now? It’s working hard to optimize security. Here are the main measures, taken by the platform:
- 2FA and U2F
- Advanced API
- Advanced verification
- Cold wallets
- DDoS protection
- Extra confirmations
- OpenPGP encryption
- Protection of withdrawals
And here’s the next question: is Bitfinex legal? The exchange doesn’t have official financial licenses but it’s represented by a registered entity in Hong Kong. Thus, it’s a legal business that is compliant with local laws. Thus, there’s no Bitfinex scam confirmed by regulators. But you should be careful with this platform as it’s involved in many processes that may confuse regular users.
For makers, Bitfinex fees vary from 0% to 0.1% while takers pay from 0.055% to 0.2%. These fees are pretty low and attractive for users. You can find all the core info about fees using one tab – you can find it by the keyword (fees) from the main page. It also contains info about margin funding, OTC, deposits, and withdrawals. To note, deposits are free except for wire transfers that have a fee of 0.1%. And withdrawal rates vary depending on the currency.
Well, here’s the last question: how to buy on Bitfinex? It’s simple. To start, you should register by adding your name, email, and password. To get full access to exchange features, you also have to verify your account. Bitfinex has extensive guidelines on verification. Be ready to provide a passport scan, a bank statement, and utility bills that prove your address.
Concluding the Bitfinex review 2020, we want to look at the exchange’s pros and cons.
- Friendly design, clear features;
- Huge trading volume;
- Low fees and commissions;
- Mobile app functions;
- More than 350 trading pairs;
- Significant security measures.
- Deposit fees for wire transfers;
- Hacks and data leaks in the past, litigations, scandals;
- Relatively difficult verification with many docs.