Review on Bitfinex by Temitope Babatunde
Bitfinex, in Operation Since 2012.
Bitfinex exchange is registered in British Virgin Island in 2012 but it is operating from Hong Kong. It is own by iFinex Inc, it started as P2P margin lending platform before becoming full blown exchange.
Though the exchange has been hacked twice but it has since then biffed up security of the exchange. For example the fund is always keep on cold wallet , DDoS protection, database encryption and regular backup are part of the security measures.
You can deposit cryptos for free if what you're depositing is more than 1000 dollars. You can deposit fiat currency like EUR JPY, GBP, USD as well. If it is through wire transfer you will pay 0.1 percent. When trading, the fee start from 0.2 percent, when withdrawing, the fee you will pay depend on the type of the coin.
There is advanced features for advanced traders as well. Customer service is fine and user request is treated under 12 hours. The exchange is not for US citizens as well as some few countries.
In conclusion, the past experience apart bitfinex is trying and the past event were cater for by it, that is it returned customers fund. Trying it may be good experience.
Pros
- It has been in the market for long time
- So many trading pairs to choose from
- The customer support service is very good
- 99.5 percent of users fund are stored in cold wallet to prevent it from theft through hacking.
- It accept fiat currencies.
- Many forms of trading to choose from, like margin trade, stop-limit limit, etc.
Cons
- This exchange has be hacked twice in 2015 and 2016 pointing to security lapses on the part of the team
