Review on Bitfinex by Adejoh Samuel
I Call It The Three Sequential Years Of Bad Luck
The Bitfinex is a company that has really gone through alot in recent years. It all started in the year 2015 when it lost about 1,500 BTC in a hack. The next year being 2016,it lost about 120,000 BTC and that hack was rated the second largest in the world. Although all clients were compensated, the scar still remains The next year again being 2017, their account got frozen by their bank, Wells Fargo. These years were really years of trails to the company.
The Bitfinex is an exchange platform that has its headquarters located at Hong Kong and was established in the year 2012 by iFinex Inc. It happens to be an advanced exchange platform that allows the trading of both Fiats and cryptocurrencies. It accepts Fiats like Euros (EUR), United States Dollars (USD), British Pound (GBP) and Japanese Yen (JPY). Cryptos like Bitcoin, Litecoin, Ethereum, ZCash, XRP and also stablecoins like Tether. It is known to offer the most liquid book in the world, providing clients with the greatest liquidity available.
It charges an affordable trading fee of 0.2% for Takers and 0.1 for Makers. They also allow users or crypto owners to lend their assets to trusted traders and get interest in return. Their user interface happens to be the complicated type and that alone would make me recommend it to experts only because if a newbie uses it, he or she would just get confused. For now, the Bitfinex exchange platform bans only Americans. The reason is not yet publicly disclosed but I guess it's because of the fact that the American banks are not too trustworthy and can disappoint at any time as can be seen in their account being frozen by Wells Fargo. This actually led to many complaints by users and many people actually left or stop using their services as people that processed withdrawal weren't given, and rewards weren't given also.
Not minding the previous and subsequent hacks,Bitfinex is still going and would surely grow higher.
Pros
- It allows crypto owners to lend their assets and get profits in return
- Offers users high liquidity
- Mostly recommended to well experienced traders and experts due to that lack of easy deposit methods and a very complicated user interface
- Their trading fee is very affordable
- Accepts both Fiats and cryptocurrencies trading
- Not minding the subsequent hacks, Bitfinex managed to pay back all that was lost
Cons
- The company has had it's reputation badly affected due to the 2 subsequent hacks and the frozen account
- Not advice able for novice at all
- It has been accused of frauds in recent times, of which they denied. Nobody still knows of they are actually involved
New products
Comments (4)
December 20, 2020
You call it the three years of badluck but I call it the three years of gaining experience. With what this company has gone through, I hardly think anything can bring them down. The company has gone through hacks which would make it increase it's security system and has also gone through bank problems hich would make it mindful of the type of bank they use.
December 18, 2020
These three years can be called the three trying years not bad luck. Who knows if they wouldn't have gone too far without passing through those stages. They had really been tried cos only God knows how many users they lost because of their freezed account. The company has proved itself worthy to survive both thick and thin. Bravo !!
December 18, 2020
Bitfinex!
What a loss, I never heard of this losses, all the same, Bitfinex actually has nice features, it has a very nice user interface. Any existing user should just opt for a more reliable exchange
December 18, 2020
The Bitfinex exchange platform has really been through alot in three sequential years. Having the second largest hack in the world is not something to just joke about. I'm quite impressed at the way they managed to succeed and the nice approach they used in handling it. They are still standing firmly today as one of the greatest exchange platforms available.
