Review on Bitfinex by Eric Hauz

Name: Bitfinex
Item: Bitfinex
Rating: 5

October 02, 2018

After trying some other exchanges and having some major issues, i stumbled…

After trying some other exchanges and having some major issues, i stumbled across Bitfinex about a year ago, so i decided to give it a try. After a very simple registration process, i read the FAQ so that i could understand how the company works (Their FAQ covers every aspect of it, be it trading, orders, pairs, you name it. It's pretty big due to the complexity and depth of the platform) and started trading there. The platform runs really smoothly, with the high liquidity guaranteeing you can actually trade in some of the more uncommon pairs. I was lucky enough to get verified within a month and a half so i could also trade and withdraw FIAT (Which most exchanges do not support), which made the experience even better. The low trading fees also help alot when it comes to making the most money out of your assets, given that some of it's direct competitors provide not only a worse service but also higher fees. Despite having some small bumps along the road, the support team was very fast to reply to my tickets, very polite, and they truly focused on my issue rather than giving me the default generic reply that most exchanges give to their customers. As an example, i lost my phone during a trip abroad, which happened to have my 2FA attached to it. After explaining my situation to the support staff, they quickly responded asking me to validate that i was the owner of the account, which i did by following their guideline. After providing this information, the support reset my 2FA and i was allowed to configure it again on a new phone (Never found the old one). This whole process took less than 4 hours to complete, from the moment i opened the ticket, which is really fast given that some exchanges can take DAYS to fix this kind of basic issue for you.
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Bitfinex's team is also pretty active on social media, posting constant updates on their newer developments, ideas, and really getting the community integrated into the development of the project. They also share their visions for the future and will take customer feedback into account when it comes to adding new tokens or other miscelaneous changes.
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Overall, my experience with Bitfinex has been nothing but positive, be it with support staff, the functionality of the platform, and the constant updates on the platform and social media.
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Pros

Bitfinex features an amazing platform for trading. Fairly low fees for withdrawals for Bitcoin and most other coins, paired with high liquidity guarantees trading comfort. Support Staff is highly competent and wait times are minimal on tickets. An exchange made for professional traders. Possibility of funding your account with FIAT or Cryptocurrency offers extra flexibility.

Cons

The verification process can take longer than expected due to high demand on Bitfinex's end, and the 10000$ initial deposit is a bit too steep for most common users. Depth of user interface customization and options might keep newer users away since it's not very newbie friendly.