1 Level
3 Review
1 Karma
Review on Bitfinex by Adam Head
Bitfinex is a good platform to lend fiat/cryptoassets
Bitfinex is one of many cryptoexchanges out there. The best aspect of the exchange is the relatively high interest rates you can acquire for lending fiat and crypto assets. For example, USD, EUR, JP-YEN, NEO and XRP have AVERAGE annual interest rates varying between 8 - 30 %. They sometimes spike to 350 % which is a very good oppertunity if you secure it in time (use services like coinlend/cryptolend which are free and paid). They are also quite serious about account security so you can be sure that your assets are protected. This is a common property of big exchanges who suffer hacks.
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One of the most worrying points of the exchange is the ongoin legal battle with NYAG which could impose big fines depending on the outcome (I refer to the ifinex and bitfinex teather scandal). At this point in time I have removed my assets from the exchange and I await the outcome!
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Pros
- Lending capabilities for fiat and crypto assets
- Many secondary measures to secure your funds
Cons
- Has been hacked
- Controversy and ongoing court case leading to possible fines
- Difficult interface to understand
New products
Comments (1)
October 02, 2019
For me the platform is very easy to understand! There's nothing difficult here easy to registration, Everything is arranged very nicely, even a new trader will understand easily.
