Review on Bitfinex by Toprak Dere

Name: Bitfinex
Item: Bitfinex
Rating: 4

April 19, 2021

About Bitfinex

Bitfinex has been around for a very long time; It was established in October 2012. Asian origin Bitfinex continues to serve in Hong Kong.

 Bitfinex is a fiat-crypto type of exchange. You can buy and sell cryptocurrencies in Dollars, Euros, Yen and Sterling on the Bitfinex exchange. Of course, you can trade on both cryptocurrencies. Bitfinex exchange supports direct deposit and withdrawal orders from your bank.

Bitfinex has listed more than a hundred cryptocurrencies. In addition to major cryptocurrencies such as Bitcoin, Ethereum, Monero, there are also cryptocurrencies with small trading volume such as Metaverse ETP, Nucleus Vision, and Kyber Network.

Since Bitfinex allows fiat currencies, it has direct contact with the law-making authorities of the states. For example, Bitfinex is not open to US citizens. Some cryptocurrencies listed by the exchange were identified as bonds by the country's competent SEC, causing a crisis in 2017. That's why he had to withdraw from one of the world's largest cryptocurrency markets since 2017. It is not known if this problem can be solved in the future, but for now, this is the current situation.

Birfinex's interface and use is not simple. To trade on this platform, you must have professional or at least intermediate knowledge. Bitfinex is an exchange that doesn't want to mess with novices. That's why they state that you must have at least $ 10,000 to open membership. On the other hand, let us remind you that Bitfinex is also a mobile application.

Bitfinex most recently suffered an attack that resulted in the theft of 120,000 BTC in 2016. The stock exchange was able to pay its customers their losses in USD within 8 months. The exchange, which updated its security systems after that day, is now defined as 99.5% safe. Bitfinex has a 2-factor authentication verification system.

Bitfinex is a better choice for professional users. Bitfinex also allows leveraged transactions. If you are confident with the leverage ratio of 3.3 in BTC / USD parity, it is possible to earn more money per unit time. This of course also carries the risk of further loss. 
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