Bitfinex reviews will take you through the entire platform. With a growing network and value, Bitfinex has become a fairly asset to talk about nowadays, especially now that the value has risen by over 300% in the last few months.
Bitfinex supports most of the common currency like bitcoin, Dogecoin, Litecoin, Ethereum, and much more cryptocurrency.
Thus, many investors are looking for reliable and secure sources where they can obtain bitcoins and sell them later at a good price to earn a good profit from the trade.
This article reviews Bitfinex in terms of your business, security, and reliability, provides you with the necessary information.
Bitfinex Payments
After the start of its operations, Bitfinex has accepted bank wire Payments of funding. Bankwire takes some dayes to transfer money to Bitfinex. We see this for a limited time because another cryptocurrency exchange provides lots of payment methods.
Fees
Bitfinex fees are three different types:- order execution, deposit/withdrawal, and the last is margin funding.
In order execution, maker fee and taker fees are included. This depends on your last 30 days transactions. Maker fees are 0 to 0.1 percent and taker fees ranges are 0.1% to 0.2%.
Fees are not applied to crypto coins deposits. 0.1 percent Deposit cost will apply when you use bank wire.
Margin funding fees depend on the fees collected by providers (15% of active margin funding contacts) and fees charged will be provided by providers when offers are hidden (18%).
Overall, Bitfinex’s fee structure is significantly cheaper when compared to other exchanges, as the total cost of purchasing Bitfinex can go up to 1.3% of the total cost (included bank wire withdrawals).
Bitfinex Security
Bitfinex Security: In addition to usernames and passwords, you have an additional security feature in two-factor authentication (2FA), which we would highly recommend to use. The said tool acts as another security layer between you and the hacker, as only the owner of the account and phone number can enter the account and work with the money deposited there.
Other safety measures are:
- If the new IP address enters the account, the withdrawal lock
- Confirmation of Return
- PGP Email Encryption
- Disable Keep Session Alive when users on the public network
Bitfinex safety and protection features are welcomes, due to the fact that the platform was hacked in 2016, resulting in a loss of more than $ 72 million to merchants. The available tools are enough to protect your account from unwanted guests in your account.
Wallet Services
Bitfinex wallet services are related to the basic trashing tool, where you can deposit, transfer and keep both the money and cryptocurrency. No special features can be stated about this service, which makes this part of the exchange somewhat underdeveloped.
Bitfinex additional services, such as vault services and security facilities, are in dire need to properly balance the merchant’s balance.
Bitfinex Features
It provides several features to their clients to trade on their exchange:-
- Customizable interface
- Margin funding market
- Margin trading
- Order types
- API platform
- Exchange
Pros
- Sufficient number of order type functions
- Possibility to use API tools to move around the interface and create their own platform
- Good security tools and features (after the hack)
- Lower transaction fees than competitors
- The business does not require any verification
- The margin funding market is available
- The exchange system is characterized by a low probability of trader scams
Cons
- The interface can be confusing for a beginner
- Wallet services are quite basic
- High 30% limit on balance during margin trading
- Was hacked in the past
- Limited purchase methods
Bottom Line
Overall, Bitfinex is a safe place to buy, sell and store your coins until the volume is large. The hacking incident in 2016 acts as an eye-opener for future traders who always take precautions to deal with cryptocurrency.
Many of the features are geared towards advanced users and although very useful, beginners may consider margin trading on Bitfinex too complex for their tastes. Furthermore, if you are looking for large volumes at a cheaper price Bitfinex is the best option.
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