Bitfinex Review: Legit Or A Risk? April 2024

Bitfinex Review

Each BFX token was worth $1 and was awarded in the same amount lost by each investor. Since issuing the tokens, Bitfinex has purchased them all back and completed their purchases in April, 2017. Once your account has been funded, it’s possible to click on the ‘Trading’ button and select the pairing that you prefer. Once this is done, you can begin to fund your account by firstly locating the “Deposit” button in the upper right-hand corner.

Much like Coinbase, Bitfinex is one of the few exchange platforms that allows you to short Bitcoin. Although the Bitfinex support team operates 24/7, you can only contact the team via email. This means that instant support Bitfinex Review is not available at Bitfinex. The exchange does post regular updates on Twitter, so you might be able to contact a support agent there. Once your account is funded, you can then begin day trading at Bitfinex.

Bitfinex Review Introduction

Bitfinex is an advanced platform for cryptocurrency traders where advanced charting meets advanced technology. You can run automated crypto margin strategies and backtest them before going with the algorithm and using real money. Paper trade is also an option on Bitfinex, which lets you trade on the platform without risking your own money, this works exactly like a demo account. Bitfinex gets a lot of flack for its past breaches and the murky relationship with stablecoin Tether. And many users praise its performance and customer service.Here in the US, Binance.US is likely the best comparison to Bitfinex.

Bitfinex Review

On top of high fees, it is also frustrating that you can only deposit fiat money via a bank transfer. We are also concerned that the exchange operates unregulated and that it has been in receipt of multiple major hacks. Kevin started in the cryptocurrency space in 2016 and began investing in Bitcoin before exclusively trading digital currencies on various brokers, exchanges and trading platforms.

Pros And Cons Of Bitfinex

Its deep liquidity pools and advanced trading features make it a great trading platform option. Fees can be lowered with high trading volume or by holding the exchange’s native asset LEO. However, for more advanced traders, Bitfinex offers some exciting features such as margin funding, leverage, and multiple order types. Combine this with the high cryptocurrency liquidity of the platform and you’ve found yourself a great advanced trading platform.

  • The trading platform has had over 10% of all trading volume between Bitcoin and US Dollar.
  • You can start trade crypto right away, but first, you should enable some security measures under account settings.
  • This involves logging in from a second device such as a USB stick.
  • If you do decide to use Bitfinex, then you are better off withdrawing your coins to a private wallet.
  • Initially, users do not have to complete the Know-Your-Customer (KYC) verification process, meaning the only details required are an email account and password.
  • This close relationship between Tether and Bitfinex has been the source of controversy among crypto traders and enthusiasts.Bitfinex heralds its security as a top priority.

If your account gets hacked and you can’t reach support to freeze the account, you might lose all your assets in a matter of minutes. This is not a pretty view for such an established platform as Bitfinex. I can’t find an email address, there is no phone support or live chat. This is very frustrating as a trader when you really need to find someone to talk to quickly.

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