Bitfinex Review 2019 – Features, Fees & Security

 

Overview

Bitfinex is one of the most well-known cryptocurrency exchanges in the world. By volume, Bitfinex is the world’s biggest exchange, especially when the Central Bank of China decided to impose trading fees on cryptocurrency trading.

Based in Hong Kong, Bitfinex was founded in 2012. The exchange is providing a high level of service for traders by utilizing a wide coin selection and a highly customizable platform interface. The advanced charting tools, a mobile app for Android and iOS, and the other different options are also available.

Bitfinex has experienced a number of hacks and its share of the problem. May 2015, a hacker obtained 1,500 BTC from the wallets of the exchange. A later hacker could access around 120,000 BTC by circumventing the exchange’s security. April 2017, Bifinex’s bank accounts were frozen and it persisted for weeks.

 

Currency Supported

Approximately 70 market pairs linked to the 4 base currencies of USD, EUR, BTC and ETH are available. In addition to allowing fiat purchases of the two major cryptocurrencies, a number of other currencies are also available to be traded – including Litecoin (LTC), Bitcoin Cash (BCH), Ethereum Classic (ETC), Dash (DASH), Ripple (XRP), Monero (XMR), EOS (EOS), OmiseGO (OMG), NEO (NEO), Zcash (ZEC), and 0x (ZRX).

 

Payment Method

Bitfinex clients can deposit and withdraw EUR, JPY, GBP and USD to and from their bank accounts. Bitfinex accepts deposit and withdrawal in the form of cryptocurrencies as well.

Fee

Bitfinex offers a dynamic fee structure that can potentially be low and competitive with industry standards.

Fees are determined by trading volume as well as maker and taker status.

– Maker fee range from 0.0% to 0.1%.

– Taker fee range from 0.055% to 0.2%

*You should know that you have to trade lots of volume for the low fee.

– Deposit fee: Free (There is a minimum deposit.)

– Withdrawal fee:

BTC 0.0004

ETH 0.00135

LTC 0.001

XRP 0.02

Please check the below link for the detailed information.

https://www.bitfinex.com/fees

 

Customer Support

The customer service is available only via email 24/7. The responses can take more than 12 hours.

 

Security

As a result of its past experience with hacks, Bitfinex has stepped up its security by adopting many safety and security measures. The vast majority of funds are stored in cold storage system. Customer accounts are secured by using the following;

– Email Encryption

– Two-factor authentication(2FA)

– Universal 2nd Factor(U2F)

– Advanced verification tools and withdrawal protection

– Automatic backup of the database

– Protection from DDoS attacks

 

Conclusion

Bitfinex is one of the most established exchanges in the world and has the largest volume in the cryptocurrency industry.

However, Bitfinex has experienced several hacks and loss of assets, that’s why lots of security concerns are still remaining.

Bitfinex is not for beginners. If you would like to trade, start with a small balance and make sure that the withdrawal and security service is available to you.

 

Pros

– Established exchange

– Customizable platform interface

– Variety cryptocurrencies and trading pairs

– High Liquidity

– Lots of trading options

 

Cons

– Several hackings experience

– US Clients not accepted

– Not transparent