Opinion about Bitfinex

Speculation with cryptocurrencies has gained a lot of popularity in recent months, and with it scams and scams have emerged that take advantage of the general ignorance about them. In Estafa.info we have analyzed the security of Bitfinex and we are happy to say that in our opinion it is a safe platform for trading with bitcoins and other cryptocurrencies.

It is a well-known website among investors, with extensive experience in the market. However, there have been certain moments when questions about the security of this platform multiplied and we invite you to read about it in our review.

Our experience

Our experience with this cryptocurrency speculation platform is, in general, very good. It allows trading in many cryptocurrency pairs with each other and cryptocurrencies against the dollar and the dollar, so the flexibility is enormous. The commissions are very reasonable and depend on the volume of the trade and on the fact that you are a market maker or not.

It is true that there have been some security problems in the past, such as when Wells Fargo decided to suspend transfers with the company, but the investment platform cannot be held responsible for these problems and they have always done everything on their part to solve them. We also like the fact that they have opted for transparency. In this sense, we recommend always being attentive to the Announcements section that can be found in the footer of your website.

Is Bitfinex a scam?

A lot has been said about the relationship between Bitfinex and Tether. Thether has been accused of generating cryptocurrencies without rNew Zealandldos in dollars. Of course the company has denied this accusation and we also have the fact is that most users follow it rNew Zealandndo. We have found no evidence of a real scam and yes cross accusations, some saying that it is the competition who throws false information and others claiming problems, which are very strange to us in view of our own experience.

In any case, there are certain particulars to take into account. For example, Well Fargo suspended transfers with this platform, which at the time generated a lot of uncertainty, because suddenly users stopped being able to withdraw money by bank transfer. The platform has taken legal action against Well Fargo due to the damages suffered by the generation of doubts among users. It will be the court that decides who is right, but in any case, now they do not admit clients from the United States.

In our case, we have not had problems when entering, because the correct amounts always appeared, or withdrawing money.

Therefore, we do not believe that we are facing a scam or scam, but it is also true that through our website you can have access to platforms that offer us more guarantees.

Bitfinex Promotions

There are no promotions on this platform, since welcome bonuses and other promotions are not really very common in this sector.

In the event that in the future, they launched some interesting promotion, we would let you know in this section.

Trading cryptocurrencies on Bitfinex

Although they may vary over time depending on demand or security issues, you can invest in more than 35 cryptocurrencies including the most used ones such as bitcoin, ethereum and bitcoin clash.

Specifically, the list of currencies available at the time of writing this review was: Bitcoin, Ethereum, Ripple, EOS, Bitcoin Cash, NEO, Iota, Litecoin, OmiseGO, Ethereum Classic, aelf, Monero, Dash, Zcash, Bitcoin Gold, ETP, 0x, QASH, Qtum, Time New Bank, TRON, Santiment, Golem, RCN, Status, Eidoo, YOYOW, Augur, FunFair, Streamr, Basic Attention Token, AidCoin, Aventus, Decentraland, SpankChain, SingularDTV and iExec.

Considering that you can trade them with respect to bitcoin, the dollar and the dollar, the truth is that it is a platform that left us very satisfied with its investment offer.

You can also trade with your own money or get into debt to undertake an operation with a ratio of 70% financing and 30% of own funds, which gives you leverage options that at a given time can be very useful. Of course, leverage should be used with caution, as it increases the risk of the investment up to more than the amount invested.

The execution of orders has an associated commission of a maximum of 0.2 % in the event that you take one of the offers available on the market and a maximum of 0.1 % in the event that it is you who offers the transaction and another investor who takes it. Both commissions are progressively reduced, as the volume of the operation increases.

Payment methods

You can deposit money with a large number of cryptocurrencies and also by bank transfer of dollars or NZD. If you deposit an equivalent of more than $1000, the deposit is free. For smaller deposits, there is a commission that varies depending on the currency you use in the transaction. Bank transfers in dollars or NZD have a fixed commission of 0.1%.

Withdrawals always have a commission, which again depends on the currency used. In the case of dollars or NZD it is the same as for deposits.

Safety and regulations

According to its terms and conditions, the platform is not responsible for losses due to situations of greater cause that include cyber thefts. Therefore, the guarantee of your funds is non-existent, beyond the fact that of course they take all possible measures to promote security.

They have, and it is advisable to use, a two-step identification system with which to log in to your trading account, in addition to your password, you will need your smartphone. In our opinion something absolutely recommended.

In 2016 there was a theft on this platform, and to compensate users for the losses, a cryptocurrency called RRTs (Recovery Right Token) was created that corresponded one by one with the stolen dollars. Since then the platform is trying to get the money back and users can sell these rights on the market as if it were any other cryptocurrency. Of course, it is desirable that these situations do not occur and that when they occur the company responds for the losses with real money.

That is why we say that although we do not consider it to be a scam, we do find some other options available on our page more recommended.

Customer service

The customer service is not too fast, something that seems to us a problem in a trading platform, in which time can play very against investors. To access it you must be registered. If you are not a user, you will not be able to contact them directly.

Once registered, you must go to the support section and open a ticket with your question or claim. They will answer you in a few hours by email. You will usually receive a first email confirming that they have received your message, and another later with the response itself.

The help section deserves a better assessment, in which you can find answers to the vast majority of questions that may arise. However, it does not justify the parqueness of the support service.

Functionality of the website

The only but that we can put to the web is that it is in English and it does not have a Spanish version. Now, having overcome this problem, it is a very functional website that allows intuitive, fast and simple use.

The operations are done in a very simple way and it is easy to access information about the supply and demand of the different cryptocurrencies. You can select your favorite pairs that will appear in the left column of the trading interface and will allow you to switch from one to the other quickly. In addition, there is an interesting notification system that works while you are logged into the account.

The design is the usual one in this type of platforms with a main menu at the top and a more expanded menu in the footer of the website. You can select a white wallpaper or a black one that will let your eyes rest a little.

Mobile application

There is a Bitfinex mobile app for Android and iOS. In principle, the app allows you to perform trading operations normally and do the same as you could do from the web. We say in principle, because there are many complaints from users saying that this is not the case and reporting problems.

In our case we had no problems logging in, but we did detect that the price update was not as smooth as it should be. The truth is that we feel safer operating from the web than from the app.

The apps are absolutely free to download and they are continuously working to improve them. That's why we think that having it downloaded can always be useful at a given time, even if we usually use the computer.

Finding

The first thing we have to say about Bitfinex is that we don't think it's a fraud. The accusations of fraud are very weak and above all go against our own experience. While, it is true that in the past a cyber attack stole money from the platform and this affected its users.

On the positive side, we have to say that the platform does not hide these facts and it seems to us that it has an honest and transparent behavior that is very laudable.

As for the investment possibilities, we have no complaints, on the contrary, they seem quite interesting to us. The offer is good, with a lot of flexibility and it is very simple to use. If it wasn't for the theft in the past we would give it a higher grade, but the reality is what it is, so we put it on a pass.