Recently, Bitfinex is a Hong Kong-based crypt currency exchange and currency storage. Since 2014 Bitfinex has been one of the largest Bitcoin exchanges which is operated and owned by iFinex Inc. with this you can trade almost every known cryptocurrency like Ethereum, Bitcoin etc. In addition, there are graphs where you get the opportunity to analyze the market and based on that analysis you can predict. They also provide some tools that update the users about market changes. But recently a question is burning that is Bitfinex scam or a good cryptocurrency?
Well, in this article we will discuss is Bitfinex really scam or not?
Let’s start with a bad news. From November 2017 they are not accepting any USA clients. The reason is they are not registered in the list newly created according to SEC guideline. So, in other words, we can say they would be banned after November.
Now have a look at their security system. They claim that they have a strong security system. They also claim that 99.5% of peoples’ funds are stored in cold storage and other 0.5% is in hot storage. And according to vkool.com, they have protection against DDoS attacks along with encrypted connections and using HTTPS TLS 1.3,
Some clients said that they need 2FA verification when they deposit or withdraw money.
But in spite of their so-called strong Hollywood movie type security system, they are attacked by a hacker in May 2015. And what happened? The hacker hacked 1500 BTC. But the good thing is they were able to recover and reimburse the peoples’ money.
Hold on here. In November 2016, Bitfinex is attacked again. This time 120,000 BTC was stolen. You think they reimburse again? Yes, they did. But all of the users took around 36% “haircuts” on their account values.
Who knows, next time how much will it cost?
Customer support
We all know a company is as good as its customer support. The customer support of Bitfinex is available in 24/7. But only via email. As a result, it takes up to 12 hours to get an answer. Moreover, they have the reputation of being unprofessional and rude.
Fees
In this part, Bitfinex is relatively fair than other exchanges. In a transaction, the sender has to pay 0.10% and the receiver has to pay 0.20% of total amount. It means when you send currency you will pay 0.10% of your total amount and the person who receives your currency will pay 0.20%.
Though their future in this market is questionable, the way they recovered from two biggest hacks in Bitcoin history was really appreciable.And it is one of the largest and reputable exchanges in Bitcoin world. Now you decide Is Bitfinex scam or a good cryptocurrency?