Bitfinex crypto exchange was founded in 2012 in Hong Kong, and it is primarily focused on US clients. The strange thing about this is the fact that it lacks regulation. This means that there is no regulatory body which is authorised to make sure that the company complies with the industry standards. The US market, in particular, is quite strict when it comes to this issue, so it is strange that they are still functioning in this part of the world.
When you dig deeper into the company’s past, you will notice that there were quite a lot of allegations of abuse of information, hacking and missing funds on clients’ accounts. This is another red flag, considering that the company is still not shut down despite these harmful accusations.
Bitfinex found itself in some hot water in April of 2016 when many clients reported missing or stolen funds from their accounts without any explanation or address from the management. Although the funds were eventually compensated, this created quite a turmoil for Bitfinex. Then next year, all of the funds were completely frozen by the correspondent bank, Wells Fargo.
The account package variety at Bitfinex is quite different from what you’re probably used to. Namely, there is no distinction between the accounts such as basic, premium, gold etc. Rather, you will find two types – individual and corporate account.
The individual account type gives you the ability to trade more on your own, as the name would suggest. You can make your individual decisions, try and fail without consequences to anyone except for yourself, of course.
On the other hand, the corporate account comes with larger risks and a greater chance of scoring larger profits. Also, the corporate account takes less amount of time to be processed, which is also important for clients.
The educational section of Bitfinex seems to be missing, but you can find a lot of useful information under the tab market Blog. Also, you can visit the help centre which is quite rich with regularly updated information about trading with the company, as well as how to use the website etc.
You can also find useful info under the Press section, or even sign up for the newsletter to receive regular updated into your inbox.
The Bitfinex allows you to trade with over 230 crypto assets, from the most common ones such as Bitcoin and Ethereum to even Zcash and Ripple. All you have to do is make a choice which one to try out first.
The platform is quite rich with details include margin, spreads and leverages, as well as charts which explain how the asset of your choice is performing on the market in real-time.
Bitfinex also has the option of margin trading and margin funding, which not a lot of platforms today are able to offer. The margin funding platform even allows you to trade as low as 3.3x leverage, automatically or with your guidance, whichever you choose.
The Bitfinex did not provide a lot of ways to get in touch with them other than a single e-mail address. Also, there isn’t a phone number or a live chat option which is quite strange. However, there is a handy Help Centre with a lot of articles, guides and tutorials, so maybe you will have some luck finding your answers there.
Considering there is a wide variety of tradable assets, it is only natural that the company will provide an equal amount of payment options to go along with your trading. The speed of processing is instant which is great, and the fees can go from 0.2% depending on the amount you wish to withdraw from your account.
Bitfinex crypto exchange has gone through a lot of hardships since being established 8 years ago. And though the company is still alive and well as we have seen in this Bitfinex review, our suggestion is to get their licence in order to retain the trust of some more sceptical clients, as well. Also, there is a lot of tools lacking for less-experienced traders, which is a shame.