I've been using Bitfinex for a little over a year now, and I wanted to share my experiences and thoughts about this cryptocurrency exchange. Bitfinex is one of the older players in the cryptocurrency market, and it has garnered quite a reputation over the years, both positive and negative. In this review, I'll touch upon various aspects of Bitfinex to help potential users make an informed decision. Bitfinex's user interface has improved significantly over time. The platform offers a clean and intuitive design that makes it relatively easy to navigate. However, newcomers to the world of cryptocurrency might find it slightly overwhelming initially due to the extensive range of trading options and tools. But with some time and practice, it becomes more manageable. Bitfinex boasts an extensive range of trading pairs, allowing users to access a wide variety of cryptocurrencies. This is a significant advantage for traders who want to diversify their portfolios or take advantage of specific trading opportunities. Liquidity is generally good for popular trading pairs, ensuring that you can execute trades quickly and at competitive prices. Bitfinex has had its share of security issues in the past, but it seems to have learned from those experiences and has implemented robust security measures. Two-factor authentication (2FA) is available and highly recommended for account security. They also offer withdrawal whitelist addresses, which adds an extra layer of protection against unauthorized withdrawals. While no exchange is completely immune to security threats, Bitfinex has taken substantial steps to secure its platform. Customer support is one area where Bitfinex has room for improvement. Responses to support tickets can be slow, and it can be frustrating when you're facing an urgent issue. However, they do have a comprehensive FAQ section and an active community forum where you can find answers to common questions. I hope Bitfinex continues to work on improving its customer support to provide a better experience for users. Bitfinex's fee structure is competitive, especially for high-volume traders. The more you trade, the lower your fees become, which can be a significant advantage for active traders. However, for small traders or infrequent users, the fees may seem a bit high compared to some other exchanges. Bitfinex is known for its advanced trading features, including margin trading, lending, and futures contracts. These features are a double-edged sword; they offer great opportunities for experienced traders but can be risky for beginners. It's essential to educate yourself thoroughly before using these advanced tools. Bitfinex has faced regulatory scrutiny in the past, which might be a concern for some users. It's essential to be aware of the regulatory environment in your region and to comply with all relevant laws and regulations when using Bitfinex or any other cryptocurrency exchange. In conclusion, Bitfinex is a robust cryptocurrency exchange that offers a wide range of trading options and has made significant improvements in terms of security and user experience. However, it's not the best choice for absolute beginners due to its complexity, and customer support could be more responsive. As with any cryptocurrency exchange, it's crucial to do your research, use strong security practices, and be aware of the regulatory environment in your area when using Bitfinex or any other exchange.
Suren
November 10, 2023
Kraken consistently provides a high-quality service. The platform's user interface is intuitive, making it easy to navigate. The range of order types, from market to limit orders, caters to both novice and experienced traders. The platform's reliability ensures smooth trading experiences even during high market volatility. Funds Withdrawal Speed: Kraken's withdrawal speed is commendable. Withdrawals are typically processed promptly, and the platform provides transparent information about withdrawal fees. The integration of various withdrawal methods offers flexibility to users, contributing to a positive trading experience. Customer Support and Feedback: Kraken's customer support is responsive and knowledgeable. The support team promptly addresses queries and provides comprehensive assistance. Additionally, the platform values user feedback, often incorporating user suggestions into platform updates. The community forums foster a sense of collaboration among traders. Trading Tools: Kraken offers a diverse set of trading tools. From advanced charting tools to real-time market data, traders have access to essential resources. The inclusion of futures trading adds depth to the trading options, attracting both spot and futures traders. Commissions and Fees: While Kraken's fee structure is competitive, with relatively low trading fees, it's important for users to be mindful of specific fee details, especially for margin trading and certain asset pairs. Overall, the fee structure is transparent, allowing traders to calculate costs accurately. Reliability: Kraken boasts a high level of reliability. The platform's security measures, including two-factor authentication and cold storage for the majority of user funds, instill confidence in users. Frequent security audits contribute to maintaining the platform's integrity. Regulation: As a regulated platform, Kraken adheres to compliance standards, enhancing its credibility. The adherence to regulatory guidelines ensures a secure environment for users, aligning with the evolving regulatory landscape for cryptocurrency exchanges. Order Execution: Kraken's order execution is generally swift and efficient. Traders can execute orders promptly, contributing to a seamless trading experience. The platform's commitment to minimizing slippage is evident in its robust order matching system. Transparency: Kraken prioritizes transparency, providing users with comprehensive information about fees, security measures, and platform updates. Regularly published reports on asset reserves further enhance the platform's transparency, fostering trust among users. Analysis Tools: Kraken offers a range of analysis tools, empowering traders with the insights needed for informed decision-making. The integration of technical analysis indicators, historical data, and research materials enriches the trading experience, especially for those engaged in in-depth market analysis. In conclusion, Kraken emerges as a reliable and user-friendly platform for crypto forex trading. Its commitment to security, transparency, and user feedback positions it as a reputable choice for both novice and seasoned traders. The array of trading tools and the platform's continuous efforts to enhance user experience contribute to its positive standing in the crypto trading community.
Wong
September 27, 2023
Binance has certainly established itself as a leading cryptocurrency exchange, offering a vast array of trading pairs. The quality of service is usually commendable, with seamless trading experiences. However, I have experienced occasional lag during peak trading times which can be quite problematic for high-frequency traders. The withdrawal speed of funds is generally swift, although delays have been reported during high traffic periods. Customer support is quite responsive, yet the resolution can be slow at times, especially when it pertains to more intricate issues related to account security. Trading tools available are advanced and suit both novice and professional traders. The fees and commissions are relatively low and competitive, and the tiered trading fee structure based on trading volume is advantageous for frequent traders. In terms of regulation, Binance operates with necessary licenses but has faced scrutiny in several countries, making it imperative for users to stay updated on regional regulations. Order execution is mostly impeccable, barring instances of extreme volatility. Transparency is maintained, but the analysis tools, although diverse, can be more user-friendly and integrated with more indicators. The stability of the platform is commendable but is not immune to occasional downtimes. The partnership program and the range of tradeable assets are extensive, enhancing the overall trading experience on Binance.
Carlos
September 24, 2023
Binance, with its expansive asset offering, provides a comprehensive trading experience. The reliability of the platform is a key highlight, seldom witnessing unexpected downtimes. However, the quality of service could be enhanced, particularly during high-volume trading periods when the platform experiences lag, affecting trade execution. Withdrawal of funds is usually efficient and prompt. Customer support is approachable, and the feedback system is effective, though resolution times vary depending on the complexity of the issue. The available trading and analysis tools are sophisticated, catering well to professional traders, but could benefit from added customization options. The fee structure is transparent and competitive, providing advantages to high-volume traders. Regulation-wise, Binance’s ongoing conflicts with regulatory bodies in some regions warrant careful consideration and necessitate users to be abreast of the local regulatory environment. The order execution is efficient, with occasional hiccups during market surges. Binance maintains a level of transparency that is appreciable but could improve its disclosure regarding system upgrades and unexpected downtimes. The partnership program is lucrative, and the availability of a myriad of tradeable assets enriches the overall trading scope on the platform.
Farid
September 18, 2023
As a Forex trader delving into cryptocurrencies, I find Binance’s platform stability noteworthy. The trade execution is seamless, and the platform seldom crashes. However, I have observed delays during withdrawals which can be detrimental for day traders who rely on timely fund availability. The customer support is usually proficient, but the resolution times need to be quicker, particularly for urgent queries. The trading tools and analysis instruments available are extensive but can be overwhelming for newcomers. The commissions and fees are within competitive ranges, and the transparency in fee structure is commendable. However, potential improvements in regulatory adherence and more public disclosures regarding their regulatory stance would be beneficial for user trust. I’ve found the variety of tradeable assets and the partnership program to be extensive, offering multiple avenues for trading and earning. However, constant vigilance on regulatory updates is essential due to Binance’s varied stance in different regions. Binance, as one of the largest crypto exchanges, provides a plethora of trading options and pairs. The platform is mostly stable, with occasional glitches, usually rectified promptly. The quality of service is generally superior, but enhancements in platform responsiveness during peak trading hours are necessary. The speed of funds withdrawal is admirable, with rare delays. Customer support is reachable and responsive, but more immediate resolutions are desired, especially for critical issues pertaining to account access. The suite of trading tools and analysis options is exhaustive and suits professional traders, but a more simplified version for beginners would be a welcomed addition. Commissions and fees are reasonably low, and the transparent tiered structure based on trading volumes is advantageous. While Binance is operational in multiple regions, its varying regulatory compliance necessitates users to be informed about their local regulations. The partnership program is lucrative, offering various earning possibilities. However, continuous scrutiny of local regulations is paramount due to the ongoing dialogues between Binance and regulatory bodies in several regions.
Oct0pu$
September 5, 2023
My experience with Binance has been a mix of highs and lows. The platform is generally reliable with a plethora of trading assets, but improvements in platform stability during high traffic are essential to avoid trade execution delays. Withdrawals are typically prompt, but enhancements in speed during peak times are necessary to avoid inconvenience. Customer service is accessible, but I have experienced delays in receiving responses to urgent queries, an area needing immediate improvement. The array of trading tools and analysis equipment is impressive but could benefit from more user-friendly interfaces for novice traders. The fees are competitive, and the transparency in fee disclosures is notable, yet clearer explanations of fee breakdowns for varied trades would be beneficial. Regulatory adherence is a mixed bag, with Binance facing challenges in several countries, necessitating users to be well-informed about their regional regulations. The extensive partnership program and the wide range of tradeable assets add value to the overall trading experience on Binance.
Harsh
August 30, 2023
Trading on Binance has been generally positive with its wide range of tradeable assets and a comprehensive partnership program. The platform’s stability is reliable, but I’ve faced occasional downtimes which were quickly resolved. Withdrawals are generally expedient, and customer service is responsive. However, I’ve experienced varying resolution times for different issues, necessitating more uniformity in response times. The assortment of trading and analysis tools is extensive but can be overwhelming for less experienced traders. The fees are reasonably low, and the transparency in the fee structure is praiseworthy. However, clearer insights into regulatory compliance and more upfront disclosures regarding any regulatory challenges faced in different regions would bolster user confidence.
Deme0z
August 15, 2023
Binance stands out with its vast array of tradeable assets and a profitable partnership program. The stability of the platform is noteworthy, with rare unexpected glitches. However, I’ve noticed lags in trade execution during peak trading hours, an area requiring improvement. Withdrawal speeds are generally commendable, but I’ve faced occasional delays. Customer service is available and usually responsive, but improvements in resolution times for critical issues are needed. The availability of diverse trading tools and analytical instruments is a significant advantage, catering well to professional traders. The competitive fees and the transparent fee structure are beneficial for users. Nonetheless, more clarity on regulatory adherence and more frequent updates on regulatory developments would enhance user trust and confidence. Binance offers a reliable trading platform with a wide range of assets. The stability is generally commendable, but improvements in responsiveness during high trading volumes are essential. Withdrawals are usually swift, but I’ve experienced occasional delays during high traffic. Customer support is responsive, but more prompt resolutions for urgent issues are necessary. The plethora of trading tools and analytical options available is impressive, catering well to experienced traders. The fee structure is competitive, and the transparency in fees is appreciable. However, more explicit disclosures on regulatory compliance and adherence in different regions would bolster user confidence and trust in the platform. The extensive partnership program and the diverse range of tradeable assets enhance the overall trading experience on Binance.
Jack
August 7, 2023
My experience with Binance has been largely positive, with the platform offering a stable trading environment and a plethora of tradeable assets. However, the platform does experience occasional lags during high trading volumes, impacting trade execution. Withdrawals are generally efficient, but improvements in speed during high traffic are needed. Customer service is approachable and responsive, but quicker resolutions for critical issues are essential. The variety of trading tools and analytical instruments available is extensive, suiting professional traders well. The fees are competitive, and the transparency in the fee structure is commendable. Nonetheless, clearer insights into regulatory adherence and more frequent updates on any regulatory challenges faced would enhance user trust and confidence in the platform. Binance offers a comprehensive trading experience with its extensive range of tradeable assets and a lucrative partnership program. The platform’s stability is generally reliable, with rare downtimes. However, enhancements in platform responsiveness during peak trading hours are necessary. Withdrawal speeds are commendable, but I’ve experienced occasional delays during high traffic. Customer service is accessible and usually responsive, but quicker resolutions for critical issues are needed. The availability of diverse trading tools and analytical instruments is a significant advantage, particularly for professional traders. The competitive fees and the transparent fee structure are beneficial for users. However, more clarity on regulatory adherence and more frequent updates on regulatory developments in different regions would enhance user trust and confidence in the platform.
Greenway
July 13, 2023
Coinbase Wallet launches instant messaging feature with XMTP. Coinbase Wallet users can now send instant messages to each other using their Ethereum identities, according to a July 12 blog post from Coinbase. The new feature relies on the Extensible Message Transport Protocol (XMTP), an instant messaging system that allows users to communicate using blockchain addresses. XMTP is also used by decentralized social media network Lens. According to Coinbase’s post, select wallet users can now send messages to each other’s cb.id, .eth, or Lens usernames. The feature is being rolled out first to all users who scan a QR code from the blog post or who own Lens profiles, with all users gaining access at some point in the future. Messages are end-to-end encrypted to ensure privacy, and users can block addresses they don’t want to see messages from. Coinbase stated that one of the motivations for releasing the feature was to cut down on fraud in the crypto community. Since users can now send messages directly to the owner of a wallet address, they won't need to rely on a separate platform for messaging where the recipient’s Web3 identity may not be verifiable. Coinbase said this may “eliminate unnecessary risk and potential losses.”
$uppport&re$1$tance
June 20, 2023
Binance’s BNB Chain introduces layer-2 testnet powered by Optimism. The Binance-founded blockchain has introduced a new layer-2 chain opBNB, though some suggest there are other ways to scale the network. Binance-founded layer-1 blockchain BNB Chain has introduced a new layer-2 chain that it hopes will address its “scalability challenge.” On June 19, BNB Chain unveiled opBNB, which has launched as a testnet. The new layer-2 scaling solution is based on the Optimism OP Stack, which it says will add additional security and scalability to the Binance blockchain network. The system is an Ethereum Virtual Machine (EVM) compatible layer-2 chain, which means it works with Ethereum-based smart contracts, networks and ERC-20 token standards. Blockchains are often plagued by network congestion and high fees during times of increased network demand. BNB Chain currently claims around 2,000 transactions per second with transaction costs of around $0.10. According to the announcement, opBNB can support over 4,000 transfer transactions per second at an average transaction cost lower than $0.005.
Patr1ck
June 7, 2023
Coinbase reminds world it tried to ‘embrace regulation’ as SEC sues for violations. Coinbase met with the SEC 30 times in 2022 seeking regulatory guidance and now it will “vigorously defend” itself, it says. “Coinbase has embraced regulation since we were founded over a decade ago,” the cryptocurrency exchange’s chief legal officer, Paul Grewal, told the United States Congress on June 6. “The SEC [Securities and Exchange Commission] allowed us to become a public company in April 2021, which makes us unique in the crypto industry.” Coinbase was sued by the SEC for alleged securities law violations on June 6, a day after the agency sued Binance and two and a half months after receiving a Wells notice warning the U.S.-based exchange of possible impending action by the regulator.
RealSatoshi
June 6, 2023
Coinbase has promised a vigorous defense against the SEC charges. “We are confident in our facts and the law,” Armstrong said in a tweet June 6. The company released a video it called “By the numbers” the same day. In it, the company said it mentioned staking 57 times in the S1 report it filed with the SEC before its initial public offering. Coinbase’s staking program is a major alleged securities violation in the SEC suit. Furthermore, Coinbase “met with the SEC in 2022 asking for guidance” 30 times, the new video claimed. It also filed a petition for rulemaking on staking in March. Grewal pointed out in his June 6 appearance before the House of Representatives Committee on Agriculture that Coinbase is not currently unregulated. It is a registered money services business with the Treasury Department, and Coinbase Asset Management is a registered investment adviser with the SEC and a licensed designated contract market regulated by the Commodity Futures Trading Commission. Coinbase also has money transmission licenses in 45 states. Be that as it may, 10 states joined together to issue a Show Cause Order against Coinbase, also on June 6, giving the exchange 28 days to show why those states’ regulators should not issue a cease-and-desist order against it for securities law violations.
MrBigMoney
June 5, 2023
Kraken fixes gateway issues after brief delay in withdrawals. Major crypto exchange Kraken investigated an issue with crypto funding gateways, including BTC, ETH, and ERC-20, with users experiencing delays in deposits and withdrawals. Kraken has fixed the gateway-related issues as of 8:35 am UTC, with operations returning to normal. Cryptocurrency exchange Kraken said it investigated an issue with several crypto funding gateways, including major ones such as Bitcoin and ERC-20, which caused operational delays. On June 6, Kraken’s status page said, “Deposits and withdrawals are currently delayed. We will provide any updates as soon as possible.” The first notice was posted around 7:44 am UTC when deposits and withdrawals were delayed. This was followed by two updates at 8:06 am UTC and 8:13 am UTC saying it continues to “work on a fix” for the issue. The status page did not make clear what was causing the issue. As of 8:35 am UTC, the status page returned to normal, with any updates about the delays and issues removed. Cointelegraph has reached out to Kraken for more information on the cause of the issue. Kraken’s futures platform is expected to be unavailable to users for approximately 10 minutes at 10:30 am UTC on June 6. The exchange says the cause is site maintenance.
Oct0pu$
June 4, 2023
Coinbase stock plunges 20% on SEC lawsuit. The cryptocurrency exchange faces scrutiny from state regulators simultaneous to the SEC litigation. The stock of cryptocurrency exchange Coinbase plunged more than 20% at the open on June 6. At the time of publication, shares have pared some losses and are currently trading at $50.14, compared to an intra-day low of $46.43. The company’s market capitalization currently stands at $13.7 billion. The same day, the United States Securities and Commission filed a lawsuit against Coinbase, alleging the operations of an unregistered national securities exchange, broker and clearing agency and failing to register the offer and sale of its crypto asset staking-as-a-service program.
RealSatoshi
May 10, 2023
Coinbase execs visit UAE to test potential of ‘strategic hub’ for international operations. “I think the U.S. right now is a little bit behind in terms of regulatory clarity and some of the rhetoric from the top," said Brian Armstrong at the Dubai FinTech Summit. Following United States-based crypto exchange Coinbase announcing the launch of its global derivatives platform, key executives at the firm are meeting with industry leaders and policymakers in the United Arab Emirates. In a May 7 blog post, Coinbase said CEO Brian Armstrong and some of the firm’s executive team planned to discuss the potential for the UAE “to be a strategic hub” for the crypto exchange. According to the company, it was working with regulators in the Abu Dhabi Global Market and Dubai’s Virtual Assets Regulatory Authority as part of efforts to potentially expand into the region. “[The UAE is] exciting for us as a potential hub to build as well, an international hub for Coinbase that could serve not only in the Middle East but parts of Africa or other countries in Asia,” said Armstrong at the Dubai Fintech Summit on May 8. “I think the U.S. right now is a little bit behind in terms of regulatory clarity and some of the rhetoric from the top.”
C0rnel1us
May 7, 2023
Binance closes BTC withdrawals amid congestion on the Bitcoin network. The Bitcoin mempool was clogged with over 400,000 transactions waiting to be processed on May 7. BTC withdrawals on May 7 due to an alleged overflow of transactions on the Bitcoin network. The Bitcoin mempool was clogged with over 400,000 transactions waiting to be processed at the time of writing. The mempool is known as the “waiting area” for incoming transactions before they are verified independently by each node on the network. Binance tweeted that BTC withdrawals had resumed after nearly an hour of halting. Outflows on the crypto exchange peaked on May 7, rising to $187 million, according to data from CryptoQuant. Behind the congestion is believed to be a surge in BRC-20 transactions in the last few days due to memecoins like Pepe (PEPE). The memecoin trading hype drove Bitcoin transaction fees to their highest point in two years. On May 3, the total amount of fees paid on the Bitcoin blockchain reached $3.5 million, jumping nearly 400% from late April, Cointelegraph reported.
AlwaysInGreen
April 7, 2023
Coinbase supports new court action to remove Tornado Cash ban. The motion is part of a broader effort to restore internet privacy rights for United States citizens. The United States Treasury faces a renewed legal challenge that aims to overturn the decision to sanction the crypto mixer Tornado Cash, filed by six individuals backed by the cryptocurrency exchange Coinbase. A motion for a partial summary judgment was filed on April 5 in a Texas District Court, with the Coinbase-backed plaintiffs moving for the U.S. Office of Foreign Asset Control (OFAC) to settle for the first two counts from its original complaint filed in September 2022. If granted, it would see the judge rule on some of the factual issues while leaving others for the trial. The counts claimed OFAC exceeded its statutory powers under the International Emergency Economic Powers Act (IEEPA) and violated the free speech clause of the U.S. Constitution’s First Amendment. The plaintiffs firstly claimed that OFAC breached a section of the IEEPA that allows the Treasury to take action against the property in which a foreign country or foreign national has an interest.
C0rnel1us
April 5, 2023
Binance Australia Derivatives license canceled by securities regulator. In February, Binance Australia Derivatives abruptly closed certain derivatives positions and accounts, citing investor classification compliance. The Australian Securities and Investments Commission (ASIC) has canceled the license of Binance Australia Derivatives after a targeted review of Binance’s operations in the country. “ASIC has today canceled the Australian financial services license held by Oztures Trading Pty Ltd trading as Binance Australia Derivatives,” the securities regulator stated in the official announcement on April 6. Following the license cancellation, Binance Australia Derivatives clients will not be able to increase derivatives positions or open new positions with the platform from April 14. The company will also require users to close any existing derivatives positions before April 21, as Binance is expected to close any remaining open positions on that day.
Travis
April 3, 2023
Crypto exchange Bittrex to wind down operations in the US. The exchange shared that all customer funds are safe but advised U.S. customers to withdraw their funds by April 30, 2023. Cryptocurrency exchange Bittrex has announced it will be winding down its operations in the United States due to a challenging regulatory and economic environment. The announcement was made on the platform’s ninth anniversary, marking a bittersweet moment for the company. Co-founder and CEO Richie Lai said that as the crypto ecosystem evolved, regulatory requirements have become increasingly “unclear” and “enforced, without appropriate discussion or input,” leading to an uneven competitive landscape. This environment has made it economically unviable for Bittrex to continue its operations in the United States. The company’s founders have decided to focus on helping Bittrex Global succeed outside the United States. Bittrex clarified that U.S. customers don’t have to worry about the safety of their funds, as all of their capital is safe and available for withdrawal. The platform shared that it will permit trading until April 14, 2023, but advised customers to withdraw all funds by April 30, 2023. Founded in 2014 by three cybersecurity engineers, Bittrex offered features like full-service API, near-instant atomic transactions, wallet infrastructure and offline cold wallet solutions.
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