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.
Antonn
March 8, 2022
Total exchange BTC inflows have been net negative since July 2021. There have been more outflows than inflows to most exchanges except Binance, FTX, Bittrex and Bitfinex since last July, suggesting sellers may be exhausted according to Glassnode. Bitcoin inflows across all exchanges have been net negative since last July, but four major exchanges have been running contrary to this trend with nearly an equal amount of net positive inflows. There have been total net outflows of 46,000 BTC (worth around $1.8 billion at current prices) from all crypto exchanges since last July. Only Binance, Bittrex, Bitfinex and FTX have seen net positive inflows of 207,000 Bitcoin (BTC), according to data from blockchain analytics firm Glassnode’s Monday newsletter. Over the same time period, net outflows have totaled 253,000 BTC from all other exchanges tracked.
Crypto_Bro
September 28, 2021
In what is presumed as a technical error, popular crypto exchange Bitfinex paid a seismic $23.7 million dollars in a gas fee for a comparatively nominal $100K transaction. Crypto exchange Bitfinex completed a highly consequential transaction on Sept. 27 when sending $100,000 of the stablecoin Tether (USDT) to the layer-2 subsidiary platform DeversiFi. For reasons unknown, the exchange paid 7,676 ETH, equivalent to $23.7 million, marking quite possibly the largest gas fee ever recorded on the Ethereum blockchain. According to blockchain data from EtherScan, the deposit transaction was initiated at 11:10 UTC this morning from Bitfinex’s second-largest wallet, via a second address, to the wallet of DeversiFi. The transaction carried an “erroneously high gas fee”, even though DeversiFi promotes a service to “avoid gas costs and frustration, saving you time and money with every trade or swap.” To put the enormity of this fee into context, consider the fact that the average transaction fee on the Ethereum blockchain currently stands at 0.013 ETH, or $39.96. In addition to this, two weeks ago, $2 billion of BTC was transferred between unknown wallets for an infinitesimal fee of $0.78. DeversiFi revealed that they have launched investigative procedures to determine the most probable cause of the matter, while also adding that: “No customer funds on DeversiFi are at risk and this is an internal issue for DeversiFi to resolve”, as well as that "operations are unaffected.” In response, Bitfinex tweeted that: “In transactions such as these, the fees are shouldered by third party integrations with Bitfinex," suggesting that the exchange will not directly bear the burden of the fee. In June 2020, another gas fee mystery occurred with numerical similarities to the Bitfinex case when three small to medium transactions registered seismic costs, with one 0.55 ETH transfer carrying $2.6 million in fees. At the time, Ethereum co-founder Vitalik Buterin expressed his agreement with the human-error narrative, adding that: “I’m expecting EIP-1559 to greatly reduce the rate of things like this happening by reducing the need for users to try to set fees manually.” However, experts in the field circulated theories of blackmail, fraudulent activity and even money laundering after the last of the three transactions was confirmed as a “malicious attack” when the wallet owner reached out to the mining pool that facilitated the transaction. The owner in this case subsequently received 90% of the lost funds.
Silent_Trader
July 8, 2021
The latest price action came hours after fresh selling pressure thanks in part to an unknown whale trying to short it with over 5,000 BTC. As noted by journalist Colin Wu, July 8 had witnessed short positions build up on major exchange Bitfinex. A mystery Bitfinex user began entering short positions with a stack of at least 5,219 BTC, worth $173 million at $33,000 levels. “According to datamish data, from 13:00 Beijing time, a account (or institution) has borrow bitcoin to short on Bitfinex,” Wu reported. “As of 15:03, he borrowed a total of 5219 BTC, and this number is still growing. Most short positions are non-hedged.” At the time of writing, total Bitfinex short positions had increased 160% in around two hours. Bitfinex shorts remained roughly balanced with longs, Bybt figures nonetheless showed. The whale shorting is not new. As Cointelegraph reported, June likewise saw fluctuations in trader behavior, with Wu eyeing 15,000 BTC worth of bets flooding in on a fresh price dip on June 25. The next day, BTC/USD saw a fresh retest of $30,000 support.
* Crypto Rating accepts no liability for content of the Bitfinex reviews made by the site users. The entire responsibility for the contents rests with the authors.
The usage of this website constitutes acceptance of the following legal information. Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website, including information about the cryptocurrencies and bitcoin is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Crypto Rating shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about cryptocurrencies. The entire responsibility for the contents rests with the authors. Reprint of the materials is available only with the permission of the editorial staff.