Are you new to the world of cryptocurrency investing and looking for a place to buy and sell Bitcoin, Ethereum and other popular currencies? Evaluating different exchanges can be tough if you’re new to the game. Lucky for you, we’ve compiled this handy Bitfinex review to go over the basics of the Bitfinex platform and help you decide if it is the exchange you want to use. Bitfinex is certainly a recognizable name in the cryptocurrency world. They bill themselves as “the world’s largest and most advanced cryptocurrency trading platform” (https://www.bitfinex.com/). In fact, they are so popular that, for a short time, they stopped accepting new accounts. Take a second to imagine how awesome a company must be if they can afford to focus on pleasing their existing customers instead of constantly vying to get new ones. Of course, you probably have some questions about Bitfinex. What currencies does Bitfinex support? Is Bitfinex legit? Is there a Bitfinex scam? Don’t worry, this Bitfinex review will answer all those questions for you, as well as provide you with a lot more information about this leading exchange.
Like most crypto exchanges, Bitfinex allows you to comfortably store your trades in an online wallet. The Bitfinex wallet is incredibly secure. Two-factor authentication, universal second factor, login data analysis, IP address limitations, OpenPGP email encryption, API key permissions, withdrawal protection and a host of other advanced features protect your Bitfinex wallet and account. On the backend, Bitfinex takes their security a step further by performing frequent data backups, storing distributed redundant data and providing advanced DDoS attack protections. You do not need to spend hours worrying about your wallet getting attacked with all the security that Bitfinex has put in place.
Bitfinex is available via standard web app or mobile app. Mobile environments supported include iOS and Android. You can download the mobile app through the App Store or Google Play. The mobile Bitfinex app contains many of the same features as the website. It lets you manage your login settings, trade currencies, manage your wallets, fund your account and customize your account settings. Additionally, the mobile app can provide you with notifications about your trades and the current prices of your favorite digital currencies. Bitfinex has one of the most secure app setup procedures to help protect your funds. After downloading the app, you will need to create a new API key and grant it the appropriate permissions, as well as scan an online QR code to finish the initial setup of the app. Bitfinex makes this simple and easy to do by providing you with detailed instructions and having a support center at the ready in case you need any assistance.
Bitfinex Supported Coins
Bitfinex supports a large number of coins and is continually increasing the currencies available for trade. Current coins you can trade on Bitfinex include: Bitcoin, Ethereum, Ripple, Bitcoin Cash, Litecoin, IOTA, EOS, NEO, Ethereum Classic, OmiseGO, Monero, Zcash, Dash, Status, Qtum, BTG, ETP, QASH, Streamr, Golem, YOYOW, Eidoo, Santiment, FunFair, 0x, Aventus, SpankChain, Basic Attention Token, Decentraland, Time New Bank and TetherUSD. Accounts can be funded using either US dollars or euros. Bitcoin to altcoin and altcoin to altcoin trading are also available.
Bitfinex fees are very low compared to many other exchanges and are one of the main reasons you’ll find trading on the platform so appealing. Deposits of any supported cryptocurrency in excess of the equivalent of 1000 US dollars are completely free. Deposits of coins less than the equivalent 1000 US dollars are subject to variable fees depending on the currency – some are free and others have small fees. Funding your account via bank wire with US dollars or euros has a minimum requirement of 20 dollars or euros and is subject to a 0.1% fee. Withdrawal fees vary by coin. Some withdrawals are free, while others have small fees. For example, Bitfinex Bitcoin fees are 0.0008 BTC when withdrawing, while NEO is free to withdraw. Withdrawing US dollars or euros via bank wire requires a minimum withdrawal of 20 US dollars or euros and is subject to a 0.1% fee. Express bank wires are subject to a 1% fee. Bitfinex also offers margin trading, which comes with its own schedule of fees. For more detailed information on the full Bitfinex fee schedule, please visit: https://www.bitfinex.com/fees.
Bitfinex Scam – Is It Legit?
So, is Bitfinex legit? Bitfinex is a popular and established digital currency trading platform. There is not a Bitfinex scam and it is a completely legitimate service. Thousands of users around the globe use Bitfinex to manage their trades.
In summary, Bitfinex is a secure platform run by experienced staff that offers a very affordable way to buy and sell many of the most popular and emerging coins. If you care about trading on a platform that has an easily understandable fee schedule and very few associated fees, then you will enjoy working with the Bitfinex Bitcoin and digital currency trading platform.