To this day this is not a fully regulated broker in the way that other brokers are. This is due to the fact that the crypto market is still just getting started and there is a legal vacuum that is making this process harder to handle than some would expect. The truth is that this is not the kind of thing that should lead tone to thing that these are scams, but being cautious about the moves you decide to make will be extremely important in the coming years.
Is Bitfinex safe?
This is an exchange platform that is doing all it possible can to make sure that the transactions are going to be taking place properly at all times. The idea is to make the market trade experience as safe and efficient as possible, with all the regulation issues, it can be hard for the platforms to maintain a level of smooth sailing that allows them to continue to grow without issues. This particular broker has been involved in many scandals that have sent ripples through the cryptocurrency community in regards to the true value and the real expectations that people can have in regards to exchange sites. The truth is that they have to be commended as they actually refunded a lot of money that people lost when the site was hacked.
This is not always a friendly market and there are plenty of cyber criminals and hackers who are going to do all they can to steal information and transactions from people in these platforms. Any large hack attempt is going to send the company into a very slippery slope and this is the reasons why this particular exchange platform has been able to survive. They have experienced many of the most horrific scenario that any company can experience in this market and they have managed to survive.
Since November 2017 the platform Bitfinex does not accept clients from the United States and this is entirely due to the fact that there are regulations that clash with their polices and they want to avoid any legal issues.
How to get started
Bitfinex is not requiring any specific set fee for people to begin their exchange process. A minimum deposit seems to be the only requirement and then people can start to trade and exchange based on their available currency.
Advantages of Bitfinex
– This is a recognized exchange
– They refunded their clients after being hacked
– Their trading system is very easy to use
– Their liquidity is pretty good
– Their leverage is optimal
Disadvantages of Bitfinex
– Commissions are pretty high for deposits and withdrawals
– They have limited ways for you to deposit and withdraw
– The process can take from 10 to 12 hours usually
– Other platforms, while very few, seem to be a more solid and regulated option