Is Bitfinex a Scam? 5 Reasons Why It’s a Legitimate Exchange!
If you are looking for an honest Bitfinex review, you have come to the right place. In this article I am going to answer all your questions about this cryptocurrency exchange, “Is Bitfinex a scam or legit? Is Bitfinex safe?” etc.
Is Bitfinex Legit Or a Scam? – Video Review
I also created a video to answer your questions in a comprehensive manner. I believe you will find it helpful and informative. After you have watched my video, I recommend coming back to my article because there I share even more details than in the video.
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If you have any questions or comments regarding Bitfinex, I would love to hear them in the comments below after you have read this article. Without further ado, let’s get right into things!
Founded: 2012 by Raphael Nicolle
Type: Cryptocurrency Exchange Platform
Short Review: Bitfinex is one of the biggest cryptocurrency exchanges in the world that has been around already for more than 5 years. There are several reasons why it’s a legitimate platform and I can recommend it as well. However, if you just want to buy Bitcoin, Ethereum, Litecoin or Bitcoin Cash, I recommend getting started on Coinbase because their platform is better and you get additional $10 sign up bonus.
At the moment Bitfinex verification process can take up to 2 months. Therefore, if you want to get started faster, I recommend registering on Binance.
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What Is Bitfinex?
Bitfinex has been the largest Bitcoin exchange platform since 2014. It’s a cryptocurrency exchange trading and currency-storage platform that’s available pretty much all over the world. Its main competitors are Coinbase, Kraken, and LocalBitcoins that are also huge cryptocurrency exchange platforms.
Cryptocurrency prices are going up, up and up. More and more people are coming to the scene because they are seeing the potential. I made +$50,000 with cryptocurrencies in 2 months and I believe I’ll beat that record in the near future because the prices will keep on going up. I’ve noticed that I can’t buy all potential coins on Coinbase or Kraken so that’s the reason why I wanted to register to Bitfinex.
Let me give you 5 important reasons why their website and company is safe and legitimate.
1.Bitfinex Has Been Around for More Than 5 Years
If we compare to Coca-Cola or Wal-Mart, 5 years is not a long time. But comparing to other companies in the cryptocurrency world, 5 years is a huge time. If Bitfinex would be a scam, it would have been wiped away several times during those 5 years.
2.Bitfinex Has Been the Biggest Bitcoin Exchange for a Long Time
Would you use an exchange that has just created and only very few people are using it or the one that is created more than 5 years ago and it’s the biggest in the world? I think anyone would choose the later one.
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Becoming the biggest Bitcoin exchange in the world isn’t easy for sure. Users need to have a good experience about it, then they tell about Bitfinex to their friends, they try it also and they share it with their friends. That’s how something usually expands. From USD to BTC (and vice versa) the trading volume is still the biggest in the world in Bitfinex.
3.Bitfinex Verification Process Is Strict
Think about scammy sites. They get you started as easily as possible because their only goal is to take your money. They don’t care about your personal information or passport pictures because all they want to do is to get your credit card details, take the money and leave.
A site that cares about your security has a more strict verification process because they want to keep your money safe. They want to be sure that you are really a person that you are telling them to be. That way nobody can rob your identity or fake that he/she would be you.
Bitfinex verification process is pretty strict. To be honest, it’s one of the most strict verification processes in my life. And that’s quite a lot because I’m an online entrepreneur and I have registered to hundreds of sites during my life. It gives a feeling that they care about their customers’ privacy.
At the moment they have so many new members coming in daily that a verification process takes a while. If you want to buy Bitcoin fast (and get a $10 bonus) you can buy Bitcoin on Coinbase.
4.Bitfinex Reviews Are Mostly Positive
In general, Bitfinex is receiving positive reviews from their customers. For example, on BestBitcoinExchange.com they have received an average rating of 4,5 stars out of 5 based on more than 30 votes/reviews.
I noticed that there are also some negative reviews of Bitfinex but I think most of them weren’t very serious. My close friend was recently working on LocalBitcoins support team and he said that many people write negative reviews on the Internet. Then they get help to their issue and they are happy with the service. However, the negative review remains online because they forget or don’t bother to delete it. That’s important to keep in mind when reading negative reviews online.
I also noticed that some people were complaining about things that aren’t really big. Somebody, for example, didn’t like that Bitfinex had a $250 withdrawal limit. For me, it’s not a problem because I’m anyway trading/investing with sums that are over that amount.
5.It’s Easy to Make Trades on Bitfinex
When you need to buy or sell cryptocurrencies, you need a second party who will sell his coins to you or buy your coins to him. In the smallest exchanges, it may be challenging to find somebody who would buy from you when you want to sell because there aren’t enough people. On Bitfinex you most likely won’t have this problem because it’s so big that you’ll probably always find somebody who will trade with you. So your money is liquid because it’s easily transferable to cash.
2 More Bitfinex Benefits
I want to share you a few more important benefits of Bitfinex that you might want to take into account.
- You can make deposits with USD and EUR
There are numerous crypto exchanges where you can’t make deposits with fiat currencies. In the other words, you need to buy, for example, Bitcoin or Ethereum on another platform and then transfer it to another platform. In my opinion, it’s much easier when you can buy cryptocurrencies directly with EUR or USD.
You always need to pay a fee when you transfer cryptocurrencies from one exchange to another but when you buy directly with fiat currencies, you don’t need to pay that kind of fees. In addition, there are sometimes technical problems when you are trying to transfer cryptocurrencies so it may be also time-consuming. So, it’s cheaper and faster when you can buy directly by using EUR or USD.
- Bitfinex has one of the biggest selections in the industry
Sometimes I found an interesting cryptocurrency that I wanted to buy but I couldn’t buy it on the exchanges where I was. Bitfinex provides one of the biggest selections in the industry. You can buy even some very rare coins that most other exchanges don’t provide.
Bitfinex Complaints – Did You Hear the Whole Story?
I want to share a few word with you about Bitfinex complaints. Probably one of the most popular complaints is that their website has been hacked twice during their history. But then people forget to tell the whole story.
Bitfinex returned all the money that was stolen from their users during the hack. Let’s say that you had cryptocurrencies worth of $10,000 during the hack. Then Bitfinex paid you later $10,000 back. They didn’t pay the win/loss/change that happened in the price after the hack.
The last hack was in the Summer of 2016 and I’m sure they have improved their security since then. The price of Bitcoin dropped 20% immediately after the hack but since then it has made lots of new records and the price is still going to the sky.
There is a risk with any kind of investing and you need to take it into account. Probably the safest way to keep your cryptocurrencies is to have a private wallet so your coins aren’t in the exchange. But in order to do that you first need to buy your coins somewhere.
Getting Started on Bitfinex
So, now we have come to a conclusion that Bitfinex is a legitimate website. How can you get started?
First, create an account. It takes probably less than 30 seconds. You click, “sign up” on the right top of the homepage, fill in your email address, password and click submit. They send you a verification message to your email, you click the link and voilà, you have created an account on Bitfinex.
Before you can deposit money and start trading, you need to finish your verification process as I explained above. They also require a two-factor authentication in order to keep your account safe.
Conclusion – Is Bitfinex the Safest Crypto Exchange in the World?
I don’t say that Bitfinex would be the safest crypto exchange in the world because it’s not meaningful to compare these companies in that way. If we are honest, nobody can’t really say which crypto exchange is the safest one. Anyway, I can surely say that Bitinex is one of the safest cryptocurrency platforms in the world.
So, if you are looking for a safe exchange, Bitfinex is a good place. That being said, it’s good to recognize that cryptocurrency world is still unregulated that there isn’t a 100% safe place. Having dollars in your bank account isn’t a 100% safe thing either because the value is going down all the time because of the inflation.
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If you are holding cryptocurrencies, my recommendation is that you hold them on numerous wallets/exchanges to allocate the risk. Even if one wallet or exchange would have been hacked, you don’t lose everything. Of course, the safest way to hold your cryptocurrencies is usually a hardware wallet.
If you want to buy cryptocurrencies fast, My recommendation is to get started on Coinbase and on Binance. At the moment the verification process on Bitfinex takes so long that it’s almost impossible for new traders to get started.
What kind of experiences do you have on Bitfinex?
Which cryptocurrency exchanges have you used?