Bitfinex's Problems Pile Up: Deposits Disabled, Withdrawals Delayed Following the fiasco with Wells Fargo over outgoing wires, Bitfinex now has problems with incoming wires as well. “Stopping money deposits to Bitfinex” is the headline of the announcement the exchange posted on its website. Bitfinex's Problems Pile Up: Deposits Disabled, Withdrawals Delayed Following the fiasco with Wells Fargo over outgoing wires, Bitfinex now has problems with incoming wires as well. “Stopping money deposits to Bitfinex” is the headline of the announcement the exchange posted on its website. bitfinex zcash deposit not showing up Hey guys so I sent a ZCASH deposit to bitfinex, the block explorer confirms the deposit has been credited to the wallet address with more than the prerequisite 15 confirmations as required by Bitfinex, however it still hasn't been credited to my exchange wallet.
Bitfinex bitcoin deposit not showing upBitfinex Review () - Is It Safe?
He soon realized the opportunities laying in the developing cryptocurrency market, so he decided to start Bitfinex as a one man company offering bitcoin trading and lending options. He has been the CTO and lead developer of the platform until when he handed over his role to Paolo Ardoino who also holds this position at the moment.
Originally from the Netherlands, Jean Louis has transitioned to Asia and has been leading the exchange since early from Hong Kong.
Originally, Bitfinex started its business in as a peer-to-peer cryptocurrency exchange platform with offering P2P margin lending opportunity for traders of bitcoin and other altcoins. Later on, they switch to a centralized trading engine.
Bitfinex is also associated with Tether cryptocurrency, one of the first and popular stablecoins which are pegged to the US dollar. Tether and Bitfinex share common shareholders and management. By design, Tether is set to worth 1 USD and maintaining an equivalent amount of reserves for each Tether coin issued. Since , from time to time rumors are arising about the lack of sufficient reserves and possible market manipulation involved in the bitcoin price in relation to the issuance of Tether coins.
Restrictions only applicable to US residents, using the platform from the United States is still permitted. By that time Bitfinex has expanded its business to worldwide clients, servicing almost all countries globally. Bitfinex is actively present on major social media platforms.
On Twitter bitfinex you can follow all major updates and announcements impacting the platform. Their 18k followers are also notified on Facebook about system related information. The company also has a Linkedin profile. On the official Telegram channel , the admins help to answer general questions about the platform, trading and compliance procedures.
You can start trading on Bitfinex without going through the verification process, however, in order to trade fiat currencies for Bitcoin or to trade with stablecoins, ID verification is needed.
Depending on the account type individual or corporate , the exchange can require additional documents. Besides personal details, ID verification and proof of residence the Bitfinex verification process also requires a bank statement and a signed statement confirming the validity of documents and information provided.
Verification time can take up to weeks, mainly depending on the interest. In terms of cryptocurrencies, there are several altcoins you can choose from. They also accept stablecoins like Tether. In total, cryptocurrencies are available at the moment for trading on Bitfinex. Bitfinex fee structure is a bit different from the average applying a maker-taker fee model.
Trading fees start at 0. The first decline in fees is at , dollars traded, which is a pretty high amount compared to the other exchanges. As the monthly trading volume rises, the fees steadily decline. The final point, with 30 million dollars or more traded, is 0 percent fee for the maker and 0. Bifinex charges an extra fee for small deposits which are less than USD value for all altcoins. Crypto deposits above USD are free of charge.
Wire transfers cost 0. Express bank wire transfers which are processed within 24 hours on business days cost 1 percent of the sum with a minimum fee of 60 dollars.
The exchange also charges margin funding fees. The charge on fee collected by Margin Funding Providers is 15 percent of the fees generated by active margin funding contracts.
For those who are opened by a hidden offer the cost is a bit higher and totals for 18 percent. The trading platform is very sophisticated, and it offers a lot of trading options. The offered types of orders include usual common order and also some advanced order types. Here is the list of order types offered on Bitfinex:.
The exchange also offers margin trading with 3 to 1 leverage, meaning that the user has to have at least 30 percent of the sum borrowed in their account. The margin trading is supported by margin loans. The margin loans are granted through a lending market. Basically, the user can choose to lend the capital needed by margin traders. In return, lenders receive a daily interest rate on the Bitfinex platform. This type of arrangement is called Swap.
For more info check Bitfinex FAQ section , it has all the answers under the trading section. Bitfinex user interface is fantastic. The platform offers quick options to buy or sell digital currencies as well as to place orders. The website is mobile-friendly and responsive.
The mobile apps also help you to stay on track on your trading by offering notifications on trade executions and price alerts. Emails are typically answered within 12 hours, but in some cases, it can take longer. However, any account-specific information must go through the official ticket system within the platform to avoid security issues.
Be aware that Bitfinex never approaches its users through private messages and you should never share your password with anyone asking for it as it is a common scam that has been emerging on the market. There are numerous user complaints online about Bitfinex, but they are mostly related to the hacking incident and the support unprofessionalism.
The problems are so frequent and so serious that the exchange even got a new nickname — Glitchfinex. During the past year, Bitfinex spent a lot of money on improving its trading engine to avoid such glitches in the future.
The site is available in dark and light themes and you can also set notifications for your browser. The platform and the content is translated to Russian and Chinese as well. The exchange claims that Their cold storage system has a multisig feature and is geographically distributed in multiple secure locations.
On the client side, they offer two-factor authentication for both logins and withdrawals. Adding an extra layer of security is possible with two-factor authentication using Google Authenticator, Twilio or other third party physcial security key offered by FIDO U2F. Such tools include monitoring login activity for suspicious logins and IP addresses. Withdrawals are only allowed from usual IP addresses with extra confirmations in place.
The first major hack happened in May of when a hacker was able to steal Bitcoins from their hot wallet. The exchange was easily able to reimburse the damaged users. But, in another attack in August , reimbursement question became much more delicate as , BTC worth approximately 72 million dollars were stolen from the trading platform. The company immediately issued BFX tokens which are meant to make up for the 36 percent losses of the customers after the incident. Bitfinex has already bought back a decent percentage ALL of their tokens.
Most of the security tools has been gradually added to Bitfinex so by now these available features indeed increases the trustworthiness of Bitfinex compared to other hacked exchanges. Despite its controversial connection to Tether and prior exchange hacks, Bitfinex has been on the market for a very long time and managed to recover its clients trust from time to time even after serious events.
The high liquidity and advanced order types, along with the margin and lending option helps clients to fully take advantages of what cryptocurrency trading can offer. Ive been using them for over 1 year and i dont see any problem with them, i love the trailing stop so if the price goes up then down hard i lock in any profits.
This exchange does not send Bitcoin already for 10 days, support is also not responding, verification is also not performed! This is the worst exchange! Well i am having a good experienec with Bitfinex because i founds the best strategy to use with it, it is called the Fib Fusion Strategy with it i make thousands of dollars on a weekly basis to get this strategy just carry out a simple google search the reviews are amazing.
Really bad people working there. Every time that I requested a withdrawal I always encountered a drama. The last time they kept some money and until I did not threat them with a lawsuit the funds did not appear. Before this they even tried to make fun of me. They can be sued and pay you for damages, so if anyone is having problems with them he or she should consider this option.
Really bad experience. Every time that I requested a fiat withdrawal I always encountered drama with them. My verification process take 10 months so far. Customer support is not existing I sent emails no response. Bad experience.
Sent several email but all to no avail. One reply from customers care that the issue will get resolved asap and yet four days after not resolved. Really helpless at the moment. Pure scam. Unfortunatly there is no other broker that offers lening and margin trading for such a low fee, but there is always a but, i am afraid of a flash crashes, they are huge, and it could end up with a negative balance, which is not acceptable if u ask me, otherwise its number 1 for margin and lening.
I have deposited a small amount of bitcoin which was 0. Customer support. All queries are answered within 12 hours, except for periods of high activity. Apart from that, users can use an extensive knowledge base to answer most of their basic inquiries.
As a trading platform for cryptocurrencies, Bitfinex charges trading fees. The maker fees range from 0. It makes Bitfinex one of the cheaper advanced trading platforms out there. Bitfinex charges 0. As for withdrawals, these are always charged by Bitfinex. Once again, the fee for withdrawing cryptocurrency varies with the currency being withdrawn. However, things are made slightly simpler for users by the fact that Bitfinex charges the same for withdrawals as it does for small deposits.
In other words, users would pay a flat fee of 0. It focuses more on professional traders than on the general public, offering users the ability to engage in margin lending, margin funding, paired trading, and limit and stop orders as well as other kinds of order. Although the exchange is geared towards professional traders, its simple layout and interface make it easy to use. While the exchange offers users a robust variety of security measures, from two-factor authentication 2FA to IP address monitoring, Bitfinex suffered from a couple of high-profile hacks, in May and then in August In the aftermath, the lost funds were reimbursed by the exchange, as it has learned lessons from these attacks and bolstered its security.
Despite its centralized nature, security is a top priority at Bitfinex, as it offers more security protections for the user and takes more security precautions than most exchanges. Not only is there the aforementioned two-factor authentication, but users can also make use of Universal 2nd Factor U2F authentication, which requires them to log in using an additional physical device such as a USB stick.
Also, Added to this, Bitfinex monitors user accounts in the following ways:. For an exchange that caters almost exclusively to professional traders, Bitfinex is remarkably user-friendly. Besides, the dashboard is highly customizable and includes advanced charting tools, which also integrate TradingView charts.
With regards to carrying out trades and managing funds, things are similarly uncomplicated. Using the order form on the right-hand sidebar, users can place everything from a simple market-price exchange to stop-limit margin trade. Once deposited, users can move funds between the exchange or margin trading and funding accounts.
That way you can have different accounts for different Bitfinex services e. Making a deposit is simple, yet it takes time in case of bank transfer. It is so because deposits via bank transfers are for verified accounts only.
At the time of writing, Bitfinex takes approximately six to eight weeks to verify your account. Withdrawals work in a similar way: users can send fiat currencies back to their bank account via a wire. Alternatively, you can withdraw cryptocurrency back to your external wallet. Withdrawals of fiat currencies take up to ten business days, while withdrawals of digital currency take up to ten hours. Opening a Bitfinex is as easy and straightforward as it gets, but before you create an account, be aware of the following requirements.
Fill in your details along with a secure password min. Voila, you have created your Bitfinex account! If the registration was successful, you should see the window below, which asks you to confirm your email address.
When you do so for the first time, you will also have to read and agree to Bitfinex terms of service. Next, you also want to secure your account. If you navigate your cursor over it, you will see a menu with various account options.
The second one is security.