Is Bitfinex Legit? An Expert Review

The number of cryptocurrency exchanges grows constantly. With this number of platforms, it is not easy to make a reasonable choice. Some exchanges, like Bitfinex, seem to be reliable and trustworthy. Our experts did research that allows you to understand how safe this platform is.

Bitfinex Basics

As you may guess, Bitfinex is a cryptocurrency exchange, allowing you to buy various tokens and coins. One of the key factors in its popularity is the number of assets and the tools that you can use to forecast price fluctuations.

Bitfinex incorporates many advanced tools to provide you with the opportunity to do deep market research. Moreover, Bitfinex clients have the chance to use the OTC market if they are going to exchange large amounts of cryptocurrency and don’t want to affect the price with such transactions.

The platform allows you to use various trading and investment strategies. With the range of cryptocurrency instruments that one can find there, traders and investors can easily create any type of portfolio and conduct short-, mid-, and long term trading at the lowest costs.

Bitfinex Security Tools

Is Bitfinex legit? Even if this exchange is considered to be one of the best in the whole industry, some traders and investors still have questions about the safety and legitimacy of this platform. According to the official website’s statement, the Bitfinex team does its best to provide you with the highest level of security. They tend to protect traders and investors from any external risks, including malicious activities that may be conducted by hackers.

Even if you won’t find enough information about all the measures the team takes to protect your funds, those that are revealed show how the administration of the website deals with various risks.

First and foremost, all money that is stored on the platform is protected by multi-signature tools. Bitfinex transfers cryptocurrency to cold wallets, which is one of the most popular and reliable ways to store coins nowadays.

Moreover, Bitfinex uses the Linux system to minimize the chances of hacker attacks. As for the data itself, the team does its best to prevent it not only from being stolen, but also from being lost. The website uses SSL encryption to prevent the information from being intercepted by anyone.

Last but not least, Bitfinex allows you to set up some additional options that are aimed at protecting your account from being breached. You can use 2FA, an advanced verification system, and a special tool that protects the account from unauthorized withdrawals.

Final Words

Bitfinex is one of the best cryptocurrencies in the field, with a wide range of trading instruments and a whole set of analysis tools that help you predict price fluctuations. As for the security aspect, this cryptocurrency exchange uses all the latest methods to protect your trading account from various malicious activities.