Bitfinex review: a reliable platform?
In the world of cryptocurrencies there are several exciting platforms. In this article, we will focus on the platform located in China and called Bitfinex.
It was founded in 2012, and more specifically in Hong Kong. The country is known for its high traffic in cryptos and the scale of transactions is impressive. Indeed, this platform gives the possibility to its various users to benefit from the transactions immediately in order to obtain the famous Bitcoins, as well as a multitude of different cryptos.
Among the services that Bitfinex puts at your disposal we will first mention the possibility of profiting from the purchase on margin which applies the leverage effect. This gives you the opportunity to multiply the profits. Second, you have the ability to do day-to-day transactions, such as acquiring cryptos using: either the various existing cryptos, or the traditional fiat currencies decreed by states such as the Dollar and the Euro.
A bad impact occurred in 2016 for Bitfinex. Indeed, the platform was the victim of an opulent theft, of a sum of one hundred and twenty thousand Bitcoins.
Distributing the entire damage to all user accounts that exist on the platform was the only solution the platform had to avoid bankruptcy.
The different information to know about this platform:
In this part, we will mainly focus on the most important elements that concern the platform.
The procedure to follow to use the Bitfinex platform:
The first phase is, of course, to register. You type Bitfinex into your search engine and then by clicking on it you find yourself on the platform’s home page. The next step is to click at the top of the page, and more exactly on the right, on the Link named Sign up. Now all you have to do is read the explanations presented and finish filling out the form.
You should not skip the step of confirming the e-mail address you have provided in order to be able to authenticate the registration you have made.
The second step is to secure your account by logging in and enabling the 2FA two-factor authentication option.
Now let’s move on to the last step which is the deposit . To do this, you will need to go to the specialized section, then you must make the selection of the cryptocurrency that you will prefer. Next, you need to provide the funding address which will be both unique and linked to your account and the currency of your choice. Once this is done, you will be able to forward this amount to the address you provided.
You must always be careful when choosing the address for transmission and reception, because if you make a mistake, the money invested will be lost permanently. So if you own Ether, for example, it is imperative to forward it to an Ether Wallet address.