How trustworthy is Bitfinex?
Bitfinex is a cryptocurrency exchange platform that has been around since 2014. It is one of the oldest and largest cryptocurrency exchanges in the world, with over $1 billion in daily trading volume. It is also one of the most popular exchanges for margin trading and offers a wide variety of altcoins.
But, with so much money being exchanged, it's important to make sure that the platform is trustworthy and safe to use. In this article, we'll be looking at how trustworthy Bitfinex is and if it is a safe platform to use.
Bitfinex Regulations
Bitfinex is regulated by the British Virgin Islands' Financial Services Commission (FSC). This is a reputable regulatory body and it has been around since 1999. The FSC is responsible for regulating all financial services in the British Virgin Islands, including crypto exchanges.
Furthermore, Bitfinex is also compliant with the European Union's anti-money laundering (AML) and know your customer (KYC) regulations. The exchange requires all users to provide identification documents before they can start trading.
Security
Bitfinex takes security seriously and uses various security measures to protect its users. All user accounts are secured with two-factor authentication (2FA), which is an extra layer of security that requires you to provide an additional code when logging into your account.
The exchange also has advanced features such as cold storage, which keeps the majority of user funds offline, and multi-signature wallets, which require multiple signatures to complete a transaction. This makes it more difficult for hackers to access user funds.
Customer Support
Bitfinex has an extensive customer support team, which is available 24/7 to answer any questions or concerns. The support team can be contacted via email, live chat, or phone.
Conclusion
Bitfinex is a reputable and trustworthy exchange platform. It is regulated by the British Virgin Islands' Financial Services Commission and is compliant with the EU's AML and KYC regulations. The platform also has advanced security measures and a dedicated customer support team.
Overall, Bitfinex is a safe platform to use and is a great choice for those looking to trade cryptocurrencies.
Video
Here is a video that explains more about Bitfinex and how it works:
[video](https://www.youtube.com/watch?v=iIkO3eqj8fY)