BrokAIr Reviews

Bitfinex Review

Bitfinex has a history of controversy and scandal, making it one of the most infamous online brokerages. But can it really be trusted with your money?

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Overview of Bitfinex

Introduction

Bitfinex is a digital asset trading platform founded in 2012 by Raphael Nicolle and Giancarlo Devasini. It is headquartered in Hong Kong and offers cryptocurrency trading services to customers around the world. The platform provides users with access to a wide range of digital assets, including Bitcoin, Ethereum, and Litecoin. Bitfinex also offers margin trading, margin funding, and other advanced trading features.

Pros and Cons

Bitfinex is one of the most popular exchange platforms due to its wide selection of digital assets, advanced trading features, and high liquidity. It is also known for its excellent customer service and security measures. On the downside, Bitfinex has had several issues with regulators in the past and has been accused of manipulating the market.

Public Opinion

The public opinion of Bitfinex is generally positive, as many users appreciate its selection of digital assets and advanced trading features. However, there are some people who have had bad experiences with the platform or have raised concerns about its security measures.

News Events

In 2018, Bitfinex was reportedly under investigation by the U.S. Commodity Futures Trading Commission (CFTC) for potential market manipulation. The CFTC has not made any official statements about its investigation into Bitfinex. In 2019, Bitfinex was fined $400 million by the New York Attorney General’s Office for allegedly hiding losses of $850 million in customer funds. The company denied any wrongdoing and vowed to fight the charges in court. In 2020, Bitfinex launched a new decentralized exchange called Ethfinex Trustless. The new exchange allows users to trade Ethereum tokens without having to trust their funds to a third party. In 2021, Bitfinex partnered with Crypto Capital Corp., a Panama-based financial services provider, to provide users with access to fiat currencies such as USD and EUR.