With the digital assets sweeping the world by storm, people are more interested in the trading of the cryptocurrencies to acquire immense gain. Every trader likes to have some features on their respective trading platform that will make the transactions smooth and easy. So, it is important to know the different cryptocurrency exchanges to get the right idea and choose the apt one. One of the controversial exchanges in the market is the Bitfinex, which was founded in December 2012. It is the peer-to-peer bitcoin exchange that started as a margin lending platform specifically for the Bitcoin. It later added support for the other cryptocurrencies. Today, it is one of the leading digital assets trading platforms that serve people from across the globe. The Hong Kong-based exchange is apt for people who like to trade. It facilitates US dollar-based trading of top digital currencies like Bitcoin, Ethereum, Monero, etc. It was embroiled in the news due to the two different hacks that brought world attention to the exchange.
History Of Hacks
The Bitfinex was first hacked in May 2015 that resulted in losing 1500 bitcoins from the exchange. It resulted in an overall loss of $400,000. The second hack occurred on August 2016. It is the second-largest hack in the history of digital currencies as Bitcoin worth $72 million was stolen from the users of the exchange. On a positive note, the company reacted strongly to trace the villains. It also issued the BFX tokens to the victims of the hack signifying a pledge to pay back the money once it has the facility. As of now, the exchange has cut down the US dollar payments and withdrawals.
Features Of Bitfinex
The trading platform is a dream come true for the experienced traders as it has several advanced features that make it the best option for a seasoned trader. It has customizable interface along with plenty of order types that can offer assistance to serious traders. It is highly scalable, which makes it a sophisticated choice for the traders. It also has several other features like;
• Bitfinex offers decent services of web-platform and app for trading. It has a transparent order book of the trading.
• Users can fund the account using multiple cryptocurrencies.
• It is an intuitive platform that allows the traders to venture into cyprtoverse.
• It offers the traders a competitive commission structure.
• The exchange has high bitcoin liquidity.
Although the company has suffered hacks, it has maintained its good reputation with expert management of the crisis. It has taken all the steps to regain the trust of the customers. It is now planning for a decentralized exchange built with the help of EOS blockchain. It is the ideal exchange for the experienced traders who have the knowledge and skills to handle the complexity of the site.
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