Thanks for sharing your experience with and thoughts on Bitfinex. I would stay away for two main reasons: 1) they don’t allow customers from the US, and 2) They are linked to, or may be the issuers of, Tether which is widely believed not to be backed by real US dollars (i.e. it is printed out of thin air). However if they’ve been a good exchange for you, then by all means keep using them, as long as you don’t leave coins on there for long!
Thanks for writing in, I really like to hear other peoples thoughts on this subject. Just in response to your first statement, I believe they do not allow US customers due to a lawsuit of $75,000 made by regulators after the hack. Because they initially spread the losses across all users instead of leaving a few people on the hook for everything I believe they stopped servicing Americans to avoid legal trouble. For the second note, I am not sure to be honest but I will do some investigating and get back to you. Personally I do not have any US dollars on bitfinex, the only time I would is if I sold an altcoin and wanted to buy something else. I like to use USD to buy coins as its easier to monitor but the dollars are in my account for a maximum of 5 min.
Depends of where you live. I swear by QuadrigaCX for Canada and Bittrex is really an amazing platform (just don't deposit and withdraw bitcoin through them, convert it to a different currency.)
I've personally used both Kraken and Bitfinex. I've used Kraken for a long time, and the only complaint I really have is its downtime issues and the time it takes for orders to go through (which has been getting much better over the past month). I made my Bitfinex account only to buy Iota, and while I'm happy with the security and the interface, it is no longer possible to create accounts without an invitation code (which is not obtainable, last time I checked). They also have high withdrawal fees and minimum withdrawal amounts on altcoins. I wouldn't mind storing my IOTA on Bitfinex if it wasn't for the fact that their Terms of agreement state that parts of funds stored on Bitfinex can be claimed by Bitfinex after a year of inactivity (maybe other exchanges have this as well, but I haven't read their terms of agreement). I still trust Bitfinex though and hope that their blocking of new users is just temporarily to maintain a sustainable growth. I also agree that the fact that they have been hacked before could actually be a good thing.
The downtime is what turned me away from Kraken originally, but I found Bitfinex fees to be extremely low if not free for many altcoins like Bitcoin Gold.
Thanks for sharing your experience with and thoughts on Bitfinex. I would stay away for two main reasons: 1) they don’t allow customers from the US, and 2) They are linked to, or may be the issuers of, Tether which is widely believed not to be backed by real US dollars (i.e. it is printed out of thin air). However if they’ve been a good exchange for you, then by all means keep using them, as long as you don’t leave coins on there for long!
Thanks for writing in, I really like to hear other peoples thoughts on this subject. Just in response to your first statement, I believe they do not allow US customers due to a lawsuit of $75,000 made by regulators after the hack. Because they initially spread the losses across all users instead of leaving a few people on the hook for everything I believe they stopped servicing Americans to avoid legal trouble. For the second note, I am not sure to be honest but I will do some investigating and get back to you. Personally I do not have any US dollars on bitfinex, the only time I would is if I sold an altcoin and wanted to buy something else. I like to use USD to buy coins as its easier to monitor but the dollars are in my account for a maximum of 5 min.
Thanks reading!!
Wow this is something I never knew after joining the crypto community.. Definitely something I have to keep an eye on!
Then I have to ask... What platform is safe or safer than others?? I only been using HitBtc... Is this site allright?
Depends of where you live. I swear by QuadrigaCX for Canada and Bittrex is really an amazing platform (just don't deposit and withdraw bitcoin through them, convert it to a different currency.)
thank you for the update
No worries let us know which one you decide to go with
Thanks for the sharing your experiences with different Coin Exchanges.
Many issues with many of them.
Decentralized exchanges for example
https://www.shapeshift.io/
https://bisq.network/
https://www.altcoin.io/
Might be worth a try.
Cheers
Thanks for reading, happy to hear that you found it useful!!
I've personally used both Kraken and Bitfinex. I've used Kraken for a long time, and the only complaint I really have is its downtime issues and the time it takes for orders to go through (which has been getting much better over the past month). I made my Bitfinex account only to buy Iota, and while I'm happy with the security and the interface, it is no longer possible to create accounts without an invitation code (which is not obtainable, last time I checked). They also have high withdrawal fees and minimum withdrawal amounts on altcoins. I wouldn't mind storing my IOTA on Bitfinex if it wasn't for the fact that their Terms of agreement state that parts of funds stored on Bitfinex can be claimed by Bitfinex after a year of inactivity (maybe other exchanges have this as well, but I haven't read their terms of agreement). I still trust Bitfinex though and hope that their blocking of new users is just temporarily to maintain a sustainable growth. I also agree that the fact that they have been hacked before could actually be a good thing.
The downtime is what turned me away from Kraken originally, but I found Bitfinex fees to be extremely low if not free for many altcoins like Bitcoin Gold.