Can Bitfinex still be trusted?

[serantepe]

Hi Everyone!

I just published a review of Bitfinex here: https://blog.shrimpy.io/blog/bitfinex-exchange-review

I would love to hear what you think. Can Bitfinex still be trusted? It has a long history of questionable decisions, hacks, and mystery.

I used to trade Bitfinex but many days ago I left Bitfinex because I don't feel better to trade there. I didn't like their trading interface. Yes, there is no issue about withdrawal but I can't feel good to trade mostly their trading features. I think Kucoin is more good than the Bitfinex trading platform. However, choice is a personal matter. But I shall say, we need the best trading platform for our fund safety.

What is bad about Bitfinex trading interface? As for me, trading on the  Binance exchange is even more inconvenient.

[1714897674]

1714897674

[princerepon]

Hi Everyone!

I just published a review of Bitfinex here: https://blog.shrimpy.io/blog/bitfinex-exchange-review

I would love to hear what you think. Can Bitfinex still be trusted? It has a long history of questionable decisions, hacks, and mystery.

I think so. Binance also be hacked but both exchange handle their situation properly i think. Hacking exchange or crypto wallet is the most dangerous threat at this moment. And in your article about Bitcoinica, i think this exchange hacked more than twice. In my opinion Bitfinex trusted than Bitcoinica.

[BitHodler]

You have been to kind with Finex for giving them a rating of 3.3. After all the shady stunts they have pulled off to the majority of their users in a span of a year, I don't think they even deserve to have a rating of 1 at all, and that's from a point-of-view of someone who used the said service during my vacation in the US just 3 months back.

I wonder though, with how shady Bitfinex has been for quite a long time now, and with how you seem decently aware of these practices based on your post, why did you even bother to use them in the more recent times?

My question is, what did you need Bitfinex for that other exchanges couldn't provide you? I can easily find multiple alternatives that provide a better and less shady service than Bitfinex without all too much effort and time.

[Bunsomjelican]

While Bitfinex got hacked in the past and they definitely did some really shady stuff with Tether(USDT), I think we should treat all exchanges almost the same- with the assumption that they will be hacked someday. With that said, I'd probably trust Coinbase Pro or Kraken significantly more compared to Bitfinex, as I doubt the Tether controversy wouldn't be their last shady move yet. The move they did with the IEO just to have funds to back the Tethers was just something else.

therefore, all exchange are prone to hacker. And it can be hack anytime whether it is centralized of decentralized exchange platform.
But honestly, I never try to use bitfinex but I heard that it has a history of being hacked before, so it will be not safe for me or for sure
I will not be comfortable with if there was a background history which is bad. But this is just my opinion only.

[novaprime]

While Bitfinex got hacked in the past and they definitely did some really shady stuff with Tether(USDT), I think we should treat all exchanges almost the same- with the assumption that they will be hacked someday. With that said, I'd probably trust Coinbase Pro or Kraken significantly more compared to Bitfinex, as I doubt the Tether controversy wouldn't be their last shady move yet. The move they did with the IEO just to have funds to back the Tethers was just something else.

therefore, all exchange are prone to hacker. And it can be hack anytime whether it is centralized of decentralized exchange platform.
But honestly, I never try to use bitfinex but I heard that it has a history of being hacked before, so it will be not safe for me or for sure
I will not be comfortable with if there was a background history which is bad. But this is just my opinion only.

If you are a normal customer, there will not be any problems if you participate in trading at Bitfinex because this exchange has very good liquidity for investors and the withdrawal is very fast so this exchange is still A good choice. Maybe Bitfinex has a lot of Fuds related to USDT but that is good for this market because they only use USDT to buy Bitcoin and make this coin stable until now.

[atjiat]

I recall when there were big problems on the bitfinex exchange in 2016, in the summer, when hackers broke into the exchange and stole funds.  But I am sure that no one is safe from this and any exchange can be susceptible to attack by hackers.  The fact is that very often the administration of a resource can be implicated in an information leak, but with regard to bitfinex such information has not been confirmed.  Today, this trading exchange is one of the most popular among traders, as it provides a lot of advantages over other trading exchanges.  I think that not only the number of positive reviews, but also the number of users who work on this resource today speak about trust in Betfinex.

[Mahanton]

I recall when there were big problems on the bitfinex exchange in 2016, in the summer, when hackers broke into the exchange and stole funds.  But I am sure that no one is safe from this and any exchange can be susceptible to attack by hackers.  The fact is that very often the administration of a resource can be implicated in an information leak, but with regard to bitfinex such information has not been confirmed.  Today, this trading exchange is one of the most popular among traders, as it provides a lot of advantages over other trading exchanges.  I think that not only the number of positive reviews, but also the number of users who work on this resource today speak about trust in Betfinex.

This isnt only applicable with Bitfinex only but in all exchangers in the market including top tier ones.Come to think that even Binance being hitted up with exploits and hacking (7k btc issue).The difference here is that they do able to protect their reputation and ranking by giving out on point solutions in regards to that problem which Bitfinex failed to do so.
As expected its ranking plummet down and ive remembered those days where Finex is one of of the top exchangers on previous years together with poloniex & bittrex.
I wouldnt say that they arent trustable these days but on my side its much better to stick on the current top ones than risking out once again to these exchangers.

[Mpamaegbu]

While Bitfinex got hacked in the past and they definitely did some really shady stuff with Tether(USDT), I think we should treat all exchanges almost the same- with the assumption that they will be hacked someday. With that said, I'd probably trust Coinbase Pro or Kraken significantly more compared to Bitfinex, as I doubt the Tether controversy wouldn't be their last shady move yet. The move they did with the IEO just to have funds to back the Tethers was just something else.

Honestly, I do think that once beaten twice shy is appropriate in this regard. I wouldn't trust any exchange that has once had a history of scam with my hard earned cash. And I do really think that people should keep off Bitfinex or any other manipulative exchange. After all, there are a couple of hundreds good exchanges to choose from on CMC.

[serantepe]

I have been trading at Bitfinex for some time now and I like working with short positions in this system.

It is trusted despite the hackers' attacks. There are some problems there connected with Tether, but everything is different here, not like haters of Bitfinex explain. The only reason Bitfinex has not yet repaid the $ 650 million borrowed is the position of Tether itself, which currently focuses on the return of frozen funds to the Panamanian company Crypto Capital, a well-known payment processor.

As far as I know, many experienced exchanges store their funds on Trezor, and I see nothing wrong with that.

[yesyes18]

hehee....this is crypto we're in buddy. You can't trust any of the companies with 100% assurance. You always have to give everything a shot but with carefulness. We all witnessed great crypto and blockchain companies closing down somewhere last year. Bitfinex has history of bad things happening but they're aren't alone. Binance also got hacked once and got info leaked. It all depends on how project managers deal with the aftermath other than exit scamming. So I think for now, Bitfinex is somehow not bad even tho ut can't be perfect.

[Questat]

hehee....this is crypto we're in buddy. You can't trust any of the companies with 100% assurance. You always have to give everything a shot but with carefulness. We all witnessed great crypto and blockchain companies closing down somewhere last year. Bitfinex has history of bad things happening but they're aren't alone. Binance also got hacked once and got info leaked. It all depends on how project managers deal with the aftermath other than exit scamming. So I think for now, Bitfinex is somehow not bad even tho ut can't be perfect.

It absolutely we can't escape from hacking incidents but not to the extends that it often to happen cause that it means that they don't care about their security and also the security of their investors. The troubles that it happens to Binance is not the same as what it happens to Bitfinex. And considering the numbers of the issue with Bitfinex, it makes traders give some doubts.

It needs Bitfinex to solve it otherwise, traders will leave this exchange pretty soon.

[RealMalatesta]

While Bitfinex got hacked in the past and they definitely did some really shady stuff with Tether(USDT), I think we should treat all exchanges almost the same- with the assumption that they will be hacked someday. With that said, I'd probably trust Coinbase Pro or Kraken significantly more compared to Bitfinex, as I doubt the Tether controversy wouldn't be their last shady move yet. The move they did with the IEO just to have funds to back the Tethers was just something else.

therefore, all exchange are prone to hacker. And it can be hack anytime whether it is centralized of decentralized exchange platform.
But honestly, I never try to use bitfinex but I heard that it has a history of being hacked before, so it will be not safe for me or for sure
I will not be comfortable with if there was a background history which is bad. But this is just my opinion only.

As solid as binance is, they still got hacked, so that is not an excuse at all to judge those exchanges, I know that security should be number one, but it is not like they are not protecting their own system too, but there is no way that they can get it all right, which boils down to individuals, the security of our money is in our hands, first, people always advise against keeping money on exchange wallet, except maybe traders, and that is why some of them do have safu funds, because they know that it is impossible for a trader not to keep money on their platform, but what of those that are not traders and just long term holders and still keeping money on the exchanges platform, how do we justify those kind of people, do we still, say that exchanges are responsible for their security?

[serantepe]

Bitfinex must to make something like Binance launchpad to have more popularity in future. For today’s moment, Binance is the best.

[ayoubouni95]

I traded with Bitfinex for a short while. Experienced and reported an issue to CS on minimum withdrawal required for a certain altcoin. I was not able to withdraw at the minimum amount they required. I was only able to withdraw about 50x the minimum amount stated. Though CS responded but technical support and I guess whole management just ignored the issue even if it was just a really simple one so I thought the issue could have even been intentional or their own doing that's maybe why no fix was introduced to address the problem. I suspected this was partly due to their vested interest on the altcoin I held and traded with them.

And I do find the Tether issue also kind of a shady deal on their part so I finally decided to look for a better exchange site.

[BitYoLife]

Hi Everyone!

Hi!

I would love to hear what you think. Can Bitfinex still be trusted? It has a long history of questionable decisions, hacks, and mystery.

It's up to you to trust or not.
This is one of the top exchanges actually.
Every market will have problems someday)